If you are wondering what your Farragut or Knoxville area home is worth and you think Zillow is going to give you an accurate “zestimate”.  Think again.  I sold a home yesterday in Farragut’s Fox Den Subdivision and the Zestimate on the day of the closing was off by more than $100,000!  The home at 228 Baltusrol Road, Knoxville, TN 37934 (which was actually my personal home) closed on February 27th, 2015 for $690,000.  What did Zillow say it was worth on the same day?  Are you ready for this?  $585,583.  Zillow was off by a whopping $104,417.  Can you see how important it is to have a local professional guide you in the process?  There are folks selling their homes for sale by owner, pricing them according to the Zillow Zestimate, that could be losing huge amounts of money.  Sites like Zillow and Trulia and sites that say they can give you an “instant estimate” are simply pulling information from tax records, which in Knoxville are known for being inaccurate.  They aren’t taking into account and updates you’ve done, or any special features your home might have that can drastically effect the sales price.  For example, in Fox Den, if you had an identical house, and one was on the golf course and one was across the street (not on the golf course), there would be a huge difference in what those homes could sell for.  For an accurate estimate on what your home could sell for, call a local real estate agent who knows the market.  Are you thinking about selling? Contact me, Troy Stavros with Gables & Gates, REALTORS® today to schedule a time to sit down and talk about your situation.  Are you interested in finding out the real worth of your home?  Click here to find out.
Knoxville Home Sales – Winter Housing Market Update
You may have read some national headlines lately regarding the housing market, but how have Knoxville home sales fared? The National Association of REALTORS® recently released their Existing Home Sales report and like most typical news sources, many headlines are blowing January’s decline in home sales out of proportion to grab attention, without really looking at the numbers.  Headlines such as, “Existing home sales collapse in January despite low mortgage rates”.
Anyone in real estate can share with you the common knowledge that there is a slowdown in the winter months.  Many markets share this seasonality and January is where it often hits. This can be seen by the graph below.  But what the news media doesn’t share is that nationally, existing home sales increased by 200,000.  Knoxville home sales, in January of 2015 saw a 10.1% increase over January of 2014 and Farragut home sales saw a 33.3% increase!  Over the last year, Knoxville also saw the median sales price increase by 11.62%, Farragut saw a 3.32% increase.  A big reason Knoxville home sales are down in January of this year, is that the inventory of homes for sale in Knoxville and Farragut have decreased, Knoxville by 8.7% from January of last year and Farragut down 12.5%. On a month to month basis, inventory in Knoxville has decreased by 7% from December of 2014 with Farragut down 6%.  You might be asking yourself, where has the inventory gone?  Much of it is now under contract, as the number of homes “pending sale” increased from December of 2014 to January of 2015 by 25% in Knoxville and 27% in Farragut!  This screams that buyers are in the market and that equals demand.
So demand is there, as witnessed by the graphic below showing that buyer demand is actually 3x greater than last year.
The chief economist of the National Association of REALTORS®, Lawrence Yun, mentioned what he feels is the real cause of the January slowdown: “Realtors® are reporting that low rates are attracting potential buyers, but the lack of new and affordable listings is leading some to delay decisions.”
The buyer demand is there, buyers are out looking, but they are having trouble finding their dream home amongst the low inventory.
What does this mean for you?
If your plan was to wait until Spring to sell your home in Knoxville or Farragut, that plan may not help you get the most money for your home with the fastest sale.  The information above points to right now being the optimum time to go to market.  If you have any questions about selling or you would like to sit down and discuss your plans, contact me, Troy Stavros with Gables & Gates, REALTORS® to schedule a time that works best for you.  Interested in finding out how much you could sell your Knoxville or Farragut house for?  CLICK HERE TO FIND OUT.Â
Reasons To Sell Your Home Now in Farragut or Knoxville
Ready for the two big reasons to sell your home right now in Farragut or Knoxville? Way back in high school, when we sat through that exhilarating class called Economics, we learned that when you are selling anything, you will get the most money when the demand for the item you are selling is high and the inventory of that item is low. Â Better known as the Theory of Supply and Demand.
If you are contemplating selling your home in Farragut or Knoxville, here are two visuals that help explain why there is no better time than now.
SUPPLY
The latest Existing Home Sales Report released by the National Association of REALTORS® shows that nationally, the “month’s supply” of available homes dropped to 4.4 months worth of inventory.  This number translates to the lowest it has been in over a year.  Locally these numbers are even more telling as the number of available homes in Farragut is down 7.2% from last year and Knoxville as a whole is down 6%.
