Wallace Luxury Spotlight | 6841 Redtail Hawk Way Knoxville, TN 37921
Discover Unparalleled Luxury in This Custom Basement Ranch in Karns
Welcome to a stunning custom-built home designed by the renowned architect Don Gardner, nestled on a private 1.14-acre lot in the serene Karns area of northwest Knoxville. Completed in 2021, this exquisite basement ranch offers over 4,500 square feet of thoughtfully designed living space, blending luxury, comfort, and functionality to create the perfect family retreat.
This home boasts an expansive open floorplan, ideal for both family living and entertaining. The main level welcomes you with custom details throughout, including exposed beams, tray ceilings, intricate mouldings, and custom tile work. The spacious family room is perfect for gathering, while the high-function kitchen is a chef’s dream. Equipped with a gas range, a large refrigerator, and not one but TWO dishwashers, this kitchen is designed to handle everything from weekday dinners to large gatherings. The island with seating for four, combined with the breakfast room and dining room, offers ample space for casual and formal dining. The large pantry with automatic lighting adds an extra layer of convenience.
The main level is home to the primary bedroom suite, a true oasis featuring luxurious finishes and attention to detail. Two additional bedrooms, a full bathroom, and a laundry room are also conveniently located on this level, providing easy living for family and guests. For those in need of additional storage or workspace, there is a massive unfinished space over the air-conditioned three-car garage, offering endless possibilities.
The daylight walkout basement expands the living area with two additional bedrooms, including one with an en-suite full bathroom and a huge walk-in closet. A large family room with built-in shelving offers a cozy spot for relaxation, while two finished flex rooms provide versatile space currently used as a playroom and a Mother-in-Law Suite. Whether you need extra bedrooms, a home office, or a space for hobbies, this basement has the flexibility to meet your needs.
Set in a quiet, friendly neighborhood, this home offers a peaceful country feel, perfect for those who appreciate tranquility and privacy. Yet, it’s just a short drive from the vibrant downtown areas of Knoxville and Oak Ridge, giving you the best of both worlds—serenity at home and easy access to city amenities.
This property is as practical as it is beautiful, designed to accommodate the needs of a modern family while offering luxurious touches that make it truly special. From the custom architectural details to the spacious living areas and the serene outdoor setting, this home is a true retreat where your family can grow and thrive.
Listed by Dawn Walsh – The Agents Who Care -Wallace Real Estate. Click here for more information.
Wallace Luxury Spotlight | 3487 Summit Trails Drive Sevierville, TN 37862
Discover Tranquility at “Summit Trails Sanctuary”: A New Construction Retreat in The Great Smoky Mountains
Welcome to “Summit Trails Sanctuary,” a breathtaking new construction home nestled in the heart of The Great Smoky Mountains, within the luxurious subdivision of The Summit on Bluff Mountain. This exquisite residence offers the perfect blend of modern design, natural beauty, and unparalleled comfort, making it an ideal retreat for those seeking peace and serenity.
Elegant and Open Living Spaces
As you enter through the front door, you’re immediately greeted by an elegant see-thru stone fireplace that seamlessly connects the dining room and living room. This open-concept floor plan ensures that whether you’re in the kitchen, dining room, or living room, you’re always part of the conversation and can enjoy the warm and inviting atmosphere this home offers.
Luxurious Suites and Entertainment Spaces
This stunning home features two officially designated bedrooms, each with its own ensuite bathroom and walk-in closet, ensuring privacy and comfort for everyone. Additionally, there is a third room that functions as another suite, also with its own bathroom and walk-in closet, making this home perfect for hosting guests or creating your own private sanctuary. The bonus room is a haven for entertainment, equipped with a pool table, arcade game, and media setup—perfect for game nights or relaxing with a movie.
Outdoor Serenity and Mountain Views
The outdoor spaces at “Summit Trails Sanctuary” are just as impressive as the interiors. Step onto the back porch and experience true tranquility as you enjoy your morning coffee, listening to the gentle rustle of the wind through the trees and the soothing sounds of the nearby creek. The top deck features a large hot tub and comfortable seating, ideal for unwinding while taking in the stunning surroundings. On the lower patio, you’ll find a picnic table, grill, and fire pit with chairs, all within a fenced-in yard—perfect for outdoor dining, gatherings, or simply relaxing in the peaceful mountain setting.
