Troy Stavros, Author at 865 Real Estate

Are Home Prices Going Up in Knoxville and Farragut?

February 16, 2015 By Troy Stavros

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?”. 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. Why? Let’s go back to the basic principles we learned in our high school economics class. Supply and demand. The supply is low. 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? Check out the interactive map below.

Home Staging Advice: What Rooms To Stage

February 4, 2015 By Troy Stavros

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

January 23, 2015 By Troy Stavros

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.

12 Key Decorating Tips to Make Any Room Better

Preparing Your Home For Sale in Knoxville: Cost vs Value

January 20, 2015 By Troy Stavros

Preparing your home for sale in Knoxville can be a huge factor in ultimately getting it sold. That is the reason I have a professional home stager as part of my team. Homes need to look their best when they are going on the market, and home staging can set them apart. Oftentimes there is more to staging than just “dressing a house up” with accessories or decluttering. Sometimes larger updates need to be completed. Recently the “Cost vs. Value” report for 2015 was released. This report comes out every year and provides us with information regarding what remodeling projects have the best return. When preparing your home for sale in Knoxville, be sure to keep this report in mind. Here is a summary of this year’s findings:

The greatest return on investment comes from simple, lower cost projects. For example, the highest payback comes from the least expensive remodeling project on the list, which is a front door replacement. This project returned 101.8% on average nationally.
Other projects that were slated to recoup 100% of the cost in some areas were: midrange and upscale garage door replacement, midrange wood window replacement, and a minor kitchen remodel.
It appears that the greatest payback comes from projects that are obvious to buyers both in person and online in listing pictures. Front door, garage doors, siding (adding manufactured stone veneer showed a payback of 92.2% nationally).
The only true remodeling job (not just a simple replacement) making it into the Top 10 was the minor kitchen remodel. The minor kitchen remodel showed a payback nationally of 79.3% with an average cost of $19,226.
The region in which Knoxville falls (East South Central Region) came in 2nd behind the Pacific Region for remodeling payback, with 2 projects expected to top over 100% payback (the Pacific Region had 6).

Before you start preparing your home for sale in Knoxville and tackling some of these projects, be sure to consult your Knoxville real estate agent for advice. Many of the factors stated above vary from region to region, within different price ranges, different neighborhoods, and even from house to house. Use the Cost vs. Value 2015 Report as a starting point, but contact me, Troy Stavros with Gables & Gates, Realtors® to discuss your best course of action in preparing your home for sale in Knoxville.

3 Reasons Why The Current Housing Market Will Improve in 2015

January 13, 2015 By Troy Stavros

Word on the street, and by the street I mean housing economists, is that 2015 is going to see an improvement on the current housing market. While many are citing encouraging market trends which no doubt are good indicators, there have been some significant government actions of late that could have a meaningful effect on home buyers this year. Three actions in particular are worth noting.

Here are 3 reasons why the current housing market will improve this year:

The FHA (Federal Housing Administration) recently announced that it will lower mortgage insurance premiums to .85% annually. Lowering the premiums should make it easier for first time homebuyers to qualify for a loan and also afford more home as it directly effects the amount of their monthly mortgage payment.
The Federal Housing Finance Agency in December announced that Fannie Mae and Freddie Mac, the two largest lending entities, will offer loans with down payments as low as 3% to qualified homebuyers. This will open up the ability to purchase a home to a much larger buyer pool who didn’t have the ability to save 20% for a downpayment.
We’ve seen fuel prices cut nearly in half of late. This decline in gas prices will leave many people with more disposable income. For those worried about commuting it could expand their home options not only from a standpoint of distance to work, but monthly payment as well.

Have any questions about the market? Interested in learning more about buying or selling a home in Knoxville? Contact me, Troy Stavros with Gables & Gates, REALTORS today. I look forward to sitting down and talking with you!

Is Winter A Good Time To Sell A Home In Knoxville?

December 17, 2014 By Troy Stavros

While everyone thinks Spring is the best season of the year to sell a home, the question arises. Is Winter a good time to sell a home in Knoxville? The answer may be, it’s the best time. If you judge by the amount of competition you have, the motivation of the buyers, the time on the market and proximity of the sales price to the listing price, winter stacks up pretty well. Check out the infographic below produced by Redfin to see how selling a home stacks up in the different seasons.