Knoxville Tennessee Real Estate Blog

In a lot of the south the Tennessee Valley Authority (TVA) is a pretty big deal.

TVA is the quasi-goverment agency tasked with flood control, electrical power generation, and economic development in a 7 state area.

They got started back in 1933 when Congress formed them and put them to work on flood control in the Tennessee Valley region.

Building dams was pretty controversial back then (and still is for some) because they had to acquire tens of thousands of acres of land that would soon be flooded once the dams were built and rivers became lakes.

Using the government’s power of eminent domain people were forced to sell their land, often family farms in the same family for generations, and relocate.

TVA recently opened those old wounds when they approved a sale of a 500 acre parcel of lakefront property in the Chattanooga, Tennessee area to a private developer for an upscape residential project.

In this sale/land swap the developer ‘traded’ TVA 1,100 acres of other land for the lakefront property. My immediate thought was if his 1,100 acres is essentially the same as the waterfront property then why doesn’t he just build his project on land he already owns.

The answer was 200 of his acres was an island that was inaccessible except by water, 700 was on a mountaintop, also pretty inaccessible, and the rest was 200 acres of boondocks.

Not surprisingly that deal generated a pretty huge outcry from conservationists and the public in general.

Apparently newly sensitive to public opinion, TVA has now reversed it’s land use policies and says in an article in today’s Knoxville News-Sentinel http://www.knoxnews.com/kns/national/article/0,1406,KNS_350_5032086,00.html that it will no longer sell land for private residential development if the new policy is approved.

Public comments are currently running 75% in favor of the the policy with over 900 comments to date.

“It may open a few cans of worms out there,” TVA director Susan Williams of Knoxville said of the new policy, which was recommended by the community relations committee that she chairs.

But Williams said the proposal reflects the wishes of at least 75 percent of the more than 900 comments her panel received during a public hearing in August.

“We heard overwhelmingly that citizens wanted TVA’s lands to be used for public recreation and public access,” she said. “I think this board is very aware of the importance of TVA’s land and the limited amount of land that is out there, and the importance of all that to the valley and to the public.”

We want to be the first to WELCOME you to Knoxville! My team is the “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:

www.KnoxvilleHomeCenter.com

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 www.KnoxvilleHomeCenter.com
• 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 of e mail Jim for a COMPLIMENTARY package of Knoxville area information including a map. eMail Jim or call TOLL FREE 1-800-662-2488, extension 163.

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Thanks to the “Taxpayer Relief Act of 1997″ you can now sell your principal residence (any home you have lived in for at least 2 of the past 5 years) and escape paying any capital gain taxes up to $250,000; $500,000 for married taxpayers filing jointly.

Unlike most IRS documents it’s also very simple to calculate if you have a taxable gain on your sale.

Just take your contract sale price and subtract most of your selling expenses, i.e. your real estate sales commission, any advertising you may have paid for personally, legal fees, etc..

That will give you your amount realized or net before subtracting your adjusted basis.

Adjusted basis can be a confusing term to some but it just means what you sold your house for minus what you paid for it and most anything you’ve done to improve or maintain it.
Most anything you did to the house that has a useful life of over 1 year, i.e. replaced the existing heating & cooling system, put on a new roof, build a new deck, etc., can be added to your original basis making your adjusted basis even smaller.

With this new tax law the average American can sell their homes more often now to take advantage of appreciation in your area and usually owe no taxes on the profits.

If you’re selling your principal residence in the Knoxville area please visit my website, www.KnoxvilleMLS.com or www.PropertyPricer.com for a free, over the net price evaluation.

Please call or e mail me with any questions about how you can sell your home tax free or any other real estate questions.

NOTE: I am a Realtor, not a CPA. You need to check with a qualified tax professional before using this advice.

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Located in the west end of Knox County is the delightful little bedroom community of Farragut.

Known for it’s quality of family life, Farragut is widely regarded as a great place to live.

Incorporated in 1980, Farragut covers about 16 square miles and was formerly known as Concord. It was named the Town of Farragut after incorporation and was named in honor of Admiral David Farragut, the naval hero who gave the now famous command during a civil war battle: “Damn the torpedoes! Full speed ahead!”.

