865 Real Estate

East Tennessee Real Estate & Neighborhood Source

5319 Lance Drive, Knoxville, TN 37909 -Presented by Troy Stavros

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(AFTER CLICKING PLAY, CLICK ON THE GEAR ICON ON THE BOTTOM RIGHT OF THE VIDEO TO WATCH IN HIGH DEFINITION ON YOUR COMPUTER)

This new listing located at 5319 Lance Drive, Knoxville, TN 37909 just feels like home. Nestled in the back of the subdivision and backing to the greenway this 4 bedroom, 3 bath home is only a short walk from the neighborhood swimming pool. Just one small step up from the foyer and you are in the family room full of natural light streaming in from the big double windows. Whether you are entertaining or gathering your crew the central kitchen has access to the family room, dining room, and back deck that overlooks the spacious backyard featuring a backdrop of mature trees. Owner’s suite with private bath and walk-in closet plus 2 additional bedrooms and another bath on the main level. Venture downstairs and enjoy a 2nd family room with wood burning fireplace, 4th bedroom, 3rd full bath, laundry, and french doors to the lower patio, and a 2 car garage.

This listing is no longer available.

Waiting One Year To Buy Could Cost You $100’s Per Month

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Recent research shows that first-time homebuyers are buying homes in greater numbers than any time in the last few years. Also, renters in Knoxville are now realizing that they are also able to buy a home. If you are tired of seeing your friends and family diving head first into the real estate market, and wondering if now is the time for you to do the same, keep reading!

The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home, if prices and interest rates were to increase over a period of time.

Let’s see what that would look like for you by looking at an example of what the experts are predicting for the upcoming year. Let’s say you’re 30 years old and your dream house in Knoxville costs $250,000 today. Right now mortgage interest rates are at or around 4%.

Your monthly mortgage payment (principal & interest only) would be $1,193.54.

But you’re busy, you like your apartment, and moving is such a hassle. You decide to wait until next year to buy your Knoxville home. CoreLogic predicts that home prices will appreciate by 5.1% in the next 12 months; this means that same house you loved now costs, $262,750.

In turn, Freddie Mac predicts that over this same period of time, interest rates will be a full point higher at 5.0%. Your new payment per month is now $1,410.50.

The difference in payment is $216.96 PER MONTH!

That’s basically like taking $8 and tossing it out the window EVERY DAY!

Or you could look at it this way:

  • Need a new car? You could get a brand new car for $217 a month.

Let’s look at that number annually. Over the course of your new mortgage at 5.0%, your annual additional cost would be $2,603.52!

Had your eye on a vacation in the Caribbean? How about a 2-week trip through Europe? Or maybe your new house could really use a bathroom update. I could come up with 100’s of ways to spend $2,603, and I’m sure you could too!

Over the course of your 30 year loan, now at age 61, hopefully you are ready to retire soon, you would have spent an additional $78,105.60, all because when you were 30 you thought moving in 2015 was such a hassle or loved your apartment too much to leave yet.  Yeah, that’s pretty dramatic, but it’s true!

Or maybe there wasn’t an agent out there who educated you on the true cost of waiting a year. Maybe they thought you wouldn’t be ready. But if they showed you that you could save $78,000 you’d at least listen to what they had to say.

They say hindsight is 20/20, I’d like to think that 30 years from now when you are 60, looking back, you would say to buy now…

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Troy Stavros
Gables & Gates REALTORS
865-999-0925
troy@gablesandgates.com

Home on 40+ Acres Perched Above Fort Loudon Lake

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Located at 4560 Gravelly Hills Road, Louisville, TN 37777, this 40+ acre country estate on a plateau in Blount County makes you feel as though you are in the basket of a hot air balloon awed by every vista. The Mid Century Modern home offers over 6112 square feet with gourmet kitchen, 4 bedrooms and  4.5 baths plus significant storage space. The great room with giant wood burning fireplace is upstaged only by the floor to ceiling windows of the great room with views down the lake overlooking the sailboats at the Concord Yacht Club. Furthering your visual pleasure from the large pool are rolling green hills, grand trees, board fences, a vintage silo, barns, horse stalls & a 4500 square foot mega garage with extra tall roll up doors that you could drive your RV straight through, use as a gymnasium or store all of your toys…plus a large interior studio apartment.  All complete with your own private lake access.

This listing is no longer available.

VIDEO: How To Know When You Are Ready To Buy A Home

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OK. So some of this video by actress Elizabeth Banks is a bit tongue in cheek, but the information is solid. Great information if you are a first time buyer, or a refresher if you are a seasoned buyer. Not only is it informative, but entertaining and funny as well. Give it a watch and enjoy.

Be ready to learn the answers to the following questions:

  1. Should I rent or buy a home?
  2. What can I afford?
  3. Are my partner and I on the same page?
  4. If you are buying on your own, do you know what you want?

 

SEARCH Farragut Homes For Sale
SEARCH ALL Knoxville Homes
Farragut Homes HOT LIST
Homes Close to Where You Work
FREE SUMMER 2015 Real Estate Guides
Mortgage & Refinance
Troy Stavros
Gables & Gates REALTORS
865-999-0925
troy@gablesandgates.com

Home Prices and Sales are Rocketing Upward!

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I hope you enjoyed a great 4th of July weekend! It turns out that along with the fireworks, home prices and home sales are shooting up just as dramatically.

Some Highlights:

  • Existing Home Sales are 9.2% higher than just one year ago.
  • Home Prices are 7.9% higher than last year this time.
  • The $250-500K price range leads the way with the largest improvement from last year at 17.4%.

Knoxville Home prices and sales are rocketing upward

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Troy Stavros
Gables & Gates REALTORS
865-999-0925
troy@gablesandgates.com

You Do Not Need 20% Down or Perfect Credit To Buy A Home

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Let me repeat… You do not need a 20% down payment or perfect credit to buy a home!

A recent survey found that much of the American public is still misinformed about what is truly necessary to qualify for a home mortgage loan in today’s housing market. The two major misconceptions that the study pointed out were:

1. Down Payment

The survey showed that potential homebuyers overestimate the amount of money needed for a down payment to qualify for a home loan. The report noted that 36% of consumers think a 20% down payment is always required. In reality, there are a pretty large amount of loans written every day with a down payment of 3% or less. And while folks think that it’s harder now than before to get a loan, the truth is that the number of low down payment loans has actually increased through the first quarter of the year, as shown by the graph below:

Low-Down-Payment Home Loans Knoxville

2. Credit Scores

The survey also showed that 2/3 of the people that responded believe they need a very good credit score to buy a home. 45% of them are thinking a “good credit score” is over 780. But the truth is that the average FICO scores of approved conventional and FHA mortgages are much lower:

Low Credit Score Home Loans Knoxville

What does this mean for you?

If you are a someone thinking about buying a home, who is ‘ready’ and ‘willing’ to buy, but not sure if you are also ‘able’, sit down with someone who can help you understand your true options.  I’d be happy to get you in touch with my preferred lender who has the heart of a teacher.  She is always more that willing to take whatever time is necessary to educate you on the process and what is needed to get you into a home.

Have questions? Contact me (my contact info is below) and I’d be happy to help in any way that I can.  I am here to serve you! You can also click below on “Mortgage & Refinance” to get the contact information of my preferred lender.

SEARCH Farragut Homes For Sale
SEARCH ALL Knoxville Homes
Farragut Homes HOT LIST
Homes Close to Where You Work
FREE SUMMER 2015 Real Estate Guides
Mortgage & Refinance
Troy Stavros
Gables & Gates REALTORS
865-999-0925
troy@gablesandgates.com