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Buying or selling a home during uncertain times

On Behalf of | Sep 21, 2023 | Real estate transactions |

The decision to purchase a home or sell a home is a major legal and financial decision. It can come with certain risks, especially when times are uncertain. However, it is possible to make practical and reasonable choices during times of financial uncertainty, political unrest and other circumstances. The last few years have seen significant changes in the Tennessee real estate market, and it is prudent to be prepared before moving forward.

Protection and security throughout the process

Since the pandemic, home prices have been extremely high. It has been difficult for buyers to find homes that fit their budget, and inventory has remained low. Inventory is higher and prices may be trending lower, but high interest rates may prevent potential buyers from moving forward. Even though interest rates are high, buying as soon as possible allows an owner to begin building equity.

A potential buyer will also need to determine if he or she has good enough credit to secure financing, as well as enough savings to make a reasonable downpayment on the home. A potential buyer will also need to determine if he or she intends to stay in the home for a reasonable amount of time. These factors can help determine if it is a good time to buy.

A focus on the future

There is always risk associated with purchasing a home, which is why it is helpful to secure experienced legal guidance. An attorney can provide insight regarding how one can protect his or her interests and make the best possible choices for the future. This guidance may also reduce the chance of complications and other setbacks.