Home buying process in Memphis explained

Choose the perfect moving experience by putting your trust in
the capable hands of Spyder Moving + Storage

Buying a house is one of the most major decisions you’ll make in life. Although it comes with challenges, getting a house in Memphis is truly an amazing experience. The city of Memphis provides plenty of benefits for homebuyers. If you stick to the plan, the home buying process in Memphis can be easy and simple. As a result, Spyder Moving and Storage help plenty of people get their homes in Memphis each year. Whether you want to buy a large mansion, a small condo, or a house in the suburbs, the process of getting your new home will become a memorable experience.

Steps to buying a home in Memphis

Before you jump into buying a house in Memphis, you need to look into the most important details. The entire process is longer than expected, but following the steps will shorten it. Here is everything you need to know about buying a home in Memphis in 2023:

  • Calculate your budget
  • Search for the house
  • Compare prices
  • Choose the mortgage type
  • Make an offer
  • Settle in

#1 Calculate how much money you can afford

You already know that buying a home in Memphis is a significant investment. Therefore, let movers in Memphis deal will other relocation tasks, and start calculating how much money you are ready to pay. Memphis real estate market prices have increased by 21 % since last year. Therefore, the median home price is $199.000 for a two-bedroom house, but this can vary depending on the neighborhood and its proximity to a major city. Before you go for an offer, be realistic about your budget and decide how much money you can put aside. Look at your current bills and income and ask a landlord or realtor what the expected amount you need to pay for the utilities is once you buy a home.

A woman counting money and thinking about the home buying process in Memphis
The first step toward buying a home is to know how much money you are ready to pay

#2 Choosing the best neighborhood is one of the major steps of the home buying process in Memphis

Memphis is home to many beautiful neighborhoods, but not all of them are budget-friendly. After you decide how much you can afford for buying a house, it is time to check the best area for this. Bear in mind that each neighborhood in Memphis has different real estate options. For example, getting a house in Cordoba will cost $ 143,825, while in Hickory Ridge-South Riverdale it is around $ 90,668. Similarly, Midtown will offer great homes for $ 90,608, but River Oaks-Kirby-Balmoral is more expensive because it is close to Memphis, and you will pay $ 169,116. Choosing a more affordable option will enable you to hire some of the best packing and unpacking services and complete the entire process of relocation faster.

#3 Compare the prices and homes

This step is entirely on you, as it depends on what you want and like. However, there is one golden rule to follow- never go for the first offer you receive! Always check at least three different offers and if possible, ask your real estate agent to arrange a tour of these places. Narrow down your search by comparing price ranges, and decide which type of home you are looking for. Maybe you want a multifamily townhouse, a large condo, or a co-op with or without a basement, garden, and other additional features. Finally, if you own an office, check for a commercial district or look for a spacious house where some of the commercial movers Memphis recommends can relocate your office.

The real estate agent talking to a family
The home buying process in Memphis is a unique experience for the entire family

#4 Choose the appropriate mortgage type

Most mortgage types in Memphis are conventional loans. If you decide to qualify for one, you will get a 3 % decrease in buying a home. Some of the Memphis moving services have the option to suggest the best loan if you are a first-time buyer. Moreover, your real estate agent will explain everything you need to know, including the types of loans. There are many different loan options in the United States, and you can qualify for the veteran one, spouse loan, as well government-backed loan depending on the area. Finally, you need to decide on the term and choose one of the 10, 20, and 30 years loan terms.

#5 Make an offer

If you have completed the previous steps, now is the time to finally make an offer. Don’t expect to seal the deal at once. Instead, discuss all the details with your agent, and ask what information your offer should contain. You should include the details about yourself, the property address, your price range, deposit, important paperwork like mortgage terms, and closing date. After that, you can wait for the owner’s reply. They can either accept or reject your offer, or make a counteroffer, which means they correct the price and suggest a new deal.

#6 It is time to settle in!

Assuming that all details are set, you’ve gone through the home buying process in Memphis, and closed the deal with the owner, it is about you finding a good moving company in Tennessee to relocate you to your new dream home. The city of Memphis is a great place for families because it offers affordable housing options. Moreover, it has plenty of beautiful neighborhoods that provide residents with a dense suburban feel, as well as major cities that attract thousands of visitors each year. We can say that Memphis is a great place for everyone! Its real estate market is booming, there are plenty of job opportunities, and it is one of the most hospitable cities in the world. Therefore, settling in the place which is the birthplace of rock’n’roll is certainly an exciting thing to do.

A couple holding the key of the new house
There is no greater happiness than settling into a new home with your family

Buying a home in Memphis can be a thrilling experience!

The home buying process in Memphis might be a challenging task, especially if you are an inexperienced buyer. However, with the help of a good mover and your real estate agent, this process can become an enjoyable thing. Before you decide to buy a house, you need to calculate your budget and search for the best area thoroughly. Moreover, comparing prices and choosing the best loan are very important tasks. Finally, once you make an offer, you can start thinking about moving in. These tasks may sound difficult, but they are actually easy! With the right support and assistance, your new home in Memphis is closer than you think.