If you’re one of the many West Knoxville buyers, who have been wondering about if now is a good time to buy a West Knoxville home, you’ve probably been watching the real estate market a bit. You’ve probably heard mortgage interest rates have risen and housing inventories are lower than what they were. If you’re about to start your West Knoxville home search, here are a few tips to buy a West Knoxville home in a competitive market.
First, it can be very important to be a prepared, educated home buyer. Be sure you’ve talked to a loan officer about qualifying for a mortgage. Also, be sure to have selected a West Knoxville real estate agent to assist you in your home search. The more prepared you are, the better. It will only be to your advantage having a West Knoxville real estate agent there to help you make a competitive offer. It is also helpful to have talked to a loan officer, so you know how much you can afford.
When it comes to shopping for homes in a competitive market, it is important to look for home that are below the price that you are approved for. In a competitive market, there can oftentimes be multiple offer situations, so when you are asked for your “highest and best offer” you need to be sure you can financially afford a higher sales price. If you’re looking at homes just at or above your price cap, you are unlikely to be able to offer a competitive bid.
Finally, another thing that can help your odds in a competitive market is to make an offer sellers cannot refuse. It can be hard to say what will convince a seller to take your offer, but there are a few things that you can consider. You can waive your right to complicated contingencies, offer a quick closing, pay cash, and not ask for “extras” (home warranties, seller paid closing costs, etc.). Just be sure you’re not putting yourself in a difficult situation by waiving certain contingencies. Check with your agent about certain outcomes you can encounter.
Are you looking to buy a West Knoxville home this year? If so, please let us know if there is anyway we can assist you with your home search. You can contact Rick at 865-696-9002 or via email at [email protected]. You can contact Kati at 865-392-5880 or via email at [email protected]. Also, be sure to check out our West Knoxville Home Search Page to see what homes are for sale in the Farragut area.