Surrounded by lakes and mountains the Town of Farragut and nearby Knoxville have lots of fun things to to do.

http://www.knoxvillemls.com/recreation.htm

The University of Tennessee, Knoxville, McGhee Tyson Airport, Oak Ridge National Laboratory, and most all local places of employment and attractions are within a 20 minute commute from Farragut.

Farragut is also one of the more upscale residential areas with many lovely homes starting around $200,000 and going up to around $1,000,000.

You can search all of the Farragut Realtor listings here.

www.KnoxvilleMLS.com Farragut is area 120 in Knox County.

If you’re moving to Farragut or Knoxville and would like a complimentary package of area information including a map please call or e mail me. Jim Lee, 865-693-3232 or eMail Jim

Fall in East Tennessee is a great time of year.

The smell of woodsmoke is in the air along with cool, crisp mornings, and the promise of mother nature’s annual color show when the leaves turn.

Cades Cove Deer grazing in the early morning mist

So much to do around here in the Fall; University of Tennessee football games, lots of hunting seasons, color cruises on our many lakes, and of course the fish are still biting.

Fall is a great time to look for a new home too.

The summer heat is past and there’s not as much competition for listings so your chances of finding your dream house are very good right now.

Browse all our great Knoxville area Realtor listings on my website: www.KnoxvilleMLS.com and get lots of area information.

There are links to Knoxville schools, things to do, employment, area history, buyer & seller information, and lots of other useful information.

Plan a visit soon to enjoy this magical time of the year in our area. Once you see the Fall beauty in East Tennessee you might just decide to stay, lots of people have.

A Fall visit might just turn into the beginnings of a new home and a new lifestyle for you.

Please call or e mail if have any questions or would like a complimentary package of area information.

I just got off the phone with my favorite mortgage banker, Debbie Nieto of CTX Mortgage Company.

Debbie Nieto, CTX Mortgage Company

http://www.ctxloanofficer.com/debbienieto

We talk often about where interest rates are today, and just as important, where they may be heading tomorrow.

Debbie had some good news to share today; she said she felt that rates appear to have peaked and she anticipates them leveling off for the near term.

However she cautioned that if you’re looking to buy a home, sooner is better than later.

She then explained that even if you delay your purchase a few months or so chasing a lower rate, home prices typically appreciate so you could be paying a higher price for your home with no solid guarantee of a lower rate.

Debbie offers one final word of advice; since fixed rates and adjustable interest rates are very close, there is basically very little advantage to going with an adjustable product at this time especially if you plan to stay in the house for several years.

You can search all of the Knoxville area’s Realtor listings on my website: www.KnoxvilleMLS.com

Debbie and I have worked closely together for many years now. I believe we make a great team; I’ll help you find the best house in town and Debbie will get you the best mortgage loan in town, what more could you ask for.

Contact Debbie on her website:
http://www.ctxloanofficer.com/debbienieto

or send her an e mail mailto:[email protected] .

Image via Wikipedia

Type ‘vacation’ into the Google search engine and Tennessee ranks in the top ten search results.

Pictured above is Mouse Creek Falls in the Great Smoky Mountains National Park

Of course that’s no surprise to Tennesseans, we know from living here that our state has it going on for fun things to do.

From toe tapping while listening to Beale Street Blues in Memphis to hiking the back country of the Great Smoky Mountains National Park, Tennessee has something for everyone no matter what your tastes or age.

Visit http://www.tnvacation.com/ for great information on things to do, places to stay, and where to go during your Tennessee visit.

After vacationing in Tennessee a number of people decide it would be a great place to live and move here.

Of course I’m prejudiced but I think my area around Knoxville, Tennessee is one of the most beautiful spots in the state.

If you’re planning a vacation you might also visit my website, www.KnoxvilleHomeCenter.com to see what we have to offer you as a permenent resident too.

Lots of great homes for sale in all styles and price ranges, good schools, low cost of living, and some of the friendliest neighbors you could ask for.

Give me a call and let’s talk about getting you into a Tennessee home. Jim Lee, toll free 1-800-662-2488, extension 163 or e mail: [email protected]

This issue of “Where to Retire” magazine has a great article that lists “8 low cost towns with great home buys”.

Not surprisingly my town of Knoxville, Tennessee was one of them. We’ve really got it good in Knoxville and one of the few things below average is housing prices.

