Home Values in Knoxville: What Sellers Need to Know

How to get a home value estimate

If you’re looking to find out how much your Knoxville home is worth — whether you want to determine your net proceeds or set a competitive list price — there are several tools available to help you.

Use an online home value estimator

One of the quickest and easiest ways to get a DIY estimate is by using a free online home value estimator, like HomeLight’s. These tools typically pull data from a mix of public sources to generate a rough estimate, including county records, tax assessments, and recent MLS sales and listings. HomeLight’s online estimator goes the extra mile by asking questions specific to your property to further refine the value. You can receive this preliminary estimate in under two minutes, providing a useful launching point for your home-selling plans.

Request a comparative market analysis

While online estimators are a great place to start, requesting a comparative market analysis (CMA) from a local real estate agent offers a more precise and detailed valuation for your Knoxville home.

To perform a CMA, a Knoxville real estate agent compares your property with similar homes recently sold in your area, taking into account factors like the number of bedrooms and bathrooms, total square footage, location, and any recent updates. This goes beyond an online estimate to accurately assess nuances and features specific to your home, rather than relying on online information.

Typically, CMA reports include charts, graphs, and photos to give you a well-rounded picture of your home’s worth. Many agents will offer a CMA for free as part of their services, especially if you plan to list with them, while others may charge a small fee. This valuation can help ensure you set a list price that aligns with your home’s fair market value.

Get a pre-listing appraisal

While a comparative market analysis is usually sufficient, a pre-listing appraisal might be necessary in some cases to obtain the most accurate home valuation. This is especially useful if your home has distinctive features that are hard to compare, is in a rural area with few nearby sales, or sits on a large amount of land. A professional appraisal ensures that your asking price reflects your property’s true market value, helping to avoid the possibility of your home lingering on the market.

A pre-listing appraisal isn’t necessarily cheap — it will typically cost you between $450 and $550, but can be even higher for more complex properties, like a sprawling luxury home or a farm with animals. Even if you obtain a pre-listing appraisal, keep in mind that the buyer’s lender will still require an appraisal to determine the loan amount they’re willing to provide.

How to increase the value of your Knoxville home

If you’re looking to maximize the value of your Knoxville home before selling, we’ll walk you through six key strategies to focus on:

Curb appeal: Working on curb appeal is critical first step in boosting your home’s value — in fact, 92% of realtors recommending improving curb appeal before listing, according to the National Assocation of Realtors. This can include easy tasks like freshening up mulch and flower beds, power washing the driveway, repainting the front door, and installing outdoor lights. These simple fixes can work to enhance your home’s attractiveness and make a strong first impression on potential buyers.

Strategic updates: Targeting the right home improvements can yield the highest return on your investment. Focus on updates in high-impact areas like kitchens and bathrooms, such as replacing faucets, modernizing vanities and lighting, or installing new appliances. According to Zonda’s 2024 Cost vs. Value Report, replacing the garage door is one of the best updates you can possibly make, recouping 194% of initial costs.

Necessary fixes: Be sure to address any necessary or major repairs before listing your home on the market. While it’s always a good idea to check with your real estate agent to make sure that certain repairs won’t delay a sale, it’s generally recommended to fix problems with your roof, foundation, plumbing, HVAC, or electrical systems to prevent any surprises during the home inspection.

Decluttering and depersonalizing: Decluttering and depersonalizing can also have a significant impact on your home’s sale price — one HomeLight survey found that decluttering can add $8,000 or more to your home sale. To create a blank canvas for buyers to envision themselves living in the home, remove personal items including family photos, posters, collectibles, or religious symbols from view, and clear away any excess furniture or junk that is crowding the space.

Deep cleaning: Don’t skip a thorough deep cleaning! According to one HomeLight survey, this can increase your home’s value by an average of $3,700. After all, buyers tend to be more forgiving of minor flaws or imperfections when a home feels fresh and clean. In addition to steam-cleaning carpets, washing windows, and scrubbing grout, focus on overlooked areas that could be harboring years of dust and grime, including vents, ceiling fans, and range hoods.

Home staging: Well-executed staging can help your home sell faster and for a higher price while showcasing all of its best features. HomeLight’s most recent survey revealed that professionally staged homes can sell for up to 13% more than unstaged homes, resulting in a considerable chunk of change. 67% of agents polled responded that staging is beneficial for home sales, while another 31% remarked that staging is “essential” in the current market.

Unlock Your Equity and Buy Before You Sell

Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. You can then make a strong offer on your next home with no home sale contingency.

Get Started

How to buy before you sell in Knoxville

If you’re interested in Knoxville house prices because you’ve found your next dream home, HomeLight’s Buy Before You Sell (BBYS) program could be the perfect fit for you.

Here’s how it works: BBYS allows you to unlock a portion of your current home’s equity, enabling you to make a strong, non-contingent offer on your next property. With this program, you can buy your new home first and then sell your old home while it’s vacant, making the transition smoother and avoiding the stress of multiple moves. If your home is eligible, HomeLight can unlock your equity in 24 hours, without any upfront fees or obligations.

If you decide to sell with BBYS, HomeLight charges a flat fee of 2.4% of your current home’s sale price. If this home still hasn’t sold within 90 days of closing on your new property, HomeLight will purchase it directly and continue working to sell it. Once sold, HomeLight will pass any remaining profits to you, after deducting any costs incurred.

Want to learn more? Press play on the video below for more details about HomeLight’s Buy Before You Sell program:

How to find a top agent in Knoxville

Finding the right real estate agent for your home sale can significantly impact how much money ends up in your pockets. Don’t know where to start? HomeLight’s agent matching service makes this process quick and easy. Within just two minutes, you can connect with up to three vetted agents in your Knoxville area based on their specialties, past performance, and local expertise. Because agents don’t pay to be featured, you can be confident that your matches are unbiased and tailored to your needs.

When selecting an agent, it’s important to consider their sale-to-list ratio first. This number, expressed as a percentage, compares a home’s final sale price to its original listing price, and is a key indicator of an agent’s ability to price homes effectively and secure top dollar for their clients. An agent with a high sale-to-list ratio is likely to maximize your home’s value and get it sold at or above list price.

Before you make your final decision, be sure to interview at least three agents. Here are some questions you can ask during the interview:

By leveraging HomeLight’s agent match tool and knowing which questions to ask, you’ll be well-equipped to find a local real estate expert who can help you achieve the best possible price for your home sale.

Get a free preliminary home estimate today

Whether you’re planning to sell soon or just want to keep tabs on your biggest financial asset, understanding your home’s value in relation to the Knoxville market is essential for making informed decisions. With HomeLight’s free home value estimator, you can get a quick ballpark estimate of your home’s worth in just a few minutes, providing you with a helpful starting point.

HomeLight can also connect you with top Knoxville agents to help maximize your home sale, or even assist in unlocking your equity if you’re looking to buy a new house before selling your current one. By staying informated about the latest housing market trends and leveraging these handy tools, you’ll be more than prepared to make the most out of your Knoxville home’s potential.

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