Troy Stavros, Author at 865 Real Estate

Home Price Trends in Farragut, Knoxville & Beyond

March 20, 2015 By Troy Stavros

I recently wrote an article that talked about why homeownership far outweighs renting when it comes to building net worth and also posted another article about why a billionaire says buying a home to live it is the single best investment. One of the most important factors when seeing if owning a home is a good investment, is to look at the quality of that investment over time. We can do that by looking at the home price trends in Farragut, Knoxville, and beyond. We all know from looking at the stock market that investments fluctuate. Some years they go up, other times they go down, but most experts say it’s important to buy and hold an investment to allow it to really be fruitful. That’s what we typically do with owner occupied real estate. We buy it to live in for years to come. Let’s see how our investment would have done if we bought over the last few years.

Farragut TN Home Price Trends

From 2013 to 2014 median home price went up by 15.72%
From 2012 to 2013 median home prices went down by -4.07%
From 2011 to 2012 median home prices went down by -2.64%
From 2010 to 2011 median home prices went up by 2.71%
From 2009 to 2010 median home prices went up by 2.52%
From 2008 to 2009 median home prices went down by -12.24%
From 2007 to 2008 median home prices went up by 10.55%
From 2006 to 2007 median home prices went down by -3.42%
From 2005 to 2006 median home prices went up by 6.26%
Today’s median sale price in Farragut is $315,750 compared to $265,000 in 2006.

So, these numbers show us that over the last 10 years, even going through the real estate downturn, the average home in Farragut saw a price appreciation of 15.39%.

Knoxville TN Home Price Trends

From 2013 to 2014 median home price went up by 2.66%
From 2012 to 2013 median home prices went up by 4.72%
From 2011 to 2012 median home prices went down by -1.36%
From 2010 to 2011 median home prices stayed flat at 0.00%
From 2009 to 2010 median home prices went down by -0.07%
From 2008 to 2009 median home prices went down by -5.41%
From 2007 to 2008 median home prices went down by -4.52%
From 2006 to 2007 median home prices went up by 3.74%
From 2005 to 2006 median home prices went up by 6.80%
Today’s median sales price in Knoxville is $149,900 compared to $145,000 in 2006.

This shows us that Knoxville as a whole over the last 10 years, even after the housing downturn, the Greater Knoxville area saw a price appreciation of 6.56%.

National Home Price Trends

The infographic below shows the history of appreciation in the national housing market:

What does this mean for you?

While the numbers above might not look like a home run investment as far as percentage increases go, ask yourself, what other investments can you live in and enjoy with your family? What other investments can you pay down and build equity in? What other investments can you sell after two years and keep all of the profit that you’ve made, tax free! I don’t know of any others. Plus, have you seen what your money earns in the bank lately?

The following graphic shows what experts predict as far as home price trends over the next 5 years:

Keep in mind that all of the numbers above are median averages, and always remember that real estate is local. Local, down to the side of the street you live on sometimes. Your neighborhood might be appreciating significantly more or less when compared to one across town for various reasons. This is why it’s important to find a trusted real estate advisor, who knows the local Farragut real estate or Knoxville real estate markets. If you have questions about the market in your neighborhood, or want to know how much your home could sell for today, feel free to contact me, Troy Stavros with Gables & Gates, REALTORS and I would love to help. I am here to serve you!

Searching Homes for Rent Knoxville TN? Think again!

March 18, 2015 By Troy Stavros

Are you ready to get out of an apartment and into something larger? Searching homes for rent Knoxville TN? You might want to think twice about that. Here is why. A recent study by the National Association of REALTORS® that studied “income growth, housing costs and changes in the share of renter and owner-occupied households over the past 5 years in metropolitan statistical areas throughout the U.S.,” showed that over the last 5 years, average rent rose 15%, yet the income of the renters only rose 11%. For those currently renting, the difference between rent and income could get you stuck in a place where it becomes impossible for you to save up the funds for a down payment on a home.

THE BENEFITS OF HOME OWNERSHIP

One of the biggest benefits of homeownership is the ability to protect yourself from rising rents and have a fixed dollar amount for your housing costs for the life of your mortgage. Did you know that there is a good chance that your monthly living expenses will go down if you buy a home? That’s right! Many buyers find that their mortgage payments are less than what they were paying in rent.

