Have you ever asked the question: Is it better to Rent or Buy? There are three major factors to consider before answering that question:
For moderate pricing markets, you need to look at specific areas or neighborhoods. If they are trending up, then now is the time to buy before prices get any higher.. If prices are trending downward, then it may be better to wait to buy and rent for another year. For instance, according to Mashvisor, “Nashville is moderate at 20.” https://www.mashvisor.com/blog/price-to-rent-ratio-by-city-2020/ Therefore if you are considering buying a home in Nashville or any middle TN area, you need a real estate professional that knows how to collect and evaluate this information, like the Oak Street Group.
There is nothing worse than spending time shopping for a house and wasting money on inspections and appraisals, only to discover in the 11th hour, the mortgage loan is denied. That’s because it’s not the loan officer that approves you for a mortgage but the Underwriter. If your loan officer cannot or does not submit your file for Underwriter approval before you find a property, then you may be wasting time and money. You should consult with a local lender that will evaluate your financial profile, advise you on available down payment assistance programs (if applicable), and submits your file for a fully underwritten pre-approval with no upfront cost or obligation.
You really need to know your real estate goals. This requires a real estate advisor that will ask you the right questions, uncover pertinent information and develop the best strategy to accomplish your true real estate goals. One of the biggest mistakes people make is hiring the wrong realtor; they hire a friend or family member that they feel knows them and will get them a good deal. However, that rarely happens. This closely connected person is super excited, makes assumptions, and usually doesn’t ask the important questions. Plus, he/she may not take the extra time to evaluate the market or doesn’t have the gifted negotiating skills needed for multiple offer situations. If you hire the wrong realtor, you lose and they win!
If you would like to know if it’s best for you to Rent vs Buy in 2020, give us a call at Oak Street Group (615)484-9994. We know the market, how to calculate the math, connect you with a trusted local lender, and will ask the right questions to help you make a solid informed decision with no pressure!! We want what’s best for YOU!