Knoxville is a unique city. Whether you’re thinking about buying your first house or your fifth, buying a house in Knoxville is unique when compared to other parts of the country. Here are 9 things you learn when buying buying a house in Knoxville.
#1 – Knoxville is extremely affordable.
Many buyers are shocked to learn how affordable living in Knoxville is. The costs of living in Knoxville is extremely low compared compared to other parts of the country, which is why Knoxville has been named on of the most affordable cities in the country multiple times. According to data Forbes, the median home price in Knoxville was $144,000 in the last quarter of 2014. Based on that data, roughly 79.2% of homes are affordable to buyers who make the local median income of $60,500. In Knoxville, it is possible to buy at 2 or 3 bedroom home with that home price, which compared to other parts of the country, is insane.
#2 – Despite the affordability, Knoxville is thriving.
Many people might expect, with such a low cost of living, Knoxville may be a dying town. When you start looking for homes in Knoxville, you’ll quickly realize how much Knoxville is growing. Whether it be new housing being built or new businesses coming to Knoxville, as you look at houses, your world expands. You’ll start looking at different parts of the city and quickly realize how much growth Knoxville is experiencing.
#3 – Knoxville has many different areas and living options.
Do you want a downtown loft? Do you want to live out in the country? Do you want to live near the lake? Do you want to live near the mountains? Don’t worry, Knoxville has all of those options, the hard part is just deciding which option works best for you. In addition, Knoxville has all different types of housing options including condos, planned unit developments, maintenance free living, and just classic, single family homes.
#4 – You can get into a home with no money down.
Yes, it is possible to get into a house with absolutely no money down in Knoxville. With the help of a Rural Development loan, it’s possible to get into a home with no money down. Buyers are just required to meet certain income requires and required to buy in a rural area. Be sure to talk with a loan office to see if you meet the qualifications.
#5 – Your offer isn’t a sure thing.
The Knoxville market has been competitive in recent months. In some prices ranges, homes are getting multiple offers in just a matter of days after hitting the market. Buyers are quickly learning early on in their home search that just putting in a offer doesn’t make it a sure thing. Sellers are having their choice of offers, so when you’re serious about a home it’s important to move quickly and write a good offer.
#6 – Buying a home has changed in Knoxville.
Like all other parts of the country, TRID has changed the world of home buying for the better. The days of last minute closings are done forever. Buyers are now provided with their numbers for closing at least 3 business days in advance, under the new guidelines. This makes the home buying process much easier for buyers. But, buyers will find the days of the 30 day close are gone for now, as most closing are taking about 45 under the new process.
#7 – Great houses don’t last long.
If you’ve lost out on a few houses in the past, you’ll quickly learn that when great houses hit the market, they don’t tend to last long. With a low inventory, there are many hungry buyers, just like yourself, sitting and waiting for the right home to hit the market. Be sure you’re prepared to move quickly when a great home hits the market.
#8 – A local expert is your biggest ally.
The Knoxville market is a diverse market. There are lots of different areas and housing options, so not every realtor can be an expert on everything. If you have interest in a specific area or type of housing, it can be helpful to pick an agent that specializes in that. An agent that specializes in your housing needs can have key insights into that areas and be in-tune when new houses will be hitting the market.
#9 – If you’re not finding what you want, consider another area.
Many buyers zero into a specific area then quickly find they can’t find what they want in that area. If you encounter this problem, it can help to consider another area that could provide you with those options. For example, if you’re not finding what you want in on area and you start looking in another neighboring area, you may quickly find what you’re looking for and still be in the same general location you want to be in.
Are you thinking about buying a Knoxville home this year? Please let us know if there is anyway that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at [email protected]. Also, be sure to check out our Knoxville Home Search Page.
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