Last week, Fannie Mae released their Home Purchase Sentiment Index (HPSI). Though the survey showed 77% of respondents believe it’s a “good time to sell,” it also confirms what many are sensing: an increasing number of Americans believe it’s a “bad time to buy” a home. The percentage of those surveyed saying it’s a “bad time to buy” hit […]
Experts Agree Home Prices Will Continue to Appreciate
It’s clear that consumers in Knoxville and beyond are concerned about how quickly home values are rising. Many people fear the speed of appreciation may lead to a crash in prices later this year. In fact, Google reports that the search for “When is the housing market going to crash?” has actually spiked 2450% over the past month. In […]
This Isn’t a Housing Bubble. It’s Simply Lack of Supply. [INFOGRAPHIC]
Some Highlights In a recent article, Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), discussed the state of today’s housing market. When addressing whether or not today’s high buyer competition and rising home prices are evidence of a housing bubble, Yun said that this “is not a bubble. It is simply lack of supply.” Today’s Knoxville housing […]
Is the Housing Market Going to Crash in 2021?
Last March, many involved in the residential housing industry feared the market would be crushed under the pressure of a once-in-a-lifetime pandemic. Instead, national and Knoxville real estate had one of its best years ever. Home sales and prices in Knoxville were both up substantially over the year before. 2020 was so strong that many now […]
Should I Buy a House Now or Wait?
Whether you’re buying your first home in Knoxville or selling your current house, if your needs are changing and you think you need to move, the decision can be complicated. You may have to take personal or professional considerations into account, and only you can judge what impact those factors should have on your desire […]
Outlook on the 2021 Housing Market by 4 Experts
The housing market was a shining star in 2020, fueling the economic turnaround throughout the country. As we look forward to 2021, can we expect Knoxville real estate to continue showing such promise? Here’s what four experts have to say about the year ahead. Lawrence Yun, Chief Economist, National Association of Realtors (NAR) “In 2021, I think rates […]
With Home Values Surging, Is it Still Affordable to Buy in Knoxville Right Now?
Housing inventory in Knoxville and nationwide is at an all-time low. Realtor.com just reported that nationally, there are 39% fewer homes for sale today than there were last year. At the same time, buyer demand remains strong. In a recent newsletter, research analyst Ivy Zelman explained: “Although the headwind of severe supply constraints in most markets has contributed to slight moderation […]
Will Mortgage Interest Rates Remain Low Next Year?
In 2020, buyers in Knoxville got a big boost in the housing market as mortgage rates dropped throughout the year. According to Freddie Mac, rates hit all-time lows 12 times this year, dipping below 3% for the first time ever while making buying a home more and more attractive as the year progressed (See graph below):When you continually hear how rates […]
Chances of Another Foreclosure Crisis in Knoxville? About 0%
There seems to be some concern that the 2020 economic downturn will lead to another foreclosure crisis in Knoxville like the one we experienced after the housing crash a little over a decade ago. However, there’s one major difference this time: a robust forbearance program. During the housing crash of 2006-2008, many felt homeowners should be […]
Homes for Sale in Knoxville Are Disappearing Rapidly
Through all the challenges of 2020, the Knoxville real estate market has done very well, and purchasers are continuing to take advantage of historically low mortgage rates. Realtor Magazine just explained: “While winter may be typically a slow season in real estate, economists predict it isn’t likely to happen this year…Low inventories combined with high demand due to […]
Winter Will Bring a Flurry of Activity to the Knoxville Housing Market
In the second half of this year, the housing market surged with activity. Today, real estate experts are looking ahead to the winter season and the forecast is anything but chilly. As Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), notes: “It will be one of the best winter sales years ever.” The typical winter slowdown in the housing […]
Real Estate Is One of the Top Driving Forces in the Economy
As the economy recovers from this year’s health crisis, the housing market is playing a leading role in the turnaround. It’s safe to say that what we call “home” is taking on a new meaning, causing many of us to consider buying or selling in Knoxville sooner rather than later. Housing, therefore, has thrived in […]
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