Buy A West Knoxville Home Now 5 Reasons Why
November 29th, 2011 categories: Buyers, Market Trends, Mortgage Rates, West Knoxville Neighborhoods
Have you been thinking about buying a West Knoxville home but are unsure whether now is a good time to buy? Consider these 5 GREAT reasons to buy a West Knoxville home now:
1. Affordable home index of 83% — that means 83% of everyone working in West Knoxville can afford to purchase a home.
2. Cheaper to buy than rent – it’s now cheaper to buy a West Knoxville home than rent! Save some of your hard earned money AND own a West Knoxville home. What could be better than that?
3. West Knoxville homes prices at 2005-06 levels — when you purchase a West Knoxville home, you’re paying approx. 2005-06 home prices. How would you like gas, food, and car prices to be at 2005 levels? I don’t know about you, but I’d love to pay only $1.55 a gallon for gas (2005 gas prices). We may never see West Knoxville home prices this low again.
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Closing Your Knoxville Real Estate Deal Part 3
November 10th, 2011 categories: Buyers, Market Trends, West Knoxville Neighborhoods
Finding Your Knoxville Real Estate Deal Part 2 yesterday we talked about finding your deal. Now we are going to cover what you need to don once you have found your deal. 
Let’s assume you found a home in West Knoxville neighborhood got the contract accepted now the real work begins. You will need to order up your home and termite inspections.
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Finding Your Knoxville Real Estate Deal Part 2
November 9th, 2011 categories: Buyers, Knoxville Short Sales, Market Trends
The other day I started a 3 part series of Post Finding Your Knoxville Real Estate Deal. This is Part 2 of this series and we will be covering on how to “Find Your Deal”. Once you have found your Realtor who you are comfortable with I would get a home search setup on their website. That way you and communicate with your agent as new home come on the market and be ready to go look if something really good hits the market. I would suggest a local website as oppose to the large national sites like Trulia, Zillow etc. The reason is that most local sites are update several times throughout the day. That way you always have the newest homes and price reductions on homes. The large national sites get updated several times during the week so you may not always have current information.
You want to setup on the site very specific searches for what you are seeking in a home. It may take several saved searches to cover every angle of the type of home you want so you don’t miss anything. If you need help with it ask your agent they should be able to do it for you on their site.
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Knoxville Real Estate Deal What’s Yours?
November 2nd, 2011 categories: Buyers, General, Market Trends, Mortgage Rates, Sellers
It seems like every buyer I work with today one of the first things they tell me is “I want to get a deal” or “I want to steal
a home and get a really great price”….So I started turning the question around to them and asking them What do you mean you want to get a deal? What does getting a good deal mean to you?
I tell them everyone has a different definition on what a deal means to them. I want to know what it means to you so we can try and accomplish that goal together. Then I just sit back and listen and ask questions so I can better understand my buyers needs. Since I started doing this it is amazing what people consider to be a deal or value to them. But that is why it is important to find out what my buyers are wanting in a home so I can better understand their wants needs and desires in a home.
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Part Three: Renting Vs. Buying in Knoxville
September 2nd, 2011 categories: Buyers, Mortgage Guidelines, Mortgage Rates, Sellers
In Part I of the blog post series, “Renting Vs. Buying in Knoxville,” we compared the price of buying a home in Knoxville versus that of renting an apartment. And, in Part II, we looked at the benefits of renting. In this blog post, we will look at the many great benefits of buying a home.
Here is a list of reasons why buying a home might be the right choice for you.
- When you buy a home, you building equity over time. When you rent an apartment, the money you pay for rent you will never see again. With the median rent in Knoxville being $637, that is $7,444 each year, $38,220 every five years that you will never see again. Money put into your home is an investment for the future.