The other huge benefit of home ownership is forced savings and building your net worth. The Federal Reserve conducts the “Survey of Consumer Finances” every 3 years where they collect data across all social and economic groups. Here are some of their findings:

The average American family has a net worth of $81,200.
61.4% or $49,856 of that net worth is home equity.
A homeowner’s net worth is 36X greater than a renters!
The average renter has a net worth of $5400 while the average homeowner has a net worth of $194,500.

THE REAL DIFFERENCE BETWEEN RENTING AND OWNING

You might be asking yourself why the numbers above are so different. Here is a practical example. A renter, who has rented year after year, is paying their landlord’s mortgage for them. We know that over that last 5 years rent has risen by 15%. So each year the renter is paying more rent to their landlord, yet that renter’s income might not be rising at the same pace as their rent. Therefore over time it effects their net worth negatively. A homeowner on the other hand, has a fixed dollar amount to pay for their housing, because they locked in their interest rate and monthly mortgage payment for up to 30 years when they purchased their home. When they pay their mortgage payment every month, a portion of that payment goes to interest (to pay the bank) and the other portion goes to principal (which pays down the balance of their loan). Whether or not their income increases or not, we know that home values are projected to increase by an average of 3.5% per year for the next 5 years. As the homeowner pays down their balance and the value of their home increases, this builds their home equity, which in turn builds their net worth. It’s no wonder that billionaire investor, John Paulson, recently stated, “I still think, from an individual perspective, the best deal investment you can make is to buy a primary residence that you’re the owner-occupier of.” (you can read that article HERE)

If the example above wasn’t convincing enough, here are 5 financial reasons to buy a home.

I CAN’T QUALIFY FOR A MORTGAGE. ARE YOU SURE?

Another study has found that many renters have actually saved up the amount of money necessary for a down payment on a home, but they don’t think they’ve saved enough or think they can’t qualify for a loan. Unfortunately, this simply isn’t true, even if you’ve had a short sale, foreclosure, or bankruptcy in the past.

According to Freddie Mac: “Depending on their credit history and other factors, many borrowers can expect to make a down payment of about 5-10%. And new 3% down financing options for qualified borrowers could mean a down payment as little as $6000 for a $200,000 home.”

HOW CAN I FIND OUT IF I CAN BUY?

If you are searching homes for rent in Knoxville, it’s time get off the rental roller coaster and stop the cycle of rising housing costs. Many have been caught in this trap. You might be ready and willing to buy a home, but don’t think you are able. Let’s change that! Contact me, Troy Stavros with Gables & Gates, REALTORS today and I will walk you through the EASY process of finding out if you are in a position to buy a home. Take this huge step towards increasing your net worth and more financial freedom. I hope to talk with you soon!

Thinking of Buying a Home Soon? Don’t Run Out Of Luck!

March 17, 2015 By Troy Stavros

Are you thinking of buying a home in Farragut or Knoxville soon? Don’t let your luck run out! With the 30 year fixed mortgage rates still below 4%, you might be on the fence about buying now or waiting, because you think you still have plenty of time to lock in a low interest rate. However, you might change your mind when you see what the experts predict will happen to rates over the next year.

Predictions for 2016 (2nd Quarter)

Fannie Mae Predicts 4.2%
Freddie Mac Predicts 4.7%
Mortgage Bankers Association Predicts 4.9%
National Association of REALTORS® Predicts 5.3%

Let’s take a look at what even a small, .5% increase in the rate could do to the net worth of your family.

Today, on a $250,000 home, with an interest rate of 3.86%, your monthly payment (principal and interest only) would be $1,173.

The Home Price Expectation Survey projects home prices will rise approximately 4.4% in the next year. So in a year, the home above would cost $11,000 more and now be $261,000. If we add on top of that the mortgage rate increase projection of Freddie Mac (about an average of all the projections) at 4.7%, the monthly mortgage payment on the same home rises to $1,354.

That is an increase of $181 per month. And if you think that’s a big chunk of change, let’s multiply it over the course of a 30 year mortgage. Ready? You pay $65,160 more, just because you waited a year to buy.

What does this mean for you?

Well, it’s pretty obvious what it means for you as a buyer. Waiting is going to cost you quite a bit of money. It’s going to shrink your buying power and affordability. That means you will be able to afford more house now, than you will in a year from now (if your income level stays the same).