Versatile and Turn-Key Ready
With 2,712 square feet of heated and cooled living space and a total of 3,570 square feet including the garage, front porch, back porch, and deck, this home offers ample space for a variety of lifestyles. Whether you’re looking for a permanent residence, a short-term rental, a weekend getaway, or a second home, “Summit Trails Sanctuary” is turn-key ready and designed to meet all your needs.
Your Mountain Retreat Awaits
“Summit Trails Sanctuary” is more than just a home; it’s a retreat where you can escape the hustle and bustle of everyday life and immerse yourself in the natural beauty of The Great Smoky Mountains. Don’t miss the opportunity to make this luxurious, move-in-ready property your own. Schedule a showing today and discover the peace, privacy, and luxury that await you at “Summit Trails Sanctuary.”
Listed by Hali Combs Whaley, Wallace Real Estate, Bearden Office. Click here for more info!
Wallace Luxury Spotlight | 335 Indian Cave Drive Loudon, TN 37774
Discover Luxurious Living at 335 Indian Cave: A Custom-Built Gem in Tennessee National
Welcome to 335 Indian Cave, an extraordinary residence located in the prestigious Tennessee National gated golf community in Loudon, Tennessee. This custom-built home, completed in 2022, is a masterclass in elegance and sophistication, offering a perfect blend of modern luxury and classic charm. Positioned on the 14th fairway, this property promises breathtaking golf course views and an exceptional living experience.
Timeless Curb Appeal
From the moment you arrive, the combination of hardy plank and stone exterior exudes timeless curb appeal. The meticulous design ensures that this home stands out in the neighborhood, offering both beauty and durability.
Entertainer’s Dream Interior
When you enter, you’ll discover a family room that sets the tone for warmth and comfort. The vaulted ceiling with rustic beams, cozy stone gas fireplace, and built-in bookcases create an inviting atmosphere, ideal for both relaxing and entertaining. The open floor plan seamlessly connects the family room to the kitchen, making it the heart of the home.
The kitchen is a culinary enthusiast’s paradise, featuring an oversized island with gleaming granite countertops, a beverage station, and top-of-the-line Bosch appliances. Whether you’re hosting a dinner party or preparing a casual meal, this kitchen is equipped to handle it all with style.
Luxurious Primary Suite
The primary bedroom is a true retreat, boasting a tray ceiling and a spa-like ensuite bath. Unwind in the soaking tub, enjoy the convenience of a tiled walk-in shower, and take advantage of the dual vanities for a touch of luxury and practicality.
Thoughtful Design and Versatile Spaces
Two additional bedrooms with a shared bath are conveniently located on the main level, perfect for family members or guests. The upstairs area offers another bedroom with stunning golf course views, a full bath, and a versatile bonus room or flex space that can be tailored to your needs—whether it’s a home office, media room, or play area.
Outdoor Paradise
The outdoor patio is an entertainer’s dream, complete with a stone fireplace and ample space for relaxing or hosting gatherings. Overlooking the 14th fairway, this private oasis is strategically positioned to offer optimum privacy while allowing you to enjoy the scenic beauty of the golf course.
Meticulously Maintained Landscaping
The home’s exterior is as impressive as its interior, with meticulously manicured landscaping and an irrigation system ensuring a lush and vibrant environment year-round. This attention to detail enhances the property’s charm and ensures that your outdoor space remains beautiful and inviting.
Experience Luxury at Tennessee National
335 Indian Cave offers a unique opportunity to experience the luxury lifestyle you’ve been seeking in the Tennessee National golf community. With its stunning design, premium features, and picturesque location, this move-in-ready home is the epitome of sophisticated living. Schedule your tour today and discover why this residence is the perfect place to call home.
Listed by Heather Tarantino – The Agents Who Care – Click here for more info!
Wallace Luxury Spotlight | 146 Ashton Fields Drive Lenoir City, TN 37772
Experience Lakeside Luxury in Ashton Fields: A Newly Built Home with Exquisite Details
Welcome to lakeside living at its finest in Ashton Fields, where this stunning 2022-built home offers both luxury and convenience. With lake access just steps away and a private community dock, this residence provides the perfect blend of elegance and functionality, all in a prime location near Lenoir City, just outside of Farragut and Knoxville.
