Selling a house in Knoxville can be both exciting and stressful. Whether you’re downsizing, moving for a new job, or trying to offload an inherited property, the decision to sell is a major one. While working with a real estate agent is the most common route for homeowners, there are certain facts about the selling process that an agent may not disclose upfront.
In this article, we’ll discuss six crucial facts about selling your Knoxville house that your agent might not tell you. Understanding these points will help you make a more informed decision about whether listing with an agent is really the best route for your specific situation.
1. Real Estate Agents Work for a Commission, and It’s Not Cheap
One of the first things an agent may not emphasize is that their services come with a cost—a significant one. Most real estate agents in Knoxville work for a commission, which typically ranges between 5% and 6% of the final sale price. This commission is split between the buyer’s agent and the seller’s agent, but it comes out of your pocket as the seller.
For example, if you sell your Knoxville house for $300,000, you could be paying $18,000 in commissions. That’s a huge chunk of your hard-earned money that you might prefer to keep.
Why They Don’t Tell You: Agents want you to focus on the potential profit from the sale rather than the costs involved. They may gloss over the fact that you will lose a large portion of your earnings to their commission.
Alternative: Selling your house to a cash buyer means you avoid realtor commissions altogether, allowing you to keep more of your home’s value.
2. You Will Likely Have to Make Repairs Before Listing
Before listing your Knoxville house on the market, most real estate agents will advise you to make repairs, even if they are minor. From cosmetic upgrades like a fresh coat of paint to more significant repairs like fixing the roof or plumbing, these changes can quickly add up in both cost and time.
What agents often fail to mention is that you might not recoup the full cost of these repairs in the final sale price. In some cases, homeowners spend thousands of dollars making repairs, only to see a marginal increase in their sale price.
Why They Don’t Tell You: Agents know that homes in better condition tend to sell faster and for higher prices, which benefits them because they earn more commission. However, they may downplay the actual cost of these repairs and how they could impact your bottom line.
Alternative: Cash home buyers purchase properties “as-is,” meaning you don’t have to spend time or money making repairs. This option is ideal for Knoxville homeowners who don’t want the hassle of fixing up their house before selling.
3. Your House Could Sit on the Market for Months
While real estate agents often highlight the advantages of listing your house on the open market, they may not emphasize the fact that your home could sit for months without a serious offer. Depending on the condition of the market and your home, the average listing period can range anywhere from 30 to 90 days or longer. During this time, you’re responsible for ongoing costs like mortgage payments, utilities, and maintenance.
Some Knoxville homes take longer to sell due to location, price point, or condition. The longer your house stays on the market, the more likely you are to have to lower your asking price to attract buyers.
Why They Don’t Tell You: Agents are motivated to make the sale but might not fully prepare you for the possibility of a long listing period. They may also downplay the financial strain of holding onto a property for an extended time.
Alternative: Selling to a cash buyer can significantly reduce the selling timeline. Cash buyers often close in as little as a week, saving you months of waiting and holding costs.
4. You Might End Up Paying for Staging and Marketing Costs
Most homeowners assume that when they hire a real estate agent, the agent will cover all marketing costs. However, in many cases, agents expect the seller to pay for services like professional photography, virtual tours, and home staging. While these services can make your home more attractive to potential buyers, they can also be expensive.
Staging your home can cost hundreds, if not thousands, of dollars, depending on how much work is required. Professional photography and online marketing campaigns can also add to your expenses. These extra costs are often necessary to compete in a crowded Knoxville real estate market.
Why They Don’t Tell You: Agents may initially downplay these costs to get you to sign a listing agreement. Once you’re committed, they may recommend additional marketing strategies that require out-of-pocket expenses on your part.
Alternative: When you sell your Knoxville house for cash, you don’t need to worry about staging or marketing. Cash buyers purchase homes directly, without the need for professional photos, open houses, or virtual tours.
5. Open Houses and Showings Are Inconvenient and Intrusive
If you list your home with an agent, be prepared for open houses and showings. This process can be inconvenient and stressful, especially if you’re still living in the house. You’ll need to keep the home in “show-ready” condition at all times, which can mean constant cleaning and tidying.
Agents will often schedule showings with little notice, and you’ll be expected to vacate the property during each one. This can be especially difficult for Knoxville homeowners with young children, pets, or busy schedules.
Why They Don’t Tell You: Agents know that open houses and showings are necessary to attract buyers, but they may downplay the inconvenience. After all, more showings mean a higher chance of selling your home, which benefits the agent.
Alternative: Selling to a cash buyer eliminates the need for open houses and showings. Since cash buyers purchase homes directly, there’s no need to worry about keeping your house pristine for potential buyers.
6. Not All Offers Will Go Through as Planned
Even after you receive an offer on your Knoxville house, there’s no guarantee that the sale will close. Many traditional buyers rely on financing from banks or mortgage companies to complete the purchase, and if something falls through during the loan approval process, the deal can collapse. This is especially common if the buyer has a low credit score or if the home doesn’t appraise for the asking price.
In some cases, buyers may back out of the sale due to issues discovered during the inspection or because they find a different property they like better. When this happens, you’re back to square one, waiting for another offer to come through.
Why They Don’t Tell You: Agents want you to believe that once you get an offer, the sale is a done deal. They may not emphasize the possibility that financing issues, inspection problems, or buyer’s remorse could derail the process.
Alternative: Cash buyers don’t rely on bank financing, meaning there’s little risk of the deal falling through. When you sell your Knoxville house for cash, you can rest assured that the sale will go through quickly and smoothly.
Conclusion: Consider All Your Options Before Selling
While real estate agents can offer valuable services, it’s essential to understand the full picture before listing your Knoxville house. From commission fees and repair costs to staging and the potential for delayed closings, there are several factors that agents might not fully disclose.
If you’re looking for a faster, more convenient way to sell your Knoxville house without the stress and hassle of listing it on the open market, consider selling to a cash buyer. As cash home buyers, we specialize in providing Knoxville homeowners with fast, fair cash offers, allowing you to avoid commissions, repairs, and long waiting periods.
If you’re ready to sell your Knoxville home quickly and for cash, contact us today at (865) 935-8680. We’re here to help you find the best solution for your situation.