What does it mean for sellers? Well, what do sellers become after they sell? Buyers! So the same holds true for you. If you are waiting to sell your home because you think it will be worth more in a year, guess what, so will the house you will be eventually buying. Then add the higher interest rate on top of that.

So what this means for you is that there is no better time to buy and sell than right now. If you are interested in talking more about any of the information above or want to discuss buying a home, or selling a home in Farragut or Knoxville, as always, don’t hesitate to contact me, Troy Stavros with Gables & Gates, REALTORS. We’ll find a time that is convenient for you to sit down and discuss your plans and goals and how to best get them accomplished. I look forward to talking with you!

Knoxville and Farragut TN Real Estate Market Snapshot – February

March 14, 2015 By Troy Stavros

Here are the most recent (February) statistics for the Knoxville and Farragut TN real estate markets.

Here is a quick Knoxville TN real estate market snapshot for February. The highlighted stats are:

Median sold price = $150,000
Median list price = $155,000
Average days on the Market = 114 days
Sold Listings = 878
New Listings = 1723
Absorption Rate = 8.65 months
Homes sales are up 5.3% compared to last year.
Home prices are up 13.08% compared to last year.

Here are the Farragut TN real estate market stats for February:

Median sold price = $315,750
Median list price = $409,900
Average days on the market = 107 days
Sold listings = 26
New Listings = 46
Absorption Rate = 4.23 months
Year to Date home sales are up 25% compared to last year.
Year to Date home prices are up 5.97% 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!

11412 Gates Mill Drive, Knoxville, TN 37934 NEW LISTING!

March 13, 2015 By Troy Stavros

UPDATE: THIS HOME WENT UNDER CONTRACT IN JUST 14 DAYS! Just listed in Farragut’s Sweet Briar Subdivision is this beautiful home located at 11412 Gates Mill Drive, Knoxville, TN 37934. It will be like living in a new home as the interior has been completed remodeled. From a brand new custom kitchen with stunning cabinetry, and island, granite countertops, and stainless steel appliances to all new hand-scraped hardwood floors throughout the main level, to all new bathrooms, new HVAC system, new hot water heater, new garage door, new windows, new deck, and the list goes on. Enjoy the best of both worlds, a like new home in an established Farragut subdivision full of big mature trees and larger lots. Contact me, Troy Stavros with Gables & Gates, REALTORS® today to schedule your private showing of 11412 Gates Mill Drive, Knoxville, TN 37934 in Farragut’s Sweet Briar Subdivision!

11412 Gates Mill Drive, Knoxville, TN 37934

$298,000

Property Type: Single Family Bedrooms: 4 Square Footage: 2,462 Status: Closed

Current Price: $298,000 List Date: 4/01/2015 Last Modified: 11/16/2019

Overview

Description

Enjoy the best of both worlds. An established Farragut neighborhood with mature trees but a home that is like new on the inside. Enjoy your morning coffee on your 34foot rocking chair ready, stacked stone, front porch.Cook up dinner in the stunning new eat-in kitchen. Walk across the new hand-scraped hardwood floors to any of the multiple entertaining areas. Read a book on the back deck while listening to the custom water feature. All 4 bedrooms up including the owner's suite with updated bath

Listing Details MLS# 916883

Location Tax Legal Info

House #: 11412
Street Name: Gates Mill
St Suffix: Drive
State/Province: TN
Zip Code: 37934
PIN #: 130mg009
Subdivision: Sweet Briar

Contract Info

Auction Y/N: No
Listing Price: 300000

General Property Description

Type: 2 Story
Lot Dimensions: 105x153xIRR
Site Built: Yes
Restrictions: No
SqFt - Total (Aprox): 2462
SqFt - Main Lvl: 1412
SqFt - 2nd Flr Lvl: 1052
# Bedrooms: 4
Baths - Full: 2
Baths - 1/2: Yes
# of Rooms: 10
Fireplace: Yes
# Fireplace: Yes
Property Status: N/A
HOA: Voluntary
Year Built: 1988
Bonus Room: No
Extra Storage: Yes
SqFt - Down Lvl: 0
SqFt - 3rd Flr Lvl: 0
Basement: No

