Relocating to the greater Knoxville, Tennessee area?

Posted by Jim Lee, REALTOR® @ 7:11 pm, June 21st, 2008

knoxville tennessee relocation farragut maryville oak ridge loudon lenoir city jim lee knoxville realtor

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:

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.

Happy Father’s Day to Knoxville Dads and Dads all across America

Posted by Jim Lee, REALTOR® @ 1:56 pm, June 15th, 2008

The third Sunday in June is officially recognized as Father’s Day. It was conceived and first celebrated June 19th, 1910 by a young lady named Sonora Dodd in the state of Washington while listening to a Mother’s Day sermon in church.
She wanted to have a special day to honor her single parent father for the selfless devotion he gave his family.

Apparently it took a little while to catch on. In 1924 President Calvin Coolidge supported the idea of a national Father’s Day. President Lyndon Johnson signed a presidential proclamation declaring the 3rd Sunday of June as Father’s Day. But it did not become an official day of recognition until 1972 when President Richard Nixon signed a law which made it permanent.

Thanks to a forward thinking young lady in 1910 the third Sunday of each June is now an official “Father’s Day” to honor dads all over the United States.

I received my traditional Father’s Day call from both my daughters; Gretchen and Amanda. Both were brief because they each have their own families now and things to do but I look forward to the annual calls and cards.

Happy Father’s Day to dads all over

5 new rules for Knoxville & Farragut Tennessee homebuyers

Posted by Jim Lee, REALTOR® @ 10:21 am, June 9th, 2008

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

Walking in Knoxville, Tennessee

Posted by Jim Lee, REALTOR® @ 11:45 am, May 9th, 2008

Now that Knoxville gas prices have passed the $3.50 a gallon mark, the huge increases are a frequent subject of conversation (not to mention other words not printable here ;-0).

One way to escape paying the higher gas prices is simply to walk more to destinations. Lots of parts of Knoxville are not particularly “walker friendly” but many are.

Besides being a very healthful exercise, walking is also a great way to get places, especially if they’re nearby. Besides the wonderful fresh air and exercise you get walking, it’s a great way to meet your neighbors and others. I very rarely run into an unfriendly walker, most will wave to you, smile, and speak.

hiking in the great smoky mountains national park, a great walking activity

Don Anderson, one of my fellow Realtors, during a recent hike we enjoyed in the Great Smoky Mountains; hiking is a great walking activity.


Here’s a great website I located that lets you calculate your home or neighborhood’s “walk score“.

We moved last year from the Cedar Bluff Road area to the West Hills neighborhood. One reason we love our new West Hills home is because it’s so conveniently located to everything. According to www.WalkScore.com we now live:

  • .71 miles from a grocery store
  • .22 miles from a restaurant (about 20 actually)
  • .23 miles from a coffee shop
  • .33 miles from Little Ricky’s Sports Bar
  • .80 miles from a movie theatre
  • .80 miles from West Town Mall
  • .31 miles from a school (Bearden Elementary & Middle)
  • 1.29 miles from a park (and it’s an easy walk or bike ride from our new West Hills home.)
  • .42 miles from a public library
  • .44 miles from a bookstore
  • .42 miles from a fitness center
  • .61 miles from a drug store (3)
  • .42 miles from a hardware store

That gives our new home a “walk score” of 66 out of a possible 100; good enough for me. Even if you don’t walk, it’s a super convenient (and economical) drive to any of the above mentioned places.

What’s your Knoxville or Farragut home’s walk score?

If you want to improve it by moving to a more “walking friendly” neighborhood, www.KnoxvilleHomeCenter.com is a great place to start, no walking or driving involved. ;-)

10 steps to choosing and buying your next Knoxville TN home…..

Posted by Jim Lee, REALTOR® @ 3:33 pm, May 1st, 2008

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

Welcome Knoxville mortgage banker Debbie Nieto, my first guest blogger.

Posted by Jim Lee, REALTOR® @ 3:16 pm, April 17th, 2008

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

debbie nieto, ctx mortgage company

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.

