If you are considering buying a home in Knoxville, TN, you certainly are not alone! Voted number 41 in a recent list of the best cities to live in, Knoxville ranks highly for desirability, employment, quality of life, and, perhaps most important, value for money! With homes in the area in so much demand, it pays off to enlist the help of quality real estate services in Knoxville to guide you through the process. Let's look at some of the things you need to know when buying a house in Knoxville.
Let's Talk About Value
One of the most significant factors in Knoxville being such a desirable place to live is the city's high-value score. US News rates Knoxville 7.4 out of 10 on value - one of the highest scores on the entire list of 150 cities. A contributing factor to this is that Knoxville enjoys a cost of living much lower than the national average for the United States. This is reflected in lower average costs for things like housing, transportation, and utilities. When you work with quality real estate services in Knoxville, they will tell you that house prices in the city have increased in recent years. Still, the median cost of buying a home in Knoxville is $336,000, which is over 20% lower than the national median of $428,700.
Evaluate Your Finances
One thing you need to know about the housing market in Knoxville is that it moves fast. The city is thriving and has a great deal to offer in terms of education, the arts, entertainment, and more. Houses don't stay on the market for long, so you need to be ready to make a move when you find the home of your dreams. That means making sure you have a good understanding of your current financial situation. If you take out a mortgage, you will want a decent credit score to get the best deals. Low credit loans exist, but for most conventional loans, you will need a minimum credit score of 620. If you are considering applying for a mortgage in the near future, you will definitely want to start working on your credit score now.
Fun Fact! Last year more than a third of homes in Knoxville sold over the asking price. 21% of those sold for at least $100,000 more! Knoxville real estate is in high demand.
Investing in closing costs is important when budgeting for your mortgage. These usually run around 2-5% of the property's purchase price. If you are working with quality real estate services in Knoxville, they can help estimate closing costs on the listings you are interested in. It is advisable to work out what you can realistically afford and what size of mortgage you would be approved for before you start house hunting so that you can eliminate properties out of your budget immediately.
It's All About Location!
When buying a home, one of the most critical factors for most buyers is the location. If you don't already have a specific neighborhood in mind, talk to quality real estate services in Knoxville to make a list of your must-have amenities. Do you need an area with great schools? Perhaps you want to be within walking distance of shopping opportunities. How long are you willing to commute to work? These are all things that might impact which areas of Knoxville you will want to consider when looking for your new home.
Choose the 'Wright' Realtor
Buying a home can be stressful, but when you decide to work with quality real estate services in Knoxville, it doesn't have to be! At Wright Realty, we are focused on people, not transactions. Your property purchase is more than an investment to you; it is a home for your family and a place where many happy memories will be made. It is a privilege to be a part of helping you make that happen. Our wholistic approach to real estate is what sets us apart from other realtors in the area. We believe in honesty and transparency every step of the way. You can trust us to guide you through the home buying process with complete integrity, knowing that we always have your needs at the forefront.
When looking for quality real estate services in Knoxville, choosing Wright Realty also gives you access to an experienced realtor with 17 years of experience in the real estate industry and 15 years of experience in the legal field. We cannot be beaten when it comes to knowledge and awareness of the local market. From start to finish, we can guide you through every step, from inspections and mortgage financing to title and legal services. Let's find your dream home together.
Wright Realty is a full-service real estate concierge with a wholistic approach to buying and selling property in East Tennessee. We are your trusted advisor and keep open communication throughout your entire buying/selling process. Real Estate done "Wright" means more than just a 'transaction'.
Finding Your Property the "Wright" Way!
Visit www.realtydonewright.com or call 865-556-8599