Status Change Info

Status Change Date: 2015-05-06
Under Contract Date: 2015-04-11
Sold Date: 2015-05-06

Sewer

Sewer Info: PUBLIC

Water

Water Info: PUBLIC

More Information

Location, Tax & Legal Info

Area: Knox County - 1
Property Sub-Type: Residential
Community: Farragut
City/County Code: County
Elementary School: Farragut Primary
Middle School: Farragut
Total Tax: 1559.04
High School: Farragut

Remarks & Misc

Directions: I40 West to Campbell Station Road, Left onto Campbell Station to LEFT at 3rd Stop Light (Herron Road) to dead end then RIGHT onto Gates Mill then LEFT onto Gates Mill Drive. Home on LEFT, SIGN IN YARD.
Public Remarks: Enjoy the best of both worlds. An established Farragut neighborhood with mature trees but a home that is like new on the inside. Enjoy your morning coffee on your 34foot rocking chair ready, stacked stone, front porch.Cook up dinner in the stunning new eat-in kitchen. Walk across the new hand-scraped hardwood floors to any of the multiple entertaining areas. Read a book on the back deck while listening to the custom water feature. All 4 bedrooms up including the owner's suite with updated bath

Atchd/Dtchd Type

Detached: Yes

Style

Traditional: Yes

Construction

Frame: Yes

Siding

Cedar: Yes
Stone: Yes

Fireplace

Wood Burning: Yes

Cooling

Ceiling Fan(s): Yes
Central Cooling: Yes

Floors

Carpet: Yes
Hardwood: Yes
Tile: Yes

Garage/Parking

Garage Spaces: 2
Attached: Yes
Garage Door Opener: Yes
Main Level: Yes
Side/Rear Entry: Yes

Basement

Crawl Space: Yes

Lot Description

Level: Yes
Wooded: Yes

Fuel

Electric: Yes
Gas (Natural): Yes

Heat

Forced Air: Yes

Dining Area

Eat-in Kitchen: Yes
Formal Dining Area: Yes

Appliances

Dishwasher: Yes
Disposal: Yes
Microwave: Yes
Range: Yes
Refrigerator: Yes
Smoke Detector: Yes

Other Rooms

Bedroom Main Level: Yes
Den/Study: Yes
Family Room: Yes
Laundry/Utility: Yes

Exterior Features

Deck: Yes
Porch - Covered: Yes
Prof Landscaped: Yes
Windows - Insulated: Yes

Misc Features

Internet Available: Yes
Kitchen Island: Yes
Pantry: Yes
Walk-in Shower: Yes
Walk-In Closet(s): Yes
Washer/Dryer Connect: Yes
Whirlpool Tub: Yes
Wired for Internet: Yes

New Financing

Cash: Yes
Conventional: Yes
FHA: Yes
New Loan: Yes
VA Loan: Yes

Showing

See Agent Instructns: Yes

Property Features

Style: Traditional Construction: Frame Siding: Cedar; Stone Basement: Crawl Space Lot Description: Level; Wooded Fireplace: Wood Burning Floors: Carpet; Hardwood; Tile Fuel: Electric; Gas (Natural) Heat: Forced Air Cooling: Ceiling Fan(s); Central Cooling Appliances: Dishwasher; Disposal; Microwave; Range; Refrigerator; Smoke Detector Other Rooms: Bedroom Main Level; Den/Study; Family Room; Laundry/Utility Misc Features: Internet Available; Kitchen Island; Pantry; Walk-in Shower; Walk-In Closet(s); Washer/Dryer Connect; Whirlpool Tub; Wired for Internet Exterior Features: Deck; Porch - Covered; Prof Landscaped; Windows - Insulated Dining Area: Eat-in Kitchen; Formal Dining Area Showing: See Agent Instructns New Financing: Cash; Conventional; FHA; New Loan; VA Loan

Room Information

Room Name	Room Level	Dimensions	Room Remarks
Living Room	Main	18x13.5	1 of 2 Main Level Entertaining Areas
Family Room	Main	15.2x15	Open Directly to the Kitchen & Deck
Kitchen	Main	18x16	Completely New Kitchen w/ Island
Dining Room	Main	15.2x12.5	Access from Kitchen & Living Room
Master Bedroom	Second	18x12.5	Window seat + All New Bathroom
Bedroom 2	Second	13x11	All new flooring & closets
Bedroom 3	Second	11x11	All new flooring & closets
Bedroom 4	Second	11x11	All new flooring & closets
Other	Main	34x6.5	Stacked Stone, Rocking Chair Front Porch

IDX

Listing Office: Gables & Gates, REALTORS

Last Updated: November - 16 - 2019

The data relating to real estate for sale on this Web Site comes from the IDX Program of the East Tennessee REALTORS® Multiple Listing Service. © Copyright 2026 All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. This information is updated daily, however, some of these properties may subsequently have sold and may no longer be available. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision.