From the moment you approach this home, the sophisticated all-brick exterior sets the tone for the quality and attention to detail you’ll find inside. The main level features beautiful hickory hardwood floors, while granite countertops throughout the home add a touch of elegance and durability. Every inch of this property has been designed with luxury in mind, ensuring a living experience that’s both comfortable and refined.
The heart of the home is the beautifully designed kitchen, complete with a spacious island, walk-in pantry, and stainless steel appliances. Whether you’re a seasoned chef or simply love to entertain, this kitchen offers everything you need to prepare meals with ease and style. The open floorplan ensures that the kitchen flows seamlessly into the large den, making it the perfect space for gathering around the fireplace for games, conversation, or media entertainment.
The main level owner’s suite is a true retreat, offering privacy and luxury in equal measure. The spacious bedroom leads to a fantastic bathroom, featuring a seamless shower door and high-end finishes that create a spa-like atmosphere. Upstairs, you’ll find another large primary suite, plus three additional bedrooms and two more bathrooms, providing ample space for family and guests.
Outside, you’ll discover a spacious and level backyard, offering endless possibilities for creating your own outdoor oasis. Whether you dream of a garden, a play area, or an outdoor entertainment space, this backyard has the potential to become your personal haven.
Lenoir City is known for its gorgeous lakes, community features, parks, and events, making it an ideal place to call home. With a location just outside of Farragut and Knoxville, you’ll enjoy the convenience of city living while being surrounded by the natural beauty of East Tennessee.
Don’t miss the opportunity to experience luxury living with lake access in Ashton Fields. This newly built home offers everything you need for a sophisticated and comfortable lifestyle, all in a location that’s perfect for enjoying the best of East Tennessee. Schedule your showing today and see for yourself why this home is the perfect place to make your lakeside dreams come true. The water is waiting!
Listed by Lindsay Barlow – Click here for more information!
Wallace Luxury Spotlight | 7410 Huntland Drive Knoxville, TN 37919
Discover Luxury and Privacy in Westmoreland Hills: A Corner Estate Ready to Entertain
Welcome to Westmoreland Hills Private Corner Estate, where luxury and privacy seamlessly blend to create the perfect environment for both living and entertaining. This exquisite home, situated on a prime corner lot, has undergone extensive custom upgrades in the last five years, ensuring it is move-in ready for you to enjoy.
As you enter this beautifully upgraded estate, you’ll immediately notice the attention to detail and the high-quality finishes throughout. The spacious and lavish chef’s kitchen is a true showstopper, featuring quartz countertops, a custom range hood, hidden spice racks, and a state-of-the-art water purification system. Every detail has been thoughtfully designed to make cooking and entertaining a pleasure. Adjacent to the kitchen is a formal dining room, complete with custom built-in cabinets, perfect for showcasing your most treasured possessions.
This home is an entertainer’s dream, offering multiple spaces designed for hosting gatherings and creating unforgettable memories. The expansive brick patio in the back is ideal for outdoor entertaining, while the private side entrance and mature landscaping provide the perfect backdrop for intimate gatherings. The sunroom, complete with a wet bar, adds another layer of luxury and convenience, making it the ideal spot for enjoying a drink while taking in the beauty of your surroundings.
Upstairs, you’ll find all the bedrooms, along with a bonus room that offers endless possibilities—whether you need an additional living space, a home office, or a playroom, this home has the flexibility to accommodate your needs. The three-car garage provides ample storage and parking, ensuring convenience and security for your vehicles and belongings.
Nestled behind new privacy fencing, this estate offers a serene and secluded environment, perfect for those seeking a peaceful retreat from the hustle and bustle of everyday life. Whether you’re looking for a private oasis to unwind in or a home designed to host and entertain, you’ll find everything you need right here in this Westmoreland Hills Private Estate.
With all the custom upgrades and meticulous attention to detail, this home is truly move-in ready, allowing you to settle in and start enjoying the benefits immediately.
Don’t miss the opportunity to own this exceptional estate in one of the most sought-after neighborhoods. Schedule your private showing today and discover why this Westmoreland Hills Private Corner Estate is the perfect place to call home.
