Renting vs. Buying

BY “J.T.” JENNIFER TORGESON

LAST YEAR, 2022, was a tumultuous year in the real estate/lending market. We saw interest rates rise at an alarming pace while home prices increased to levels Knoxville was not used to experiencing. Summer and fall were fraught with bidding wars, low inventory, and little certainty as to when it would end. Next came the holidays, which turned many exhausted and frustrated homebuyers’ focus away from the chaos.

2023 has arrived with interest rates and home prices leveling off. Available homes are receiving fewer offers, with sellers and builders often offering incentives to buyers. It is almost always a better financial decision to buy rather than rent, so I thought I’d list some of the pros and cons of each.

Buying Pros

• Equity building - you pay each month towards an asset YOU own, not your landlord

• Stable housing expense - aside from increases in property taxes/insurance, your payment will remain fixed (unless you obtain an adjustable-rate loan)

• Tax deduction - the interest you pay can help reduce your taxable income, which could lower the amount you have to pay to the IRS

Cons

• Closing costs and down payment requirement possibility

• Lack of flexibility in the event of relocation/ lifestyle changes

• Responsible for home repair costs

Renting Pros

• Flexibility to change residence as often as lease allows

• Not responsible for home repairs

CALLING ALL pet owners, animal welfare advocates, and people searching for a fun family-friendly time! Knoxville’s biggest pet parade and party is on March 4th. Register your pet to participate in the paw-rade that starts in the Old City at 11 am and travels through downtown to World’s Fair Park or join the spectators along the route.

MARCH 16TH ANNUAL Visit MardiGrowl.org for more information 24 EVERYTHING KNOXVILLE February 2023

• No closing costs/down payment requirement

Cons

• Housing expense typically higher than buying

• No equity achieved

• Harder to put down roots in community

Still not sure what the best choice is for you? Give me a call and let’s discuss further!

Mortgage Investors Group

“J.T.” Jennifer Torgeson

865.691.8910

JTsMortgageProfessionals.com

WE ASKED trend forecasters to look into their crystal balls to see what the future holds for spring ’23… color! Lots of it, with blue being one of the most prominent hues. It shouts, “Hey spring, we need you here!” There are many shades of blue available in fashions, but the strongest for this season is royal blue. Lucky for all of us, this vibrant shade looks striking on nearly every woman!

Pinks are also flooding the market in every shade, from the shocking to the subtle. Rich fuchsias, bubble gum, blush, and dusty rose are only a few of the options you’ll be able to choose from.

Color is always a huge buzzword for spring, and this year is no exception! Shades of blue are some of the favorites for most everyone; ranging from chambray for a more casual feel to aqua, evoking energy and excitement… and, of course, navy for spring is always a mainstay!

Let us help you color your wardrobe for spring… find out what’s trending at The Lily Pad and how these new looks work for you!

The Lily Pad Boutique

209 N. Main Street Sweetwater, TN 37874 423.337.5537

LilyPadBoutiqueOnline.com

KNOXVILLE POLAR PLUNGE FUN FUNDRAISER FOR SPECIAL OLYMPICS

TENNESSEE

February 18 West Side Family YMCA

Support Special Olympic Athletes

Get the Official Plunge T-shirt

Bragging Rights for a Brave Endeavor

“Too Chicken to Plunge!”

Options Available

Onsite registration opens at 10 am Costume contest at 11 am

Plunge begins at 11:30 am

SpecialOlympicsTN.org/polar-plunge