East Tennessee Real Estate & Neighborhood Source
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:
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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:
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:
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:
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.
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Hot off the presses! My Summer 2015 Knoxville real estate guides for both buying and selling a home in the current market, are now available. These are full of great information to arm you with the knowledge to make an educated decision, whether you are considering buying or selling real estate in the Knoxville area. They are FREE to you, so just enter your information below and they will arrive in your email within a couple minutes. The information included in these guides is also applicable to other markets across the country, so feel free to share with friends and family. As always, don’t hesitate to contact me with any questions!
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The INFOGRAPHIC below charts the historical mortgage rates for 30 year mortgages over the last 40+ years. The 30 year mortgage rate is projected to increase by a full percentage point next year. The mortgage rate currently available is still well below the averages of the last 40 years. If mortgage rates rise by a whole percentage point, like they are projected to, it will have a significant impact on your monthly payment as well as the amount of home you can afford to buy. Read a recent article showing a detailed analysis of what that would look like here.
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In an effort to make your Knoxville and Farragut home search easier, I’ve upgraded my system that sends you listing updates for Knoxville and Farragut homes for sale via email. You will now receive email updates the instant a property hits the market as well as have a new updated News Feed (much like Facebook) for all of the new listings, which will allow you to stay on top of which homes you have viewed. You will also have the ability to rank them, to easily see which homes you liked and which you did not. Below is a video explaining the new benefits and how to use them. If you aren’t setup for email updates, feel free to email, call or text me, Troy Stavros with Gables & Gates, REALTORS at 865-599-9444 and I would be happy to get you started!
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Here are the most recent (April) statistics for the Knoxville and Farragut TN real estate markets.
Here are the Knoxville TN real estate market stats through April. The highlighted stats are:
Here are the Farragut TN real estate market stats for April:
The Knoxville and Farragut TN real estate markets are humming along and now in full swing as we enter the Spring selling season. Home sales and home prices in both Farragut and Knoxville keep trending upward, and while inventory levels in Knoxville as a whole have bumped up a few percentage points, Farragut is still struggling with a low supply of homes for sale (decreasing to only a 4.05 month supply when a healthy market is 6 months).
Homeowners considering selling a home in Farragut or Knoxville should know that there is no better time to be on the market then right now. Between the seller’s market being created by the low inventory situation and the fact that we are entering the highest demand time of the year for buyers (May, June, July, August), if you are thinking of selling, do it now! Watch my recent video here explaining this in more detail. Also sellers become buyers so read below for more important information.
Yes, the low inventory situation can make it a bit harder to find a home, and competition may be fierce, but now is the time to buy. Why? Recent reports have shown us that both prices and mortgage rates are on the rise. These two factors will decrease your buying power, the longer you wait. If you find a home to buy now, you will be getting more for your money than if you wait. Watch my recent video that explains this in more detail here.
Have questions about the market or anything Knoxville or Farragut TN real estate related? Want to sit down over a cup of coffee and discuss? Contact me, Troy Stavros with Gables & Gates, REALTORS and I’d be happy to get together with you and answer any questions you might have. I look forward to serving you! If you are interested in a free, no obligation analysis of how much your Knoxville or Farragut TN home is worth CLICK HERE.
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