If you’re looking to make some big life changes, owning a home is one of the best options. With the recent home-buying spree, there’s no better time to learn how to navigate Memphis real estate. Learning these tips will help you get a jump start on owning real estate or launching a real estate business.
Navigating the world of real estate can be daunting; that’s why this guide is here to help. Take a look at these helpful tips, and you’re sure to dominate the market in no time.
Ready to learn more? Let’s get started.
1. Talk to the Right Real Estate Agent
The first step to navigating TN real estate is to talk to the right real estate agent. Having a good agent can make a big difference in how much time and money you spend.
Look for real estate companies that will alert you to listings as soon as they hit the market, if not before. They should also know how to make your offer stand out above the rest. If you’re considering a newer agent, find someone who works closely with an experienced broker.
Go ahead and interview different Memphis real estate companies, and don’t be afraid to check out references from other clients.
2. Create a Plan
Buying a home or commercial property is a major decision, and you’ll need to take enough time to do your research. As much as your real estate agent can help guide you, you’ll still need to create a plan and get organized.
The first thing on your list is checking your credit score. You can do this online, sometimes free of charge. If your credit score is on the lower side, then you’ll want to improve it at least six months before purchasing a home.
Be sure to evaluate your overall spending and assets. It’s important that you know how much you owe in other loans, how much you have in your name and in savings, and how much money comes in and out of your bank account each month.
Once you’ve gotten your finances in order, you’ll need to assemble your financial statements and files. Keep at least a few recent bank statements, pay stubs, and recent tax forms to share with your mortgage lender.
3. Crunch Some Numbers
Now that you have all of your files in order, it’s time to crunch some numbers and meet with a home loan lender. This is when you get serious about your budget and take into account your income as well as how much of a loan you’re offered.
Your down payment should be at least 20% of your home’s cost, but there are a variety of loans and programs that can reduce your down payment. The right mortgage lender will help guide you through this. You don’t want your housing costs to be more than 30% of your monthly income.
Think about how much you’ll need to invest for renovations, furnishings, and maintenance to your home.
Once you have all your numbers set, it’ll make it easier to dive into the different Memphis properties.
4. Think of Your Priorities
After you get your finances in order, you’ll want to pay attention to the heart of your purchase. It’s time to think about what you want in a home. Once you establish your priorities, you can find a place that is right for you.
Think about how long you want to live in your new home, what the schools are like if you prefer suburban or city living, the commute to work, and the amenities.
You may not find the perfect home or commercial property with everything that you need, but it’s smart to think about the ways you can make a place work if it’s good enough. Have your priorities in mind, but remember that you may need to compromise.
5. Have a Wish List
Priorities are different than your wish list; they tend to be more fun to think about. It’s important to remember the aspects of real estate that are enjoyable so you don’t get dragged down by the paperwork and headache.
Think of the features that you want in a home that get you excited. Maybe it’s a walk-in closet, double sinks in the bathroom, or a back porch. There’s plenty of inspiration everywhere, from magazines to Pinterest.
You can even drive around your favorite Memphis neighborhoods and see if anything catches your eye.
6. Be Patient
At the end of the day, real estate requires patience, and you might be waiting a while before finding the right property. 66% of active homebuyers in the second quarter of 2021 had been searching for more than three months. If you’re losing out on several homes, it’s tempting to make a desperation bid or give up, but it’s important that you don’t do either.
Making an offer on a home you don’t like or bidding too much can leave you resentful and unhappy. If you give up, you’ll need to go back to renting. However, that may give you time to set aside payments and fine-tune your wish list.
Navigating Memphis Real Estate
No matter what your reason is for navigating Memphis real estate, you’re likely experiencing a variety of emotions. It’s equally exciting and frustrating to deal with Tennessee real estate, especially if you’re new to this world. That’s why following these tips is sure to make your life a lot easier.
If you’re looking for an unrivaled property management company, look no further than Reedy & Company. Be sure to contact us today to learn more about what we do and how you can become a successful property owner.
