Troy Stavros, Author at 865 Real Estate

Knoxville Real Estate Preview Video: Condo at 7105 Dulaney Way

November 1, 2012 By Troy Stavros

In this Knoxville Real Estate Preview we visited a West Knoxville condo with a great location. It is a condo in the sense that it is maintenance free and has all of the benefits of a condo, however it has the ability to be larger than most Knoxville homes for sale. With a full unfinished basement of poured concrete and 10 foot ceilings, this condo has the possibility of having nearly 4000 square feet. It’s current features included an open floor plan with a beautiful kitchen with granite tops, custom cabinets, and stainless steel appliances open to the family room with fireplace. A vaulted master bedroom is on the main level along with an office, laundry, and dining room. Upstairs are the two additional bedrooms and another full bath. Contact us today with any questions or for your private showing of this or any Knoxville real estate. Call/Text 865-999-0925 or EMAIL US HERE.

Knoxville Real Estate: How a Pre-Approval can eliminate heartache

October 30, 2012 By Troy Stavros

Many buyers who have not been given guidance in the current home buying process believe that the first step is getting online to search internet sites or going out with a Knoxville real estate agent to view Knoxville homes for sale. If this is the first thing you are doing then you are skipping the most important step. Unlike the past when a buyer with marginal credit could typically qualify for a larger mortgage payment, today’s stringent lending guidelines have completely changed. Unless you have excellent credit and a solid income history, you cannot even guarantee that you will be approved. For those who are approved, there are parameters that can effect your interest rate, as well as the amount of loan for which you qualify. For the most productive experience in buying a Knoxville home there is a specific process that should and ultimately will take place, but straying outside the order of these steps can ultimately cost you time, money, and heartache.

First and foremost a buyer should speak with one or more lenders to get a pre-approval. You may ask yourself, why is this more important than looking at homes right away. It is because this step is the one that all of the others hinge on. It tells the buyer how much home they can afford and the price range in which they and their Knoxville real estate agent should be looking. Buyers who fail to follow this first step, may end up looking in a price range that they cannot afford, and ultimately be let down. By viewing homes they cannot afford, they will then have to lower their expectations. This makes it more difficult to find a home they will like, because they have been exposed to homes with amenities and features above their price range.

Another important point to be made is the difference between a pre-qualification and a pre-approval. A pre-qualification looks only at a buyers credit history and income, and does not guaranty a loan. On the other hand, a pre-approval both looks at AND VERIFIES a buyer’s credit, income, and debt and provides a loan approval within a specific dollar amount with certain conditions and terms. Becoming pre-approved means you can comfortably search for your dream home, knowing exactly how much you can afford.

Knoxville Real Estate: Current Top 10 Most Expensive Luxury Homes

October 26, 2012 By Troy Stavros

If luxury Knoxville real estate is what you are looking for, our area has plenty to offer. Whether you prefer living on the lake, in a Knoxville luxury community, on a private or public golf course, or high atop a hill with spectacular mountain views, Knoxville has got you covered.

The following are the Top 10 Most Expensive Luxury Knoxville Homes for Sale in (this list is updated daily so bookmark this post and check back often!)

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Effect of Neighborhood Foreclosures on your Knoxville Real Estate Value

October 24, 2012 By Troy Stavros

What is the effect of neighborhood foreclosures on your Knoxville real estate value? Coming out of the harshest national housing downturn many homeowners have seen, we have all heard about the multitude of foreclosures that have taken place all across the United States. Knoxville real estate, while not hit as bad as many areas in the U.S., was not completely immune. Many families have been impacted directly by the loss of their home and the severe financial consequences that are introduced through the loss of what typically is their largest investment. These losses including but not limited to the extreme downgrading of their credit, loss of savings and retirement, and physical eviction.