And now without further ado; here’s Debbie

“Put the facts on your side!

In today’s housing market, we all know how important it is to get buyers and sellers back into the game. Unfortunately, the media’s continued focus on negative real estate news is keeping many people solidly on the sidelines. But remember, these people aren’t getting the whole story. And the facts they’re missing can alter their mindsets. All we have to do is put those facts out there!

Fact #1: Some six million Americans are expected to buy a home this year. Six million people in the game make up a pretty big game. That’s a level of sales equal to the one we experienced in 1998—by all accounts, a pretty good year.

Fact #2: There is still over $23 trillion of value in u.s. housing stock. Home ownership continues to be the basis of our wealth in this country.

Fact #3: The housing market cannot help but grow. Our country’s tremendous wealth, liquidity, and entrepreneurship will continue to drive our economy. 70-100 million people will be added to our market in the next 40 years.

Fact #4: Real estate is cyclical. The biggest fear in good times is that the fair weather won’t last forever—because it doesn’t. But the reality of a cyclical real estate market also provides its brightest hope in bad times—foul weather won’t last forever either. What’s happening today is a market correction, severe in some places, but it’s not the end of the world. As shown by Fact #1, people are still buying and selling homes. The markets will stabilize.

Fact #5: 2008 is the best year to buy a home in 35 years. 1973 was the last time mortgage rates were this low in a buyer’s market. We had rates this low in 2001 and 2002, but those were strong seller’s markets with little inventory. The last two big buyer’s markets, in the early ‘80s and early ‘90s had much higher rates. Low rates and good inventory make 2008 the best year to buy in decades!

Fact #6: First-time buyers have a real advantage in today’s market. First-time buyers can buy at a reduced price without having to sell at one too. Higher limits on lower cost conforming loans also help first-time buyers purchase more home for their money. Today’s ‘starter’ homes can be pretty impressive.

Fact #7: First-time buyers lose money while they wait on the sidelines. First, renters typically pay more state and federal income taxes than homeowners with a mortgage deduction. Renters are also losing the wealth they could be accumulating as they pay down their mortgage and as their home increases in value over time (as it surely will). Lastly, renters who wait to buy will lose money if interest rates increase by the time they finally act. Higher payments from higher interest rates represent money buyers could have kept if they had bought earlier. Conversely, if they were willing to spend that amount of money earlier, they could have bought more home.

Fact #8: Homes sell when they’re priced right and show well. Buyers are looking for value in today’s market. When sellers make their home’s value obvious, they make a sale—it’s as simple as that.

Use these facts on your website, in blogs, and in conversation whenever you run into reluctance from a prospective buyer or seller. The best way to fight negative media is with the facts they’re leaving out!

… Have a great month!”

Have a great month indeed!

And here’s a link to find some homes for sale to put Debbie’s excellent advice to work for you.

When you find a great home, Debbie has the cash to buy it with and I have the keys; call us please.

Knoxville’s red light cameras, those “silent sentinels” everyone loves to hate.

Posted by Jim Lee, REALTOR® @ 7:19 pm, April 14th, 2008

In fact Knoxville’s still fairly new, red light cameras are still causing so much controversy one frustrated motorist took a hunting rifle to one that had just photgraphed him and fired three shots into it.

His claim of self defense (he claimed the camera shot first) probably won’t hold much water in a Knoxville court; he is charged with reckless endangerment and felony vandalism.

Meanwhile, just down the road in Chattanooga, 176 lucky drivers are getting their red light camera fines refunded because one irate and apparently very observant, victim………er, wrongdoer, discovered the yellow light cycle was not timed correctly causing the caution light to only stay yellow 3 seconds instead of the 3.9 seconds mandated by safety standards.

Chattanooga’s city traffic engineer claims it was an “accidental mixup” related to turn arrow timing.

If any of these stories are true it might cause you to wonder how “accidentally’ that mixup really was.

Hmmmm, first time I have a few spare minutes I’m going to take my stop watch out and investigate a couple of traffic lights near my west Knoxville neighborhood and see if any “accidents” have befallen those yellow lights.

