Making the Decision to Buy or Sell Your Home in Tennessee
Making the move into the Tennessee real estate market is an extremely important decision. There is a great deal of preparation that must be done, important laws that must be followed, and an acute understanding of how the market works in order to walk away with your desired outcome. The first resource you should take advantage of is the real estate laws of Tennessee that are available online. Find out exactly which laws pertain to your unique situation relating to buying or selling a home in Tennessee. Once you have this general state knowledge, you can specify the requirements of your specific city or municipality to avoid any legal troubles down the road.
Another guiding force in your decision to buy or sell your home is to examine the current conditions of the real estate market in Tennessee. Of course, one of the most important questions to ask yourself is how are the current economic conditions? Aside from the market, consider aesthetics, location, and anything else you can gather from various local real estate sources. You’ll also want to make sure that your personal finances and assets are organized before you start this process so that you don’t need to worry about that later on.
After you’ve taken the time to get a hold of your resources, you should be ready to make the next step and set an actual budget. This is where you can employ tricks and tips of the trade, including avoiding costly commission fees in Tennessee. By going around realtors and choosing to handle the buying or selling process yourself, you can save even more. For instance, sites like beycome are an excellent resource when it is time to list your home for sale.
The more you’re able to save on pointless and inflated fees, the more flexibility you’ll have when it’s time to either sell your house or determine your budget for buying your house in Tennessee.
Tennessee Home Repairs and Upgrades
One of the most critical factors to consider when selling your home in Tennessee is its curb appeal. What needs to be repaired or renovated? While is might seem counterintuitive to fix up your home right before selling it, these little upgrades can have a big impact on the price point for potential buyers. Spending before you sell is crucial if you want your property to be competitive with both your neighbors and your city overall.
If you’re looking to make a move and buy a house in Tennessee, you’ve picked a great time to do it. Exciting cities like Nashville have an abundance of culture, music, nightlife, and natural beauty. While the prospects of moving to a state like Tennessee are exciting, just remember that you aren’t alone. Home prices have increased around 9% over the past year and are expected to continually rise. Make sure you have a firm grasp on your finances and plan for the rise. Hopefully, after you’ve done your diligent research, you can find a great deal and avoid hefty commission fees.
Common Types of Mortgages
203k Rehab Loan
Applying for a mortgage is not a complicated process, but there are a few preliminary steps that you need to take to make sure it goes smoothly. Make sure you have a good credit score before you think about using credit to pay for anything. Also, before you close your home, try to avoid applying for any credit so you can look into getting pre-approval.
In order to qualify for pre-approval, you’ll want to show mortgage lenders the following: that you have good credit, can put money down, have established savings, and are steadily employed. There are various fees and extra costs that you’ll accrue when applying for a mortgage, including private mortgage insurance, but you can try to cut these costs down through websites such as better.com.
Having your proper documents in order can make this process seem so much less daunting when buying real estate in Tennessee. It is helpful to have the following ready:
Social Security Numbers
Addresses for Involved Properties
Proof of Homeowners Insurance
If you take the time to prepare these documents, you can save yourself both time and money by skipping the hassles of using a realtor. Buy a home in Tennessee without any hassle by looking through the resources available on beycome.
When it comes time to buy your home in Tennessee, there are a myriad of things to consider. Make sure you’re buying a home that aligns with your specific taste. Take the time to really study your options and be sure to check all of the amenities and particulars at least twice. This is a big investment! A good method to make sure you’re not missing any crucial details is to make your own personal checklists. This way, you can apply the same preferences to each home and really compare things like location, surrounding culture, neighborhood safety, etc.
Tennessee Architecture and Structural Aspects
Now that you’ve taken the time to assess your general wants and needs, it’s time to examine the bones of the house. Tennessee features a wide array of architecture choices thanks to its rich history. Which style best complements your lifestyle? Here are a few different things to keep in mind.
Closets and other Storage Spaces
Number of Rooms
Numbers of Floors
Numbers of Porches or Decks
Beyond the home itself, be sure to check out the surrounding neighborhood. How close are you to street traffic? If walkability is important to you, take a stroll around the block. How friendly do the neighbors seem? How much do you think the surrounding environment will change over the years? These factors are very important to keep in mind since buying a home is a long-term investment.
Buying real estate in Tennessee is not a task to be taken lightly. Think about your dream home, and then write down every detail. While you may not find exactly what’s in your head, you can at least find something that is comparable, and you shouldn’t settle for anything less! Once you’ve found a good option, don’t stop there. Give yourself options. You’ll want to have to sit down and compare two to three final choices before making your offer.
