HOW TO CHOOSE A HOUSE IN TENNESSEE?

 HOW TO CHOOSE A HOUSE IN TENNESSEE?

How to choose a (good) house in the state of Tennessee?

A real estate purchase always requires significant preparation.

On the one hand, because the amounts are (generally) significant.

On the other hand, because it is always more difficult to invest money abroad.

If you're looking for a home in Tennessee, you probably know that the choice isn't easy.

There are many things to consider when searching for and buying a home, and finding the perfect home can be a daunting process.

Fortunately, there are key steps you can take to ensure you find the home of your dreams.

In this article, we will show you how to choose a house in the state of Tennessee.

The goal is to find the home that meets your requirements as quickly and easily as possible.

Nasville, the capital of the state of Tennessee

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Setting a Budget for a Home in Tennessee

Obviously, you're not going to look for a house in the entire state of Tennessee. You're going to have to define an area. That's what we see right after.

However, here are some key figures to know about this state in the eastern United States ( source: Zillow ):

The median home value in Tennessee today is $282,000.

The number of days on the market is 27. This means that on average a house sells in 27 days. This is in line with the national average.

The increase in the value of houses over one year is 8.4%

As of January 31, 2023, we learned that 60% of homes sold were negotiated. That is, they sold for a price below the listed price.

This last point is extremely important for you as a buyer. It gives you a market trend, which means that sellers are inclined to negotiate the asking price. So, don't hesitate to do your research and make offers below the asking price.

With this information in mind, you need to work on your budget. Also, what's your financing? You're probably aware that, given the current climate, cash buyers are obviously the big winners.

Choose a location and become an expert

Obviously, you're not going to search the entire state of Tennessee. You're going to have to refine your search.

As a reminder, this is what Tennessee looks like on a map of the United States:

state of tennesse on usa map

It is a rather large territory with wide disparities.

Chances are you're interested in the two big cities: Nashville and Memphis.

Nashville is a city of just over 700,000 inhabitants. It is the largest city in terms of population and is also the capital.

Memphis has a population of just over 600,000. A very interesting city, it's first and foremost a port city on the Tennessee River. Second, it's the industrial center of Tennessee. Its economic importance is enormous in the region, particularly because it's home to the world's largest cargo airport. This is due to the FedEx company, which has established its main export terminal there: Memphis International Airport.

Find a real estate agent on the ground

Here's a tip that may seem trivial to the more experienced among you: Get help from a local real estate agent.

If this advice has been repeated hundreds of times on Investir.us, it is because buyers still too often make a crucial mistake.

They think they have enough experience in real estate because it is practiced in their country...

However, each market has its own specificities, especially in the United States. This advice is even more applicable if you're not even there.

In any case, you must agree to be accompanied. The success of the project depends on it, whether it's an investment or a residence.

Identify properties and make offers

Once you've defined your budget and determined the area where you want to buy, the "real" work begins. The work requires persistence, rigor, and discipline.

Well, the agent (or agents) who accompany you will be of great help in this adventure.

You must identify properties and not hesitate to multiply the offers.

However, there are circumstances beyond your control: the state of the market.

You absolutely must understand what market you're in. Part of understanding your market is knowing who has the "power."

That is, make offers in a seller's or buyer's market.

These trends are cyclical and specific to each city, even region.

For example, a quick glance at a listing's "days on market" reveals the following:

Nashville's market trend shows that a home stays on the market for an average of 62 days.

The market trend in Memphis shows that a home stays on the market for an average of 42 days.

Although this is an average, and it needs to be further investigated by location, one thing is certain: the Memphis market seems more seller-oriented.

As a buyer, you may find it more difficult to pass up lower offers.

Of course, all of this is just speculation; it all depends on the individual situation. This is also where a local real estate agent can be of great value to you.

Don't hesitate to negotiate

This last point ties in with the previous one. Once you understand what market you are in, you know what your negotiating margin is.

Buying a home in Tennessee is like buying anywhere else: a buyer and a seller. If the two can agree on a price, the sale can go through. And if the final price is 50% lower than the asking price, but the seller accepts, then nothing prevents the sale.

Obviously, the 50% figure here is intentionally exaggerated (but not impossible!). The idea is to not hesitate to make an offer; you can always adjust your offer later.

The real estate agent is once again very important. As a professional and an outsider, they won't act on their emotions like you might if you were negotiating directly.