NASHVILLE, Tenn. (WKRN) — A less chaotic housing market means exhausted buyers can finally breathe a breath of fresh air.
While finding a house is still tough, realtors say it’s not as strenuous as it once was. Instead of more than 20 offers on a home, a seller may now only receive four to five offers.
“There’s still a lot of competition,” said Amanda Peterson — realtor with the Ashton Real Estate Group of RE/MAX Advantage. “Fortunately, a few months ago, it was going way over list price, lots of cash buyers. Now, I’ve seen people with loans be able to get offers through and be able to negotiate somewhat here and there.”
As we move into the holidays and winter months, RE/MAX is giving tired buyers five tips to reinvigorate their home search.
1. Work with experienced professionals.
In a market that’s seeing bidding wars, cash buyers, investors and homebuyers should work alongside a qualified real estate professional who can guide them through the process and represent their wishes to the seller’s agent. A buyer’s agent oftentimes is there specifically to advocate for you. They know the laws. They know the rules, and they’re bound to ethics.
Peterson says those buying a home with a loan will want to be in close contact with a good lender for pre-approval, and even underwriting, before touring a home.
“If you talk to your buyer’s agent and say ‘hey, who would you recommend; is there a wonderful lender your clients have had success with?’ Oftentimes they will have a list of people they’ve used or clients have used to be wonderful to work with,” she said.
2. Use a home search app.
Technology can make for a more organized home-buying process. The RE/MAX Real Estate Search App, for example, includes features for creating custom boundaries and saving searches. By searching on the go, buyers may catch a new listing before their competition catches wind.
Peterson also suggests buyers try using the Nashville MLS.
“Find one you think is amazing and use it,” Peterson said.”
3. Get there early.
As properties hit the market, you need to go out and look at them as soon as possible. That’s contributing to buyer fatigue because you’re no longer able to wait and look at homes on the weekend or plan a tour for after work.
To view homes amid fast-paced turnover, consider morning showings before work.
4. Filter out the noise.
While it’s not always easy, buyers should avoid getting caught up in well-meaning advice from family and friends who aren’t knowledgeable about the area or real estate market.
5. Be decisive.
Indecision can paralyze you from taking action. This shows up in doing extensive online searches and touring homes without making any offers. Ultimately, this can wear buyers out. When buyers are clear on where they want to live and only search for and see homes in that area, it keeps them focused, on track and able to make decisions.
“If you have the desire to see something, narrow it down to 4-5 houses, instead of 50,” Peterson said. “Being wishy-washy sometimes leads you to not getting the love of your life in your house.”