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For Sale By Owner Knoxville TN? Be Prepared!!!

March 11, 2015 By Troy Stavros

With a good market for homes in Farragut and Knoxville, some sellers might be seduced into trying to sell their home on their own without the assistance of a real estate professional (or For Sale By Owner Knoxville TN or FSBO). So if you choose to try that route, what can you expect? First and foremost you can expect to negotiate.

While good real estate agents in Knoxville and Farragut are trained and have years of experience in negotiation, in most cases, folks selling their home for sale by owner do not. Especially in the negotiation of real estate. While studies show that using a real estate agent, on average, nets a homeowner 13% more on the sale of their home, why is that?

Here are the reasons:

NEGOTIATION: Here is who you, as someone selling For Sale By Owner, will have to negotiate with because you don’t have a REALTOR®:

The potential buyer who is looking to buy the house at the lowest price possible
The buyer’s agent who’s job is to ONLY represent the best interests of the buyer
The buyer’s attorney (should they choose to use one)
The home inspector who works ONLY for the buyer and who will undoubtedly find issues with your home.
The termite company if issues arise.
The buyer’s lender to make sure financing is on track and also in the event that you are asked to participate towards closing costs and prepaids.
The home appraiser in the event there is a question of value and you are required to provide information on how you priced your home.
The title company should there be any questions regarding prior ownership, liens on the property from contractors, permit issues or any other challenges with certificate of occupancy.
The town or county in the event you need to get the information to give to the title company for proof.
They agent and or person buying the buyer’s house in the event there are any snags in the sale of their home (as most buyers will be selling a home to purchase yours).
Your bank in the case of a short sale.

MARKET EXPOSURE (it’s simple supply and demand. The more eyeballs that see the home, the more interested buyers, the higher the selling price. With over 90% of buyers looking for their home online, professional marketing is crucial. That marketing is using high quality pictures and video and putting those pictures and video on ALL of the available real estate portals that buyers use to search. I mean let’s be honest, do you really think you can expose your home to more people than a professional agent?

WHERE ARE THE BUYERS? First, as stated above, they are on the internet, but 2nd and just as important, the buyers are working with real estate agents. From above we know that over 90% of buyers use the Internet to search for homes, and that’s huge. But just as huge from the perspective of a home seller is the statistic that says that 90% of home buyers who used the Internet to search for a home, ultimately purchased through a real estate agent!

As you can see, there is quite a bit that goes into selling a home in Farragut and Knoxville. And we haven’t even touched on paperwork. The paperwork involved in selling and buying a home has dramatically increased with the ongoing addition of disclosures to protect all parties and additional mandatory regulations. Going it alone may open you up to legal issues down the road. This, along with many other reasons, is why the percentage of homeowners choosing to sell For Sale By Owner in Knoxville and Farragut has dropped significantly. Nationally, people selling FSBO has dropped from 19% to 9% over the last 20+ years. Heck, I even read in an article that the Chief Executive of BuyOwner.com, when it came time to sell his Florida mansion, decided to list with a real estate agent instead of going it alone. If that story wasn’t enough, a few years back, Colby Sambrotto, the CEO of ForSaleByOwner.com, also called in a real estate agent when it was time to sell his home. That’s pretty telling! Two high powered executives, of companies trying to convince people to sell homes through their FSBO sites, recognized the value in using a real estate professional.

Obviously the choice is yours, but before you decide to tackle the myriad of challenges involved in selling your home For Sale By Owner, sit down with a professional in your marketplace to see what they have to offer. If you are in Farragut or Knoxville, contact me, Troy Stavros with Gables & Gates, REALTORS and I’d be happy to sit down and talk about your situation and how I can help. Interested in finding out what your home could sell for? CLICK HERE.