Secrets to Buying a Home in Franklin Right Now

Secrets to Buying a Home in Franklin Right Now

  • Debbie Gregory
  • 03/19/24

Buying a new home can be one of the most rewarding experiences of your life. Whether you've finally saved enough money for your first home or are moving to Franklin for a new start, buying a home in Franklin can cement your place within the community.

Known for its idyllic Main Street downtown, gorgeous green spaces, and exceptional nightlife, Franklin is so much more than a small Tennessee city. This picture-perfect area is quickly becoming one of the fastest-growing communities in the Nashville Metro. Explore the historic downtown square, where you can get a taste of Franklin's nostalgic roots. Downtown Franklin is known for its high-end boutiques and spectacular restaurants, rivaling many of Nashville's most iconic hot spots.

Franklin is also known for having some of the most highly-coveted homes in the region, with stunning, luxurious estates set on some of the state's most beautiful lots. Whether you're searching for a traditional home or a contemporary new build, you can find nearly every architectural style under the sun, thanks to the area's rapid expansion and the robust job market.

If you're considering moving to the area, you will need insight into the local Franklin real estate market to secure your dream home. From financing to submitting an offer, here's everything you need to know about buying a home in Franklin.

Is now a good time to buy a home in Franklin?

As you search for the right home, you may wonder whether or not now is a good time to buy real estate in Franklin. Over the past few years, Nashville has seen a significant population boom. Since many companies are setting up headquarters in Davidson and Williamson County, Nashville has become one of the fastest-growing metros in Tennessee. During 2021 and 2022, Nashville had a red-hot real estate market where buyers constantly found themselves in bidding wars or submitting offers thousands of dollars above the asking price to secure a home.

By the end of 2022, interest rates increased to over 6% for the first time since 2008. This caused many buyers to hesitate to purchase, leaving many more homes available on the market. While interest rates are higher, buyers have more opportunities to secure their dream properties since there is less competition and more homes to compare. As a result, there has never been a better time to buy a home in Franklin.

Tips for buying Franklin real estate

Once you have decided to buy a property in Franklin, a little bit of planning will go a long way toward helping you secure your dream home. Of course, the planning initially begins with setting aside funds to purchase your dream property. Do you have enough money saved for a down payment? If you are trying to sell your current home, will that cover the cost of your purchase?

Beyond saving for a down payment, there are other costs and factors you need to consider during your house hunt, from your wish list to your budget. Here are some of the best tips to help you succeed in buying your next home.

Secure financing for your new home

If you are like many homebuyers, you might begin your home search online. In fact, over 90% of homebuyers use the internet at some point to help them with their home search. However, if you are serious about your journey, perusing real estate websites should wait until you know your budget. So, how do you know how much home you can afford?

If you are buying real estate, you will likely buy your home through cash or financing. If you do not have enough money or equity from your previous home to purchase your new house outright, you must secure financing for the transaction. In other words, you need to apply for a home loan. Set up a meeting with a mortgage lender. During the meeting, your lender will need to know as much information about your finances as possible. Your lender will likely want the following:

  • Proof of funds, including a W-2/1099, pay stubs, and proof of social security 
  • Credit score information
  • Debt-to-income ratio
  • Income and job history
  • Tax returns
  • List and values of assets
From there, you will be pre-approved for a loan. Once you have secured your pre-approval, you can get to work on finding properties that fit within your financial constraints.

Make a wish list and prioritize the most important features

The real fun begins now that you know how much house you can afford. Sit down with paper and pen and create a wish list. What are the most essential elements you need in your next home? What are some of the most important items on your wish list?

If, for example, you have pets or kids, you will need a yard for them to run around and play. Fortunately, Franklin is known for its wide-open spaces, so plenty of homes will have expansive yards with beautiful landscaping. Think about other features you want to see as well. For instance, a separate home office might be vital if you work from home.

Consider your lifestyle carefully. While there are many amenities you would like to see in your new home, there are many features you will actually need. Prioritize what is most important to you and start from there. How far will your budget take you? Can you afford some or most of the items on your wish list? It's rare for a house to check every box, but can you find one that hits the most essential marks? Compare what is available on the market to what your budget is and where it is located. This is where you will begin your home search.

Hire a local agent to represent you

Once you have honed in on your budget and the most critical items on your wish list, you will need help navigating the local market. Knowing where to begin can be overwhelming, especially if you have never bought a home before. By working with a local expert, you can learn more about the local Franklin real estate market and have a professional on your side who will advocate for you through every step of the process.

Your agent will have a wealth of knowledge and resources to help you secure your dream home. Working with the right agent can take all the worry and stress out of the home-buying process. Once you team up with an exceptional agent, you can begin the house hunt, bringing you one step closer to finding your dream property.

Make your move to Franklin

If your goal is to buy a home in Franklin, you’ve come to the right place! With over 12 years of industry experience and vast insight into the Middle Tennessee region, expert agent Debbie Gregory and her top-notch team are ready to help you find your dream home in Franklin and achieve all your goals. Contact Debbie today for all your Franklin real estate needs!

*Header Photo courtesy of Debbie Gregory

Work With Debbie

Serving the Middle Tennessee area since 2005, Debbie Gregory has many years of real estate and marketing experience. As a Nashville native, Debbie has extensive understanding of the middle Tennessee market and region.