Jan. 10, 2022

3 Home Colors for 2022

kitchen color 2022

If you’re thinking of updating, remodeling or repairing your home this year, it’s time to start planning. 

Want to make the most of your efforts? Don’t overlook color. Color plays a big role in your home’s aesthetic and mood, and it can affect your overall property value, too. 

If you’re not sure where to start, get acquainted with the trending hues for 2022 and take a look at these tips for incorporating color like a pro.

1. Let the colors of the year guide you. A great place to start is by reviewing the “colors of the year.” For 2022, hues of green are in for two of the most well-known brands. Benjamin Moore went with October Mist, a pale, silvery green, while Sherwin-Williams opted for Evergreen Fog, a soothing “green-meets-gray” shade. Pantone went in a different direction with Very Peri, a periwinkle shade with violet-red undertones meant to “encourage courageous creativity.”

2. Have a color-placing strategy. How will you use the colors? You can opt for a more nuanced approach and paint an accent wall, your crown molding or your baseboards, or you could go all-out and use it on your kitchen cabinets or even an entire room or ceiling. Another option: You could focus on accessories like bedding or drapes if you want something more temporary. 

3. Factor in durability and upkeep. White and light hues photograph well and make a room look nice and clean. On the downside, they may get dirty easily and often require a lot of cleaning and upkeep. They’re typically not good choices in a well-used space (like a playroom or right around the kitchen sink or oven, for example).

Planning to sell your home or buy a new one this year? Reach out today for guidance. 865-237-7328

Nov. 29, 2021

Buying a Home in Another State?

Technology has made buying a home in another state easier than ever before; for example, if you can’t travel to see a potential home in person, you can take a virtual tour—and get a feel for the flow and layout of the house without ever stepping foot inside.

But just because the process is easier doesn’t mean there aren’t challenges associated with it—and if you want to successfully purchase a home in a different state, there are definitely things you’ll want to keep in mind.

So what, exactly, are those things? A recent article from realtor outlined must-know tips for buyers considering purchasing a home in a different state, including:

  • Choose your real estate agent wisely. Choosing the right real estate agent is always important—but it’s especially important when you’re purchasing a home out of state. Your real estate agent will be your eyes and ears when you can’t be there to look at properties in person—so make sure to do your research and choose a local agent you trust.
  • Ask questions. The homebuying process can vary widely from state to state—so it’s important to ask as many questions as possible to understand the process in the state where you’re planning to buy. For example, how much earnest money will you need? Will the inspection happen before or after the closing? How long will it take to close? Getting these questions answered at the beginning of your home search can make the process significantly less stressful—so if you have questions, make sure to ask your real estate agent.
  • Ask for a remote closing. Back in the day, if you purchased a home out of state, you would have to travel for the closing—but thanks to remote closings, that’s no longer the case. If you don’t want to make a trip to another state just to close on your home, ask your agent to coordinate a remote closing.
Posted in Home Buying
Nov. 24, 2021

Top Reasons to Sell In Holidays

Between holiday travel, holiday parties, and hosting out-of-town guests, the holidays can be a busy time of year. And if you’re selling your home, you might be tempted to take your property off the market and push your home sale into the new year.

But, as it turns out, you might want to rethink that strategy.

An article in realtor recently outlined the top reasons not to take your home off the market during the holiday season, including:

  • It’s easier for your listing to get attention. Because the holidays are so busy, a lot of sellers pull their homes off the market and would-be sellers hold off on listing their home—both of which reduce available inventory. Less inventory means less competition, which will make it easier for your home to get attention and interest from buyers who can’t wait weeks or months to make offers and move forward with a purchase.
  • The buyers are more serious. Most people don’t want to add “buying a home” to the list of their holiday to-do’s. But that means that the buyers that are out there looking for homes are serious, motivated, and ready to purchase a home ASAP—a major plus for sellers.
  • Lenders are more motivated to close the deal. Because fewer homes are being bought and sold during the holiday season, lenders are more motivated to close transactions—which can make the process both easier and faster.

Bottom line? You might think the holidays aren’t the best time to sell a home—but if you’ve been thinking about selling your home, it turns out this is a great time to make a move.

We will sell your house.  865-237-7328. 

Nov. 18, 2021

From the Real Estate Desk

Knoxville TN Makes Top 20 Metro Areas 

-The Median Home Sales Price in the Knoxville market in September was $285,000 and that is up 20% from a year ago! 
-50% of homes were under contract in 6 days or less! 
-41% of homes sold for OVER asking with 21% selling at least $10,000 
-7.6% sold for at least $25,000 OVER asking

Looking to hire a professional?  Look no further.  
865-237-7328.

We have 15 buyers under contract.  Our negotiating skills are TOP.

Nov. 15, 2021

What Gets Left Behind

When you sell your home, obviously, you take your personal belongings with you. Buyers won’t expect you to leave your pots, pans, pets or personal pictures behind! But there are some things that don’t exactly belong to you; they belong to the house—and those things don’t go with you when you leave.

So, the question is, when you sell your home, what things stay behind?

 

  • Lighting fixtures. You may love the lighting fixture that hangs above your dining room table—but that fixture is a part of the house and, as such, stays behind when you sell. If you have a fixture you’re fond of and want to take it with you to your next home, take it down and replace it before you even put your house on the market. While you could leave it up and “exclude” it from the sale within your listing, it can just cause issues if a buyer sees it and wants it. Best to just avoid problems by removing it ahead of time.
  • Anything anchored into the ground. If you have outdoor fixtures that are anchored to the ground, they’ll need to stay behind. For example, if you have a basketball hoop that sits on top of your driveway, you can take it with you—but if it’s actually anchored to the cement, it stays with the house. Same goes for swing sets, and grills.
  • Plants. Plants are part of the property—which means you can’t dig them up and take them with you when you leave.