Listed by The Blankinship Group – Click here for more info!
Wallace Luxury Spotlight | 3712 Tilda Hilltop Way Sevierville, TN 37862
Experience the Ultimate Mountain Getaway at “Splashing Heavenly Retreat” in Wears Valley, Tennessee
Nestled in the heart of Wears Valley, Tennessee, “Splashing Heavenly Retreat” offers breathtaking views of the Great Smoky Mountains and an unparalleled luxury cabin experience. This stunning three-level cabin is more than just a vacation home; it’s a serene escape designed for relaxation, entertainment, and unforgettable memories.
As you enter the cabin on the top floor, you’re welcomed by an expansive open-concept floor plan with soaring high ceilings that perfectly complement the stunning mountain views. The great room, designed for both comfort and style, seamlessly flows into the gourmet kitchen, which is fully equipped with two refrigerators and two large dining tables—perfect for hosting large gatherings. Step out onto the massive covered deck and soak in the panoramic views of the Smoky Mountains, an ideal spot for morning coffee or evening relaxation.
“Splashing Heavenly Retreat” features six spacious bedroom suites, each designed with comfort and privacy in mind. The top floor features two king suites, while the second level offers three more king suites and a queen bunk bed suite. Each suite is thoughtfully appointed, ensuring that every guest enjoys a restful stay. The second level also includes another large covered deck, offering more opportunities to take in the breathtaking mountain scenery.
The third level of this magnificent cabin is where the fun begins. Whether you’re in the mood for a game of air hockey, pool, or a classic arcade game, the game room has something for everyone. The theater room is perfect for movie nights, providing a true cinematic experience in the comfort of your own home. The indoor inground swimming pool offers year-round enjoyment, and the large hot tub on the covered deck is the perfect place to unwind after a day of exploring the Smokies.
Conveniently located just 10 minutes from Pigeon Forge and 15 minutes from Gatlinburg, “Splashing Heavenly Retreat” offers easy access to all the best attractions the area has to offer, including Dollywood, The Island, and the Foothills Parkway. Whether you’re dining out at one of the nearby restaurants or exploring the natural beauty of the Smokies, this cabin provides the perfect home base for all your adventures.
“Splashing Heavenly Retreat” currently sleeps 30 guests, making it an ideal investment property or the ultimate family getaway. The cabin also features a 13D residential sprinkler system for added safety. Recent updates include a new TV in the living room, new bean bags, a new air hockey table, and new quilt sets on all beds, ensuring that this cabin is ready to welcome its new owners or guests.
As an added bonus, the seller is offering a $5,000 credit toward closing costs, concessions, repairs, or updates. Don’t miss the chance to own this spectacular cabin with breathtaking views and endless amenities.
Schedule your showing today and experience the luxury and tranquility of “Splashing Heavenly Retreat.”
Listed by Hali Combs Whaley, Wallace Real Estate, Bearden Office — Click here for more information!
How to Choose the Right Commercial Real Estate Agent or Brokerage
<section itemprop=”articleBody” class=”e-content”><div class=”blogContentWrapper”><p paraeid=”{4e8f2e9e-634c-494b-9393-62f03dede058}{161}” paraid=”1019637077″><img alt=”” src=”https://d15zjc2r4e8kr7.cloudfront.net/9302/blog/Moxi%20Blog%20Images%20(900%20x%20500%20px)%20(64).png” style=”margin: 10px; width: 550px; height: 306px;” class=”featured”></p> <p paraeid=”{4e8f2e9e-634c-494b-9393-62f03dede058}{161}” paraid=”1019637077″>Selecting the right commercial real estate (CRE) agent or brokerage is an important decision that can significantly impact your business's success. Whether you're buying, selling, or leasing commercial property, the right professional will guide you through the process with expertise and confidence. </p> <p lang=”EN-US” paraeid=”{55771203-2260-43f5-9ef1-4f67f0b37d08}{79}” paraid=”374181097″ xml:lang=”EN-US”>Here are some key factors to consider when choosing the ideal CRE agent or brokerage for your needs: </p> <p lang=”EN-US” paraeid=”{c8285286-534e-443b-a3a4-75b04d24f231}{51}” paraid=”414208335″ xml:lang=”EN-US”>1. Local Expertise </p> <p lang=”EN-US” paraeid=”{c8285286-534e-443b-a3a4-75b04d24f231}{59}” paraid=”2105533249″ xml:lang=”EN-US”>The commercial real estate market varies by area and region. This