865 Real Estate

East Tennessee Real Estate & Neighborhood Source

Signs That The National Housing Market Is Performing Well

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knoxville_housing_marketEven with the rising interest rates of late (although the good news at the time of this writing is that this week rates have actually decreased to a four month low), the national housing market seems to be performing rather well.  According to the HousingPulse Tracking Survey by Campbell Surveys and Inside Mortgage Finance, although homes sales were down somewhat in September, other factors were very positive.

Here is where we see positive signs in the housing market:

  • Time on market fell to a four-year low last month. Based on September data, homes spent an average of 8.6 weeks on the market.  A big reason for the importance of this number is that time on market is actually down from the spring home buying season, when the time on market was about 10 weeks.
  • Homes are selling for a high percentage of their list price. The sales-to-list-price ratio in September was 97.5%, up from 96.1% in September 2012.
  • Sales of distressed properties, home purchases involving foreclosures and short sales, decreased to 24.6% over the three-month period ending in September, marking a four-year low.

For detailed information on the status of particular neighborhoods in Knoxville or to get an estimated value on your Knoxville home contact 865 REAL ESTATE for a no strings attached home evaluation.

Mortgage Rates Drop Significantly After Jobs Data Report

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Mortgage Rates in KnoxvilleMortgage rates fell fast yesterday, after the “Employment Situation Report” showed a less than rosy picture for labor markets.  The report, which was originally scheduled for October 4th, was delayed due to the government shutdown.  Conforming 30yr Fixed rates dropped down to 4.125% for many borrowers depending on the scenario, though some lenders remain at 4.25%.

Weak economic data historically pushes rates lower and yesterday was no exception, but there is more to the story.  The peripheral effect of yesterday’s report is that it further solidifies that the Fed will likely hold off on reducing its purchases of Treasuries.  These are the purchases that have helped to keep rates lower than what they would be normally. The recent threat of those purchases decreasing had a significant effect on mortgage rates during the summer months.

What does this mean for Knoxville home buyers and sellers?  JUMP ON THESE MORTGAGE RATES while they are this low and save yourself some money on your monthly payment.

The Best Return On A Remodeling Project Is By Far The Kitchen

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Remodeling Kitchen in KnoxvilleWithout a doubt, a kitchen has the best return on a remodeling project. The kitchen is the most important space in a home today, so when you are looking to remodel, it’s super important that you get it right.  It seems that the way people live today, more time is spent in the kitchen than any other room in the house. So, it’s important that it we designed for how people want to live.

Here are some guidelines to follow when remodeling your kitchen (brought to you by NAR’s Styled Staged Sold BLOG)

  • Since functionally kitchens are multi-dimensional social environments in addition to cooking space a good kitchen today accommodates many people and tasks. “Open concept kitchen” is the hot new term since it expands the kitchen into the family room and allows for social interaction with everyone in the family room.
  • Perhaps the biggest design feature of today’s kitchen is the center island. Peninsulas of the 1980’s and 90’s are yesterday’s news. One side of the island should have plenty of casual seating while the production side of the island can feature everything from sinks to a plain countertop work area.
  • Clean, sleek modern styling is the pulse of the day. Ornate, dark wood cabinets are passé. Simple painted white wood, light maple and, for eco-minded home owners, bamboo cabinets are all the rage.
  • Spend a good portion of your budget on appliances. Gone are the days when a plain refrigerator and basic stove will suffice.  The fancier, the better — including even high-end “toys” like wine units, if the budget allows.
  • Today’s wide range of materials and price points for countertops and backsplashes make these two areas the fashion statement in the kitchen. Give yourself permission to choose something unusual, dramatic or colorful. Mix materials even. When it is time to “freshen up” your kitchen in 5-7 years – yes, you read correctly! — change these two elements and you’ll be able to create a whole new look.

They go on to say that if you are working with a tight budget, perhaps you can figure out a way to build a small kitchen island. If the current cabinet layout is OK, install new doors. Change up the look of your kitchen with a new backsplash, or new hardware.

Things To Do In Knoxville: CUPCAKES IN THE PARK!

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Cupcakes_In_The_Park-KnoxvilleLooking for things to do in Knoxville with the family this weekend?  Like cupcakes?  Then this is for you!  A fun event is taking place at Krutch Park in Downtown Knoxville this Saturday, September 28th.  Cupcakes In The Park is a fundraiser for Helen Ross McNabb Center which supports mental health, addiction, and social services.  Sample five cupcakes for $5.  Cupcakes In The Park starts at 11AM and finishes at 3PM.   Come out and enjoy some cupcakes with the family for a great cause!

Things To Do In Knoxville: Turkey Creek Shopping Mecca in Farragut, TN

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Turkey_Creek-KnoxvilleThere are plenty of places to shop and eat in Knoxville, but no place has more shops and restaurants packed into a 3 mile stretch than the Turkey Creek Shopping District in Farragut, Tennessee.  I mean when you have a Super Walmart and a Super Target pretty much next door to each other, you know this place is for real.  From high end boutiques to cupcake shops, Turkey Creek has something for all tastes (be it style or food).