These items typically stay with the home when you sell. But if there’s something you really want to take with you that typically stays with the property, talk to your real estate agent and make sure they explicitly exclude the item from the sale within the listing, and on the purchase contracts before you sign them.

As a seller you can earmark things that will not stay in your Tennessee contracts.  This is something we would LOVE to help[ you with! 
Call for a professional home marketing consultation today.  865-237-7328. 

Posted in Home Selling
Nov. 8, 2021

How Soon is "Too Soon" to sell

How Soon is "Too Soon" to Sell a House 

You buy a house, move in, and then… life happens. You get pregnant, get a new job, or maybe the neighbors have all-night parties, or you discover a factory is being built down the road.

Or if you're like most property owners right now in today’s hot seller's market, you decide it may be the right time to cash in on the rapid equity growth by selling your home. But there is such a thing as too soon to sell a house. No matter the reason for thinking about selling, you need to consider your legal and financial implications before listing. Read on to find out just how soon you are able to sell and what factors can significantly impact your decision so that you aren't faced with more unexpected surprises.

How soon can you sell a house legally?

Technically, you can sell your house the day you close. It's called a double closing or concurrent closing, and wholesalers use this approach on a regular basis. But -- and that's a big but -- just because you can doesn't mean you should. Wholesalers are professionals who have a full understanding of the legal and financial implications and have accounted for them ahead of time so that they stay out of trouble and still turn a profit. For most homeowners, it will take between six months and two years before it makes sense to sell a house, depending on price appreciation and your financing approach.

Three reasons not to sell too quickly

1. Capital gains

If there is equity in the home and you will be generating a profit, you will get taxed on that amount as income. If you are selling after you have been in a property for two years (not necessarily consecutive), you will pay considerably lower capital gains taxes than you would if it were less because it is considered your primary residence. You can potentially avoid this by doing a 1031 exchange. How much you are taxed will depend on your IRS income tax bracket.

2. Prepayment penalty

If you are carrying a mortgage on the property, there is more than likely a clause in the contract that states there's a fee you must pay in order to terminate the loan early. This helps the mortgage broker recoup their costs and some of their anticipated profits that would otherwise be lost by paying off a loan early. The penalty can vary greatly, or you may not have one at all. Penalties may require you to pay just a few months' interest or potentially a percentage of the entire balance, depending on your specific terms.

3. The break-even point

If your house has equity based on what you paid for it and what it's now worth, it doesn't mean you will actually turn a profit by selling. You need to consider all of the additional expenses associated with buying and selling a house to determine the real profits. You will need to account for buyer's closing costs you initially paid (typically between 2% and 5%) and the seller's closing costs (typically between 8% and 11%) for getting out of the home, as well as any repairs or improvements that have been made to the property since you have lived in it. This is in addition to the first two expenses mentioned above.

Alternatives to selling before it makes sense

If you're in a bad spot or the grass just seems greener on the other side or selling now doesn't make sense financially, you can consider alternative solutions that will get you out of the house without losing your tail. You might run numbers on renting the property to cover the mortgage until it does make sense to sell.

If you're close to break-even but aren't quite there yet and don't want to commit to a full one-year lease, doing short-term vacation rentals could potentially fill the gap in the meantime, but this will come with extra time and financial commitments in most scenarios and may not be feasible depending on your local zoning laws. Keep in mind that either of these options still leaves you without the equity or down payment money tied up in the first house. So you will either need more savings to finance the next house purchase, or you may need to end up renting yourself.

In summary

No matter the why, the how is important. Making sure that you are able to afford the cost of selling is critical with so many factors that come into play during the first few years of homeownership. It will be important to consult with your tax preparation professional and likely a real estate attorney in addition to a real estate agent before making any moves to sell your house. They will be able to guide you to a realistic, ideal scenario based on your income bracket, governing laws, and local market comparables. This is a situation where you want to play offense, not defense, or you could be stuck with a bill you just can't pay.

I CAN HELP YOU WITH ALL OF THIS - Julia 865-237-7328.

Posted in Home Selling
Nov. 2, 2021

Poor Landscaping Hurts Home Values

Poor Landscaping Hurts Home Values

Poor landscaping can make even the best of properties look a bit run-down and rough around the edges. But it turns out that less-than-stellar landscaping can do more than make your home look bad—it can actually impact the value of your property.

 

A recent survey from Trees.com, which surveyed 1250 licensed real estate agents in the United States, explored the impact of landscaping on property values. Some of the survey’s key findings include:

 

Poor landscaping can drive down property values. According to the survey, a whopping 78 percent of real estate agents said that poor landscaping negatively impacts property values.

The impact of poor landscaping on property values is significant. 24 percent of real estate agents estimated that poor landscaping decreases a home’s value by 10 percent. 22 percent estimate that decrease in value to be 20 percent—while 18 percent of real estate agents said that poor landscaping could cause a property’s value to drop by a staggering 30 percent.

Grass, trees, and flowers add the most value to a property. Not all landscaping elements are created equal. If you want your landscaping to add value to your home, the real estate agents surveyed recommend focusing on grass (64 percent), trees (59 percent), and flowers (52 percent).

The Takeaway:

So, what does this mean for you? Keeping your property properly landscaped takes time, energy, and resources—but when you look at the way your landscaping can impact your property value, it’s definitely time, energy, and resources well spent.

Get your home value consultation today by calling Julia Hurley, 865-237-7328, and get on the calendar.  

Posted in Home Selling
July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates