These days it may seem like more and more brick-and-mortar stores in Tennessee are closing as shoppers turn to online retailers, such as Amazon, to make purchases. However, one type of real estate that has become a hot commodity exactly for this reason are warehouses.
Many people in Tennessee dream of one day buying a home. However, before they become homeowners, they must go through the real estate closing process to complete the sale.
Jackson residents may be interested to hear that government mortgage lenders Freddie Mac and Fannie Mae have both issued statements that they will no longer require appraisals on some of the mortgages they back. This will save buyers who qualify for this waiver money and streamline the residential real estate closing process.
Whether a person is building a home, a manufacturing plant, a store or are looking to start a farm, they will need to make sure that they are in the correct "zone" in which to complete their project. This is because cities have different parcels of land reserved for different uses. This is known as zoning. Through zoning comes better city planning with fewer conflicts.
Potential homebuyers: does it look like there isn't as much selection of existing homes for sale as you were anticipating? It's not your imagination. Tennessee residents may be surprised to hear that the number of existing homes for sale in the residential real estate market has reached a low that hasn't been seen in two decades. Why? According to one survey it is because "Baby Boomers" are neither selling their homes to downsize after their kids fly the nest, nor are they selling their homes in order to purchase a bigger one. In fact, of those surveyed, 59 percent reported that they had no plans to sell their home within the next 12 months.
Cities in Tennessee are ever-growing, and as they look to expand roads, install sewers and electrical lines and perform other tasks essential to the proper growth of a city, it may be necessary for them to acquire property owned by private citizens. This right of the government is known as "eminent domain."
With the real estate market once again on firm ground, more people are taking the leap and purchasing real property. For some, this purchase will be a home to call their own, while for others it will be a commercial property located in any up-and-coming district.
Whether you are an established small business or a fledgling operation looking to make your mark, there will invariably come a point when you need to consider commercial space. For those in the former category, this might mean relocating to a more suitable location, while for those in the latter category, it might mean setting up shop in an area favored by a target market.
Most Tennessee home buyers seek a conventional loan based on their credit rating, income and down payment, but there are situations where they may turn to a hard money lender. The terms of hard money loans are generally far shorter than those of traditional mortgages, and this kind of financing could be useful for home buyers as well as for people who plan on selling their homes quickly.
Once a person or couple makes the monumental decision to look for a home to call their own, it initiates an often enervating process that can prove to be exhilarating and entertaining at times, and frustrating and even worrisome at others.