is why it’s necessary to choose an agent or brokerage with deep local expertise. Your CRE professional should have a thorough understanding of the area's market trends, zoning laws, and community dynamics. This local knowledge enables them to provide insights that are essential for making informed decisions, whether you're investing in new properties or looking to sell. </p> <p lang=”EN-US” paraeid=”{c8285286-534e-443b-a3a4-75b04d24f231}{67}” paraid=”1104015965″ xml:lang=”EN-US”> 2. Global Network </p> <p lang=”EN-US” paraeid=”{c8285286-534e-443b-a3a4-75b04d24f231}{83}” paraid=”750147366″ xml:lang=”EN-US”>In addition to local expertise, consider working with a CRE agent or brokerage that is part of a global network. Access to a worldwide network of CRE professionals provides broader market insights and potential connections that can benefit your transaction. A brokerage with global reach can connect you with the right people, whether you're expanding your business to new markets or attracting international buyers for your property. </p> <p lang=”EN-US” paraeid=”{c8285286-534e-443b-a3a4-75b04d24f231}{91}” paraid=”1834262271″ xml:lang=”EN-US”> 3. Market Knowledge </p> <p lang=”EN-US” paraeid=”{c8285286-534e-443b-a3a4-75b04d24f231}{107}” paraid=”1935627165″ xml:lang=”EN-US”>The commercial real estate market is complex and constantly evolving. Your agent or brokerage should be well-versed in current market conditions, including vacancy rates, rental rates, and market demand. This knowledge will help them provide accurate property valuations, negotiate favorable terms, and identify the best opportunities for your business. </p> <p lang=”EN-US” paraeid=”{c8285286-534e-443b-a3a4-75b04d24f231}{115}” paraid=”203289765″ xml:lang=”EN-US”>4. Marketing Support </p> <p lang=”EN-US” paraeid=”{c8285286-534e-443b-a3a4-75b04d24f231}{131}” paraid=”1999973207″ xml:lang=”EN-US”>Effective marketing is crucial for selling or leasing commercial property. Choose an agent or brokerage that offers robust marketing support, including professional photography, virtual tours, targeted online advertising, and exposure through industry-specific channels. A strong marketing strategy can help your property stand out in a competitive market and attract the right buyers or tenants. </p> <p lang=”EN-US” paraeid=”{c8285286-534e-443b-a3a4-75b04d24f231}{147}” paraid=”1638657574″ xml:lang=”EN-US”>5. Reputation and Track Record </p> <p lang=”EN-US” paraeid=”{c8285286-534e-443b-a3a4-75b04d24f231}{155}” paraid=”2097789111″ xml:lang=”EN-US”>Research the reputation and track record of the agent or brokerage you’re considering. Look for testimonials, case studies, or references from previous clients. A proven history of successful transactions, satisfied clients, and industry recognition can give you confidence in their ability to deliver results. </p> <p lang=”EN-US” paraeid=”{c8285286-534e-443b-a3a4-75b04d24f231}{163}” paraid=”1222156070″ xml:lang=”EN-US”>6. Personalized Service </p> <p lang=”EN-US” paraeid=”{c8285286-534e-443b-a3a4-75b04d24f231}{179}” paraid=”1137523367″ xml:lang=”EN-US”>Finally, choose a CRE agent or brokerage that offers personalized service tailored to your specific needs. Every commercial real estate transaction is unique, and you deserve a professional who takes the time to understand your business goals and works closely with you to achieve them. </p> <p lang=”EN-US” paraeid=”{c8285286-534e-443b-a3a4-75b04d24f231}{187}” paraid=”212272623″ xml:lang=”EN-US”>Selecting the right commercial real estate agent or brokerage is essential for navigating the complexities of the CRE market. By focusing on local expertise, global connections, market knowledge, marketing support, a solid reputation, and personalized service, you can ensure that you’re working with a professional who will help you achieve your business objectives. </p> <p lang=”EN-US” paraeid=”{c8285286-534e-443b-a3a4-75b04d24f231}{211}” paraid=”738692707″ xml:lang=”EN-US”>Consider these tips as you make your choice, and you’ll be well on your way to a successful commercial real estate transaction. </p> </div><div class=”clearfix”></div><div class=”clearfix”></div></section>
Wallace Luxury Spotlight | 109 Red Grouse Drive Lenoir City, TN 37772
Live the Lake Life in Conkinnon Pointe: Executive Home with Lake Access
Welcome to your dream home in the prestigious lakefront community of Conkinnon Pointe, where luxury living meets the tranquility of nature. This executive residence offers unparalleled elegance, comfort, and the perfect setting for a serene lifestyle by the lake.
