Are you planning on buying a Knoxville home this summer?
Before you hit the market, it can be helpful to know about the current market conditions, so you know what to expect when you start looking. In this post, we’ll offer up some advice for buying a Knoxville home this summer.
We’ve all heard the saying: the early bird gets the worm.
In the case of real estate, the most prepared buyers tend to be the most successful. So what exactly does this mean?
First, it helps to tackle the pre-approval first. A pre-approval isn’t hard to complete, it will just require you to submit some paperwork to a loan officer and talk a bit with them about your income and your finances. Oftentimes, buyers want to tackle this part after they find a house.
In this market, it’s essential to tackle this first before you start the search. Not only will this make you a well-informed buyer, it will also save you time. Many sellers are wanting a pre-approval letter submitted with an offer. So instead of wasting that crucial time once you find a home, you’ll already have this part of the process tackled.
In addition, it can help to know where and what you’re looking for. Most buyers start their home search online. Through some searching, it will quickly become clear what things you do want in a home and what things you don’t. This can help make your home search more decisive so you don’t waste your precious time looking at homes that aren’t what you’re looking for.
Over the last couple of years, the Knoxville market has been extremely competitive for buyers. While that is still very much true, it’s important to also know there’s simply just not a lot of inventory on the market. So when new homes do hit the market, they move very quickly.
COVID-19 stopped many buyers from looking this past spring. With many of those spring buyers now starting their search this summer, there are a higher number of buyers. Summer has always been the most popular time to buy a home, but this year, it seems to be even more so.
Still, don’t let a large number of buyers discourage you from starting your search. If you’re prepared when you hit the market, you’ll still be able to find the perfect home. It’s just important to be aware of what you’re looking for and to move quickly. You’ll want to go out and see the homes you want to see as quickly as possible and be willing to make a move if you know it’s something that you want.
Are you serious about buying a home? If so, don’t mess around when you finally find a home to make an offer on.
The reality is that homes are selling in a matter of days if not hours. Once you finally find a home that you want to make an offer on, there’s no room to test the waters and see what a seller might accept. With homes moving so quickly, you can expect that if a home has recently hit the market and is a fair priced home in good condition, it will probably seller quickly.
So when you really do find a home for you, be sure to write an offer worthy of the competition. Low offers with loads of contingency will likely fall by the wayside. Homes that are fairly priced are selling at or above their current list price. So just be sure that you write a clean offer.
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.