An Interview With First Time Home Buyers:
How A Nashville Couple In Their Mid-20s Found Their Perfect Home
While waiting to meet up with a client at one of my favorite Starbuck’s locations here in Nashville, I had the privilege of striking up a conversation with a married couple in their mid-twenties who just purchased their first home. Oh how I remember that proud and excited feeling! After revealing to them that I was a realtor for Sotheby’s International Realty they were quite inclined to share with me their home buying experience as I am forever intrigued by all buyers and their investing interests. After all, it makes me a much more knowledgeable realtor on both the buying and selling sides of the spectrum.
This delightful couple (combined annual income of $75K) bought a townhome in Green Hills (their first choice area) after looking at multiple properties in Madison, Bellvue, and Hillsboro. At first they considered a foreclosure in Madison which its upside was that it was listed well below $100K, but its downside was that it was a bit of a fixer-upper and located in a less desirable area. After moving on to other properties they finally found a townhome in Green Hills which was everything they wanted. They actually put in an offer prior to viewing the property out of fear that the unit would go under contract with another buyer and be snatched out from under them. Residential real estate in Nashville has definitely shifted into a seller’s market. Low and behold they wound up purchasing the townhome for $167K, just 2 days after the unit was listed. Here are some other valid aspects that they shared with me about their motivation towards their purchase….
Q: Did you get pre-approved for a home loan before you started looking at properties? If you were approved for a higher loan than the one that you got would you have raised your price point?
A: Yes we got pre-approved, and no we wouldn’t have purchased higher as we wanted a low mortgage in order to keep saving.
Q: Why did you decide on a condo and not a single-family home?
A: We wanted to live in the city and in a neighborhood where we will be able to rent it out in the future easily.
Q: Is buying a condo a step towards eventually getting into a single-family home?
A: Yes. We wanted to grow slowly and not buy too much house for just us two.
Q: What are the main reasons you chose the complex that you did? (e.g. location, distance to work, etc.)
A: It’s in the heart of Green Hills! I will be closer to my job and my husband will be the same distance away from his work minus the traffic which will be nice. And our townhome is in a safe area.
Q: Out of all the units that were for sale in your complex what factors lured you to the unit you bought?
A: We liked the price, the size, the fact that it is an end unit and that it is move-in ready.
Q: How many other properties did you look at before submitting an offer on the condo you purchased?
A: About 6 or 7.
Q: Did you wind up increasing your initial offer after the seller countered? How much more were you willing to offer in order to secure the contract?
A: We offered full price and the seller accepted.
Q: How important was it for you to find a unit that had more upgrades rather than less upgrades at a lower selling price?
A: It was nice to have more upgrades for our money but we wouldn’t have minded buying a place with less upgrades. So it wasn’t that important to us.
Q: What were mandatory features you were looking for in a condo?
A: 2+ bedrooms, private/quiet community, a yard/patio, share walls NOT ceilings/floors with someone.
Q: What is the first upgrade you plan on conquering?
A: Carpet, new appliances, new kitchen counter tops.
Q: How much of a difference did having an efficient, knowledgeable and honest Realtor make your home buying experience?
A: It made a HUGE difference!!! He helped us make good decisions and protected us from being sued or taken advantage of in the buying process.
If you or someone you know is interested in buying or selling
a Nashville Home please contact:
The Lipman Group | Sotheby’s International Realty
Office: (615) 463-3333 / Cell: (615) 509-1753