Enter a world of sophistication when you arrive in the two-story living room, featuring a stunning stacked stone fireplace that serves as the focal point of the space. The soaring ceilings and expansive windows fill the room with natural light, creating a warm and inviting atmosphere perfect for both relaxing and entertaining.
The pristine white kitchen is a chef’s delight, equipped with stainless steel appliances and designed with both style and functionality in mind. Whether you’re preparing a casual meal or hosting a dinner party, this kitchen is sure to impress. Just off the kitchen, the sunroom offers a peaceful retreat where you can enjoy your morning coffee while soaking in the beauty of your surroundings.
The owner’s suite, conveniently located on the main level, provides a private sanctuary with direct access to the exceptional deck. As you go outside, you’ll discover a true outdoor oasis, complete with a hot tub for relaxing evenings and a private flower garden that blooms with color and life. The backyard is a haven for wildlife, with turkeys and deer often making appearances as they escape to the adjoining woods.
Upstairs, you’ll find ample bedrooms, a recreation room, and two full baths, offering plenty of space for family and guests. Whether you need extra room for a home office, a playroom, or a guest suite, this home has the flexibility to meet your needs.
Living in Conkinnon Pointe means enjoying the best of lakefront living. The community offers a communal boat ramp and dock, providing easy access to the water for boating, kayaking, and paddleboarding. Additionally, there is gated boat storage available on a first-come, first-served basis, ensuring that your watercraft is always ready for your next adventure.
This exceptional home exceeds all expectations, offering a perfect blend of luxury, comfort, and natural beauty. Come live the lake life in Conkinnon Pointe and experience the lifestyle you’ve always dreamed of. Schedule your showing today and make this stunning executive home your own!
Listed by Summer Munyon, Wallace Real Estate, Farragut Office. Click here for more information!
Wallace Luxury Spotlight | 1720 Cades Cove Road Knoxville, TN 37922
Experience Modern Luxury and Rustic Charm in This Stunning Loft at Beau Monde Community
Welcome to a truly exceptional loft in the sought-after Beau Monde Community at Northshore Town Center. This 3-year-old gem combines modern luxury with rustic charm, offering a thoughtfully upgraded living space that exudes style and comfort. Whether you’re a first-time buyer, looking to downsize, or seeking a unique property with character, this loft has everything you need and more.
From the moment you enter, you’ll be captivated by the open floor plan that seamlessly connects the gathering room and gourmet kitchen. Wide plank flooring runs throughout the space, adding warmth and continuity, while custom wood beam ceilings create a cozy, inviting atmosphere. The gourmet kitchen is a chef’s dream, boasting top-of-the-line appliances, elegant finishes, and ample space for culinary creations.
This loft has been meticulously upgraded with high-quality fixtures and finishes. The downstairs half bath showcases a stylish vanity, mirror, and light fixture, all sourced from Restoration Hardware. The upgraded light fixtures throughout the loft not only illuminate the space beautifully but also add a touch of elegance to every room.
The primary suite is a retreat in every sense, offering a spacious walk-in closet with custom shelving designed for optimal organization. Every window in the loft is adorned with custom treatments from Pottery Barn, adding a layer of sophistication and privacy to each room. Even the laundry area has been given special attention, hidden behind a custom barn door that blends practicality with rustic charm.
For those who love to entertain, the loft is equipped with a state-of-the-art Sonos sound system, ensuring high-quality audio throughout the home. The rooftop is an entertainer’s paradise, featuring an oversized patio with a covered area, perfect for year-round enjoyment. Whether you’re hosting a gathering or simply relaxing under the stars, this outdoor space offers endless possibilities.
