Spring is here and the West Knoxville real estate market is in full gear.
If you’re thinking about hitting the market this spring, you should be sure that you hit the market prepared. It’s a seller’s market and things are a bit different than they were a few years ago. Here’s what you need to know about buying a West Knoxville home this spring.
The West Knoxville real estate is a seller’s market. There’s not enough inventory and too many buyers. Interest rates are slowly rising little by little, which is inspiring even more buyers to hit the market. This means, now, more than ever, you should be fully prepared to write a full price offer.
When the right home hits the market, you should be fully prepared to write a full price offer. The move in ready, upgraded homes are going quickly. If you don’t write full price, someone else will. This is why it’s best to go in with your best offer first. In a seller’s market, buyers are ready to make a move. If you dilly dally, you risk missing out.
Before you enter the market, know how much you’re willing to spend and stick to that budget. Before writing an offer know as high as you’re willing to go so that you have a clear boundary.
The good homes in this current market don’t last long. It can be a matter of a few days or a matter of a few hours, depending on the area and the price range.
So, when you see a home hit the market that you want to see, you need to act quickly. Delaying a few days or waiting overnight could cost you a home or two if you’re too slow to act. When the market is short on inventory, there are many buyers just like you who are ready for the right home to hit the market. When the right one does, those buyers are vying for that new house just like you.
When you enter the market knowing the competition exists, you’ll be more prepared.
Finally, when you’re buying a West Knoxville home in buyer’s market, it can be frustrating when they great homes are going fast and you always feel like you’re competing with other buyers. You feel like you may never find the right home or be stuck paying more for a home than you want. But, when you have a bit more flexibility with what you’re willing to buy, you may find that you’re able to get a better deal and not deal with as much of the competition.
Even in a seller’s market, there are always a few homes that have been sitting on the market for awhile. Maybe the home was overpriced for awhile or the home needs a little bit of TLC. Oftentimes, these homes can be overlooked when there are better homes on the market. If you’re a buyer who is handy or willing to a bit of work, these homes can be the golden opportunity.
If you’re a buyer who is handy or willing to a bit of work, these homes can be the golden opportunity. When a seller’s home has been on the market for awhile and other homes are selling in a matter of days, that seller will inevitably get frustrated. This may mean that they’re willing to work with you. You may be willing to get a slightly better price and avoid the competition.
Are you interested in buying a West 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 [email protected]. Kati can be contacted at 865-696-1888 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 area.