A Smart Buyer’s Guide to Finding the Perfect Knoxville Homes for Sale

More and more people are looking to live in Knoxville, Tennessee for many reasons. With its thriving economy, vibrant culture, and beautiful surroundings, it’s no wonder why. Also, the city is home to a wide range of properties. From condos to waterfront homes, you’ll find what you’re looking for here.

However, you should remember that buying Knoxville homes for sale is a substantial investment to make. So, you should ensure you are making the right decisions in every step of the process.

In this article, we will provide a comprehensive guide on how to buy the perfect property in the city that suits your budget and lifestyle. We’ll also offer you some tips to make the move hassle-free for you. So, put on your buyer’s hat, and let’s get started!

Getting Financing for Homes for Sale Knoxville TN Has Today

Before you begin your Knoxville home search, it’s best to get pre-approved for financing, first. This will give you a good idea of how much you can afford for the purchase and set a budget accordingly.

Types of Mortgages That You Can Take Out

When buying a Knoxville property for sale, you’ll have various mortgage options available. Here are those that most first-time home buyers use.

Conventional Mortgage

This would be the most popular financing option for buying homes. In this type of mortgage, you’ll have to make a down payment of at least 20% of the property’s value. However, some lenders would allow lower down payments, but of course, it would come with higher interest rates.

Also, conventional mortgages can have fixed and adjustable rates. For fixed rates, you will have a fixed monthly payment for the entire loan term. On the other hand, adjustable-rate mortgages (ARMs) may offer lower interest rates but could increase later on as market conditions change.

Government-Backed Home Loan

If you’re eligible, you can get a government-backed home loan. This type of mortgage is typically for people with lower incomes or limited resources. It’s your best option when you don’t have enough money for a down payment or cannot meet the credit score requirements of conventional mortgages. 

One type of government-backed loan that you can opt for is the Federal Housing Administration (FHA) loan. Here, you can make a down payment as low as 3.5% of the purchase price. However, keep in mind that it could come with higher interest rates, and you would be required to pay for private mortgage insurance (PMI).

Other types of government-backed loans that you may qualify for are Department of Veterans Affairs (VA) loans and Department of Agriculture (USDA) loans.

Jumbo Loan

If you’re looking to buy luxury houses for sale in Knoxville, TN, you can take out a jumbo loan. This is for properties with higher prices than the standard limits set by Freddie Mac and Fannie Mae. Keep in mind that these loans are more difficult to qualify for compared to conventional mortgages, as lenders would require you to have a high credit score and stable income.

How to Increase Your Chances of Getting Approved for a Mortgage

To get approved for a mortgage, lenders would evaluate your financial records, such as income, debt-to-income (DTI) ratio, and credit score. So, to increase your chances of getting approved for financing, make sure that you have the following.

  • A good credit score of at least 620 or higher
  • A stable income
  • A DTI ratio of 36% or lower

You should also be aware that lenders would require you to have a certain amount of liquid assets for the down payment and closing costs. In case you don’t have enough cash on hand, you can check out other financing options, such as grants and loans from family members. 

Finding the Perfect Knoxville Property for Sale

With financing in hand, you can now start searching for houses for sale in Knoxville TN. Here are the essential factors to consider.


The location will have a significant impact on your lifestyle. If you’re single and looking for a vibrant area with plenty of entertainment options, Downtown Knoxville would be a great option. However, if you have children or plan to start a family soon, it would be best to choose areas with public schools nearby. If you’re moving to the city for a job opportunity, you should find a house within commuting distance from your workplace.

Best Areas to Buy a Home in Knoxville

Knoxville is dotted with great neighborhoods, but the following are our top picks.

  • Platinum Drive
  • Woodland Reserve Lane
  • River Club Way
  • Bethel Hollow Drive
  • Rose Cottage Way

These areas are known for being accessible to great schools, low crime rates, and proximity to amenities, like shopping centers. They’re also within a short commute distance from the city center.

Style of Home

During your search, you should prioritize Knoxville homes for sale that fit your lifestyle. If you don’t have time to maintain a property, condos and apartments would be ideal as these typically have lower maintenance requirements. On the other hand, if you want more room for outdoor activities and need extra space for storage, single-family homes are the way to go.

Property Size and Layout

Knowing a property’s size and layout will allow you to get a picture of how you’ll be living in it. You should check the number of bedrooms and bathrooms, as well as the size of the kitchen and other common areas. Consider how these would match your current or future needs. You’ll know these details by checking Knoxville real estate listings.

It’s also a good idea to take virtual tours of the property. In case you cannot do that, you should request an in-person tour with your real estate agent.

Condition of the Property

Of course, nobody would want to end up with a house full of problems. So, make sure to visit the property in person and perform a walk-through. Check for signs of damage, such as water leaks, cracks in the walls and foundation, mold growth, and more. You should also request recent records of repairs or check if any inspections were done to assess the home’s condition.

Special Features

A home with special features can offer numerous benefits. For starters, it could increase the property’s value and make living for you and your family more comfortable, convenient, and enjoyable.

You can look for homes with energy-efficient features, such as solar panels, water catchment systems, high-efficiency air conditioners, double-glazed windows, and rainwater harvesting tanks. These could help you save on energy bills and reduce your carbon footprint.

One with a pool or an outdoor living space can also be a great option if you love spending time outdoors. These spaces can provide an area to relax and entertain guests. You may also find ones with outdoor kitchens, gazebos, decks, and fire pits.

Moreover, you should check if the home has security features, such as surveillance cameras and alarm systems. An automated system for controlling lighting, cooling, and heating can also be a great feature to have!

Potential Resale Value

There’s always the possibility that you would want to sell your home in the future. Perhaps, you’re planning to upsize or downsize in the coming years. Or, you need to move for another job opportunity.

In any case, you should always consider the home’s resale value before investing in it. Look for homes in areas with low crime rates and new businesses or developments popping up nearby, as these could increase the property’s worth over time.

How a Knoxville Real Estate Agent Can Help?

real estate agent helping a couple find homes for sale Knoxville TN has today

An experienced real estate agent is an invaluable resource when hunting the best homes for sale Knoxville TN has today. All you need to do is tell them your criteria and budget, and they’ll do most of the legwork of searching potential properties for you.

Apart from finding the perfect home, they can also negotiate with sellers on your behalf. With their in-depth knowledge of home prices in the city, they can ensure that you’ll get the best deal possible. 

Moreover, a good agent will be able to help with the paperwork associated with the purchase and ensure that everything is in order.

Moving to Knoxville: Tips for a Hassle-Free Transition

Once you have bought a home in Knoxville, the next step is to prepare for the move. Here are some tips that can help make the transition smoother.

1. Create an essentials box where you can keep all your must-have items in one place so that they’ll be ready for use during or shortly after the moving day.

2. Pack non-essential items first and set aside what you want to take with you on the moving day.

3. Purge all unnecessary items before packing as this can reduce the number of boxes that need to be moved.

4. Label each box by room so that it’s easy to unpack them in the right place when you arrive at your new home.

5. Make sure that your mailing address is changed to your new place as soon as possible, so you’ll not miss any important mail during and after the move.

6. Hire professional movers to save time, energy, and money. 

By following these steps, you can make the transition much easier and faster.

Start Your Knoxville Home Search Now!

Finding Knoxville homes for sale should not be a stressful experience—it can even be fun! As long as you know what to look for and have all the necessary information ready, you should be able to find your dream home in this wonderful city without any hassle. With this guide, we hope that you now feel more confident about embarking on your home-hunting journey.

For more useful real estate tips and information, feel free to check out our other posts!