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At this juncture every year, homeowners contemplating a move face a pivotal decision: should they sell now or defer their plans until after the holidays? Some sellers currently with homes on the market may even contemplate withdrawing their listings until the new year arrives.
However, the reality is that many buyers are actively seeking homes, and yours might be just the right fit. As highlighted in an article from Fortune Builders:
“...while a majority might pause their real estate endeavors during the holiday season, you might find that as temperatures drop, the potential for a great real estate deal starts to rise.”
To affirm this perspective, here are four compelling reasons why delaying the sale of your house might not be the best choice:
“Anyone seeking a new home between Thanksgiving and New Year’s is usually a serious buyer. Listing your home during this time can often lead to a faster sale to a motivated buyer.”
Despite a slight recent increase in the supply of homes for sale, overall inventory remains lower than pre-pandemic levels. For sellers, this means that pricing your house accurately with the help of an agent could lead to a quick sale, given that today's buyers are actively seeking more options.
By controlling the days and times for home showings, you can minimize disruptions to your schedule, which is particularly valuable during this bustling season. Moreover, buyers may demonstrate increased flexibility in scheduling house tours, given the holidays often afford more time off from work.
Homes adorned with holiday decorations often resonate with many buyers, allowing them to envision creating their own cherished memories. According to advice from a selling-at-holiday-time article:
“If selling around a holiday with decorations up, ensure they complement rather than overwhelm a room. Less can often be more.”
In conclusion, there exist several compelling reasons to list your house during the holiday season. Let's discuss whether now is the opportune time for you to make that move.
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Invest in Your Future with Knoxville, TN Real Estate
Are you contemplating whether it's the right time to enter the real estate market in Knoxville, Tennessee? While today's mortgage rates may raise some questions, there are two compelling reasons why becoming a homeowner in Knoxville could be a wise investment:
Home Values Appreciate over Time There has been some uncertainty about the trajectory of home prices in recent years. While there was a slight dip in late 2022, this year has seen a more normalized pace of appreciation, which is positive news for Knoxville's housing market. Looking at short-term price movements can be unsettling, but a historical perspective shows that home values tend to rise consistently over time.
Drawing on data from the past 60 years from the Federal Reserve, the overall trend is clear—home prices have steadily climbed. There might have been an exception during the housing crash of 2008, but generally, home values have followed an upward trajectory. This long-term appreciation is a strong argument for choosing homeownership over renting. As prices increase and you pay down your mortgage, you're building equity. This growing equity not only secures your financial future but also enhances your net worth.
Rent Keeps Going Up Through the Years If you've experienced the frustration of rising rent costs year after year, you're not alone. Rent increases have been a consistent pattern over the past six decades. By opting for homeownership in Knoxville, you can lock in your monthly housing expenses and bid farewell to the relentless rent hikes. This stability can be a game-changer in your financial planning.
In essence, your housing payments are an investment, and it's your decision to make. Are you investing in your future or in your landlord's? When you become a homeowner in Knoxville, you're investing in your own financial well-being. Rent payments, on the other hand, are funds you won't see again.
Considering the consistent rise in home values and the relief from ongoing rent increases, homeownership offers a path to financial security. Dr. Jessica Lautz, Deputy Chief Economist and VP of Research at the National Association of Realtors (NAR), emphasizes:
"If a homebuyer is financially stable, able to manage monthly mortgage costs, and can handle the associated household maintenance expenses, then it makes sense to purchase a home."
Bottom Line In the grand scheme of things, purchasing a home in Knoxville offers numerous advantages over renting, even when mortgage rates are on the higher side. If you're interested in avoiding escalating rents and capitalizing on the long-term appreciation of home prices, let's connect to discuss your real estate options in Knoxville. It's an investment in your future that's well worth considering.
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Fact: 90% of homeowners in 2023 saw their annual premium increase compared to the previous year.
Also, a fact: The last thing you need is something else in your world to get more expensive.
I know because I’m right there with you.
But unlike the price of eggs or gas, there are a few simple things you (and a great local agent) can do to keep tabs on your homeowner's insurance costs:
Raise your deductible
Drop non-essential coverage
Don’t make small claims
Shop around every year
Reinforce your property
If you’d like to chat more about how to save as a homeowner, I’d love to connect! At the same time, I'll pass along my favorite local insurance agents who will gladly shop multiple carriers to get you the coverage you need at rates you feel great about.
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If you're in the market for a home in East TN this fall, there are some key insights you should be aware of. The housing landscape is quite competitive, driven by today's mortgage rates and the continuous rise in home prices. Moreover, there's a limited inventory of homes available, intensifying the competition among buyers. However, with the right strategy, you can navigate these challenging waters successfully. To kickstart your journey, the first crucial step is securing a mortgage pre-approval. By doing so, you'll gain a clear understanding of your financial position and set yourself up for success as you embark on your home search.
Why Pre-Approval Matters
To grasp the significance of pre-approval, it's essential to know what it entails. During the homebuying process, a lender assesses your financial situation to determine the amount they're willing to lend you. Subsequently, your lender will furnish you with a pre-approval letter, which outlines the maximum borrowing capacity available to you. As explained by Freddie Mac:
"A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home. . . . Keep in mind that the loan amount in the pre-approval letter is the lender’s maximum offer. Ultimately, you should only borrow an amount you are comfortable repaying."
