865 Real Estate

East Tennessee Real Estate & Neighborhood Source

Are These Low Mortgage Interest Rates Here To Stay?

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Are Low Interest Rates Here to Stay? | MyKCM

Interest rates for a 30-year fixed rate mortgage have been on the decline since November, now reaching lows last seen in January 2018. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 4.12% last week!

This is great news for anyone who is planning on buying a home in Knoxville this spring! Freddie Mac had this to say,

“Mortgage interest rates have been steadily declining since the start of 2019. These lower mortgage interest rates combined with a strong labor market should attract prospective homebuyers this spring and could help the housing sector regain its momentum later in the year.”

To put the low rates in perspective, the average for 2018 was 4.6%! The chart below shows the recent drop, and also shows where the experts at Freddie Mac believe rates will be by the end of 2019.

Are Low Interest Rates Here to Stay? | MyKCM

Bottom Line

If you plan on buying a home in Knoxville this year, let’s get together to start your home search to ensure you can lock in these historically low rates today! Contact me, Troy Stavros with CornerStone Realty Associates at 865-999-0925 via call or text.

Today’s Homebuying Myths Slayed! [INFOGRAPHIC]

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Slaying the Largest Homebuying Myths Today [INFOGRAPHIC] | MyKCM

Some Highlights:

  • The average down payment for first-time homebuyers is only 6%!
  • Mortgage interest rates have been on the decline since November! Hop in now to lock in a low rate!
  • 88% of property managers raised their rents in the last 12 months!
  • The average credit score on approved loans continues to fall across many loan types!

Have questions or want to get the home buying process started? Contact me, Troy Stavros with CornerStone Realty Associates today at 865-999-0925.

March Knoxville Area Housing Market Snapshot

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Here’s how the current real estate market is doing through the end of March, all around Knoxville, compared to last year. Remember, real estate is hyper local, meaning your county may show one thing but your specific subdivision or home may be doing something completely different. Contact me for a personal analysis!

Here’s how the current real estate market is doing all around Knoxville. Remember, real estate is hyper local, meaning your county may show one thing but your specific subdivision or home may be doing something completely different. Hit me up for an analysis! <img src="https://farragutliving.com/wp-content/uploads/2019/03/FEBRUARY-KNOXVILLE-AREA-YTD-HOUSING-SNAPSHOT.jpg" /> Here is what is happening in the West Knoxville/Farragut real estate market. Home sales are down in Farragut compared to the same time last year, median sales price is up slightly, and we’ve seen a nice uptick in the amount of available inventory. This is good if you are looking to buy in Farragut! <img src="https://farragutliving.com/wp-content/uploads/2019/03/FARRAGUT-HOUSING-SNAPSHOT.jpg" /> The 37922 zip code in West Knoxville saw a nice jump in price, but home sales are down, most likely because of the decline in available inventory. Interested in what your personal home analysis would look like? Call or text me at 865-999-0925! <img src="https://farragutliving.com/wp-content/uploads/2019/03/37922-FEBRUARY-HOUSING-SNAPSHOT.jpg" />

 

Here is what is happening in the West Knoxville/Farragut real estate market compared to last year. Home sales are down fairly considerably in Farragut, compared to the same time last year. Median sales price is also down, and we’ve seen a small uptick in the amount of available inventory. This is good if you are looking to buy in Farragut!

MARCH FARRAGUT HOUSING SNAPSHOT

 

The 37922 zip code in West Knoxville saw a nice jump in price, but home sales are down, most likely because of the decline in available inventory.

MARCH 37922 ZIPCODE HOUSING SNAPSHOT

Not seeing your particular zip code referenced above? View the stats for your specific zip code by clicking HERE.

Interested in what your personal home analysis would look like? Call or text me at 865-999-0925!

 

1st Steps To Buying A Home

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Are you planning on buying a home in the Knoxville area this year? Show homeowners that you are serious about buying by getting pre-approved for a mortgage! Let’s get together to help you take the first step in making your dream of buying a home a reality! Contact me, Troy Stavros with CornerStone Realty Associates at 865-999-0925 or 888-388-DOOR xt.707 today!

Your Tax Refund Could Be Your Key To Homeownership!

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According to data released by the Internal Revenue Service (IRS), Americans can expect an estimated average refund of $3,143 this year when filing their taxes. This is down slightly from the average refund of $3,436 last year.

Tax refunds are often thought of as ‘extra money’ that can be used toward larger goals. For anyone looking to buy a home in 2019, this can be a great jump start toward a down payment!

The map below shows the average tax refund Americans received last year by state. $3016 in Tennessee:

Your Tax Refund Is The Key To Homeownership! | MyKCM

Many first-time buyers in Knoxville and all over the country, believe that a 20% down payment is required to qualify for a mortgage. Programs from the Federal Housing Authority, Freddie Mac, and Fannie Mae all allow for down payments as low as 3%. Veterans Affairs Loans allow many veterans to purchase a home with 0% down.

If you started your down payment savings with your tax refund check this year, how close would you be to a 3% down payment?

The map below shows what percentage of a 3% down payment is covered by the average tax refund by taking into account the median price of homes sold by state.Your Tax Refund Is The Key To Homeownership! | MyKCM

The darker the blue, the closer your tax refund gets you to homeownership! For those in Tennessee looking to purchase their first homes, their tax refund could potentially get them 61% closer to that dream!

Bottom Line

Saving for a down payment can seem like a daunting task. But the more you know about what’s required, the more prepared you can be to make the best decision for you and your family! This tax season, your refund could be your key to homeownership!

Want more information or to talk about getting the process started? Contact Troy Stavros with CornerStone Realty Associates today at 865-999-0925!

46 Million Millennials Are Now Mortgage Ready. But Do They Know It?

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Do 46 Million Millennials Know They Are Mortgage Ready? | MyKCM

Much has been written about the millennial generation and whether or not they, as a whole, believe in homeownership as part of attaining the American Dream.

Millennials have taken longer to obtain traditional milestones than the generations before them, such as getting married, having kids, and buying a home. (Partially because this generation has been hampered by more student loan debt than the generations before them.) However, that does not mean that they do not still aspire to achieve those things.

History shows that people tend to buy their first home around age 30. Nearly 5 million millennials will turn 30 in the next two years. This will continue to fuel demand for housing.

This is also one of the many reasons why the millennial homeownership rate has continued to grow over the past few years. 48.4% of Americans between the ages of 30-34 now own a home.

There are currently over 46 million millennials (33% of the generation) who are considered “Mortgage Ready”, meaning they meet the qualifications to be approved for a mortgage today!

  • a FICO Score ≥ 620
  • a Back-End Debt to Income Ratio ≤ 25%
  • no Foreclosures or Bankruptcies in the last 7 years
  • no severe delinquencies in 1 year

Rob Chrane, CEO of Down Payment Resource, commented on the findings of the report,

“We now know there are millions of buyers with the income & credit necessary to qualify to buy a home. The biggest question is:

Do they know it? …Unfortunately, many renters don’t investigate homeownership simply because they don’t believe it’s an option.”

The good news is that more and more millennials are realizing that they can afford a home in Knoxville, now. Even so, more can be done to increase awareness of low down payment programs to attract even more of this generation.

New data from realtor.com shows that in December, millennials accounted for 42% of all new home loans originated in the month. This is more than any other generation.

Bottom Line

If you are one of the many millennials who may be “Mortgage Ready” but are unsure what your next steps should be, let’s get together to help guide you on your path to homeownership!  Contact me, Troy Stavros with CornerStone Realty Associates at 865-999-0925.