Home Market News Archives - Page 36 of 43

Knoxville Home Sales – Winter Housing Market Update

February 25, 2015 By Troy Stavros

You may have read some national headlines lately regarding the housing market, but how have Knoxville home sales fared? The National Association of REALTORS® recently released their Existing Home Sales report and like most typical news sources, many headlines are blowing January’s decline in home sales out of proportion to grab attention, without really looking at the numbers. Headlines such as, “Existing home sales collapse in January despite low mortgage rates”.

Anyone in real estate can share with you the common knowledge that there is a slowdown in the winter months. Many markets share this seasonality and January is where it often hits. This can be seen by the graph below. But what the news media doesn’t share is that nationally, existing home sales increased by 200,000. Knoxville home sales, in January of 2015 saw a 10.1% increase over January of 2014 and Farragut home sales saw a 33.3% increase! Over the last year, Knoxville also saw the median sales price increase by 11.62%, Farragut saw a 3.32% increase. A big reason Knoxville home sales are down in January of this year, is that the inventory of homes for sale in Knoxville and Farragut have decreased, Knoxville by 8.7% from January of last year and Farragut down 12.5%. On a month to month basis, inventory in Knoxville has decreased by 7% from December of 2014 with Farragut down 6%. You might be asking yourself, where has the inventory gone? Much of it is now under contract, as the number of homes “pending sale” increased from December of 2014 to January of 2015 by 25% in Knoxville and 27% in Farragut! This screams that buyers are in the market and that equals demand.

So demand is there, as witnessed by the graphic below showing that buyer demand is actually 3x greater than last year.

The chief economist of the National Association of REALTORS®, Lawrence Yun, mentioned what he feels is the real cause of the January slowdown: “Realtors® are reporting that low rates are attracting potential buyers, but the lack of new and affordable listings is leading some to delay decisions.”

The buyer demand is there, buyers are out looking, but they are having trouble finding their dream home amongst the low inventory.

What does this mean for you?

If your plan was to wait until Spring to sell your home in Knoxville or Farragut, that plan may not help you get the most money for your home with the fastest sale. The information above points to right now being the optimum time to go to market. If you have any questions about selling or you would like to sit down and discuss your plans, contact me, Troy Stavros with Gables & Gates, REALTORS® to schedule a time that works best for you. Interested in finding out how much you could sell your Knoxville or Farragut house for? CLICK HERE TO FIND OUT.

Reasons To Sell Your Home Now in Farragut or Knoxville

February 19, 2015 By Troy Stavros

Ready for the two big reasons to sell your home right now in Farragut or Knoxville? Way back in high school, when we sat through that exhilarating class called Economics, we learned that when you are selling anything, you will get the most money when the demand for the item you are selling is high and the inventory of that item is low. Better known as the Theory of Supply and Demand.

If you are contemplating selling your home in Farragut or Knoxville, here are two visuals that help explain why there is no better time than now.

SUPPLY

The latest Existing Home Sales Report released by the National Association of REALTORS® shows that nationally, the “month’s supply” of available homes dropped to 4.4 months worth of inventory. This number translates to the lowest it has been in over a year. Locally these numbers are even more telling as the number of available homes in Farragut is down 7.2% from last year and Knoxville as a whole is down 6%.

DEMAND

Also according to the National Association of REALTORS®, compared to January of last year, buyer activity (demand) was 3X higher. This equals buyers who are in the market now, waiting for your home in Farragut or Knoxville to hit the market.

WHAT IT MEANS TO YOU

Putting your Farragut or Knoxville home up for sale when demand is high and supply is low will no doubt increase your chances of a higher price and a faster sale. Using the same rule of Supply & Demand, waiting until Spring for more supply (competition) to hit the market would have the opposite effect. Interested in talking more about getting your Farragut or Knoxville home on the market ASAP? Contact me, Troy Stavros with Gables & Gates, REALTORS® today so we can schedule a time to sit down and talk about your situation. Wondering what your Farragut or Knoxville home could sell for? Click here to find out.

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.

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!

Will All Credit Bureaus Give Me the Same Credit Score?

September 26, 2014 By Troy Stavros

If you have looked at your credit report recently or spoken to a lender about your credit, you may have seen that there are three different credit bureaus that handle credit scoring. They are Equifax, TransUnion, and Experian. All get the same information from your creditors, so you would think that your credit score would be the same for all three. So, if all reported information is exactly the same, will Equifax, TransUnion, and Experian all give you the same credit score? The truth is, not all of the companies report the same and look at the information the same way. Some report information sooner than others as well, so depending on the day your credit is pulled, balances may show differently with each company, making your credit score different.

Have any other questions about credit or any other real estate related questions? Contact me, Troy Stavros at Gables & Gates, REALTORS and I’d be happy to answer your questions or help in anyway that I can!

Knoxville Real Estate Market Update Through August

September 1, 2014 By Troy Stavros

The Knoxville real estate market is continuing along on a steady pace, while other parts of the country continue to slow.

August data shows that the average sales price of homes in Knoxville increased 3.49% from one year ago to $189,916, with a year to date improvement of 4.53%. What does this mean? Home prices are still trending in a positive direction.

Average days on the market of Knoxville homes for sale saw a small improvement over last month as it dropped to 99 days from 102.

Inventory levels are down in all price points under $300,000 compared to this time last year, with total inventory of active listings down 6.8% overall. Homes under $120,000 have seen the biggest drop in inventory.

The price point showing the largest improvement by far, are homes above $400,000 and especially above $500,000. Homes over $500,000 have seen a 32.1% increase in sales over this time last year (homes between $400,000-$499,999 saw a 9.7% increase).

Year to date existing home sales are nearly the same as last year (down only 10 homes), but August sales are down 7.7% from 2013 most likely due to constrained inventory.

Have more questions about the Knoxville real estate market or buying or selling a home in Knoxville? Don’t hesitate to contact me, Troy Stavros with Gables & Gates, REALTORS, today!