Buying a House in Tennessee

Buying a House in Tennessee [2022] | 🏡 “How to” with Tips & Steps for TN

Buying a house in Tennessee is an exciting decision, but it can also be extremely stressful at times. If you are unfamiliar with the process involved in purchasing a new home, it can seem like a never-ending stream of paperwork, deadlines, and signatures. Whether you are a first-time homebuyer or an experienced homeowner, the following tips will help you buy a house in Tennessee.

How to Buy a Home in Tennessee

Once you decide to buy a house in Tennessee, there are a few key steps that will make your life much easier. Following a clear process will help you know what to expect and when to take certain steps. By following the standard procedure, you can quickly find, make an offer, and close on your new home.

1. Find a Reliable Tennessee Real Estate Agent

Your real estate agent is your guide to the entire home buying process. They know what types of prices are normal and which homes are overvalued. Since they have experience and training in the field, they will help you do all of your paperwork and get a good deal on a home.

As you search for the right agent in TN, you should take some time to read through online testimonials. Ask your friends for references to see if they’ve had a positive experience working with a local realtor. Your real estate agent can make or break your Tennessee home buying experience, so take some time to find the right person.

2. Choose a Dependable Lender & Get Pre-Qualified

After you find a real estate agent, you still need to get a lender to handle the loan. Your lender will handle your mortgage application and help you get prequalified. They determine what you can afford based on your debt level, credit score, income, and down payment.

Young couple working with a home lender

While your real estate agent may already work with a specific lender, you can choose any lender you want when buying a house in Tennessee. Read online reviews and ask around to find a reputable lender you can trust.

3. Search for the Right Home

After you have found the right agent and a lender, it is time to search for the right home in Tennessee. Your real estate agent can make the Tennessee home-buying process much easier for you as they learn more about your likes, dislikes, and specific features you want. You should give them as many details as possible so they can find a list of properties you would be interested in.

4. Make an Offer on the House

If you have found the perfect home, your real estate agent can reach out to the seller and place an offer for you. As part of the offer, you can make specific requests such as home repairs you’d like to be done before the deal is completed.

Your agent will put your offer in a contract and submit it for their review. The sellers can then send back a counteroffer, reject your offer, or accept it as-is.

5. Go Through the Closing Process

The next step in buying a house in Tennessee is to go through the closing process. If you and the seller agree on the terms, your new home will go into escrow. You and the seller will agree on the sale date and whatever necessary conditions involved in selling the home must be completed before closing.

Home inspector looking through a house

The lender will generally require a home inspection, which will provide an additional chance for you to request any repairs that may not be immediately visible. If problems are found, you can ask the seller to fix the issue or give you a better deal on the home. You should always do a walkthrough before closing to spot other potential issues.

6. Close On Your New Home

As of the closing date, you can sign the final papers. Your Tennessee home-buying process is officially complete, so you can get the keys to the home and move in.

How Much Does it Cost to Buy a House in Tennessee?

The median list price for a home in Tennessee is $324,000, which works out to a median cost per square foot of $159. Where you buy a house in Tennessee will generally have the biggest impact on its price. While a house in Franklin has a median list price of $799,500, a home in Memphis has a median list price of only $175,000.

Where is the Best Place to Buy a House in Tennessee?

While Nashville, Franklin, and Knoxville are some of the most popular places to purchase a house in Tennessee, the right location depends on your goals and personal needs. If you want a suburban home, Brentwood and Farragut are two of the best places to live. There are also many benefits that come with moving to Memphis and its surrounding suburbs.

Memphis, TN Skyline

Meanwhile, Franklin, Millington, and Germantown are three of the best cities to live in. Church Hill, Signal Mountain, and Mount Carmel are among the safest cities in Tennessee.

When Should You Buy a House in Tennessee?

Like most parts of the country, the housing market starts heating up in springtime and summer with prices hitting their highest rates. If you want a good deal on a home, you may want to start house huntingin fall and winter. January is the month when homes are on the market the longest, so you are most likely to get a good deal.

Should You Buy a House in Tennessee?

During a seller’s market, finding a good deal on a home can be difficult. Deciding whether you should buy a home or not depends on if you can afford to wait and stay in your current property until the market matches your needs. Tennessee is a beautiful area to live in, so it is a great place to call home if you decide to move here.

Where Should You Buy a House in Tennessee?

You should start by considering your budget, hobbies, and interests. Many people enjoy living in the suburbs because of the great schools and safe environment. While culture enthusiasts love the busy pace of cities like Nashville and Memphis, there are also rural towns for people who want a quieter lifestyle.

Tennessee First-Time Home Buyer Programs

The Tennessee Housing Development Agency (THDA) offers a range of programs for first-time homebuyers in Tennessee. You must have a credit score of 640 and meet certain eligibility conditions in order to qualify.

Great Choice Home Loan

If you are trying to determine how to buy a home in Tennessee, this THDA program can help. First-time homebuyers can get help with up to $7,500 in down payment assistance and closing costs.

Great Choice Plus Second Loan

This is another reputable THDA program for down payment help. With this option, you could potentially get a 15-year second mortgage for your downpayment and closing costs.

Tennessee Homeownership for the Brave

This program offers low down payments and low interest rates for active-duty service members. In some cases, the interest rates are as low as 0%, so this program is definitely worth checking out if you are currently serving in the military.

Hardest Hit Fund for Tennessee Home Buyers

With this THDA program, homeowners can get help if they were affected by the economic downturn during the COVID-19 pandemic. In this program, you can get up to $20,000 in mortgage assistance that will go toward the purchase of your new home in Tennessee.

National First-Time Home Buyer Programs

Along with programs through the THDA, you can also access natural programs as well. Depending on your qualifications, you may be able to access programs for down payment assistance, closing cost support, and low interest rates. For example, the Federal Housing Administration (FHA) offers first-time homebuyers loans with 3.5% down payments when you qualify.

Aside from conventional loans and FHA loans, you can also go to the United States Department of Agriculture (USDA) if you need help buying a house in Tennessee. The USDA offers loans based on your income, the home’s location, your credit score, and other eligibility factors. If you are a current or former service member, you may also be able to get help through United States Department of Veterans Affairs (VA) loans.

Need Help Moving after Buying a House in Tennessee?

After you have purchased a home in Tennessee, the next step is hiring a team of experienced movers to help you move in! Get in touch with Big League Movers today by calling (901) 486-6897 or take a moment to complete the Request a Quote form above for a free Tennessee moving quote!


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