- There are many tax benefits to buying a home in Knoxville. Homeowners can deduct the following from their gross income: mortgage interest payment [for mortgages below $1 million or $500,000 if married and filing separately], property taxes, loan origination fees, and loan prepayment penalties. Also, profits from selling your house can be excluded from your taxes up to $250,000 if filing as single and up to $500,000 if filing as married.
Read the rest of this entry »
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Shopping For Mortgage Rates Is Part Research Skills, Part Luck
October 9th, 2010 categories: Mortgage Rates
Shopping multiple lenders for a “good mortgage rate” can sometimes save you 1/8 percent on your rate and/or a few hundred dollars in fees. However, when it comes to getting the best mortgage rate, you’re going to more than good research skills.
You’re going to need some luck.
Mortgage rates for people in Tennessee or anywhere else, for that matter, are unpredictable, ever-changing, and rarely change as expected.
For example, when the Federal Reserve left the mortgage market March 31, 2010, analysts said that mortgage rates would rise by a half-percent or more. It was practically stated as fact on TV. When April 1 came around, though, rates didn’t rise.
Instead, a volcano erupted and mortgage rates dropped on safe haven buying.
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The Federal Reserve Meets Today. Should You Lock Your Rate Before It Adjourns?
September 21st, 2010 categories: Buyers, Market Trends, Mortgage Guidelines, Mortgage Rates
The Federal Open Market Committee adjourns from its 6th scheduled meeting of the year today, and 7th overall.
Upon adjournment, Federal Reserve Chairman Ben Bernanke will release a formal statement to the market. In it, the Fed is expected to announce “no change” to the Fed Funds Rate.
Currently, the Fed Funds Rate is within a target range of 0.000-0.250 percent. It’s been at this same level since December 2008.
Note that the Feds Funds Rate is not “a mortgage rate” — nor is it a a consumer rate of any kind. The Fed Funds Rate is a rate that defines the cost of an overnight loan between banks. And, although the Fed Funds Rate has little direct consequence to everyday Farragut homeowners, it is the basis for Prime Rate, the interest rate on which most consumer cards are based, plus many business loans, too.
Therefore, because the Fed Funds Rate won’t change today, neither will credit card rates. Mortgage rates, however, are a different story. Mortgage rates should change today — regardless of what the Fed does.
It’s more about what the Fed says.
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Knoxville Mortgage Rates May Be Low…But Watch The Bouncing Ball..
August 31st, 2010 categories: Buyers, Market Trends, Mortgage Guidelines, Mortgage Rates
Mortgage rates are low right now but pinning them down this week could be a challenge. As Labor Day Weekend nears and Wall Streeters take their head-start on the holiday, trading volume will fall, which will cause mortgage rates in Knoxville TN to get jumpy.
As mortgage rates change, so does the long-term cost of owning a home. Every 1/8 percent adjustment changes a household budget.
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30-Year Mortgage Rates Make New Lows, But Look Ready To Spike
August 16th, 2010 categories: Mortgage Rates
No doubt you’ve heard that mortgage rates are low. They’re lower than they’ve ever been in history. The news is everywhere.
Just check out some of these headlines from the last 24 hours:
- Mortgage rates set new lows for the 6th straight week (Reuters)
- Mortgage rates fall again; 30-year fixed at 4.54% (Wall Street Journal)
- Mortgage rates hit another low : 4.54% (NPR)
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Falling Consumer Confidence Helps Drag Mortgage Rates Lower. For Now.
August 16th, 2010 categories: Consumer Confidence
For the second consecutive month, U.S. consumer confidence is plunging. July’s official reading is its lowest since July of last year and the figures run in stark contrast to just two months ago, when the index touched a multi-year high.
According to The Conference Board, July’s figures are reflective of a more pessimistic consumer; one concerned about “business conditions and the labor market”.
Falling confidence numbers are presumed to be poor for the economy. For homeowner and home buyers in Maryville , however, they can create opportunity. Low confidence can influence the mortgage market in a positive manner, driving mortgage rates down.
Mortgage rates are already at their lowest levels of all-time.
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