Inventory on the market today is low, especially among existing homes in the entry and middle-level tiers of the market. It is hovering well below the 6-month supply typically found in a more normal market, as shown in the graph below (KNOX COUNTY IS ACTUALLY BELOW 3%!): With inventory being one of the biggest housing market challenges today, […]
Believe It Or Not, Even With Rising Prices, Homes Are More Affordable
The gap between the increase in personal income and residential real estate prices has been used to defend the concept that we are experiencing an affordability crisis in housing today. It is true that home prices and wages are two key elements in any affordability equation. There is, however, an extremely important third component to […]
Thinking of Selling Your Home? Waiting Might Be The Hardest Part
Tom Petty famously penned the words, “the waiting is the hardest part” in his early 80’s hit song The Waiting, and his thought process can surprisingly also be applied to individuals considering selling their homes today. Traditional thinking would suggest it may be best to wait until the spring to sell when there is a flood of buyers in […]
3 Reasons the Current Real Estate Market is NOT like 2008
No one knows for sure when the next recession will occur. What is known, however, is that the upcoming economic slowdown will not be caused by a housing market crash, as was the case in 2008. There are those who disagree and are comparing today’s real estate market to the market in 2005-2006, which preceded […]
3 Signs The Housing Market Is Stepping It Up A Notch
The residential real estate market has been plodding along for most of the year. However, three recent reports show the market may be on the verge of a rebound: 1. Existing Home Sales (closed sales) are up, marking two consecutive months of growth. 2. Pending Home Sales (contracts signed) are up with each of the four major […]
6 Graphs Showing the Strength of Today’s Housing Market [INFOGRAPHIC]
Some Highlights: Keeping an eye on the current status of the housing market is one of the best ways to make powerful and confident decisions when buying or selling a home. Mortgage rates remaining near historic lows and houses selling in an average of only 29 days are just two key elements driving the strength […]
Home Prices Have Increased in Every Price Range
CoreLogic’s Home Price Index (HPI) Report revealed, “National home prices increased 3.6% year over year in July 2019 and are forecast to increase 5.4% from July 2019 to July 2020.” They also analyzed four individual home-price tiers, showing the increase in each. Here’s the breakdown: To clarify the methodology, CoreLogic explains, “The four price tiers are based on the […]
Home Sales Expected to Increase In 2020
Freddie Mac, Fannie Mae, and the Mortgage Bankers Association are all projecting home sales will increase nicely in 2020. Below is a chart depicting the projections of each entity for 2019, as well as for 2020. As we can see, Freddie Mac, Fannie Mae, and the Mortgage Bankers Association all believe homes sales will increase steadily over the next year. If you’re a homeowner who has […]
Knoxville one of Top 10 Metros with Highest Home Price Increases
The FHFA (Federal Housing Finance Agency) recently released their 2nd quarter numbers of the largest 100 metropolitan statistical areas, and Knoxville hit the top 10 list for highest home price increases since this time last year. Per the report, homes in Knoxville are selling 7.6% higher than August 2018 and 3.3% higher than the last quarter. The city […]
Let Me Shatter the Housing Affordability MYTH For You
It seems you can’t find a headline with the term “housing affordability” without the word “crisis” attached to it. That’s because some only consider the fact that residential real estate prices have continued to appreciate. However, we must realize it’s not just the price of a home that matters, but the price relative to a […]
VIDEO: National Housing Market By The Numbers
Staying current is a must when it comes to understanding the housing market. Here’s a look at how the national numbers stack up today. If you’d like to learn more about homeownership or your next move, let’s get together to discuss your options. Call or text me, Troy Stavros with CornerStone Realty Associates today at […]
July 2019 Knoxville Area Housing Market Snapshot
Here’s how the current real estate market is doing through the end of July, all around Knoxville, compared to last year (including Knox County, Loudon County, Anderson County, Blount County, Monroe County, and Roane County, along with some select areas.) Remember, real estate is hyper-local, meaning your county may show one thing but your specific […]
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