Can You Afford To Buy A West Knoxville Home For Sale?
Perhaps, you’re sick of renting. Perhaps, you’ve gotten the itch to buy a West Knoxville home for sale, and even gone as far as doing some potential browsing. Still, news of home prices risings and interest rates increasing could leave you wondering, can I even afford to buy a West Knoxville home for sale?
The good news is that you most likely can buy a West Knoxville home for sale, if you have decent credit and stable income. Let’s delve a bit further in a few of the things that could be causing you to worry whether or not you can buy a West Knoxville home for sale.
One thing that often worries buyers is home prices. Should you go ahead and buy a West Knoxville home for sale? Did you already miss the record low home prices? Yes, home prices have risen, but don’t let this be the driving force in when you buy a West Knoxville home for sale. Buy a home when you’re ready to buy. It’s as simple as that. The stars don’t need to align. You’ll just know the time is right and the rest will fall into place. Home prices won’t rise that significantly that it will make buying a home impossible.
Another area of worry for many buyers, particularly first time buyers, involves finding the money for a down payment. There are a lot of different mortgage options out there, so don’t get yourself into a tizzy over this. If you’re seriously thinking about buying a West Knoxville home for sale, sit down and talk to a loan officer. A loan officer will help you understand what mortgage options you have. Down payments can be as little as 3.5% down or can be as large as 20% or more down. There are also options to buy a home with no money down with the help of THDA. Or, if you don’t mind buying in “rural” area, with the help of a USDA loan. Keep in mind, there are many qualifying areas that count at “rural” in or close to West Knoxville including parts of Hardin Valley, Karns, and Lenoir City. There are tons of mortgage options out there.
Finally, another area of worry can stem from mortgage interest rates. With news of interest rates rising, many buyers are nervous about locking in an interest rate before they rise too much. Just keep in mind, that while interest rates have risen, they’re still historically lower than the historical average. Just like home prices, don’t late interest rates dictate when you buy a West Knoxville home for sale.
Are you interested in buying a Knoxville home for sale? If so, please do not hesitate to let us know. Rick can be contacted at 865-696-9002 or via email at Rick@KnoxvilleHomeTeam.Com. Kati can be contacted at 865-696-1888 or via email at Kati@KnoxvilleHomeTeam.Com. Also, be sure to check out our West Knoxville Home Search Page to see what homes are for sale in the area.