Sellers: Expect Multiple Strong Offers this Season in West Knoxville
The winter season has traditionally been a slower time for home sales. The guidance in the past has been to wait for the warmer months of spring before listing. However, the current real estate market has created a strong seller’s market and if you’re considering a move, it may be better to sell now rather than risk a slowdown if interest rates rise in the coming months.
Well-priced homes have always attracted multiple offers. Often these proposals varied in strength, allowing the seller to easily make the best decision based on price and terms. In this current climate, with inventory so low, well-qualified buyers are searching for homes and making swift decisions. As a result, sellers are receiving multiple, strong offers, even more so in our desirable West Knoxville real estate market which is a hot-spot for those relocating.
Something I'm regularly asked is whether migration into the Knoxville area is effecting our market? The short answer is absolutely yes!! Many other homeowners who chose not to sell their properties during the pandemic are now doing so and are mostly coming from other more expensive markets - in turn they are ready and willing to pay for properties which meet their criteria. Compared to most other growing markets, Knoxville still remains much more affordable.
According to recent data by the National Association of Realtors®, the average seller receives 3.7 offers on their home. These are typically well-qualified, serious home buyers and many are all-cash. While this is a good “problem” to have, it can also lead to confusion as sellers struggle to choose the right offer.
I will work together with you to consider each offer carefully and review both price and terms, such as contingencies and close date. Remember that the value for any buyer financing the purchase will be subject to an appraisal; this will prevent you from accepting an unrealistic offer that may cost you time and money if the appraisal doesn’t support the value and you need to start over. As a Certified Pricing Strategy Advisor I will help you head off these concerns by first properly pricing your home, and providing a market report for the appraiser so that there is supporting evidence for your home price. The bottom line is that this is a great time to sell your home.
Specifically here in West Knoxville where inventory is low I am seeing prices continue to rise and my listings are still receiving multiple offers! If you are considering listing your home in Farragut or West Knoxville contact me today for a complimentary market analysis and to learn how we can leverage this market to get you the best terms during your home sale! As a Certified Pricing Strategy Advisor I have the expert knowledge on how to price your home effectively to provide you the best offer. Not only that but I offer my sellers a comprehensive marketing plan to provide you the best terms to achieve your goals.