Troy Stavros, Author at 865 Real Estate

Parade Of Homes: Exclusive Videos of 3 Knoxville Luxury Homes

November 14, 2013 By Troy Stavros

We recently completed the 2013 Knoxville Parade of Homes. We spent time visiting each of the homes. We partnered with a few of the builders and created some exclusive live videos to share with you. These three Knoxville luxury homes are what we felt were some of the best this year. Two of the homes were located in the Bridgemore subdivision in Farragut and the other was on a private property off Duncan Road.

The first Knoxville luxury home, called the “Sogni Tuscani”, located in the Bridgemore subdivision is a Tuscan style luxury home inspired by an Italian farm house. It features 6 bedrooms, 7 full baths and is over 9300 square feet. It was designed by Jack Herr Design Associates, Inc. out of Brentwood, Tennessee and built by BrookWood Construction & Enginneers, LLC of Knoxville. This home was pre-sold prior to the Parade of Homes.

The second Knoxville luxury home, “The Shelby”, is located on a private property off Duncan Road in West Knoxville and has a traditional American farm house inspiration. It features 4 bedrooms, 4 full and 2 half baths, and over 5400 square feet. It was designed by Jonathan Miller Architects and was built by Charles R. Atkins, Inc., both of Knoxville, Tennessee. This home was pre-sold prior to the Parade of Homes.

The third Knoxville luxury home, the “Autumn Grove”, located at 809 Hammock Lane, Knoxville, TN 37934 in the Bridgemore Subdivision, has a French estate inspiration. It features 4 bedrooms and 4.5 baths with over 5200 square feet. It is currently being offered for $985,700. It was designed by Jack Herr Design Associates of Brentwood, Tennessee and built by BrookWood Construction & Engineers, LLC of Knoxville, Tennessee. Additional information regarding this Knoxville home for sale can be found below the video.

Contact Troy Stavros, with Gables & Gates, REALTORS at 865-599-9444 with any questions or for assistance in building or buying a home in Knoxville, TN.

Real Estate In The Year Ahead… What To Expect

November 11, 2013 By Troy Stavros

Whether you currently have your Knoxville home on the market, are planning on selling in the future, are searching for a home in Knoxville, or plan to be, knowing what the real estate landscape will look like in the year ahead can help you make a plan. What can we expect moving forward for the rest of 2013 and through 2014 in the Knoxville real estate market? The video below, recorded yesterday, answers many of those questions. Lawrence Yun, Chief Economist with the National Association of REALTORS, gives us his professional opinion on how far we’ve come the last few years and what we have to look forward to in the real estate market in the year ahead.

A summary of the main points include:

We’ve experienced a 20% cumulative gain in homes sold over the last 2 years
We’ve experienced double digit price gains in the last 2 years
We are seeing a decline in affordability (caused by the higher home prices, slower income increases and rising interest rates)
Decline in affordability will level out the rapid growth of home sales
Home prices will continue to rise because of a continued inventory shortages
Job growth will increase the pool of home buyers
Look for a possible loosening in the mortgage underwriting (approval) standards
Mortgage interest rates should rise and average approximately 5.3% by the end of 2014
Price increases will be more moderate

What does this mean for you as a Knoxville home seller or home buyer? If you are selling a home in Knoxville you will benefit from the continued price gains, but the rising interest rates could effect the number of buyers that can afford your home. Also, once you’ve sold your Knoxville home you typically turn into a buyer. Those buying a home in Knoxville will be effected by the decline in affordability caused by the higher home prices and rising interest rates. Continued shortages in inventory will mean longer home search periods and having to pay closer to asking price because of increased competition for Knoxville homes.

Our advice would be to start the process now. Take advantage of the current mortgage rates and home prices before they start rising. While many buyers will wait until Spring, starting now means you will face less competition which could ultimately save you even more money.

How Does Your Knoxville Home Search Process Compare?

November 9, 2013 By Troy Stavros

When buying a home, a Knoxville home search can be a different experience for each buyer depending on various factors, however there are many similarities. Whether you are just starting your Knoxville home search, in the middle of one, or just closing on your dream home, take a look below and see how you compare to the averages. The following data regarding the home search process was compiled in the recently released 2013 Profile of Home Buyers and Sellers completed by the National Association of REALTORS.

