865 Real Estate

East Tennessee Real Estate & Neighborhood Source

Knoxville Real Estate Market Update for April 2014

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A recent report by the National Association of REALTORS showed that the current national housing market is underperforming by historical standards, but where does Knoxville real estate stand?

My research shows that in the four main categories (Sold Listings, Pending Listings, Active Listings, and New Listings), only one is showing positive signs here in the Knoxville real estate market.  Evidenced by the graphs below, only “Pending Listings”, or homes currently under contract, is showing a gain over last year (up 15.5%).  “Sold Listings” are down 8.6% from the same time last year, and the categories showing current Knoxville real estate inventory are down as well, with “Active Listings” down 8.1% and “New Listings” down 5.4%.

To get a better feel for how your individual price point is faring in Knoxville, dig a little deeper into the numbers below and you will see that there is a pretty wide variation between performance in differing price points.  To get an idea of where your current home may fall CLICK HERE for an INSTANT, no hassle price evaluation.

Knoxville real estate market update april 2013

Lawrence Yun, NAR’s chief economist said, “There really should be stronger levels of home sales given our population growth.  In contrast, price growth is rising faster than historical norms because of inventory shortages.”  Yun does expect improvement, however.  “With ongoing job creation and some weather delayed shopping activity, home sales should pick up, especially if inventory continues to improve and mortgage interest rates rise only modestly.”

The national median existing-home price for all housing types in March was $198,500, up 7.9% from March 2013.  Knoxville’s median existing home price was $140,000, up 4.19% from last year.

Because of the laws of supply and demand, lower year over year inventory levels will only lead to higher prices, so my advice to Knoxville home buyers would be to find a home that suits your needs and jump on it quickly before prices rise even higher.   My advice to sellers would be to get your home on the market where it could possibly bring a premium in a low inventory environment.

To discuss your Knoxville real estate goals, whether it be buying or selling, contact me, Troy Stavros with Gables & Gates, REALTORS to schedule a time to sit down and formulate an action plan.

615 E. Fox Den Drive in Farragut – On Fox Den’s 15th Fairway

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UPDATE: UNDER CONTRACT IN 19 DAYS! This is your chance to secure a rare, updated home on the Fox Den Country Club golf course for only $350,000.  These opportunities are few are far between. This Farragut home for sale is located at 615 East Fox Den Drive, Knoxville, TN 37934 in the Woodchase Subdivison. Situated on the 15th fairway, this 4 bedroom, 2.5 bath home welcomes you to the lifestyle you’ve been looking for.  Whether cooking a gourmet meal in the kitchen featuring granite counter tops with recently updated cabinetry and appliances or relaxing by the fireplace in the family room, finding a spot to relax and live life won’t be a challenge.  The back porch with automatic sunshade looks out over a flat, park-like back yard. Beyond the back yard is the always beautiful, immaculately kept, Fox Den Country Club Golf Course.  Hardwood floors throughout much of the main level as well as upstairs in the owner’s suite.  This home was remodeled from top to bottom, from the kitchen to all of the bathrooms within the last few years.  This super convenient location is only minutes to the Turkey Creek Shopping Area, all Farragut Schools, the Farragut Library, and more.  Contact Troy Stavros with Gables & Gates, REALTORS for more information or to schedule your private showing.

[idx_listing_details listing=”882337″]