In essence, pre-approval equips you with vital information about the homebuying process, offering insights into your potential borrowing capacity. This knowledge becomes especially critical in the current market conditions, with rising mortgage rates and home prices impacting affordability. Understanding your financial limits empowers you to make well-informed decisions regarding your housing options.
Pre-Approval Bolsters Your Credibility as a Buyer
In a housing market where the demand for homes in Knoxville, TN, exceeds the available supply, only 52 coming soon this week, competition among buyers is fierce. Consequently, you may find yourself in a scenario where multiple buyers are vying for the same property. However, having a mortgage pre-approval can significantly elevate your standing as a serious and credible buyer.
As a Wall Street Journal (WSJ) article advises:
"If you plan to use a mortgage for your home purchase, preapproval should be among the first steps in your search process. Not only can getting preapproved help you zero in on the right price range, but it can give you a leg up on other buyers, too."
Pre-approval signals to sellers that you're not just an interested party but a prepared and financially vetted buyer. This can enhance the likelihood of a smooth, expedited sale process with minimal surprises or financial obstacles.
In Conclusion
Obtaining a pre-approval is the pivotal first stride when embarking on your journey to buy a home in Knoxville, TN. The better prepared you are, the greater your chances of securing the ideal home. To ensure you have the necessary tools and information to thrive in today's competitive market, we encourage you to connect with a trusted lender.
Ready to take the next step towards homeownership in Knoxville, TN? Explore your options and find your dream home with the expert guidance of https://www.justhomesgroup.com. Our team is here to assist you in making your homeownership dreams a reality. Don't miss out on the opportunity to secure your ideal home in this competitive market—contact us today!
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Welcome to Knoxville, a vibrant city nestled in the heart of the scenic state of Tennessee. Known as the “Marble City” due to its rich history of marble production, Knoxville is a treasure trove of unique and fascinating facts. From the historical origins behind its name to the breathtaking natural beauty nestled in the Great Smoky Mountains, and the prominent role of the Tennessee River, there is so much to discover about Knoxville.
Whether you’re already a local or you’re searching for apartments for rent or homes for sale in Knoxville, this Redfin article will uncover eight fun facts about Knoxville that will ignite your curiosity and help you get to know this remarkable city.
There are nearly 190,000 residents living in Knoxville, , making it the third-largest city in Tennessee (behind Nashville and Memphis). From its thriving economy and diverse job market to its rich cultural heritage and thriving arts scene, Knoxville is a city that seamlessly blends the best of both worlds.
The city of Knoxville derives its name from an influential figure in American history, Henry Knox. Henry Knox served as the first United States Secretary of War, and he played a crucial role in the American Revolutionary War as a trusted military leader under General George Washington. The city’s founders honored Henry Knox by naming it after him, recognizing his contributions and the significance of his role in shaping the nation’s history.
Flowing gracefully through the heart of Knoxville, the Tennessee River is an integral part of the city’s identity. Its shimmering waters provide a picturesque backdrop for recreational activities, waterfront dining, and serene moments of reflection. Additionally, Knoxville’s Tennessee River hosts numerous events throughout the year, such as Calhoun’s On The River and the Hotter than July Mimosa and Margarita Festival.
Erin Morrison, owner of Erin Morrison Photography, shares how nestled within the breathtaking foothills of the Great Smoky Mountains, Knoxville enjoys a picturesque setting that beckons nature lovers and outdoor enthusiasts. Surrounded by stunning vistas and endless outdoor adventures, this vibrant city offers a unique blend of urban life and natural wonders. With such beauty, it’s no surprise why the Great Smoky Mountains National Park is the most visited national park in the United States, seeing nearly 13 million visitors in 2022.
Connect the Knox podcast host, Julia Hurley, shines light on how Knoxville, TN, played host to the World’s Fair, a momentous event President Ronald Reagan opened that left an indelible mark on the city in 1982. The remnants of the fair can still be explored today, including the iconic Sunsphere, as a reminder of Knoxville’s role in shaping the future. The event drew over 11 million visitors worldwide, including the former President.
Renowned as the “Marble City,” Knoxville proudly showcases its historical connection to the local marble industry. The city’s architectural gems and iconic structures feature locally sourced marble, serving as a testament to Knoxville’s rich heritage. Knoxville marble can be seen within well-known architectural structures such as the National Gallery of Art in Washington, D.C., New York’s state capitol, and Grand Central Station.
Knoxville proudly holds the title of being the birthplace of Mountain Dew, one of the world’s most popular soft drinks. In 1940, brothers Barney and Ally Hartman, who hailed from Knoxville, concocted the original formula for this fizzy beverage that would soon become an international sensation. Originally created as a mixer for whiskey, the Hartman brothers’ creation gained immense popularity for its unique citrus flavor and refreshing taste. Over the years, Mountain Dew evolved into a beloved standalone soda brand, known for its vibrant green color and energetic branding.
Boomsday is a highly anticipated annual event that captures the hearts and imaginations of Knoxville residents and visitors alike. Held on Labor Day weekend, Boomsday is one of the largest fireworks shows in the United States, attracting hundreds of thousands of spectators. The event takes place along the banks of the Tennessee River, transforming downtown Knoxville into a vibrant festival ground.