DEMAND
Also according to the National Association of REALTORS®, compared to January of last year, buyer activity (demand) was 3X higher.  This equals buyers who are in the market now, waiting for your home in Farragut or Knoxville to hit the market.
WHAT IT MEANS TO YOU
Putting your Farragut or Knoxville home up for sale when demand is high and supply is low will no doubt increase your chances of a higher price and a faster sale.  Using the same rule of Supply & Demand, waiting until Spring for more supply (competition) to hit the market would have the opposite effect.  Interested in talking more about getting your Farragut or Knoxville home on the market ASAP?  Contact me, Troy Stavros with Gables & Gates, REALTORS® today so we can schedule a time to sit down and talk about your situation.  Wondering what your Farragut or Knoxville home could sell for? Click here to find out.
Are Home Prices Going Up in Knoxville and Farragut?
Whether you are thinking about selling your home in Knoxville or buying a home in Knoxville you will want to ask, “are home prices going up in Knoxville?”. Â Knowing whether home prices are going up can determine whether it is a good time to buy or sell a home, at what price you should buy or sell a home, and whether it makes financial sense for you to buy or sell home.
Last week the National Association of Realtors® released their quarterly Metropolitan Media Area Prices and Affordability report.  The report showed that the majority of metropolitan areas experienced steady to slightly stronger price growth in the fourth quarter of 2014.  The reasons for this price growth is a combination of a decline in housing supply coupled with an increase in demand caused by lower interest rates and a stronger job market.
So where do Knoxville are Farragut stand as far as their home prices?
The median home price of a home in Farragut, TN came in at $312,900. Farragut saw a whopping 12.55% increase in the median sales price when comparing December of 2013 to December of 2014 and a 15.53% increase year over year. Â Why? Â Let’s go back to the basic principles we learned in our high school economics class. Â Supply and demand. Â The supply is low. Â Inventory levels are down 7.2% from this same time last year and demand is higher because of the reasons stated above.
Knoxville as a whole saw a 4.2% increase in the median sales price over the 4th quarter of 2014. The median home price came in at $150,800, and the inventory of available homes was down 6% from 2013.
So, to answer our question… Are home prices going up in Farragut and Knoxville? YES! How does knowing this information help us if we are thinking about selling or buying a home in either Farragut or the Knoxville area in general?  It screams, now is the time!  Prices are rising and interest rates are near historical lows.  If you are selling it means that your home is probably worth more now that it has ever been, and if you wait for it to increase even more, the home you will be buying will be increasing at the same rate.  If you are looking to buy a home, the time is now as well.  Prices should continue to rise and interest rates are expected to rise as well throughout the year.  Rising prices and rising rates means less affordability for you as a buyer, so the longer you wait, the less you can afford (this holds true for sellers who will turn into buyers as well).  Everyone’s goals and reasons for selling and buying are different, so contact me, Troy Stavros with Gables & Gates, Realtors® today to sit down and discuss how I can help you achieve those goals.  Are you interested in seeing what your Farragut or Knoxville area home might sell for?  CLICK HERE.  I look forward to serving you in any way that I can!  Talk with you soon!
Interested in how other parts of the country are fairing? Â Check out the interactive map below.
Home Staging Advice: What Rooms To Stage
Everyone needs home staging advice in Knoxville.  Home staging can make a huge impact not only in the amount of showings you receive (because of how your home looks in pictures), but also how quickly your home sells.  The infographic below shows the results of the recent National Association of REALTORS® 2015 Profile of Home Staging.  Here is a summary of the findings:
- Median amount spent on staging is $675.
What rooms are the most important to stage:
- Living Room
- Kitchen
- Master Bedroom
- Dining Room
- Bathroom
- Children’s Bedroom
- Guest Bedroom
- 80% of REALTORS® said that staging a home will bring a higher offer.
- 96% of buyer’s agents said staging has an effect on how buyer’s view a home.
- 81% of buyers said staging makes it easier to visualize the property as a future home.
- Almost 50% of buyers said it made them more willing to schedule a showing.
These results just solidify why I utilize staging in all of my listings.  It is a big part of my marketing plan for selling a home in Knoxville.  Our Knoxville home stager will walk through your home and give you home staging advice to implement, making it ready for pictures and buyers.  Contact me today if you have any questions and visit us often to get home staging advice in Knoxville.
Home Staging Advice To Make Your Home Show Better
Staging your home prior to going on the market is vital.  That is why it is a service I provide for every one of my listings.  Our professional home stager gets your home looking “just right” for pictures, video, and potential buyers. Below is some great home staging advice that you can do yourself, from the interior designers at Houzz.
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