844 Weatherly Hills Blvd – Southern Living Charmer For Sale

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UNDER CONTRACT IN ONLY 4 DAYS WITH MULTIPLE OFFERS! Southern Living charm emanates from this beautiful Farragut home in Weatherly Hills situated on an estate lot at 844 Weatherly Hills Blvd, Knoxville, TN 37934.  Walk up the manicured walkway that leads to the perfect rocking chair front porch.  Enter the 2-story foyer flanked by your bright dining room and main level office which is adjacent to the main level owner’s suite.  The spacious suite is complete with a large walk-in closet and bath featuring dual sink vanity, whirlpool tub, and separate shower.  The updated kitchen comes complete with Thermador and Bosch stainless steel appliances which include an oven, warming drawer, microwave, gas cooktop, and refrigerator.  The kitchen also features a separate eating area with built in seating.  Just off the kitchen are the family room with fireplace and custom built-in shelving along with a sun room which allows the room to glow with natural light. Upstairs adds 3 bedrooms, another office, and a bonus room.  This home is well suited for outdoor entertaining with it’s extensive decking that overlooks the large backyard which is suitable for a swimming pool, play set, or most anything you can imagine.   A 3 car side load garage is available for your vehicles and a huge amount of extra storage is located in the tall, walk-in crawl space.  The home has no neighbors to the rear and is a short walk to the Farragut Greenway and the Weatherly Hills neighborhood pool.  Weatherly Hills is conveniently located just minutes from the Turkey Creek shopping area, Fox Den Country Club, Willow Creek Golf Club, Regal Pinnacle Stadium 18 Cinema, and much more.  Contact me, Troy Stavros with Gables & Gates, REALTORS today to schedule your private showing or if you have any additional questions.

[idx_listing_details listing=”880618″]

West Knoxville Home For Sale On Approximately 2 Acres

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Convenient to shopping and the interstate, this rare, all brick, one level West Knoxville home for sale is situated on 1.97 acres.  Located at 1501 Francis Road, Knoxville, TN 37909 is only 2 miles or 5 minutes from West Town Mall but still has a country feel.  The home features 3 bedrooms, 2 baths, and approximately 1465 square feet. Recently updated with amenities such as: Hickory hardwood floors, ceramic tile, granite counter tops, stainless steel appliances, new sinks and faucets, maintenance free decking, new roof, new garage door, newly tiled shower in the owner’s suite, and more.  The almost 2 acres is flat and perfect for a large garden, baseball field, or both!  Bring your imagination.  For more information or to schedule a private showing contact me, Troy Stavros with Gables & Gates, REALTORS.

[idx_listing_details listing=”880039″]

The Hot Season To Buy Or Sell A Home In Knoxville Is Upon Us!

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Whether you are in a warm weather market, cold weather market, or a high tourist seasonal market, you will see the hot time of the year to buy and sell a home ebb and flow throughout the year.  There will be times of the year that will slow down and others will take off.  Locally, we are about to step into the busiest time of year to buy and sell a home in Knoxville.  As evidenced by the graphics below, we typically see a drop in sales volume, sales price, and inventory throughout the winter months.  Then once we hit February or March, the trend does an about face and the number of homes sold increases, along with the prices of those homes and the number of homes available.

Knoxville Real Estate Volume and Prices Chart March

Knoxville Homes Inventory Graph March

What does this mean for you?

  • If you are looking to sell a home in Knoxville, there is good news and not so good news.  The good news is, the odds of selling your home will increase along with the odds of selling it for a higher price.  The not so good news is you will have more competition.
  • Seller’s takeaway:  Get your home on the market as soon as possible, before more competition hits the market alongside of you. 
  • If you are looking to buy a home in Knoxville, the good news is you should be seeing more options hit the market as inventory increases.  The bad news is that you will most likely be looking at higher prices and more competition for homes as well.
  • Buyer’s takeaway:  Start looking today and when you find the right home don’t mess around.  Waiting too long or submitting low offers will invite additional offers in to compete against you.

If you are even considering buying or selling a home in Knoxville in the near future, contact me, Troy Stavros with Gables & Gates, REALTORS, to sit down and plan out your strategy for achieving your Knoxville real estate goals. I look forward to talking with you!

VIDEO: Historic Homes of Knoxville

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historic homes of knoxvilleKnoxville is home to all different kinds of homes and as a REALTOR, I’ve been in quite a few of them.  While I don’t always get to know the stories of the families that own the specific homes for sale in Knoxville, the history of a home can make it unique and actually add value.  This is one of the reasons I like to have my clients who are selling homes in Knoxville write a “What We Love About This House” note.  It gives a potential buyer a glimpse into the history and life of a house that they might not get a chance to see otherwise.

There are some great stories to be found within the Historic Homes of Knoxville.  Stories about families, stories about soldiers, history of not only Knoxville but Tennessee and the United States.  If you have an opportunity, you should take the time to visit these historic Knoxville homes and learn the rich history that was birthed within them.  The video below will give you a good introduction and possibly spur you on to visit in the near future.