Knoxville is located in east Tennessee and nestled in a broad valley between the Great Smoky Mountains National Park and the Cumberland Mountain range.

The Tennessee Valley Authority is headquartered here and this area is the location of many of the dams they built for flood control and hydroelectric power generation. The side benefit of the dams is that they also have created a beautiful series of lake for all sorts of recreation.

Sports enthusiasts will enjoy the sports teams fielded by the home campus of the University of Tennessee also located in Knoxville, The “Vols” (short for Volunteers, the state nickname) always field teams in football, basketball, and other major sports that do very well in their conference as well as nationally.

Knoxville’s weather is fairly temperate the year round with a definite four-season climate featuring vivid fall colors, a brief winter, and a lengthy springtime filled with lots of seasonal blooming plants, shrubs, and trees.

The Dogwood Arts Festival, an annual event held each April to commerorate the blooming of the state’s native Dogwood trees, is a 3 week extravanganza with something for everyone including breathtaking scenery, arts & crafts shows, music, parades, athletics, and lots, lots more. If you’ve never attended one it’s worth planning a trip for.

http://www.dogwoodarts.com

The Greater Knoxville area and surrounding towns are steeped in pioneer tradition and family centered residents.

If you’re considering retirement, relocation, or both; Knoxville, Tennessee is an area well worth taking a look at and especially a visit to see for yourself.

Knoxville city population at the last census was 180,130 with 647,170 in the metro area.

The National Association of Realtors lists $143,000 as the median price of homes in the area with the average cost of a new, 4 bedroom home at $175,520.

For more information contact Jim Lee, www.KnoxvilleMLS.com or call toll free 1-800-662-2488, extension 163. Ask for a free relocation package if you’re thinking of moving to Knoxivlle from another city; it’s loaded with great information and a free area map.

The magic of the Internet has now made it possible for anyone anywhere to search for homes without actually being there.

http://www.knoxvillemls.com/Realestateinfo.htm

Clicking the above link will let you conduct a hassle free search of all the Realtor listings in the greater Knoxville, Tennessee area including single family homes, condos, and just lots or land.

You can also visit my website, www.KnoxvilleMLS.com for lots more information about living in Knoxville and the east Tennessee area.

 From cottages to upper bracket executive homes, we have homes to fit any budget.

Knoxville is located at the crossroads of Interstates 40 & 75 and just about 15 miles from 81; this puts half the population of the United States within an easy days drive.

For more information about our area and the great homes and lands we have for sale please come visit online.

Getting ready to put your house on the market for sale??

Before putting that sign in your yard here is a list of 40 free or inexpensive tips that will not only make your house sell faster but, put more money in your pocket at closing as well:

Outdoors

1. Be sure your lawn and shrubbery is kept trimmed at all times. Consider removing overgrown trees and shrubs that hide the house from the street.

2. Keep the garage doors down at all times.

3. For a touch of color, have seasonal flowers growing in beds and containers.

4. Make sure your driveway is in good repair. Pressure wash concrete drives and walks to remove stains and car drippings, and put a fresh coat of sealer on asphalt drives.

5. Make sure patios and decks are clean and in good repair. Replace any rotten wood and nail down loose boards on decking or steps; pressure wash if needed.

6. Garage sale time! Clear out everything you don’t intend to keep and tidy up what’s staying. Make sure garage doors and openers are in proper working order.

7.Check all railings and fencing to make sure it’s in good repair and freshly painted.

8. Pay special attention to the area around your front door; make sure your doorbell works, clean all cobwebs, leaves, and other debris that may have accumulated there. Give the front door a fresh coat of paint if needed; paint is one of the most cost effective fix up items you can do.

9. Check for broken windows or leaking seals on thermo pane windows; replace if necessary.

10. Clean all the cobwebs from around the front door. Make sure all outdoor lighting (especially front porch) is clean and shiny; replace if necessary. It is especially important that the entrance to your home make a good first impression on prospective buyers. This sets the tone for the whole showing.

11. Check your mailbox. Is it straight and upright? Neatly trimmed around?

12. Before you start indoors walk across the street in front of your house and look back (like a buyer will see it). Does it present an appealing appearance?

Indoors

13. Start by walking through the house and making a list. Do your carpets need shampooing? Floors need a fresh coat of wax? Dust all ceiling fans especially the blades and wash light
fixtures.

