While the same challenges still exist (getting the best prices when selling, or securing your financing), there are some incredible opportunities in the Knoxville real estate market that can benefit both buyers and sellers. The key to acting on these opportunities is for both buyers and sellers to remain flexible, adaptable, persistent, and consistent. Below are the GO’s and NO’s of buying and selling Knoxville real estate in today’s market:
FLEXIBILITY. It may only take a small concession to push a buyer from no to yes. If the buyer talks glowingly about your prized custom window treatments, leaving them may be just enough to get them to say yes. Or maybe the buyers need to push the closing date up a week, try to be flexible and pack up a little early. It is better than not packing at all!
CLEAN UP. OK. So you love your collection of 100 toy ponies that you have displayed in your living room. One person’s love may be another person’s cluttered nightmare. Your “Oh how cute” could turn into the buyers YIKES!. When selling your home in Knoxville it is time to put away those personal collections that only cause clutter and may in turn make it difficult for a Knoxville home buyer to see the home as his or hers, rather than yours.
GREED IS NOT GOOD. The market, not emotions or personal opinion, dictate you’re the price of your Knoxville home. If comparables homes in the area, and several trusted Knoxville real estate agents tell you your home is worth $300,000, you’re not fooling anyone by pricing it at $400,000—and you’re only hurting yourself in the process. Pricing it at market, even a little below, could generate a multiple offers, and ultimately get you more money.
IT’S NOT PERSONAL. If you’re selling your house for a certain price, and a potential buyer offers something much lower, don’t take this as a personal attack and refuse to counteroffer. Getting emotional about the offer could potentially ruin the deal. What’s the harm in making a counteroffer?
NO PROCRASTINATING. With what you are constantly hearing about the Knoxville home market, you might be scared to try to sell your home, worried that you will face a lower selling price than you may have gotten before the recession. But don’t forget, the home you buy might be even lower, in comparison. It’s all relative. So if you’re serious about selling, do it now and don’t wait. Also, acting before the colder winter months come is a good idea, as they are historically harder for home sales.
HOME INSPECTION. Hiring a trusted home inspector should not be an option. It is a must. Don’t skip the home inspection because it will save you money or if you are afraid of what you might find. The alternative is buying a home with a major problem that could cost you 20x more than the price of the home inspection. $400-$500 could end up saving you thousands. Also if something major turns up in the inspection you can walk away from the deal (provided you have structured your offer that way). As hard as that may be to do now, it can potentially save you a lot money and stress in the future.
LIST YOUR HOME BEFORE LOOKING. If you are really serious about looking for a new home, you should definitely list your place first. In today’s market, lenders want to make deals as uncomplicated as possible, and contingency sales (which can be very complicated) are often turned down.
HAVE A PLAN. You should never start a Knoxville home search without a plan. Your plan should most importantly have a firm budget. You should have mutual agreement on the budget from all parties involved if you are buying with someone else, long before you start searching for your next Knoxville home. Moving outside of the boundaries of your plan because you get emotional or see a home you “must have” could end up putting you in a very bad place financially. You don’t want to buy a Knoxville home that is not within your budget, and have to be worried about being able to go out for dinner and a movie on Friday night.
DON’T BE A DECORATING SNOB. So you love the location, the layout, and the school district of the Knoxville home you are looking at but your stomach turns when looking at the three rooms with floral pattern wallpaper. Repeat after me…”Ignore the Décor”! Try to see what you could do with the space, or what color you would paint the walls. Remember you can always redecorate.
DON’T MAKE RUDE OFFERS. Don’t get us wrong, there is nothing wrong with making an offer below asking price. We all know that many homes in Knoxville are selling for below the list price. But offering 35% below may just make the seller angry. Remember sellers can get emotional too, and your outrageous offer may just come off as trying to take advantage of them. Feel free to strike up a deal, but don’t make it so low that you strike out instead.