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Knoxville Tennessee February 2008 sales report, homes sold

Posted by Jim Lee, REALTOR® @ 10:33 am, March 18th, 2008

The February 2008 sales report for Knoxville area homes sold is now available here.

It shows the volume is down a little with 158 fewer Knoxville & Farragut homes & condos sold in February of 2008 compared to the same time period in 2007.

However with interest rate remaining in the sub 6% range it is still an excellent time to buy a home.

Knoxville sellers and builders of new homes are offering incentives to attract and influence buyers to buy their home over competing ones.

Some of the incentives I’ve seen were $5,000 towards closings costs on several new home subdivisions, home warranties, sellers offering upgrades and replacement allowances, and other creative methods to attract a buyer.

Although the volume is down the median price is up a few thousand dollars which demonstates the underlying strength and stability of Knoxville’s real estate market.

My flagship website, Knoxville Home Center.com is a great place to find a new home and lots of other good information about the greater Knoxville % Farragut Tennessee areas.

Buying a Knoxville TN home? Your appraiser is not a home inspector.

Posted by Jim Lee, REALTOR® @ 9:35 am, March 4th, 2008

One commonly confused area of Knoxville & Farragut home purchases is the difference between an appraiser and a home inspector.

Each one has a very important job to do in the home buying (and selling) process but those jobs are distinctive and separate.

An appraiser is sent to the property by the lender to ensure that the purchase price is realistic and not out of line with recent sale prices of comparable homes. Lenders want to reach some sort of “comfort level” that if they have to foreclose on a property they can get most, if not all of their investment back.

A home inspector is typically hired by a home buyer to ensure the integrity of the structure and the mechanical systems. A home inspector will look for things like roof leaks from the attic, check electrical panels to make sure all is well there, check HVAC systems to make sure it’s in proper working order, and a long list of other things.

So if you’re buying a Knoxville area home you’ll need the services of both an appraiser and a home inspector to make sure you’re not only getting the home at the right price but to ensure the structural integrity and all the mechanical systems are in proper working order.

If you haven’t hired a Knoxville area Realtor to represent you in your new home purchase please consider this my application for the job.

In addition to 30 years of successful experience helping hundreds of families buy new Knoxville homes ,I have earned the Accredited Buyer Representative (ABR) designation to represent those buyers more effectively.

You can hear recorded testimonials from former clients on my website, KnoxvilleMLS.com and search all of the Knoxville area’s Realtor listings.

University of Tennessee men’s basketball game of the century

Posted by Jim Lee, REALTOR® @ 10:50 am, February 25th, 2008

Knoxville, Tennessee - Monday morning, February the 25th, the Tennessee men’s basketball team is almost certain to rise to the number 1 ranking in the country.

This will be the first time ever that the UT men’s basketball team has been ranked number 1 in the country.They earned that spot by defeating the formerly number 1 ranked University of Memphis Tigers who were unbeaten in an unbelievable 47 straight home games. Tennessee’s 66-62 victory over Memphis was a thriller from beginning to end.Watched by a capacity crowd which included Priscilla Presley and Peyton Manning, Tennessee came out shooting and never looked back.I saw some online tickets for sale for $10,000! Believe me if I had a pair to that game and someone offered me 20 grand for them they would have a deal very quickly.

We watched from the comfort of our den and it was a great game with the outcome still in doubt up to the final 3 seconds when UT player Chris Lofton sunk two free throws after a foul to put the game out of reach for the Tigers.

A hearty “Congratulations!” goes to Coach Pearl and his soon to be number 1 basketball Vols.

Visit Knoxville’s number 1 real estate website, KnoxvilleHomeCenter.com

UPDATE: It’s official, the UT men’s basketball team is now number 1 in the country.

“The Volunteers (25-2) were a runaway choice, receiving 69 first-place votes and 1,797 points from the 72-member national media panel after a 66-62 victory at Memphis.”

Unfortunately the Vols won’t get to bask in the glory very long; they face Vanderbilt this coming Tuesday night and the Commodores are riding a 17 game winning streak.

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