Buying a Home September 28, 2022

10 Questions to Ask Your Real Estate Agent Before Buying a Home

Looking at buying a home in Knoxville or surrounding East Tennessee? As a buyer, it’s important you work with a trained real estate professional who can advise you through the process and negotiate on your behalf. These are ten important questions you should ask your Sales Associate about potential homes you might be interested in, plus why it’s important.

Property Specific

HOW LONG HAS THE PROPERTY BEEN ON THE MARKET? The length of time a property has been on the market may indicate the seller’s willingness to negotiate.

HAVE THERE BEEN ANY PRICE REDUCTIONS DURING THE LISTING PERIOD? The amount of any price reduction, as it relates to the overall purchase price, may indicate the seller’s desire to attract an offer.

HAVE THERE BEEN ANY OTHER OFFERS ON THE PROPERTY? It will be helpful to know what offers may have been turned down and for what reasons.

WHAT IS THE MOTIVATION OF THE SELLER? Motivation is a key element in any negotiation. As an example, if the Seller has already purchased a new property, your ability to close quickly may be an attractive element of the negotiations.

WHAT PERSONAL ITEMS ARE INCLUDED IN THE SALE? Anything the seller is willing to leave behind that you won’t need to buy when you move in has real value. Consider those items in your offer.

Neighborhood Specific

WHAT IS THE PRICE RANGE OF SOLD PROPERTIES IN THE AREA? This will help you understand how the home you are interested in compares in price to others sold in the area.

WHAT IS THE AVERAGE TIME ON MARKET FOR PROPERTIES IN THIS AREA? Short market times may indicate a seller’s market. If this is the case, you may face competition from other buyers.

WHAT IS THE LIST TO SALE PRICE RATIO IN THIS AREA? Again, this will help you determine the value of surrounding properties and how the home you are interested in measures up.

WHAT IS THE AVERAGE SALES PRICE PER SQUARE FOOT OF RECENT SOLDS? By understanding this, you can get an idea of the value of the home as compared to other options.

WHAT OTHER KNOWN FACTORS ABOUT THE PROPERTY OR NEIGHBORHOOD COULD AFFECT VALUE? Review the Seller’s Disclosure Statement very carefully with your Sales Associate.

Final Recommendation

Purchasing a home is a large financial commitment, and it’s crucial to work with a trained professional who can advocate for you. Make sure you feel comfortable with your agent and have confidence that your questions are being answered. Happy house hunting!

Lifestyle September 20, 2022

Pets are People, Too

This article is part of our ongoing Thought Leader series. Originally published in the Knoxville News Sentinel, this article was written by Claudia Stallings, Wallace Chief Operating Officer.

We refer to them as our “furry children,” and we give them names like “Buddy,” or “Lucky.” Then, we talk to them as if we are talking to a baby, and suddenly our proper English turns into babble. We mispronounce words and say things like, “Who’s da bestest boy?” If they already have a whimsical name, it usually morphs into something more.

For instance, our schnauzer is Boo, but we call her Boo Boo or Boo Boop de Do. But not everyone loves pets. I know. It’s something that’s hard for a pet lover to say out loud. But in the world of real estate, pets can become hurdles to a transaction. Those who love pets are usually on one side, and those that don’t remain steadfast on the other side. So how do you find the middle?

Let’s face it. As “pweshious” as they are, pets are messy. They can be smelly, and they can damage property. They can also be threatening to strangers, and some people are downright allergic. I’ve seen houses where the hardwood floor was completely scarred by the toenails of the friendly boxer who lived there. I’ve seen door framing chewed and scratched off. I’ve seen bare spots in yards where the dog frequents, and I’ve seen a lot of stained carpet. Doors are carved up to allow for pet doors, screens are missing, and hair can be a nuisance.

So, if you are a “pet wuver,” and you are trying to sell your house, consider what you might need to do in case a non-pet wuver is interested. Take the pets with you on showings or contain them so that the potential buyer has the freedom to move about the house without concern.

I’ve been met at the house by a rottweiler, who, I was told was friendly, yet the entire showing, he followed us from room to room, blocking our walking path, so that all we could think about was getting out of there.

Realtors are also burdened with instructions like “don’t let the cat out.” But what about that cat that came in during a showing. Does that cat belong to the owners? Who knows, but if Realtors become pet wranglers, they become pre-occupied with making sure the pets are accommodated, and may not be able to put their full attention on the house.

Then there were the people who came to see a house I once had for sale, and they were met by Miss Kitty, who met everyone. She was a black cat who preferred laps and petting over most anything, but those buyers never set foot in my house to see it. Superstition? Allergies? Fear of cats? I still don’t know.

As for the lingering odor that comes with pet ownership, it’s often that the owners become nose blind, and can no longer notice the difference between the fresh air outside and the pet air inside. But visitors pick up on that in an instant. The result is that they believe the house to be dirty. There was that one house that was covered in cat stuffed animals like Garfield, Hello Kitty and the like. And the place reeked of cat urine, to the point it made our eyes water.

So, if you wuv your pets but need to sell your house, know that you have a better chance of selling appealing to all buyers if you do what you can to make the evidence of your fur babies presence as minimal as possible.