Questions about homeownership

Published Monday, June 29, 2020 8:00 am

Real estate has proven itself over and over again as a substantial financial investment, which makes essentially any time a good time to purchase a home. Depending on whether you are thinking of buying a home as your primary residence or as an investment property will determine what factors to consider as you make the decision.

Investment properties are typically not a primary residence and have varying loan products available as well as different return on investment goals for the buyer. A Realtor can help you determine which option is best for you based on your long-term or short-term objectives. Today let’s focus on the benefits of purchasing a home as your primary residence in the summer months.

The spring and summer months are typically the busiest of the year. Normally during this time, the pool of available options is generally the largest it will be all year. However, as we’ve reported in previous articles, the current housing inventory has been declining for some time as the new construction inventory of home builders has waned. This fact has not stopped many buyers from putting offers in on available homes, winning multiple offers or seizing the opportunity to find their dream home. Buyers are becoming increasingly focused on their “must-have” lists and are open to various areas of the region.

The summer is also a popular time to buy because moving during the school year, regardless of whether you have school-age children or are in the teaching profession, can be stressful. This year may pose an interesting spin, as many schools are unsure of whether the new school year will consist of hybrid virtual schooling. Many homebuyers are also adding a home office or flex space to their list of must-haves as we all become more adapted to working from home. Either way, buying a home before starting a new school year can be an important decision over the next few months.

While this isn’t necessarily a summer-only buying benefit, current low mortgage rates are encouraging. Continued low mortgage rates enable many buyers to consider becoming a homeowner now, despite increases in median price across the region. Remember, it’s more important than ever to be pre-approved and be prepared for multiple offers.

More than an app, a Realtor can help you consider which type of homebuying is best for you and walk you through the entire process.

Kristy Hairston is president of Greater Nashville Realtors. A Realtor is a member of the National

Association of Realtors who subscribes to its strict code of ethics. Contact Kristy at 615-254-7516 or president@greaternashvillerealtors.org.

The content above is featured each Sunday in the RealDeal Column of The Tennessean,provided by Greater Nashville REALTORS®.

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