Igor Blevin's, "A Native Californian in Knoxville" (Memphis: houses, landscaping)

[Igor Blevin]

I am being patient but the sooner I get into a home the better, financially.

I am waiting to find the "right" home and need more inventory for a much better selection. I have no doubt it will hurt me financially to wait as home prices are still rising, even as sales are falling.

I do not see a price crash in Knoxville. Knoxville is growing on fundamentals and prices will continue to go up. Any modest price correction will be small and short lived. The sooner I buy a home, the less I will pay. I am now willing to just "buy anything" just to avoid a higher price later on.

This will be the last home I ever buy and it has to at least be something I desire. It is just very hard finding what I want with such low inventory and poor selection, and lack of starter homes in top neighborhoods.

[TheShadow]

Are you combing Zillow, Realtor.com, and Redfin on a frequent basis?

What is your wish list of must haves, want to haves, and absolute deal breakers, s well as your desired neighborhoods and/or radius you're willing to live within?

[Igor Blevin]

Originally Posted by TheShadow

Are you combing Zillow, Realtor.com, and Redfin on a frequent basis?

What is your wish list of must haves, want to haves, and absolute deal breakers, s well as your desired neighborhoods and/or radius you're willing to live within?

A appreciate your help but I am on a slower track right now.

After a 2 month home search this spring, I renewed my apartment lease until next summer. I would break my lease for the ideal home, but I have resigned myself to a patient year of waiting for inventories to rise with a better selection of homes on the market as housing cools off going into the recession. I haven't contacted either of my 2 recommended Realtors yet.

I browse the new listings on Realtor.com every few days to keep abreast of the trends. MOst new listings are already "pending" or "under contract" but it is changing. Listings and days on market are slowly rising. My patience should eventually pay off.

I am currenly focused on West Knox west of Morrell Rd, including Farragut. 37922, 37934. I don't want to settle for other areas unless or until I find over the coming year that I can't get anything here. It is an expensive area, so under $450k is not so common.

Failing finding a home here, I will consider. the rest of West Knox not too close to an Interstate freeway, Karns and Powell. Possibly Halls Crossroads but not sure. Possibly Hardin Valley, but traffic is so bad and they are still building. Nothing east of Fountain city or in South Knox.

Maryville is my fall back if all else fails especially as single story homes are more common there. I am just emotionally hooked on this western half of West Knox. Since this is my last ever home, I am starting off picky.

I would like a 2000 SQFT single-story home under $450,000, less than 20 years old on a 1/3 acre lot.

[TheShadow]

Okay, great. Now I have a good idea what you're looking for. I think right now, you are right to wait. with the increase in interest rates, buying will slow down, and as demand drops, so will prices and the feeding frenzy.

[Igor Blevin]

Knoxville metro growth is so strong. I think prices rise 5% or so over the next year. That won't hurt me. It is the 30%+ price appreciation the past 2 years that hurts. That horse has already left the barn.

My reason for waiting is emotional.

Selection is poor. Inventory is low. It is even worse among homes priced below the median. I don't see many homes I love. Single-story home listings are few and far between. This will be my last ever home and I am hoping it will be something I love, rather than settle for.

I drove all around Maryville again yesterday. It just does not "feel like home" the way the western Knoxville metro does. I can't explain it since they look so similar, but Maryville is out. What I love about Maryville, I can always visit easily from west Knoxville.

I don't think Knoxville home prices will fall in the near future, but being patient may help me find a motivated seller who is willing to come down in price a bit from the norm. That might help me get a $500,000 home I love for $460,000 or some such. Just have to be patient.

[creeksitter]

I see a number of single story homes in the 37923 zip code, some below 400,000. These look like homes that would be good for aging in place. I did a search for 1 story and they didn't show up, probably the realtor just forgot to add that designation, so don't use that limit, you will tell easily enough from the photo. I realized Farragut is further out but as you've found, new construction is usually 2 story.

I suspect they would need updating though I didn't look through the pictures. But you are young enough to wrangle workmen whenever the inevitable slump happens and they are readily available.

I'll suggest looking at the lots and location - that's the things you cant change.

If you put in an offer, include a letter about what you like about the house. Just don't talk about yourself as that could violate fair housing laws. Don't hesitate to put an offer even on a new listing if you really like the place. That will signal that you are interested and could be contacted if the deal falls through. Whatever you do don't call the seller motivated. That is insulting and implies they can't manage their money. Or it makes you look like a real estate predator and there are far too many of those in this town.

[TheShadow]

You might also consider homes considered basement ranch style. they do have a downstairs, but all the main living is on the entry level, downstairs is usually just a spare bedroom, storage, and a family room. You might not use it, but it doesn't hurt anything being there.

[Igor Blevin]

Originally Posted by TheShadow

You might also consider homes considered basement ranch style. they do have a downstairs, but all the main living is on the entry level, downstairs is usually just a spare bedroom, storage, and a family room. You might not use it, but it doesn't hurt anything being there.

That would be super as I could use the lower area for storage and occasional use. I can tackle stairs today but I am not so sure about 10 years from now. I would also consider any 2-story home where the master bedroom is on the ground floor - uncommon but they are around.

As always, thanks for your help & knowledge.

Meanwhile, I am finding the humid 75-90 degree temps to be unpleasant. I do miss how those temps feel when the air is dry.

Not to say higher temps are pleasant in humidity, but generally when it is 95 here it is more like 102-105 in Sacramento, so the difference in heat index feel is not so much as both are "hot". I don't feel any difference. Maybe it is 85 in Sacramento when it is 78 here, but that is a pleasant dry 85. That 75-90 range is where I am finding I miss the dry atmosphere.

[Ampleapricots]

Originally Posted by Igor Blevin

That would be super as I could use the lower area for storage and occasional use. I can tackle stairs today but I am not so sure about 10 years from now.

We used to have this type of home, had finished basement with had a nice home theater/gaming areas, storage room too, but now I really want stairs-free house. While things are still ok today, 5 or 10 years from now it may be an issue.

Good luck with your home search.

[Igor Blevin]

I see a high proportion of 2 story homes in Farragut and West Knoxville. I am still curious how people here handle climbing stairs in their late 70s and 80s. Descending is worse, as that is when falls happen and cause more severe damage. Are the elderly that fit and spy in Farragut & West Knox? I have to admit, I don't see many handicap ramps among houses around here.