Hamilton Herald Masthead


Front Page - Friday, February 28, 2020

You have to have a plan in fast market

Wow! It seems to me and my fellow Realtors that the spring selling and buying season has started earlier than usual. With an historically low housing inventory, it’s more important than ever to have all your ducks in a row when it comes to buying or selling property.

If you’re looking at buying a home, here are a few thoughts that will help you stay competitive and achieve your goal.

Ask the right questions

Whether you’re buying an investment property or your first home, ask yourself what your long-term goal is and how a property helps you achieve that goal. This is a great time to involve a local Realtor because of their market knowledge. Take the time to talk through these goals and see how the agent can help.

As you move through this process, continue to ask yourself questions, including “What is my goal in buying property?” People might think they need to buy, but the timing could be off.

After you have dealt with that, ask even more questions:

“Does buying this property move me forward or is it a lateral move?”

“Is this property within my budget?”

“Does this property help me financially, mentally and physically?”

“Does this property have a positive effect on my well-being?”

Now that you have established your goal, you should ask questions about paying for the property. Are you paying cash or obtaining a loan? What’s the best program out there? Many Realtors can recommend different financial institutions that can help in the homebuying process.

Once you have prepared yourself and found the property you want, it’s time to make an offer. The Greater Chattanooga market is one of the most competitive markets I have seen in my 15 years as a Realtor. It’s common for homes that are priced right to receive multiple offers very quickly.

In Tennessee, agents are not required to call for highest and best when multiple offers have been made unless the seller has instructed them to do so. So, when your agent makes the offer, you’ll want to instruct them to ask if there are other offers on the table. This would allow you to make the highest and best offer from the start.

Another item to consider is the terms in your offer. Your Realtor can help navigate all the terms that could potentially appeal to the seller and can help you win the home. In this seller’s market, using these tactics can mean the difference between the seller accepting your offer and disappointment.

This market is moving fast. When you’re in the market to buy, you’ll want to have your plan together so you can move quickly when you find your dream home. As Realtors, we’re always there to be your trusted resource when buying or selling property. That’s Who We R.

Greater Chattanooga Realtors is The Voice of Real Estate in Greater Chattanooga. A regional organization with more than 2,000 members, Greater Chattanooga Realtors is one of some 1,300 local boards and associations of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors service Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade and Walker counties in northwest Georgia. For more information, visit www.gcar.net or call 423 698-8001.