Home Selling Archives - Page 25 of 28

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.

Home Staging Advice: What Rooms To Stage

February 4, 2015 By Troy Stavros

Everyone needs home staging advice in Knoxville. Home staging can make a huge impact not only in the amount of showings you receive (because of how your home looks in pictures), but also how quickly your home sells. The infographic below shows the results of the recent National Association of REALTORS® 2015 Profile of Home Staging. Here is a summary of the findings:

Median amount spent on staging is $675.

What rooms are the most important to stage:

Living Room
Kitchen
Master Bedroom
Dining Room
Bathroom
Children’s Bedroom
Guest Bedroom

80% of REALTORS® said that staging a home will bring a higher offer.
96% of buyer’s agents said staging has an effect on how buyer’s view a home.
81% of buyers said staging makes it easier to visualize the property as a future home.
Almost 50% of buyers said it made them more willing to schedule a showing.

These results just solidify why I utilize staging in all of my listings. It is a big part of my marketing plan for selling a home in Knoxville. Our Knoxville home stager will walk through your home and give you home staging advice to implement, making it ready for pictures and buyers. Contact me today if you have any questions and visit us often to get home staging advice in Knoxville.

Preparing Your Home For Sale in Knoxville: Cost vs Value

January 20, 2015 By Troy Stavros

Preparing your home for sale in Knoxville can be a huge factor in ultimately getting it sold. That is the reason I have a professional home stager as part of my team. Homes need to look their best when they are going on the market, and home staging can set them apart. Oftentimes there is more to staging than just “dressing a house up” with accessories or decluttering. Sometimes larger updates need to be completed. Recently the “Cost vs. Value” report for 2015 was released. This report comes out every year and provides us with information regarding what remodeling projects have the best return. When preparing your home for sale in Knoxville, be sure to keep this report in mind. Here is a summary of this year’s findings:

The greatest return on investment comes from simple, lower cost projects. For example, the highest payback comes from the least expensive remodeling project on the list, which is a front door replacement. This project returned 101.8% on average nationally.
Other projects that were slated to recoup 100% of the cost in some areas were: midrange and upscale garage door replacement, midrange wood window replacement, and a minor kitchen remodel.
It appears that the greatest payback comes from projects that are obvious to buyers both in person and online in listing pictures. Front door, garage doors, siding (adding manufactured stone veneer showed a payback of 92.2% nationally).
The only true remodeling job (not just a simple replacement) making it into the Top 10 was the minor kitchen remodel. The minor kitchen remodel showed a payback nationally of 79.3% with an average cost of $19,226.
The region in which Knoxville falls (East South Central Region) came in 2nd behind the Pacific Region for remodeling payback, with 2 projects expected to top over 100% payback (the Pacific Region had 6).

Before you start preparing your home for sale in Knoxville and tackling some of these projects, be sure to consult your Knoxville real estate agent for advice. Many of the factors stated above vary from region to region, within different price ranges, different neighborhoods, and even from house to house. Use the Cost vs. Value 2015 Report as a starting point, but contact me, Troy Stavros with Gables & Gates, Realtors® to discuss your best course of action in preparing your home for sale in Knoxville.

Is Winter A Good Time To Sell A Home In Knoxville?

December 17, 2014 By Troy Stavros

While everyone thinks Spring is the best season of the year to sell a home, the question arises. Is Winter a good time to sell a home in Knoxville? The answer may be, it’s the best time. If you judge by the amount of competition you have, the motivation of the buyers, the time on the market and proximity of the sales price to the listing price, winter stacks up pretty well. Check out the infographic below produced by Redfin to see how selling a home stacks up in the different seasons.

Knoxville Real Estate Market Update Through June

July 21, 2014 By Troy Stavros

It’s always good to see how the Knoxville real estate market is trending when you are thinking about selling or buying a home in Knoxville. Let’s take a look at the interesting trends I’ve found in the Knoxville real estate market, by studying the home sale data through the month of June.

Compared to the month of June of last year, the luxury price point over $500,000 has seen a 72.2% increase in sales. Year to date the same price point has seen a 37.9% increase in homes sold.
Homes price between $400,000-$499,999 saw a 35.1% increase since the same month last year and a 18.1% year to date increase in homes sold.
Coinciding with the sold numbers, homes pending sale are also trending in the luxury sector with a 48.5% increase from June of last year and 50.3% increase year to date for homes over $500,000. Homes pending a sale in the $400,000-$499,999 range have seen a 26.5% increase from last June and 36.4% year to date increase.
Trends are showing us that stricter lending standards are limiting the sales in the price points under $100,000, with multiple pricing categories under $100K being down quite a bit both year over year and year to date.
Total inventory is down 12% compared to last June and is also down 5.6% year to date with the thinnest inventory being $140,000 and below.
Typically one of the best selling price points, $250,000-$299,999 is showing sluggish sales most likely from a lack of inventory. Home sales in this price point are down 2.9% from June last year and 7.9% year to date, with inventory being down 9.5% from last year and 4.8% year to date.
The reduced inventory levels are putting the law of supply and demand in effect as witnessed by a 13.99% year over year increase in the average sales price and a 5.24% increase in the average sales price year to date. Another factor showing demand is the amount of time it is taking for homes to sell. Average days on the market has decreased 32.87% year over year and 28.57% year to date. Average days on the market in June across all pricing categories was 96 days and the average for 2014 is 105 days.

What does this information mean for you, as someone possibly looking to sell your home in Knoxville or buy a home in Knoxville? As a seller, low inventory levels mean that this is a great time to put your home on the market, as there is less competition. Also the law of supply and demand tells us that less inventory is pushing prices higher. As a buyer, buying a home in a low inventory home market means, you need to be less aggressive with your offers as there is increased competition in the marketplace. Making low offers or hesitating too long in deciding to make an offer will most likely cause you to lose out on desirable homes, as they will be snapped up by competing buyers.

Thinking about selling and wondering how much your Knoxville home might be worth? CLICK HERE for an instant estimate.

For more information or to discuss your personal goals in selling or buying a home in Knoxville, contact me, Troy Stavros with Gables & Gates, REALTORS today.