Walker Realty Group, LLC 1508 Coleman Road, Suite 101
Knoxville, TN 37909
(865) 240-3647
Walker Realty Group, LLC 1508 Coleman Road, Suite 101
Knoxville, TN 37909
(865) 240-3647

Knox Happenings Newsletter – March 2024

As you may have noticed, reality shows are all the rage these days. Among the most popular are those where someone brings in an item — such as an antique watch or a collectable coin — and shows it to an appraiser.

They hope, of course, that the item will be worth a lot of money. Sometimes that’s exactly the case, and the participant jumps for joy!

Now you may not have any antiques or collectables lying around. But as a homeowner, you do have something that may be worth a lot more than you realize.

Your property.

It’s a smart idea to find out the current market value of your property — especially if you plan to move within the next year. After all, your home is not only where you live; it’s also an investment. Like any investment, you should know what it’s worth.

I recommend getting an evaluation done each year; or right away if you plan to sell soon. That way, you’ll know what your property would likely sell for in the current marketplace.

I’m happy to do that for you. Contact me anytime you’d like to schedule that evaluation.

Why Bargain Hunting is a Bad Idea

It seems like every month there is a new website offering deals on everything from electronics to travel. In fact, the “coupon industry” is booming.

This trend has conditioned people, more than ever before, to look for bargains and become determined to pay well below the market price for merchandise. There’s nothing wrong with that. We all want a deal!

But when it comes to shopping for a home, bargain hunting can be a bad idea.

First of all, the real estate market is competitive. The overwhelming majority of homes sell for a price that is at, or close to, their respective market values. Your chances of finding a property that is listed significantly below its market value is slim to none.

Secondly, if you become fixated on finding a bargain, you may not notice all the great properties on the market that are within your price range and meet your criteria.

In other words, you may inadvertently pass on what may, in fact, be your next dream home. So when shopping for a new home, focus on finding the right property at the right price, not on finding a bargain.

Should You Get a Pre-Sale Home Inspection?

Unless you’re in a seller’s market where you can expect many offers, quickly, it might make sense to get a pre-sale home inspection.

It can give your listing a competitive advantage.

What is it? It’s simply a professional inspection you get done on your own home. Assuming only a few inconsequential issues are identified, the passed inspection becomes an appealing selling feature of your listing. Buyers are likely to be more confident in making an offer when they know an inspection has been done.

What happens if an inspection reveals a concern?

Well, that issue would likely have been discovered by the buyer’s inspection anyway. At that point it could cause a potential problem with the deal. Now you can be proactive. You can either get the issue fixed, or factor it in during the sale. The point is, it doesn’t come as an unwelcome surprise to you or the buyer.

Getting a pre-sale home inspection is, in most cases, affordable. You’ll likely recover the cost, and then some, when you sell.

4 Golden Rules to Finding a Home You’ll Love

If you want or need to sell your current home, one thing you might be wondering is, “How will we find and buy our next dream home?” Fortunately, there’s no mystery to how to do that. Simply follow the “golden rules”!

1. Create a profile. Decide what kind of home you want to buy. Consider the type of building, size, number of bedrooms, property features, and other details. When you have a clear idea of what you’re looking for, you’re more likely to find it. You’ll also be less likely to waste time seeing listings that aren’t a good fit.

2. Target ideal neighborhoods. Where do you want to live? What areas are likely to be a good fit with your desired lifestyle? What sort of neighbors do you want? What area features, such as schools, do you need close by?

3. Pre-arrange any required financing. Will you need a mortgage? Make those arrangements in advance. That will give you peace-of-mind in knowing you’ll be able to buy the home you want. Also, a pre-arranged mortgage makes your offers stronger.

4. Get on an alert list. Not all new listings are advertised or posted online right way. So, arrange to be immediately alerted to new listings that match your criteria. That way, you’ll be first in line.

Following these tips will go a long way toward getting you into the home of your dreams.

  • Will the room look cluttered in a picture?
  • Does the room appear to be spacious and comfortable?
  • Is there anything in the shot that stands out as distracting or negative?
  • Will removing, adding or re-arranging furniture and other items make the room look better in a photo?
  • Does the room look better at certain times of the day?
  • Are there any other changes you can make to the room to make it look better in a photo?

After you’ve gone through this exercise, you’ll have a clear idea of what changes you need to make to ensure your listing looks its best in photos and video.

Pricing Psychology and Selling your Home

Have you ever seen a product at a store and thought, “Whoa. That price is outrageously high. It’s just not worth it!” Conversely, you might have also reacted to another product with, “That’s awfully cheap. The quality must not be good.”

Welcome to the psychology of pricing!

According to research, people tend to draw conclusions about a product based on its price. If it doesn’t reflect the perceived value of the item, people become hesitant to buy. This occurs whether the item is priced too high or too low.

What does this have to do with selling your property?

When you set the list price, you want it to help attract the right type of buyers… buyers who are looking for your kind of property, in your neighborhood, and within that price range.

If you set your price too high, you risk having buyers see your listing as too expensive relative to comparable properties.

If you set the price too low, you might attract more buyers. In fact, in some circumstances, that can be a strategy for generating quick interest in your listing. But, you might also cut out otherwise qualified buyers who are searching within a higher price range.

So, when selling your home, consider the importance of pricing psychology.

When You Can Only See a Property Once

If you’re searching for a new home within a tight time frame or searching for an out-of-town property, you may not have time to make multiple visits. In fact, you might only get a chance to view a property once before deciding whether or not to make an offer. In that case, you’ll need to be sure to get all the information you need from that one viewing. The trick is to be prepared.

Before viewing a property, make a list of all the things you want to know about the home. If it’s an older home for example, you may want to know about possible maintenance issues. So, you’ll have questions about when you should expect that the roof, furnace or air conditioner will need to be replaced. If you’re concerned about bedroom space, you’ll want to bring a measuring tape and confirm the dimensions of those rooms.

Then, when you schedule the viewing, make it clear to the seller that you may need more time than the average buyer. Depending on the property, you may need an extra 30 minutes to an hour.

During the viewing, spend time exploring each of the rooms, especially those that are most important to you. Bring a notebook or use your smartphone to make notes. And, don’t forget to ask all of your questions.