In this Knoxville Insider Issue…

🌤️ Real Estate Edition - Common Real Estate Questions
 

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Common Real Estate Questions

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Navigating the real estate market can be overwhelming, whether you're buying or selling a home. Below are some frequently asked questions that can help you understand the process better:

How Do I Determine the Value of My Home?

The value of your home is based on several factors. As a REALTOR, I would begin by researching similar homes within a 2-mile radius that have sold within the last six months. This helps establish the average sold price per square foot. If your home is unique, like a lakefront property or acreage, I might expand this radius. I then compare those homes to yours, considering updates, the number of bedrooms, special features, and any known maintenance issues to determine a recommended listing price. However, as the seller, you always have the final say in setting the listing price.

How Long Will It Take to Sell My Home?

It's challenging to predict exactly how long it will take to sell your home. The time frame largely depends on how competitively it's priced. Homes priced well tend to sell more quickly. For example, half of the homes sold in June were under contract within 13 days or less.

How Much Home Can I Afford?

This is a crucial question to discuss with a lender. Lenders will review your entire financial situation, including income, debt, and credit score, to advise you on a budget that fits your circumstances.

How Long Does It Take to Close on a Home?

Once you've found your new home and have it under contract, the time to close typically averages around 30 days if you're using a mortgage lender. However, if you're paying in cash, the closing process can often be expedited, depending on the agreement between the buyer and seller.

What Is the Current State of the Real Estate Market?

The real estate market is constantly evolving, and the current state is no exception. While the frenzy of the pandemic era has settled, the market has normalized. We are seeing very few bidding wars, and home prices have stabilized, aligning more closely with traditional market trends.

Whether you're just beginning your journey in the real estate market or looking to make your next move, understanding these common questions can help you feel more confident in your decisions. If you have more specific questions, feel free to reach out—I'm here to help!

This Real Estate Edition Issue brought to you by Barbara Newton. She can be reached at [email protected]

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