When you’re looking for a home in Nashville’s current seller’s market, you need a plan in place to avoid making mistakes that could cost you a bundle at closing. Buyers in a seller’s market can get what they want in the homes that they’re most interested in, but they need to bring their “A” game and be decisive and prepared for tough competition. Here are some of the best ways to avoid the common mistakes I’ve seen home buyers make.

Put in your best offer first.

Are you one of those people who often wants to buy as much as possible for as little as possible? It’s true of many of us. In fact, it’s true that many people see the listing price of a home and wonder what they can really get the house for. Sure, offering lower than asking price is a reasonable strategy… if the house is overpriced compared with others in the area, or if it’s a buyer’s market with lots of inventory. But trying to get a deal when you’re in a seller’s market is almost always the wrong tactic. Most home sellers will not even waste time haggling: they’ll just reject your offer in favor of a better one.

Don’t over-analyze your potential purchase price

You should never impulse-buy a home. But it’s also not recommended to over-analyze a potential final price when you’re in a seller’s market. Wait too long in a sellers market (sometimes just by hours) and you’ve often lost your chance. Once you’ve determined the type of home you want, the location you desire, and your price range, and finally find a home that meets your qualifications, don’t wait to make an offer. And never begin looking at homes without a pre-approval in hand.

Work with an agent who has local experience

In a seller’s market, it benefits buyers to get all the help they can. If you have a seasoned agent on your side, you’ll probably have a better chance of getting the home you want. Plus, in most cases, buyers don’t pay real estate agents; sellers do. When you are competing against other buyers in a fast-paced market, it is vital to be ready to put down an offer as soon as you see a home.

Always be prepared for a bidding war

Bidding wars are common in a seller’s market. Extremely common. Learn to expect them, and plan a strategy for how to handle them before you ever get into the situation.


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