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Knoxville and Farragut TN Real Estate Market Snapshot – March

April 3, 2015 By Troy Stavros

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

Here are the Knoxville TN real estate market stats for March. The highlighted stats are:

Median sold price of Knoxville homes in March = $153,000
Median list price of Knoxville homes in March = $159,900
Median days on the Market for Knoxville homes = 74 days
Homes sold in Knoxville in March = 1097
Homes listed in Knoxville in March = 2569
Absorption Rate in March for Knoxville = 8.55 months
Year to Date Knoxville home sales are up 4.4% through March compared to last year.
Year to Date Knoxville home prices are up 10.74% through March compared to last year.

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

Median sold price of Farragut homes in March = $308,750
Median list price of Farragut homes in March = $409,000
Median days on the market for Farragut homes in March= 42 days
Homes sold in Farragut in March = 40
Homes listed in Farragut in March = 74
Absorption Rate in March for Farragut = 4.23 months
Year to Date Farragut home sales are up 24.7% through March compared to last year.
Year to Date Farragut home prices are up 14.35% through March 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!

How Buying A Home Now = Saving $100’s Of Dollars Month

April 3, 2015 By Troy Stavros

Buying a home now may save you $100’s of dollars per month. This holds true for any buyer, but especially those who are not paying cash. The reason it effects those financing their new home, is that there are two factors that impact the amount of home you can afford. Those two factors are home prices and mortgage rates. Let’s take a look at what the experts are predicting over the next year for those two important factors:

Home Prices

100+ economists along with investment strategists, market strategists, and real estate experts were recently polled for the “Home Price Expectation Survey”. The goal of the survey was to find out where home prices are headed over the next year. The results of the survey showed that the average home price appreciation projected over the next 12 months is approximately 4.4%.

Mortgage Interest Rates

Freddie Mac’s latest “Economic & Housing Market Outlook” predicted that the 30 year fixed mortgage rate, one year from now, will be at 4.7%. Last week this same rate was at 3.69%.

What does this mean for you?

Let’s look at a couple scenarios. If you are buying a home in Knoxville priced at $250,000, the chart below shows you how much more you could be paying on a monthly basis, if you choose to wait until next year to buy a home:

Let’s say you are moving up to a higher priced home. What does it look like if you are buying a home in Knoxville for $500,000. How would it change your monthly payment?

Hopefully this helps you see how waiting to buy a home can not only make a big impact on how much home you can afford, but also what a direct impact it can have on your monthly finances. Have questions? Comments? Want to talk about getting started in searching for your next home in Farragut or Knoxville? Need to get your current home sold first? Contact me, Troy Stavros with Gables & Gates, REALTORS and I’d love to sit down and talk about the process and how to help you reach your goals. I’m here to serve you!

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!

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!

Home Depot & Lowes Know The Knoxville Housing Market!

March 9, 2015 By Troy Stavros

You might be asking yourself, Troy, how can home improvement stores like Home Depot and Lowes know about the Farragut and Knoxville housing market? Like any large corporation, those stores have financial officers and economists in place to help them make decisions about their business. A recent Bloomberg business article reported that Lowes and Home Depot both beat their 4th quarter profit projections by the largest amount in 6 quarters.

Robert Niblock, Lowes Chief Executive Officer recently said, “Consumers are feeling better about their jobs, their wages, and certainly feeling better about the value of their home. They are re-engaging in projects that they have put off.” In a nutshell, CONSUMER CONFIDENCE is rising! During the 4th quarter of last year, both Home Depot and Lowes saw a significant increase in sales to builders and professional contractors. Carol Tome, Chief Financial Officer at Home Depot said, “It’s a sign of health. If they are putting more items in their basket, it means they have work coming at them.”

Lowes has been conducting a quarterly consumer survey since 2007. In it’s latest survey, the percentage of respondents who said that the value of their home is rising was over 50%. This is the highest value since the inception of the survey. According to the stores, increased confidence in the value of one’s home, often spurs homeowners to start larger projects. Not everyone is starting projects on a home they are planning on staying in either. Many are getting their Knoxville or Farragut homes ready to list this Spring, and with good cause. Updating an outdated kitchen or bathroom can bring a higher price in today’s market.

Home Depot and Lowes aren’t the only indicators of rising prices. The National Association of REALTORS® reports that the median price for an existing home rose, year over year, for the 35th month in a row!

What does this mean for you?

If you are thinking of selling a home in Farragut or Knoxville this year, contact a trusted local agent who can give you insight on the market and what improvements might help get your home sold. An agent that will tell you what changes could bring you the highest return on investment and final sales price. This is something I do for all of my clients. Between myself and my professional stager, we will have your home showing the best it possibly can.

Have questions? Contact me, Troy Stavros with Gables & Gates, REALTORS® and we’ll find a time convenient for us to sit down and talk about your plans and goals and the best strategy for fulfilling them! Interested in finding out how much your Farragut or Knoxville home is worth? CLICK HERE TO FIND OUT.

Thinking Of Selling A Home In Farragut or Knoxville? HURRY!!

March 6, 2015 By Troy Stavros

As I received the latest data on the 2015 housing market, one thing is for sure: If you are considering selling a home in Farragut or Knoxville, the time is now!

Yes, existing home sales dropped in January compared to December. But, nationally if we compare the current September-January time period to the same period a year ago, it shows that existing home sales have surpassed last year every single month, with the January national sales numbers being 200,000 homes greater than last January. Farragut, TN had a 19.8% increase! Knoxville as a whole saw a 11.2% increase.

Pending home sales (houses that have gone under contract) as reported by the National Association of Realtors have also done much better in the last five months compared to last year:

Data also shows that the demand for homes from buyers in the market has increased significantly over last year as well:

But with all of the positive buyer activity above, data shows that inventory levels are lower than last year, which is a huge win for folks who are selling a home in Farragut or Knoxville. Knoxville’s inventory of homes for sale is down 8.5% from last year and the amount of homes for sale in Farragut is down 12.5% with new listings in Farragut down 13.3%.

What does this mean for you?

If you are thinking about selling your home in Farragut or Knoxville, with demand increasing and supply dropping, this is the optimal time to get the best price for your home and get it sold in the fastest time possible. Contact me, Troy Stavros with Gables & Gates, REALTORS® today to see whether that is the case in your particular neighborhood. Remember, real estate is local and can be different not only from town to town, but neighborhood to neighborhood and house to house. Interested in finding out how much your home could sell for? CLICK HERE TO FIND OUT.