42% of home buyers said their first step in the home-buying process was looking online for properties.
14% of home buyers first looked online for information about the home buying process.
92% of home buyers used the Internet in their home search process.
87% of buyers who used an agent while searching for a home, found them to be a useful source of information.
The typical home buyer searched for 12 weeks and viewed 10 homes.
For more than half of buyers, finding the right home was the most difficult step in the home buying process.
Approximately nine in 10 recent buyers were at least somewhat satisfied with the home buying process.

How do you stack up to these numbers when you look at your Knoxville home search experience? Comment below and let us know! Also let us know if you can think of any ways to improve the experience. Thanks!

Tennessee Students Surpass All Other States in Growth

November 7, 2013 By Troy Stavros

Here is some exciting news. According to the 2013 National Assessment of Educational Progress, Tennessee students surpassed all other states in growth from 2011 to 2013, making Tennessee students the fastest improving state in the nation. The NAEP results also showed that Tennessee had the largest growth of any state in a single testing cycle since NAEP started nationwide assessments a decade ago. Often known as “the nation’s report card,” NAEP assesses students in 4th and 8th grade reading and math. All 50 states have taken NAEP since 2003, and the results are regarded across the country as the best way to compare educational outcomes across states. Tennessee students’ combined growth on all four tests in 2013 exceeded the growth of all other states. Way to go kids! Great job teachers!

Is the appeal for types of neighborhoods in Knoxville changing?

November 7, 2013 By Troy Stavros

Is the appeal for types of neighborhoods in Knoxville changing? A recent study by the National Association of REALTORS shows that more and more Americans are showing a preference for walkable neighborhoods that combine a mix of homes and stores. The survey actually shows that your typical suburban neighborhood, with just homes, is the least popular.

I have to admit, the thought of being able to take a short stroll down a landscaped sidewalk, waving and possibly talking to neighbors on the way. Then stopping at a corner shop for a cup of coffee or a bite to eat does sound desirable. It almost puts you in a time machine back to the way things used to be before we traded welcoming front porches for private back patios.

Here are some interesting findings from the National Association of REALTORS®’ 2013 Community Preference Survey:

60% of Americans surveyed say they favor neighborhoods with a mix of houses, stores and other businesses that are easy to walk to over neighborhoods that require greater driving.
78% of respondents said that the neighborhood is more important to them than the size of the home.
57% said they would give up a home with a larger yard if they could have a shorter commute.
55% said they’d give up a home with a larger yard if they could live within walking distance to schools, stores, and restaurants.

With mixed use neighborhoods in Farragut and Knoxville springing up like The Cove at Turkey Creek and Northshore Town Center, we are seeing this trend slowly arriving at our doors here locally. What are your thoughts about the survey results? Do you agree with them? What are you looking for in your ideal neighborhood? Is walkability a big factor? Comment below and let us know.

One Of The Most Important Things To Do When Buying A Home

October 28, 2013 By Troy Stavros

When buying a home today, with the current stringent lending guidelines, a client’s credit score plays a pivotal role in whether or not they will be approved for a loan. One error on a client’s credit report can be the difference between being approved or denied a loan. That is why it is so important that each person obtain and review a copy of their report each year, giving them to ability to find and correct errors effecting their credit score.

The Consumer Finance Protection Bureau released a report revealing only one in five people actually obtain a copy of their credit report each year. The report also stated that consumers reached out to credit reporting companies about 8 million times to challenge information on their report. Overall, the actions led to 32 to 38 million disputed items.

The instances of being able to get a mortgage with less than stellar credit are behind us. A recent report by Ellie Mae, which represents 20 percent of all U.S. mortgage originations, found the average FICO score for a closed loan was 732, while the average denied loan had a score of 696.

Once approved, the effect your score has on your loan doesn’t stop. A loan savings calculator provided by myFICO, the consumer division of FICO, shows how credit scores can effect the interest rate one would receive on a mortgage. As of October 28th, 2013, a person with an average FICO score of 760-850 would receive a 3.765% rate on a 30-year fixed rate mortgage. However, if one had a score of 620-639, the rate would be 5.354%.

Just because you aren’t planning on purchasing any Knoxville real estate this year, doesn’t mean you shouldn’t be reviewing your credit report. Oftentimes it could take months to get an error off your report. With your credit score being one of the most important tools in getting a loan approval, it’s best to always keep it sharp. For current homeowners, it also is a major part of refinancing. Not a homeowner? More and more employers are looking at a prospective employees credit report before hiring. Yearly review is just good practice all around.