Nashville TN Home Buyers and Sellers: How to Survive 2009

I came across an interesting article on FrontDoor.com titled Tips for Homebuyers and Sellers in 2009 that I wanted to share with you relevant to buying and/or selling a Nashville TN home in the new year.  I’ve paraphrased the article below and added some additional information as well. 

A late-2008 consensus survey by PricewaterhouseCoopers and the Urban Land Institute, based on input from more than 600 industry experts, projects the U.S. residential market should start rebounding appreciably in 2010.

But what about now? This new economy has added some new wrinkles to Nashville TN home buying and home selling strategies, while reintroducing some of those old-school favorites like sound fundamental fiscal practices. So here are some tips for TN homebuyers and sellers to help you survive, and even thrive, in the transition year of 2009.

Tips for Nashville TN HOME BUYERS

Cash is the new king. If you can spare the cash, brother, it has a heck of a lot more buying clout now. In the past, we’ve tried to persuade people to seek out more liquid investments for their cash on hand and grab an easy-to-get, low-interest mortgage. Now, with the equity markets depressed at the same time that mortgage loans are hard to find, the tables have turned. Those wielding ready cash in a recession are always ahead of the game.

Negotiate extras … and more extras. This is a no-brainer in the current market. But while sellers continue to offer throw-ins such as built-in appliances, and flat screen tvs, the best throw-ins are always the ones that take monetary form. Think paid closing costs, repair credits and paid homeowners association dues, to name only a few.

Determine your own home-buying budget. Do this before you start talking with TN home mortgage lenders. They will tell you what you qualify for, but only you can determine what you can really afford.

Research = savings. Put your trust in a local real estate expert who is familiar with the trends and opportunities unique to each TN community.  The aformentioned can vary greatly from one TN neighborhood to the next. It’s my job to steer you into opportunities and out of traps. 

To determine an appropriate offer price let me research similar properties in the form of comparable prices for active, pending and sold properties in the last three months from the TN MLS for the most accurate picture of what the property is worth. 

If you are thinking of selling or buying a home in Nashville, Brentwood or Franklin TN you should know exactly what it’s worth before making such an important decision.  Click here for a quick “Comparative Market Analysis” with data taken from the TN MLS for free, and with no obligation.

Watch for TN foreclosed-property inventory to loosen. Banks will soon be under greater pressure to cut their losses on property they own through foreclosure and to increase revenues. With a smaller percentage of distressed homes selling at auction, banks are loaded up with more of these “nonperforming assets.”

Click here for more TN home buyer tips.

Tips for Nashville TN HOME SELLERS

Price correctly from the get-go. Don’t start out too high-priced just to “test the waters.” Your backup plan of adjusting on the fly may prove futile. Keep that window of opportunity open from the first time the “for sale” sign appears on your lawn. The first 30 days a home is on the market are when it gets the most attention from potential buyers and their real estate agents.

As a top real estate agent, I determine the value of Nashville, Brentwood and Franklin, Tennessee area homes daily. Using the information you provide, I can perform a quick market analysis, and give you a free estimate of what your home is worth in today’s market.  Click here to find out what your TN home is worth.

Looks do matter. Don’t underestimate the importance of curb appeal and having the interior in “show” condition. Not only is there an acute price war going on out there, there’s also a beauty contest being staged. You may be strategically located in a quiet cul-de-sac, near great Middle TN schools, have state of the art appliances and a three car garage, but unless your exterior and interior is well coifed and in sparkling condition, other offerings will outshine it.  You may even consider hiring a professional home stager to make certain your home appeals to a  wide range of buyers.  If you list your Middle TN home for sale with me, I’ll provide the services of a Professional Home Stager !  Click here to see a professional home stager in action.

Don’t overdo it. By contrast, if you go too far in improving your place, you likely will not be able to recoup your remodeling investment.  Give your Middle TN house a makeover that adds value and keeps it up with the Joneses’. That doesn’t mean you should run out and install Italian marble. But if hardwood floors are the norm in your Nashville neighborhood, replace the carpet. When you list your home for sale with me we will walk through together and I will advise you on what we need to do to maximize its selling price.

Don’t be an ambiguous seller. Either you are going to sell or you aren’t. Why waste everyone’s time, including yours? If you manage to fetch a decent offer with a test listing in this market, commit to sell. You may be able to buy a better replacement house at a disproportionately lower price with so many steals still out there.

Click here for more TN home seller tips.