Are you or someone you know looking for a home in Farragut? A shortage of homes here is making it tough. Click here to find out about a sneak peek open house of this gorgeous Farragut home before it hits the market on Friday! Don’t lose out on another one! REALTORS of course are welcome! Share with your friends!
Farragut TN Dogwood Trail is Open! Now Through April 26th.
The 7.9-mile Farragut TN Dogwood Trail will wind through Farragut, TN as part of the Dogwood Arts Festival’s 2015 Trails & Gardens event. The 7.9 mile trail is just part of over 60 miles of trails in the Knoxville area, the Farragut Trail will be open from April 8th to April 26th.
The Dogwood Arts Festival, currently in it’s 55th year, celebrates the natural and cultural beauty of East Tennessee. On the Farragut Trail you’ll enjoy 487 homes throughout Fox Den, Country Manor and Village Green subdivisions. All are welcome and invited to enjoy the trail with a walk, bicycle ride or drive.
The official sponsor of the Farragut Trail, “First Watch: The Daytime Café”, is hosting a weeklong “Bloomin’ Breakfast” event from April 13th to 17th, which will feature daily drawings and the opportunity to win a year-long weekly breakfast for two. The first 50 guests each day will receive a First Watch mug or coozie.
CLICK HERE FOR A .PDF MAP OF THE FARRAGUT TRAIL
CLICK HERE FOR A LIST OF MAPS TO ALL THE TRAILS AND GARDENS
Pending Home Sales Rise in Farragut TN, Knoxville and Nationally
The National Association of REALTORS® just released their latest Pending Homes Sales Index and it showed that homes going into contract in February increased to their highest level since June 2013.
The Pending Home Sales Index is based on pending sales of existing homes and is a great indicator of the current market. A sale is considered pending when a contract has been signed but the transaction has not closed yet. Typically the sale is finalized within 1-2 months of signing.
The report shows the Pending Home Sales Index is now 12% above February 2014. This is the highest level it has achieved since June 2013, and it has increased year-over-year for 6 months straight. The current level is above what is considered “the average level of activity” – for the 10th month in a row.
Pending Home Sales in Farragut TN and Knoxville
Knoxville area pending sales were up 13.5% year to date and the monthly numbers are up 20% compared to March of last year. Pending sales in Farragut are up 8.5% year to date and the March numbers are up 5.9%. I feel that the Farragut numbers would be higher if we weren’t experiencing a shortage of homes for sale, as active homes for sale in Farragut are down 13.8% year to date, and down 24% for the month of March. The current Absorption Rate in Farragut (months of inventory) is at only 4.22 months, when a normal amount of inventory is considered 6 months.
Here is a visual showing the National Pending Sales numbers:
What does this mean for you?
If you are considering selling a home in Farragut or Knoxville this is a clear signal that now is the time to put your home on the market. When inventory is low you can expect to sell your home faster and for closer to your asking price (provided it is priced correctly in the first place). If you are considering buying a home in Farragut or Knoxville, expect stiff competition. This isn’t the market it was a few years ago when you went in and made lowball offers. Today that will just result in someone else getting the house you love. It’s important to have a professional to guide you in the process, to help you determine if the home you like is priced correctly and assist you in negotiating a win-win scenario for you and the seller. If you are either looking to buy or sell a home in Farragut or Knoxville, contact me, Troy Stavros with Gables & Gates, REALTORS at 865-999-0925 via phone or text. I’d love to sit down and discuss your goals, so together we can formulate a plan to help you achieve them. I’m here to serve you! I look forward to talking soon.
Tuesday Morning Home Tour: Bridgemore & Gettysvue
This week on the Tuesday Morning Home Tour we visited two of Knoxville’s premier luxury subdivisions, Bridgemore and Gettysvue. We toured two Farragut homes for sale in Bridgemore on Hammock Lane and one stunning home in Gettysvue on Hidden Green Lane. The homes on today’s tour were priced at $934,900, $999,900, and $1,680,000. While our Tuesday Morning Home Tours are not always so grandiose, these beautiful homes brightened up what turned out to be a dreary, rainy Tuesday. All three homes are for sale and listed by Gables & Gates, REALTORS (Agents: Susie Lash & Janet Debusk Hensley). See below the video for pictures and details of each home.
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Home Buying Advice: Buy Your Home Soon To Save Money
So there is plenty of home buying advice I could give you, and if you read my articles regularly you know they span quite a bit of information. But right now, the most important information I can give you is to buy your Knoxville or Farragut home soon. You might be asking, Troy, what’s the big rush? Well, if you are thinking about buying in the next couple of months that is fine, but if you are thinking about waiting until next year, it could cost you quite a bit of money. Why is that? Home prices and mortgage interest rates.
Here is what the experts say we should expect:
- Freddie Mac’s latest Primary Mortgage Market Survey reports the 30-year fixed rate at 3.7%. That’s a great rate!
- Freddie Mac’s projection for a year from now is that the rate will be 4.7% (a full percentage point higher).
- The Home Price Expectation Survey predicts that home prices will appreciate by 4.4% during this same time.
Let’s take a look at how these two factors would effect your monthly mortgage payment if you decided to wait until next year to buy a home in Farragut or Knoxville, or anywhere for that matter.
What does this mean for you?
If the experts projections are correct, it’s plain to see in the chart above that to purchase the same house one year from now would cost you significantly more per month. If you don’t want or can’t afford to pay more per month, then you have only one choice… buy less house. The increase in home prices and mortgage rates puts a big dent in your buying power. To summarize, buy now and get more house for less money. Wait a year, get less house for the same money or the same house for more money. Can you see why this is so important!? If you have any questions or if you would like to sit down and discuss getting your home search started, contact me, Troy Stavros with Gables & Gates, REALTORS at 865-999-0925 or email me HERE to schedule a time that is convenient for you. I look forward to hearing from you. I’m here to serve you!
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Knoxville and Farragut TN Real Estate Market Snapshot – March
Here are the most recent (March) statistics for the Knoxville and Farragut TN real estate markets.
Here are the Knoxville TN real estate market stats for March. The highlighted stats are:
- Median sold price of Knoxville homes in March = $153,000
- Median list price of Knoxville homes in March = $159,900
- Median days on the Market for Knoxville homes = 74 days
- Homes sold in Knoxville in March = 1097
- Homes listed in Knoxville in March = 2569
- Absorption Rate in March for Knoxville = 8.55 months
- Year to Date Knoxville home sales are up 4.4% through March compared to last year.
- Year to Date Knoxville home prices are up 10.74% through March compared to last year.
Here are the Farragut TN real estate market stats for March:
- Median sold price of Farragut homes in March = $308,750
- Median list price of Farragut homes in March = $409,000
- Median days on the market for Farragut homes in March= 42 days
- Homes sold in Farragut in March = 40
- Homes listed in Farragut in March = 74
- Absorption Rate in March for Farragut = 4.23 months
- Year to Date Farragut home sales are up 24.7% through March compared to last year.
- Year to Date Farragut home prices are up 14.35% through March compared to last year.
Have questions about the market or anything Knoxville or Farragut real estate related? Contact me, Troy Stavros with Gables & Gates, REALTORS and I’d be happy to answer any questions you have!
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