Questions to Ask
Once you’ve found your favorite options, it’s time to ask the big questions. Some things to ask yourself include:
How do the price comparisons look?
How long have the homes in question been listed for sale by their owner?
Is there a deadline?
How much time do you have to make a decision?
Why are the owners selling the home?
Has it recently been refurbished, redecorated or renovated?
Are there any association fees?
What are the current utilities like?
Do not be afraid to ask questions.
Having the world at our fingertips is amazing, and has certainly made home buying a much more in-depth process. While you might be able to see a slew of different options at the click of a button, nothing beats standing in your potential future living room and knowing that it is the house that’s meant for you. Make sure you visit the home you want to buy in Tennessee in-person. This will not only give you a better understanding of the property, but gives you the chance to ask crucial questions to the previous owner, gather up any additional information, and check for any issues such as pests, plumbing, windows, doors, or water pressure.
Now that all the hard work is out of the way, it’s time to make an offer on your future home. Unfortunately, this process can also be complex. Before you make an outright offer, look into comparative market analysis and determine how much houses in the surrounding area are going for and what the current status of the market is.
Also, keep in mind that these contracts are binding, so make sure you have some important contingencies included. This way, if something goes wrong, you have the legal tools to back out without accruing any sort of penalty. Common contingencies include:
Home inspection Contingency
Home Appraisal Contingency
The more expensive and valuable the real estate, the more strength you’ll want to put behind your offer. Working with a preferred lender from your listing agent can help make the process a little less confusing.
If you really want to stand out and show the seller that you mean business, take the time to write a cover letter, some photos, and even a handwritten letter describing why you enjoy their home. Also, money talks, so increasing the amount paid to confirm the contract or earnest money deposit can go a long way to portray your committed desire to purchase.
One thing to keep in mind is that these bids are to be taken very seriously. If you low-ball a home owner, expect to be rejected. Also, including too many contingencies may be a turn off, especially if a bidding war breaks out. You want to be sure that you cover all your bases, but it’s important to realize that home sellers are interesting in working with buyers who are committed, and especially ones that won’t cancel at the last minute. After all, they are looking to sell their home sooner rather than later, and they can’t do that if you aren’t 100% secure with your decision or show any signs of being unsure.
The hard part is over right? Unfortunately not yet, just because you’ve signed the dotted line doesn’t mean you’re done. During the final closing, you’ll need to pay attention to closing costs, which include lender and third-party fees. Make sure these fees don’t go about 2-5% or the process doesn’t take any longer than 30-45 days to complete.
Some steps you can take so make sure the deal is sealed is to make the earnest money deposit, order the title, inspect the property, purchase insurance, and do a final walk through of the home. Once you’ve completed those steps and your cashier’s check is in hand, it’s time to make the down payment and closing costs. When the home is in escrow, all that’s left is to sign the final paperwork, and then you’ll be a Tennessee homeowner!
Tennessee is a wonderfully diverse landscape full of sprawling cities and gorgeous countryside. You’ll find top notch musical talent throughout the state, as well as waterfalls, lakes, breweries, and more interesting cultural landmarks to visit.
Great Smoky Mountains: One of the most popular mountain ranges featured in a multitude of songs, the gorgeous natural park features diverse wildlife, historic homes, blooming wildflowers, camping, and waterfalls. Gatlinburg, TN.
Grand Ole Opry: Speaking of music, living in Tennessee wouldn’t make much sense without seeing something the best acts in the world in Music City. The talent doesn’t get much better than the artists features at the Grand Ole Opry. 2804 Opryland Dr., Nashville, TN 37214.
Ryman Auditorium: If one historic music venue isn’t enough for you, you’re in the right area. Nashville is rife with the most talented artists in the industry. Catch another great act in the famous Ryman Auditorium. 116 5th Ave N., Nashville, TN 37219.
Graceland: Don’t think the music scene is limited to Nashville, however. Once you’ve had your fill of Music City, head on over to the land of the King. Graceland is just a few hours away, and well worth the visit. Memphis, TN.
Jack Daniel’s Distillery: If all the foot-tapping has made you thirsty for some good old fashion Tennessee whiskey, take a visit to the Jack Daniel’s Distillery. Try some free samples at the end of a tour! 113 Lynchburg Hwy., Lynchburg, TN 37352.
Ripley’s Aquarium of the Smokies: If you feel like visiting some exotic sea life or taking the kids on a trip they’ll never forget, it doesn’t get much better than thousands of sea animals and activities for the family. 88 River Rd., Gatlinburg, TN 37738.
