Home Selling Archives - Page 14 of 28

Buyers Are Looking Right Now. Are You Ready to List Your Home?

November 20, 2019 By Troy Stavros

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, finding a starter home right now isn’t easy. According to the Q3 Housing Trends Report from the National Association of Homebuilders (NAHB), 68% of those searching for a home think their search will get harder or stay about the same over the next 12 months.

The same study reveals,

“In Qtr3’19, buyers actively engaged in the process of buying a home are more likely to have spent at least 3 months searching (58%) than a year earlier (55%).”

This is certainly no surprise, given the current inventory status. So, what’s the good news? The NAHB continues to say,

“If still unable to find a home in the next few months, the next step for most long-time searchers is to continue looking for the ‘right’ home in the same preferred location (52%). The next step for 35% is to expand their search area and for 16% is to accept a smaller/older home. Only 15% will give up looking.”

What does this mean for homeowners?

If you’re thinking of selling your home, buyer demand is high – and those looking in your neighborhood aren’t planning on giving up anytime soon. The majority of potential buyers who are still searching for their dream home are eager, willing, and ready to buy, so maybe it’s time to list your house and make your move.

Bottom Line

With buyer demand as high as it is today, and inventory in the entry and middle-tier markets remaining low, it’s never been a better time to move up. Let’s get together to determine if now is your time to sell. Call or text me, Troy Stavros with CornerStone Realty Associates at 865-205-6899 today to discuss getting the process started or finding out what your current home could sell for.

Thinking of Selling Your Home? Waiting Might Be The Hardest Part

October 29, 2019 By Troy Stavros

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 the market, but right now may, in fact, be an even better time to list your home.

We can see the overall economy is good: wages are rising, there are near-record-low unemployment rates, and mortgage interest rates are still very low too. Over the past 10+ years, the housing market has stabilized, so what (if anything) is the biggest challenge in the housing market today?

The answer is simple: it’s inventory.

According to the Existing Home Sales Report by the National Association of Realtors,

“Total housing inventory at the end of September sat at 1.83 million, approximately equal to the amount of existing-homes available for sale in August, but a 2.7% decrease from 1.88 million one year ago. Unsold inventory is at a 4.1-month supply at the current sales pace, up from 4.0 months in August and down from the 4.4-month figure recorded in September 2018.”

What does this mean?

While homes are coming to the market, they aren’t coming fast enough! Right now, across the country there are less than 6 months of overall inventory of homes for sale, putting us in a seller’s market. The challenge is that there are not enough homes for sale to increase the supply needed for the number of people who want to buy, especially in the starter and middle-level markets.

To be in a balanced market (meaning we have enough inventory for the number of buyers in the market), we need to have 6 months of inventory available. Today we are nowhere near that number, and as a matter of fact, the last time we reached that height was August 2012 (as shown in the graph below):

When we look at the inventory challenge today, we can see that now is a great time to sell your house. Truthfully, waiting may end up being the hardest part in the long run. This landscape is a great place for sellers who own homes in the starter and middle-level markets to take the opportunity to sell in a sellers’ market before inventory catches up with demand. Serious buyers are actively in the market and ready to make a move at this time of year. When inventory is limited at the lower end, like it is today, selling before more homes are listed could mean a significant seller’s advantage to those who are ready to move up. The upper level of the market has much more inventory available to move into, so it’s a win across the board.

Bottom Line

If you’re considering selling your home, don’t wait – now is the time to make your move! Take advantage of the high housing demand and the low inventory of homes for sale at the lower end of the market and use your purchasing power while mortgage rates are low to go after the move-up home of your dreams. Let’s get together to decide if now is the right time for you.

Have questions or ready to get the process started? Call/Text me, Troy Stavros with CornerStone Realty Associates at 865-205-6899 today!

Your Real Estate Agent Needs To Be More Than A Guide

October 11, 2019 By Troy Stavros

In a normal housing market, whether you’re buying or selling a home, you need an experienced guide to help you navigate the process. You need someone you can turn to who will tell you how to price your home correctly right from the start. You need someone who can help you determine what to offer on your dream home without paying too much or offending the seller with a low-ball offer.

We are, however, in anything but a “normal market” right now. The media is full of stories about an impending recession, a trade war with China, and constant political upheaval. Each of these potential situations could dramatically impact the real estate market. To successfully navigate the landscape today, you need more than an experienced guide. You need a ‘Real Estate Sherpa.’

A Sherpa is a “member of a Himalayan people living on the borders of Nepal and Tibet, renowned for their skill in mountaineering.” Sherpas are skilled in leading their parties through the extreme altitudes of the peaks and passes in the region – some of the most treacherous trails in the world. They take pride in their hardiness, expertise, and experience at very high altitudes.

They are much more than just guides.

This is much more than a normal real estate market.

The average guide just won’t do. You need a ‘Sherpa.’ You need an expert who understands what is happening in the market and why it is happening. You need someone who can simply and effectively explain it to you and your family. You need an expert who will guarantee you make the right decision, even in these challenging times.

Dave Ramsey, the financial guru, advises:

“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”

Bottom Line

Hiring an agent who has a finger on the pulse of the market will make your buying or selling experience an educated one. Contact Troy “Sherpa” Stavros (Ha!) with CornerStone Realty Associates for answers to your questions and a guide to get you through the process of buying and/or selling a home.

6 Graphs Showing the Strength of Today’s Housing Market [INFOGRAPHIC]

September 18, 2019 By Troy Stavros

6 Graphs Showing the Strength of the Current Housing Market [INFOGRAPHIC] | MyKCM

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 of today’s market.
With the national data shown here, make sure to also determine what’s happening in your local market so you are fully informed when you’re ready to make your next move.

Have questions? Call or text me, Troy Stavros with CornerStone Realty Associates at 865-205-6899 today and let’s setup a time to talk.

Home Prices Have Increased in Every Price Range

September 17, 2019 By Troy Stavros

Home Prices Increase in Every Price Range | MyKCM

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 median sale price and are as follows: homes priced at 75% or less of the median (low price), homes priced between 75% and 100% of the median (low-to-middle price), homes priced between 100% and 125% of the median (middle-to-moderate price) and homes priced greater than 125% of the median (high price).”

What does this mean if you’re selling?

Price appreciation can differ depending on your price range. If you’re a homeowner thinking of selling, let’s get together to find out how much your home is increasing in value, so you can price it competitively for today’s market. Call or text me, Troy Stavros with CornerStone Realty Associates today at 865-205-6899!

5 Reasons To Hire a Real Estate Professional To Help You

September 8, 2019 By Troy Stavros

A+ Reasons to Hire a Real Estate Pro [INFOGRAPHIC] | MyKCM

Some Highlights:

Hiring a real estate professional to help you buy your dream home or sell your current house is one of the most powerful decisions you can make.
A real estate professional has the experience to help you confidently navigate through the entire process.
Make sure you work with someone who knows the current market conditions and can simply and effectively explain them to you and your family.

Have questions about hiring an agent or anything real estate related? Call or text me, Troy Stavros with CornerStone Realty Associates at 865-205-6899 today!