Knoxville Tennessee Real Estate Blog

About 15 miles east of downtown Knoxville, Tennessee in the rural little community of Corryton is the Oakes Daylily Farm, home to the annual Daylily Festival.

Yesterday my lovely wife Charlotte and I went for a visit. It was not our first visit, we’ve been several times to see the spectacular display of around 40 acres of blooming, beautiful Daylilies.

Here’s a few photos:

This is the view you’re greeting with at the parking lot

The black curved tents in the background are the Hosta barns. Oakes has about 50 different varieties of these shade loving plants in addition to their thousands of different varieties of Daylilies.

The Oakes crew also know how to show visitors a good time. This is my lovely wife Charlotte posing with the Daylilies. Just across the lake is a big wagon load of visitors being given a tour of the Oakes Daylily Farm. You have to see this place in person to appreciate the acres and acres of beautiful, blooming flowers. 

Of course no trip to the Daylily Festival would be complete without buying a few. This year I chose Prairie Sunburst, the yellow one on top, and Red Volunteer on the bottom. 

View from across the lake. They have a wonderful arched bridge and gazebo overlooking the lake. 

Here’s a closeup of the Red Volunteer Daylilies still growing. 

Oakes is nationally famous for their Daylilies and have grown and/or developed over 4,000 varieties.

The gazebo makes a great frame for this lake photo.
If you’re ever in Knoxville, Tennessee around the end of June be sure and put a visit to the Oakes Daylily Farm on your itinerary, it’s well worth the visit.

I also noticed a few houses for sale near the Oakes Farm so if you would like to live near there, visit Knoxville Home Center.com and pick out a few for us to visit.

If your Knoxville or Farragut Tennessee home is on the market for sale and not selling here’s some things you can do to change that and help it to sell quickly.

• Check your home’s curb appeal. Go out your front door, walk across the street, and take a hard look at the view potential buyers see when they drive by. Are your lawn and shrubs neatly trimmed? A touch of seasonal flowers visible? Garage doors down and all bikes, big wheels, and toys put away? The first thing buyers have to do to buy your house is be attracted to it. Good curb appeal sets the stage for a positive visit. You might also check any online photos, especially the first one people see.
• Check your price. What have similar homes to yours sold for in the past few months? What price range are pending sales of homes similar to yours in? Hows your market absorption rate right now? This is a very strange market we’re in all across the country and you need to know what the situation is locally; in your town, in your area, in your neighborhood. Make sure your house is priced competitively.
• Have your home professionally “staged” inside. Staging is part art form, part science. Successful staging is much more than interior decorating; it’s literally setting a stage to make your home look like a model home. Declutter and put away personal “stuff” that detract buyers from looking at the actual house. Refresh tired and outdated paint colors. ‘Lean out’ over crowded rooms and consider renting a storage locker to store excess furniture and large possessions that take up floor space.
• Instead of dropping the price, consider offering some incentives for potential buyers. Paying some or all of their closing costs is a tried and true inducement. Try and think of some unusual incentives such as paying their moving expenses. What buyer wouldn’t be attracted to the notion of not having to lift a finger on moving in day but rather directing free movers where to locate their heavy furniture.
• Offer an incentive to local Realtors. Money works well. . Adding 1% to the fee a buyer’s agent can earn is a small portion of your sales price but it can attract more agents to push your house to their buyers. Let’s face it, money is a powerful motivator.

None, or even all, of these things are guaranteed to make your house sell but I think most would agree that the more you tilt the odds in your favor the better your chances of a sale become.

Visit Knoxville Home Center for 40 free tips to make your home sell faster and for more money. You can also request a free copy of my 52 page eBook titled “450 Ideas To Help Your Home Sell FASTER!”. Just click the “Free Stuff” link for this and more selling ideas.

We want to be the first to WELCOME you to Knoxville! My team is the “is The Knoxville Area Relocation Experts“. We have helped hundreds of families with their move to the Knoxville area. Put our “Knoxville Knowledge” to work for YOU!

Search over 15,000 Knoxville area Realtor listings at:

my Knoxville, Tennessee real estate website 

eMail Jim for more information and a complimentary relocation package.