Rowdy Bear Mountain: If you’re in the Gatlinburg area and want a thrill, the coasters at Rowdy Bear Mountain are top-notch, including the first mountain glider ride in the world. 386 Parkway, Gatlinburg, TN 37738.
Douglas Lake: If you’re tired of the thrills and just want to spend a day on the lake, it doesn’t get much more relaxing than the gorgeous Douglas Lake. Spend time at this wonderful reservoir by boating, fishing, swimming, or any other recreational activity. It’s also rated one of the top 10 Largemouth Bass Fishing Lakes! Dandridge, TN.
Cummins Falls: Of course, if you like your water more vertical, there are a plethora of water falls to see in Tennessee. One of the most beautiful areas resides in Cummins Falls State Park. Cookeville, TN.
University of Tennessee: Founded way back in 1794, before Tennessee even became a state, the University of Tennessee emphasizes research and features one of the best-known sports programs. Knoxville, TN 37996
Vanderbilt University: Vanderbilt is a private university with a heavy emphasis on liberal arts and medicine. The school was founded in 1873 and features a top-notch education system and class size. 2201 West End, Nashville, TN 37235.
Belmont University: Belmont is located in Nashville and is a private Christian liberal arts University. Despite having stepped away from the Tennessee Baptist Convention in 2007, the school still follows the ideals of Christian beliefs. 1900 Belmont Blvd, Nashville, TN 37212.
Lipscomb University: Lipscomb is a private co-ed, liberal arts college in Nashville affiliated with the Churches of Christ. It’s located in the upscale Green Hills neighborhood and has a very welcoming environment. 1 University Park Dr., Nashville, TN 37204.
University of Tennessee at Chattanooga: A public university, the University of Tennessee at Chattanooga is one of three schools in the University of Tennessee system. It is the second-largest public school in Tennessee. 615 McCallie Ave., Chattanooga, TN 37403.
Middle Tennessee State University: Abbreviated as MTSU or MT, this comprehensive co-ed public university is located in Murfreesboro. Offering everything from bachelors to doctorate degrees, this school features driven professors and a wonderful atmosphere. 1301 E. Main St., Murfreesboro, TN 37132.
University of Memphis: Founded over 100 years ago in 1912, U of M is a public research university with an enrollment of more than 21,000 students. 3720 Alumni Ave., Memphis, TN 38152.
Rhodes College: With an enrollment cap of only 2,000 students, this private liberal arts college sits on a 123-acre, wooded site in the middle of Midtown Memphis. 2000 North Pkwy., Memphis, TN 28112.
University of Tennessee Martin: Part of the University of Tennessee System, the University of Tennessee at Martin is the third-largest public university in Tennessee and has an outstanding campus. 554 University St., Martin, TN 38227.
Lower Broadway: The heart of downtown Nashville’s honky tonk scene, visiting broadway street is one of the best ways to see local music, visit fun bars, and immerse yourself in one of the most famous music centers of the world! Nashville, TN.
Nashville Predators: While one wouldn’t typically mention hockey in terms of nightlife, the Predators are a crucial aspect to Tennessee sports culture. Bridgestone Arena is located in the heart of downtown, so once you’ve been at the game, catch some local musical talent, too! 501 Broadway, Nashville, TN 37203.
5 Spot: If you enjoy local parts and dancing, come to the 5 spot during Motown Mondays. Packed with people wanting to dance to classic Motown jams, this is the place to be on a Monday night. 1006 Forrest Ave., Nashville, TN 37206.
HiFi Clyde’s Chattanooga: Combining retro and modern feels, HiFi Clyde’s features delicious BBQ, ping pong tables, shuffleboard, and of course, live music. 122 W. Main St., Chattanooga, TN 37408.
UP: If you like craft cocktails, delicious plates, and skyline views, you’ve found your favorite spot at UP. Savor a delicious drink while soaking in the iconic skyline views of Nashville. 901 Division St., Nashville, TN 37203.
Club 152: Do you like dancing? What about 3 levels of dancing with bands, DJs, food, and people until late night? Check out this iconic club in Memphis. 152 Beale St., Memphis, TN 38103.
Tootsie’s Orchid Lounge: If you’re visiting the Ryman, take a visit to Tootsie’s before you go. It’s a historic water hole featuring local talent, historical facts, and fascinating pictures. 422 Broadway, Nashville, TN 37203.
B.B. King’s Blue’s Club: If you want to see authentic blues, eat classic Southern food, and get a taste of history, you’ve found your spot in Memphis. 143 Beale St., Memphis, TN 38103.
