865 Real Estate

East Tennessee Real Estate & Neighborhood Source

Knoxville Real Estate: How To Get Top Dollar Out of Your Home Appraisal

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Knoxville real estate appraisalTroy Stavros, Broker and Partner with the 865 Real Estate team stated, “With faster price appreciation being caused by low inventory of Knoxville homes for sale, low appraisals could become a bigger problem.”

The National Association of Realtors reported on Tuesday that inventories of homes were at the lowest levels since 2001 and the median price a home resale was, at $180,800 in December, up 11.5 percent in a year. Stavros continued, “In a rising market, because appraisals are based on recent sales prices of comparable properties, depending on when the sales occurred, they might not be high enough to support the newest numbers. As a homeowner who knows the property and neighborhood intimately, there are things you can do to assist an appraiser”.

Here are some ways to achieve the highest possible appraisal:

* With the assistance of a Knoxville real estate agent, provide the appraiser with comparable sales. Don’t just hope the appraiser knows about the house just like yours that sold for the same price, give proof. Preferably 3 or more comparables to support the value.

* Make sure the appraiser knows the neighborhood. With the way appraisers are chosen, there is a chance of unfamiliarity with the area. Supply as much information about the quality of the neighborhood as possible. Including information like neighborhood amenities, new local restaurants and attractions. Anything that can add value to the location.

* Provide the appraiser with documented information on the upgrades and renovations completed on the home. Everything from cosmetic, to structural, to mechanical. It all can add value.

* Clean, clean, clean. Showing the home to an appraiser can be more important than showing it to a buyer (a buyer can walk away if the home does not appraise!) The home should look as good as possible. Turn on all the lights. Light some candles. Clean up the yard. The better the home looks the more perceived value it will bring.

* Either give the appraiser the information on the home upon arrival or prior to departure. Do not follow them around. Not only can this be uncomfortable and distracting for the appraiser, but can raise concerns that there may be issues with the home.

Where Are All The Houses? The Reasons Behind Shrinking Inventory

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inventory of Knoxville homes for sale droppingTroy Stavros, Broker and Partner with the 865 Real Estate team states, “The old adage of supply and demand is at it again. Home prices are on the rise because the number of Knoxville homes for sale continues to dwindle.” According to the latest research numbers from the National Association of Realtors, the inventory of homes for sale dropped 8.5% from November, 21.6% from one year earlier, and is at the lowest level since January of 2001.

So why are we seeing inventory of Knoxville homes for sale drop? Here are the reasons:

* Many homeowners still owe more on homes than the current market value and are not willing to bring money to the closing table.

* Many homeowners who might typically be looking to “trade up” have lost the equity necessary to do so (home equity in a primary residence, built over time, is usually the main source of down payment funds in a trade up situation).

* Sellers, feeling the market and prices are still close to bottom levels, are waiting in hopes of selling at a higher price in the future.

* Investors (individual and institutional) are buying homes in bulk and renting them, instead of putting them back on the market for sale.

* Banks are approving more short sales and loan modifications, leading to smaller numbers of foreclosed homes hitting the market for sale.

* Tight lending guidelines for builders have limited the number of new homes hitting the market for sale.

3 Necessary Steps Before You Start Your Knoxville Real Estate Search

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3 steps before a searching Knoxville real estateThe home loan process can be daunting for seasoned homeowners, let alone first time home buyers. Paperwork, paperwork and more paperwork, followed by credit checks and more required documentation.

Troy Stavros, Broker and Partner with the 865 Real Estate team at Gables & Gates, REALTORS says, “Today’s strict lending guidelines can call for even more steps in the process, but with a plan it can be done with less stress.” The following steps should be taken prior to searching Knoxville real estate, in order to make getting loan approval a smooth, successful endeavor:

STEP 1. Start pulling together documentation prior to starting a Knoxville real estate search. Mortgage experts are recommending starting 6 months to a year prior to beginning a home search. Why so early? There could be credit issues to resolve, debt that needs to be paid off, or down payment money to be saved to allow for approval. Those things take time. Waiting too long can hit a buyer twice as hard, by coupling the denial of a loan with the loss of a dream home.

STEP 2. Get pre-approved prior to starting a home search. This is a major step that anxious buyers like to skip over that can cause heartbreak. A pre-approval (not a pre-qualification!), uses complete documentation and gives a buyer the green light from the lender that should a home be found, financing is approved and available. By not completing this step prior to a home search, many buyers are looking at homes in price ranges they cannot afford. This leads to frustration and heartbreak, when a buyer realizes the perfect home the search has found is out of reach.

STEP 3. Most new buyers understand that saving up for a down payment is necessary but many are not aware of closing costs. The down payment and closing costs can be two significant numbers, and buyers need to plan on saving up for both prior to beginning a home search. Closing costs can vary, but a general rule of thumb is to plan to pay around 3-4% of the purchase price.

News Flash: Your Home’s First Showing is Online!

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Knoxville Real Estate News FlashA recent cooperative study released by The National Association of Realtors and Google shows how people search for homes on the Internet and the importance of online first impressions. In “The Digital House Hunt: Consumer and Market Trends in Real Estate,” we are able to see the amazing impact and effect digital media is having on real estate. There is no doubting the huge impact that the Internet has become in everyday living, but the statistics brought to light by this study show with blazing clarity both the effectiveness and importance this tool has for searching Knoxville homes for sale. The following are some highlights of the study:

  •  90% of home buyers searched online during their home-buying process.
  •  52% of home buyers use the web as their first step in the process.
  •  Real estate-related searches on Google.com grew 253% over the past four years.
  •  36% of new home shoppers utilize a mobile device while they are watching television.

Troy Stavros, Broker and Partner with the 865 Real Estate team at Gables & Gates, REALTORS stated, “As a seller, you have to realize that your first showing is no longer taking place in your home, it is happening on the internet. If your listing isn’t winning a potential buyer over online, they more than likely will never show up at your door.”

The benefits of the digital home search are widespread. Buyers have the opportunity to complete “first showings” of potential homes at their leisure from a computer or mobile device. Buyers can not only search Knoxville homes for sale, but research areas to live and find a REALTOR for representation. Because of these buyer benefits, home sellers benefit from having more educated buyers and more effective showings. Real estate agents benefit from getting buyers who have already done research and are able to make faster buying decisions.

While there is no doubt a wealth of information is out there in the digital space for home buyers and sellers, there is still an abundance of value to be garnered from a seasoned agent. REALTORS are still the best resource for local information, negotiations, and the pulse of the local market.

13107 Naylor Ridge Lane, Knoxville, TN 37922 For Sale in Walnut Grove

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13107 Naylor Ridge Lane, Knoxville, TN 37922 Knoxville homes for saleUPDATE: SOLD! Two story basement home in private cul-de-sac located in West Knoxville’s Walnut Grove neighborhood at 13107 Naylor Ridge Lane, Knoxville, TN 37922. Featuring 4 bedrooms and 3.5 baths. Eat-in Kitchen with loads of granite counter space opens directly to the family room with a fireplace. Office with french doors on the main level bookends the foyer with the formal dining room. The 2nd level includes a huge master bedroom suite with dual sinks, whirlpool tub, and shower,  2 additional bedrooms, laundry room and a bonus room. Venture down to the basement which features a rec room, 4th bedroom, full bath, and large custom woodworking shop! The deck off the family room and kitchen overlooks a large, flat, fenced backyard. Neighborhood features a swimming pool and is zoned for the brand new Southwest Elementary School, Farragut Middle, and Farragut High School.

 

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