We’ll be there for you from start to finish including:

• Mortgage Assistance, Click “Mortgage Info” at Knoxville Home Center
• eMail updates of Knoxville area homes for sale
• Area Orientation Tours
• Buyer Representation
• Skilled Contract Negotiations
• Closing Procedures Advice
• Utility Transfer Help
• Rental Assistance if Needed
• True “One Stop” Home Shopping

Call or email Jim for a COMPLIMENTARY package of Knoxville area information including a map. eMail Jim or call TOLL FREE 1-800-662-2488, extension 163.

A recent article in Money magazine lists 5 new rules for today’s homebuyers. After reading the article I found that I agree with all 5 of them.

New rule 1: DO NOT try to time the bottom of this market. We may be there or close already or not. In any instance it’s very unlikely you’ll hit it at the exact bottom. Case in point; several years ago my wife and I decided to refinance our former home in west Knoxville because mortgage rates were falling. I had 5 different mortgage bankers and myself watching the market trying to figure out where the bottom was.

When I thought we had arrived we pulled the trigger and refinanced……………only to watch the rates go down another half a percentage point before they started back up again. Oops…my bad…….or was it? We refinanced our 30 year mortgage with a new 15 year note and still lowered our payment about 10 bucks a month IN ADDITION TO knocking 15 years of payments out of our budget. Personally I would not call that a bad thing even if we didn’t hit the exact bottom.

New rule 2: Mortgage rates are very attractive right now. Here’s what the mortgage experts say; “The 30-year, now at 6.1%, will likely reach mid-6% by December and 7% in 2009, says Celia Chen of Moody’s Economy.com.” If you’re in the market for a new home in Knoxville or Farragut Tennessee soon, now is the time to get looking a buy. On a $200,000 house a 1% difference in the mortgage rate you can get today versus what you could be paying next year is at least $130.00. A $130 a month savings over the life of a 30 year mortgage is close to $50,000!

New rule 3: Rates on jumbo mortgages. Jumbo loans, those over $417,000 now average 7.2% and the experts say they’re unlikely to drop much this year. However, a new law lets Freddie Mac & Fannie Mae buy loans as large as $729,750 in 71 high priced area. Unless Congress extends this law it expires at the end of this year.

New rule 4: Don’t buy cheap, buy quality. Quality neighborhoods, quality school districts, and quality homes. You’re not just buying a house, you’re buying a home where you and your family will be living 24 hours a day, 7 days a week. A lot of new neighborhoods that have popped up recently are likely to have lots of owners with risky loans and little equity; a dangerous combination. Buy in a quality Knoxville or Farragut neighborhood with quality schools even if you don’t have school aged children. Like any other investments, quality tends to hold or increase it’s value when other investments fall. In addition to the investment factor you also get to live in your home and everyone needs a place to live. Knoxville and Farragut have lots of quality neighborhoods with quality homes for sale.

New rule 5: Make sure your Realtor has your best interests at heart. The real estate game often has a built in conflict of interest since the seller typically pays a commission to his listing agent which is shared by the buyer’s agent. These days sellers are offering cash bonuses and other incentives to buyer’s agent to entice them to steer buyers their way. Make sure your agent isn’t steering you to a house that is better for him than you. Agree up front on what he will be paid, typically 3% of the selling price, and that any extra credits or incentives go to you as a credit towards your closing costs or an additional discount off the price. In Tennessee a buyer agency agreement between you and your Realtor will spell out the terms and conditions of your purchase.

Visit www.KnoxvilleHomeCenter.com to see the many great homes for sale in the Knoxville & Farragut areas. When you get ready to go looking at some please call or email me to help you buy one at the best price and terms.

Jim Lee, Accredited Buyers Representative (ABR)

email Jim

I noticed in today’s Originator Times, a website for mortgage loan originators, that Fannie Mae is loosening up their guidelines for down payment policies by going to a national, single down payment policy to replace the now required higher down payments in markets where home prices are declining. Knoxville, Tennessee BTW is not one of these markets; our home prices increased about 2% over last year’s prices.

However that still does not make them competitive with FHA insured mortgages in the greater Knoxville, TN area because of their “risk based” interest rates and higher mortgage insurance premiums for borrowers getting a mortgage for more than 80% of the value of the home they’re buying.