Coyote Ugly Saloon: One of the most famous bars immortalized in film, Coyote Ugly features female bartenders, bar top dancing, and yes, body shots. 326 Beale St., Memphis, TN 38103
f you’re ready to sell your home in Tennessee, you’ve picked a good time to do it. Even with a good deal of potential buyers, you should still set aside some money for an advertising push on your property. Also, you should hire inspectors so that you can legitimately say that your home is ready for sale, and be prepared to make any big repairs. These are the type of questions you need to ask yourself before you put in any actual work, and if you cover these bases now, you can prevent any surprises down the line.
If you don’t pay attention to these crucial first steps, you might have a hard time listing your home for sale in Tennessee. However, if you stay diligent and make sure you start off on the right foot, you can check out these useful resources to get your home on the market in a profitable fashion.
Take a walk through of your house as if you were a potential buyer. If you don’t trust yourself to find all the little things, and have some budget to spare, then hire a professional to walk through with you who can fix all the little things that come up. Create a list of the problems you see. This list will not only help you budget yourself when it’s time for repairs and help you prioritize what to get started on first, but it will also give you a solid source to turn back to once the renovations are made.
Common Problems and Questions to Ask
With humid summers and a decent amount of rainfall, there are some common questions you can ask yourself when it’s time to sell your Tennessee real estate that you might not address during your day-to-day living, such as:
What were other homes sold in your area like?
Is your home in a better or worse state than they were during the sale?
How many repairs can you handle yourself?
Is the damage severe enough to require professional help?
Now that you’ve set everything up and fixed up your home, it’s time to show it to potential buyers. Hopefully, you’ve put some solid time in to determine what your asking price is, and if you haven’t, you need to. Do your research. This is not some number you want to pull out of a hat. A good place to start is by researching other homes for sale in Tennessee, and pay attention to homes that are more similar to yours that were sold in the previous quarter. This will give you a good price window to consider.
If you’re unfamiliar with how to search for other homes for sale, try simple phrases such as “Tennessee homes for sale by owner” or “homes for sale by owner in Tennessee”. These will give you a plethora of options to choose from and by the end of your search, you should have an ample list of homes to compare to.
If you enjoy making experiences a bit more personal, visit some open houses for sale by owner in Tennessee. These hands-on experiences will not only allow you to better understand what it means to sell a home, but give you a behind-the-scenes window into your competition. Ask yourself, what are they doing to really sell their property that I’m not doing?
This necessary research will not only help you decide the best price for your home, but also give you insight into what you need to fix up. Maybe it’s worth it to retile the bathroom or fix up the yard. These little details can go a long way to ensure you’re receiving a fair price for your home and will also go a long way when a buyer is determining what is a good price versus what is an overpriced property.
After you’ve taken the necessary steps to fix up your home and price it accordingly, it’s time to market to potential buyers. Luckily, the internet provides a simple and cost-effective method to reach hundreds of potential buyers. While there are dozens of paid sites you can go through, if you really want to stretch your budget, sites like Craigslist are available resources, as well.
beycome Marketing Tools
beycome offers several services to help your real estate marketing campaign including:
Listing on your Local MLS
Listing on top real estate sites
Full listing on beycome
Virtual Tour & YouTube© Video
Printable promotional items
Full legal offers online
Open House Scheduler
Aside from doing the buckshot internet approach, you can also take advantage of local offline advertising. One method you can use is to take out an ad in local newspapers or magazines. Another is putting up flyers or signs yourself. Whichever method you choose, just make sure you pick high traffic areas so you can effectively get the word out there that there is a beautiful home for sale by owner in Tennessee!
If it’s in your budget, utilize the services of local or online businesses to create eye-catching advertisements. If you can think outside the box and create a unique flyer or something that holds the audience’s attention for more than a few seconds, you have a much higher chance of selling your home.
In these creative ads, be sure to include more than just the square footage of your house. Think about what other factors make your home so attractive. What amenities does it include? What schools or nightlife surround it? Is it close to grocery stores, shopping malls, and local entertainment? Answering these questions before they are asked shows potential buyers that you’ve done your research and that you’ve got an excellent piece of property on your hands.
The volunteer state is one of the fastest growing areas for real estate in the country. Whether searching for entertainment, countryside, music, or mountain views, Tennessee has something for everybody, so make your home something that really catches the eye. Do you due diligence and be sure to make the process easy on yourself. Work with beycome and take out unnecessary headaches such as commission fees, slow-moving sales, and uncommunicative agents by being proactive, professional, and punctual with your paperwork. Tennessee homes for sale by owner are currently extremely popular, so take advantage of the boom today!
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