14. You’re going to have to pack when you move anyway, so go through all your closets and pack up everything you don’t need for the next couple of months. A closet with only a few neatly arranged items creates an impression of abundant storage space.

15. Thin out overcrowded rooms. Ever notice the model homes sparse furnishings? They make the rooms look larger. Consider renting a storage facility to store excess lamps, tables, and large items that eat up space in a room.

16.Go through and pack up most of your family pictures and collections of model ships, stamps, quilts, or anything that might cause a buyer to stop and look at your collections of stuff instead of your house.

17.Check all light fixtures to make sure all the bulbs burn. Use the largest wattage bulb that you safely can to give off more light.

18. Wash all your windows and make sure window treatments are clean and in good repair. Keep the window coverings open whenever possible to let in more light.

19. With a good degreaser, wipe down everything in the kitchen so it feels clean to the touch. Clean your stove and oven; replace stove eye pans if needed

20. Go through your kitchen cabinets and pantry to make sure they’re neat and tidy; give any food that you don’t plan to use right away to the local food pantry.

21.Make sure your sinks are clean at all times and free of dirty dishes and utensils.

22. Remove all excess items from your counters to give the impression of lots of work surface.

23. Pleasing aromas add to the appealing atmosphere we’re trying to establish for your buyers; consider keeping a saucepan of potpourri on the stove to give off an appealing scent.

24.Clean all light switch places by taking them off and washing with soap and water; replace if necessary.

25.Make sure the bathrooms are spotless at all times with fresh towels, decorative soaps, and all fixtures are shiny, scrubbed, and in good repair.

26. Check all faucets and shower heads to make sure they’re spotless and free of leaks and drips.

27. Repaint interior rooms if needed with neutral colors.

28.Don’t forget your ceilings too; years of living in a home with cooking, smoking, and other everyday activities can stain ceilings. Paint ages; repaint if needed.

29. Don’t have large, space eating house plants sitting around; give them away or ask a neighbor to store them until you move.

31.The more light you can get into a room the bigger and more spacious the room will appear. When you leave for a showing, turn on lights in rooms that are normally darker than you would like and make sure the window coverings are open to admit outside light.

32. An old decorator trick to bring in more light as well as make rooms appear larger are mirrors; either hanging on a wall or on a stand.

33. Pack away and store out of season clothes. Get rid of extra hangars. Straighten up your shoes (consider some inexpensive shoe racks from a discount store like K-Mart or Wal-Mart).

34. When painting don’t forget the interiors of closets and the closets doors; make sure all closet and interior doors open and close correctly.

35. Check where ceilings meet wall and clean all cobwebs, this is a commonly overlooked area when cleaning, along with tops of tall furniture
items such as hutches, entertainment centers, etc.

36. If you have a pet make sure there are no odors. You may not notice odors since you live with your pet every day, have a neutral third party give your home a “sniff” test for objectionable odors that may turn buyers off.

37. Also, when buyers come to visit, keep your pet under control, or better yet, get a friend or neighbor to “pet sit” for you while the buyers are looking.

38. It’s important that you leave the house for all showings. Buyers feel less inhibited if you’re not around and will usually take a closer look in closets and in kitchen cabinets, as well as voice any objections that your agent can then deal with. If the buyers won’t make comments because you’re following them around pointing things out then your agent can’t deal with any potential problems that may hinder making an offer.

39. If you have several vehicles make sure the spot closest to the door buyers enter through is empty for them.

40. Freshly baked or even store bought cookies & little snacks along with an appropriate beverage (hot in winter, cold in summer) along with a sign saying “Please Sit Down and Enjoy a Treat While You’re Here” will make your
home more memorable even if they don’t take anything. Remember little things can go a long way towards getting your home sold quickly for the best price.

Get a FREE copy of my new, 52 page eBook titled “450 Ideas To Help Your Home Sell FASTER!” Dress your home for success and it will sell fast and for more money.

52 informative pages, ideas, suggestions, and checklists to make sure your home is in “TIP-TOP” showroom condition to appeal to the most buyers and make them want to buy YOUR HOME instead of your competition.Just send an e mail to: [email protected] to get your FREE copy of this valuable ebook today.

Copyright 2006, Jim Lee, all rights reserved.