Current Fannie Mae requires you to accept a higher interest rate for lower credit scores, which translates into higher monthly payments, if your credit score is under 720 which is really a pretty decent score. If your FICO score is below 620 you would be looking at an interest rate over 7% today for a Fannie Mae loan.

In the Knoxville area the new FHA loan limits are up to a $271,000 sales price and you can still qualify with a credit score as low as 580!

If buying a home in the Knoxville or Farragut area is in your future I invite you to call me and let’s talk about how we can make that happen for you.

There is a big selection of homes for sale, interest rates are both attractive and available (contrary to what you hear in the news), and it’s a buyer’s market in Knoxville, Tennessee.

You can view Knoxville, Farragut, Maryville, Oak Ridge, and other area homes for sale on my website, www.KnoxvilleHomeCenter.com.

It’s easier than you might think.

1. Find a qualified Buyer’s Representative: Since most of us only buy real estate a few times in their lifetime doesn’t it make sense to have a Buyer’s Representative to provide complete and fair representation for you? The sellers already have a listing agent to look out for their best interests. As an Accredited Buyer Representative (ABR), I’m qualified to consult with you about buying and represent you.
2. Assess your credit and finances: Any lender is going to check your credit history when you apply for a loan. You can give yourself a heads up on any potential stumbling blocks by getting a copy of your credit report. Federal law requires each of the 3 major credit bureaus to give you a free credit report every 12 months. The big three are: Equifax, Experian, and Trans Union.
3. Assess your wants and needs: Both Knoxville and Farragut Tennessee have many different styles of homes. Determine what features are important to you in your new Knoxville or Farragut home; price, bedrooms, style of house, size, neighborhood, etc. Then determine what you need versus what you want, i.e. must haves like a fireplace versus niceties like a pool.
4. Shop for a home: Knoxville & Farragut both have tons of different neighborhoods; which one is best for you? Quality of schools, neighborhood profiles, household data, and factors like these need to be considering.
5. Negotiate price and terms: Once you’ve found a home you want to buy the next step is making the offer. Important considerations are, your finances, tax situation, legal obligations, and others. When you consider that you’re going to be living with your decisions for many years, just how big a deal a home purchase is becomes obvious.
6. Obtain a mortgage: When selecting a lender you need to obtain a mortgage loan with terms most favorable to you. Debbie Nieto, a highly professional and experienced banker will be happy to answer any of your mortgage questions.
7. Prepare for the closing: Once you’ve successfully found your dream home, negotiated the best price and terms for you, and been approved for your mortgage you need to get ready for the closing; that’s when you get the keys to your new home. You’ll need homeowner’s insurance, title examination, a thorough home inspection, a termite inspection, and lots more details to make sure there are no ’surprises’ after the closing.
8. Close: That’s the actual and legal transfer of ownership of your new home from the sellers to you. You’ll need to set a closing date, review your closing documents, understand all your closing costs, and lots more technical and legal details to ensure you get a valid title & documentation.
9. Move: Once you’re found your home and set a closing date it’s time to prepare to move into your new home. Lots of my buyer clients have found that having a checklist of things to do is very helpful. You’ll need to arrange for homeowner’s insurance, utilities, change of address for your mail, pack, and of course, move.
10. Celebrate! Yeah, you made it; now you’re a happy Knoxville or Farragut homeowner; it’s time to party! Homeownership brings many personal and financial benefits to you such as pride of ownership, personal and financial growth, security, and many more.

If you’re thinking of taking that next step please call or email me for a free copy of my Homebuyer’s Toolkit which goes into much more detail about the 10 steps outlined above.

As an Accredited Buyer’s Representative (ABR) I am fully qualified to be your guide along the road to homeownership.

You can get a sneak preview of lots of Knoxville and Farragut homes for sale at www.KnoxvilleHomeCenter.com and remember, there is no such thing as a dumb question, only the ones you did not ask.

Happy homeownership, east Tennessee is a great place to live.
Jim

I’m delighted to have my favorite Knoxville area mortgage banker, Debbie Nieto of CTX Mortgage Company as my first guest blogger.

Debbie Nieto

Debbie has written a great list of reasons why, despite all the negative real estate news the local and national media keep insisting on promulgating, now is a great time to buy or sell real estate in Knoxville, Tennessee.