But are there consequences to those families who live near those foreclosures? You might think yes, of course if there are large quantities of homes being foreclosed in the same neighborhood then there will no doubt be loss of tax revenue and the surrounding homeowners or homeowners association will incur costs to remedy those visible maintenance issues that so often go hand in hand with abandoned/foreclosed properties.

However, for this discussion we are most interested in the effect on homeowners living in close proximity to a Knoxville foreclosure and their ultimate loss through a depreciation in the value of their home. Researchers from the Center for Responsible Lending produced a report on this home depreciation caused by nearby foreclosures. Using data from the federal government as well as Lender Processing Services, they were able to calculate the loss in value of homes within a 1/8 of a mile proximity to a foreclosed home.

Their findings show that in all neighborhoods, the loss in value of homes within the 1/8 mile proximity equals 7.2 percent.

As we tell our clients daily, there are many factors that effect your home’s value. You must be sure to take them all into consideration when you are looking at Knoxville homes for sale or selling any Knoxville real estate.

Knoxville Real Estate Preview: 12407 Somersworth Drive in Wentworth

October 24, 2012 By Troy Stavros

UPDATE: SOLD! Knoxville Real Estate Preview: Yesterday we were able to preview this beautifully updated home located at 12407 Somersworth Drive, Knoxville, TN 37934 in the Wentworth Subdivision in Farragut, TN. This home, listed by Janna Meredith of Gables & Gates, REALTORS, features plenty of custom upgrades from the appliances and granite in the kitchen to all of the updated bathrooms. I especially liked the custom etched glass on the doors of the laundry room and pantry. Unlike many Knoxville homes for sale of this age (18 years old), the updates that have been completed have brought this property to the standards of what most of today’s buyers expect in this price range of Knoxville real estate.

Knoxville Real Estate: Short Sale Opportunity on Avalon Golf Course

October 22, 2012 By Troy Stavros

The 865 Real Estate team, the leading Knoxville real estate team at Gables & Gates, REALTORS is assisting a client in the short sale of their Knoxville home for sale at 695 Oak Chase Boulevard, Lenoir City, TN 37772 in the Avalon Golf Community.

The home is less than 5 minutes to Farragut, TN and 10 minutes to the Turkey Creek Shopping plaza. The Avalon community features easy access to the interstate so it is only a short commute to private schools like the Webb School, Concord Christian School and CAK (Christian Academy of Knoxville). The prime golf location allows you to walk out the back door to the 12th green of the Championship 18 hole Avalon Golf Course. On site amenities include a golf clubhouse with pro shop, bar, and grill and a separate clubhouse with swimming pool.

What is a short sale? It is when a seller, who may be facing the threat of foreclosure enters into an agreement with their bank/lender to accept a price for their property that is less than the amount they actually owe on it. The seller makes no profit on the sale but avoids many of the problems that would come from a foreclosure.

Some of the seller’s possible advantages with a short sale are the avoidance of the time consuming foreclosure process, and the prevention of the negative impact a foreclosure can have on their credit score. In a short sale situation, the seller and the bank/lender work together to determine the details of the agreement, but typically sellers who complete a short sale can avoid owing the balance due. The obvious advantage to buyers is the prospect of moving into a property at a great discount.

So why would a lender accept a short sale if they are losing money? By accepting a short sale, banks/lenders don’t have to worry about dealing with the long, expensive foreclosure process. Priority #1 for lenders is to try to get their money back, and they typically want to avoid taking responsibility for selling a home. Statistics show that a bank/lender will net more from a short sale that they will from a foreclosure, so short sales can be a good thing for a lender.

Troy Stavros, Broker and Partner with the 865 Real Estate team at Gables & Gates, REALTORS stated, “If you are a buyer considering entering into a short sale, or looking at Knoxville homes for sale, it would be wise to consult with a Knoxville real estate agent who can answer your questions and help you navigate the often time consuming process. Short sales have a stigma for taking a long time to complete, but that is typically because of incorrect or missing paperwork. An experienced real estate professional can help eliminate those road blocks and get you into your new home faster.”