By Kimberly S. Shirey
posted June 22, 2021
You’ve heard the current housing market in Middle Tennessee referred to as a “seller’s market,” but what does that mean? In short, there is more demand for homes than there is supply. It also means houses are going quickly … really quickly. In fact, it’s not uncommon for a seller to list their house and accept an offer the very same day.
Competition is high when it comes to landing your dream home in this market. Getting pre-qualified can help you avoid delays and gain an edge over other potential buyers. Preparation is key and getting pre-qualified is the first step in the mortgage process.
As a buyer, the benefit of pre-qualification is knowing your budget range before you start shopping for one. In other words, it helps you determine a rough idea of what you can afford. Pre-qualification starts with you supplying financial information to your lender, which they review and pre-qualify you for a certain loan amount.
Pre-qualification helps you stand out in a crowd of other buyers. It shows that you’ve come prepared, and it proves you can buy the home. If you haven’t been pre-qualified and you express interest in a house, you are more likely to be bypassed by those who have already completed this step.
At First Farmers, we’ve been helping families in Middle Tennessee buy homes since 1909. As a community bank, our lenders specialize in the local areas we serve, and we’re here to guide you through the process of buying a home in a seller’s market. Whether you apply online or in-person, we’ll assign a lender dedicated to you. View our full list of lenders here.
