Tips for selling your home and making money in Knoxville



If you’re thinking about selling your home, you’ve already got the upper hand in Knox County’s real estate market.

Sales are skyrocketing and supply can’t be replenished fast enough. That means sellers can set the terms and make money off their homes. 

But you have to know what to do to capitalize on the wild market.

“I think no matter how much you advise a seller about how the process is going to go, no one truly knows what it’s like until you’re experiencing it,” said Laura Slyman, owner of Slyman Real Estate. 

Real estate agents talked to Knox News about what sellers must know to prepare for the process. 

Make those improvements first

Sellers shouldn’t skip making improvements to increase a home’s value just because they believe it will sell regardless, said Jeff Grebe, a broker and owner of Weichert Realtors in Knoxville. 

“Don’t rush to the market. Have a professional evaluation about the things that you can do to put your house in a better situation to show better and to sell for a higher price,” Grebe told Knox News. 

Get off on a good start with the listing

What your home looks like online is more important than ever, especially because it is the first, possibly only, place a buyer could see your home before bidding.

Sellers should ensure there are high-quality photos of homes before they go on the market. Many listings feature 3D tours of homes as well, which can help buyers visualize the space. 

Know what’s next for you

Sellers are buyers too, so they face the same home search struggles as anyone else in the market. Whether you’re planning to move into another house, build your own or live in temporary housing, know where you’re going to go after your home sells. 

It might seem simple, but home hunting is hard for everyone right now. Plan on processes moving slower than expected and have a backup plan if finding another place to stay takes too long or becomes too costly. 

Set your starting price 

One of the most important decisions sellers have to make is settling on an asking price. Although Knoxville is a seller’s market, not any price will work, Grebe told Knox News. 

“You want to be a little ahead of the market, but you also want to price it to where you’re creating enough activity so that you can sell above list,” Grebe said. “That’s kind of tricky sometimes. But having a pulse on the market, really paying attention to pendings and what homes are selling for can help.” 

Slyman agreed, saying price adjustments are happening faster in Knoxville compared to other cities. A good rule of thumb is to weigh how many people are looking at the house versus how many buyers are bidding. If sellers are seeing more people interested than offers, they should consider adjusting their property’s price. 

Ready, set, show!

What many sellers don’t realize is the amount of activity they’ll likely have as soon as their home is listed. In many cases, homes are on the market for only days, if not one day, before an offer is accepted. 

Think about getting totally out of the way, as homes can be occupied around the clock. 

“Go to the mountains or take the kids to grandma’s house,” Grebe said. “Do whatever you need to do to get away because being around can be much more stressful.” 

More than money

Money isn’t the only thing that matters when selling a house.

Sometimes the terms or buyers themselves can sway a seller. If you’re still searching for a home or waiting on a builder, it could be worth it to accept a lower offer if you can make a deal to live in your home longer.

Some sellers care about buyers’ plans for the property after its sold as well. For example, if you’re selling a farm that’s been in your family for generations, you could connect with a buyer who plans to use the land. 

Grebe also cautions sellers about taking the highest bid to avoid complicating factors if an appraisal doesn’t line up. 

“There are agents that are kind of savvy. They’ll throw a real high price out there, contingent on appraisal. Then, once it doesn’t appraise, they’ll try to renegotiate after all the other buyers are cleared out,” Grebe said. “That’s why it’s important to look at each buyer, not just the dollar signs.”

Allie Clouse is explaining Knoxville’s real estate market
Got a question?| Email:
Knox News reporters depend on subscribers to support the work we do. Consider a Knox News subscription today!


Source link