The carport area includes an additional custom closet, providing ample storage space for all your needs. Every detail in this stunning unit has been carefully considered to enhance your living experience.
This beautiful loft in the Beau Monde Community offers a unique blend of modern luxury and rustic charm. Don’t miss the chance to make it your own. Schedule a showing today and experience all that this incredible property has to offer!
Listed by Margot Dunn, Wallace Real Estate, Wallace West Office. Click here for more information!
How does the NAR Settlement affect the way REALTORS do business?
<section itemprop=”articleBody” class=”e-content”><div class=”blogContentWrapper”><p paraeid=”{88b5c4ec-6ed2-490a-8ffe-2f8d6c9f363a}{161}” paraid=”232055769″><img alt=”” src=”https://d15zjc2r4e8kr7.cloudfront.net/9302/blog/Moxi%20Blog%20Images%20(900%20x%20500%20px)%20(63).png” style=”margin: 10px; width: 551px; height: 306px;” class=”featured”></p> <p paraeid=”{88b5c4ec-6ed2-490a-8ffe-2f8d6c9f363a}{161}” paraid=”232055769″>As of August 17th, the way you work with your real estate agent is changing. Back in March, the National Association of Realtors (NAR) and home sellers in a class-action lawsuit in Missouri agreed to settle litigation regarding agent commissions. Part of the settlement that takes effect on August 17th calls for a higher level of transparency regarding the costs of working with a real estate professional. Per the new NAR policy, Realtors will be required to enter into written agreements with buyers regarding their compensation for their services before being able to tour a home with a buyer. </p> <p paraeid=”{88b5c4ec-6ed2-490a-8ffe-2f8d6c9f363a}{199}” paraid=”660072339″>It should be noted that Tennessee Realtors and their members have practiced buyer agency since 1996, but prior to the settlement, only 18 states had this practice incorporated into their policies. That means that Realtors and clients in Tennessee will experience fewer adjustments than their peers in other states. Realtors in Tennessee have, for decades, already disclosed the amount and method of compensation to both buyers and sellers if the Realtor used the forms provided by the state association. </p> <p paraeid=”{88b5c4ec-6ed2-490a-8ffe-2f8d6c9f363a}{215}” paraid=”898973816″>The change that will be felt by buyers in Tennessee is that this disclosure and agreement is now required to be made in writing before Realtors can provide a tour of a property to a buyer. While this may seem to be a complication for buyers who may be just starting to shop for a home or who may be casually looking at property, it does preserve the choices that consumers have regarding real estate services and compensation. It also ensures that the buyer understands exactly what services will be provided, and for how much. </p> <p paraeid=”{88b5c4ec-6ed2-490a-8ffe-2f8d6c9f363a}{233}” paraid=”2085112277″>There are a couple kinds of agreements buyers may choose. One type is an agreement that establishes expected services and compensation between the buyer and the agent, and another establishes the services, compensation amount and confirms the agent as the buyer’s representative in the transaction. Buyers will want to contact their own trusted real estate professional to find out which type of agreement may be best for them, depending on the type of service they need. </p> <p paraeid=”{88b5c4ec-6ed2-490a-8ffe-2f8d6c9f363a}{243}” paraid=”544413606″>Another change resulting from the settlement is that buyers may need to pay their own agent for assistance. Before the settlement, it was quite common for the buyer’s agent to be offered compensation by the seller and the listing agent, and this is still an allowable practice. Going forward, buyers can request that sellers pay a cooperating compensation to the buyer’s agent, they may choose to pay their own agent, negotiate their agent’s fee as part of their offer to purchase a home, or there may be opportunities to take advantage of seller concessions to assist with compensation for their representative. </p> <p paraeid=”{5ff32d11-41f6-443f-be34-f126ab7a39a6}{12}” paraid=”1700382992″>If your agent has been learning, following, discussing and planning for the changes taking effect on August 17th, then they will be able to guide you through the changes. </p> <p paraeid=”{279cb7ac-7321-4039-9619-39f6b175de1b}{118}” paraid=”1241859221″><em>*This article was reprinted with permission from the Knoxville News Sentinel August 11, 2024 Edition.</em></p> </div><div class=”clearfix”></div><div class=”clearfix”></div></section>