865 Real Estate

East Tennessee Real Estate & Neighborhood Source

More Foreclosures in Knoxville Expected to Hit the Market

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bank owned knoxvilleHow with the recently negotiated National Mortgage Settlement effect the current Knoxville housing market?

Foreclosures in Knoxville have been significantly slowed since the third quarter of 2010. Since that time banks have been concerned about the penalties they would face from the settlement and in turn chose to delay the actual seizure of foreclosed properties until the settlement was reached. These foreclosures in question are known as the ‘shadow inventory’ which is currently hanging over the market.

Now with the settlement complete the banks have a roadmap they can follow which will allow them to repossess a home without penalty. The “shadow inventory” of distressed properties will now find it’s way through the process and be put on the market for sale.  This means we will be seeing an increased amount of foreclosures in Knoxville hit our local real estate market.

Rick Sharga, executive vice president for Carrington Holding, explains:

“The bottom line is that 2012 will see a lot of foreclosures that should have taken place in 2011 and didn’t.”

How will this effect the housing market?  Good in the long run, not so good for prices in the short run.

The Washington Post reported:

“Mark Vitner, a senior economist at Wells Fargo Securities, said the settlement helps the housing market in the long run because it allows banks to proceed with millions of foreclosures that have been stalled.”

CLICK HERE TO SEARCH FORECLOSURES IN KNOXVILLE FOR SALE

 

 

Lorena Estrada of WVLT Dancing with the Knoxville Stars for Children’s Hospital

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Lorena Estrada WVLTLorena Estrada, of WVLT Local 8 News, will be participating in this year’s Dancing with the Knoxville Stars, benefiting the Star 102.1 Radiothon for the East Tennessee Children’s Hospital.

Lorena and the other Knoxville Stars will be teaming with instructors from the Academy Ballroom dance studio in the competition which is scheduled for February 16 at 6 p.m at the Knoxville Expo Center.

 Lorena will compete against WBIR sports achor Kris Budden, fitness expert Missy Kane, singer/songwriter Logan Murrell, former Vol Robert Peace, Knoxville News-Sentinel writer Jamie Satterfield, Star 102.1 DJ Shaffer, Renita Stinnett from the Knoxville Expo Center/Graham Corporation, former Knoxville first lady Janet Testerman, singer/songwriter and emcee at Dixie Stampede Jay Teter, and WATE anchor Bo Williams.

Tickets are $55 and can be purchased online (click here) or by calling the Children’s Hospital Development Office at (865) 541-8441. VIP tables are also available for $400.

Winners of the Dancing of the Knoxville Stars event will be determined by a combination of judges’ votes and online voting. When voting online: one dollar equals one vote. Guests can also bring their dollars to vote on the night of the show too.

The event is sponsored by Titanic Museum Attraction and Wells Fargo Advisors.

Megabus adds route between Knoxville, Nashville, and Memphis!

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Megabus-knoxvilleExciting news for those wanting to take advantage of some of the other great cities in Tennessee! Today Megabus announced a new route between Knoxville, Nashville and Memphis. Starting February 29th the bus will travel twice a day between the cities.

Fares for the bus route will begin at $1 per seat.

In celebration of the  new route, Megabus is giving away 1,000 free tickets. To try and get a free seat, use the promo code “TN1000” when purchasing tickets.

“Megabus.com has rapidly become the travel option of choice for millions of people and today we’re excited to expand our offerings in Tennessee,” said Dale Moser, president and COO of megabus.com. “As Americans continue to look for ways to stretch their income, we will continue to provide safe, convenient and affordable travel.”

Founded in 2006, Megabus has become a widely popular travel option.  The Megabuses aren’t your typical bus, they are state-of-the-art environmentally-friendly, double-decker buses with free wi-fi, power outlets and restrooms.

Selling a home in Knoxville? Here is how to get it ready for pictures.

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Knoxville real estate photographyOne of the most important things you can do when selling a home in Knoxville is to have professional photography.  In a study done by Redfin Corporation, it was discovered that homes marketed with high quality photos sold for more money!  And in many cases significantly more. According to the Wall Street Journal, the study showed that homes with high quality photos gained anywhere from $1000 to $100,000 more at closing!  Given this information, it’s pretty shocking that only a small percentage of Knoxville homes are marketed with high quality photos.

Knoxville real estate photos

The Redfin study also offered these interesting points:  They also found that listings shot with DSLR cameras (the kind used by the 865 Real Estate team):

  • Receive an average of 61% more views than their peers across all price tiers. (More views = More potential buyers)
  • Have a 47% higher asking price per square foot.
  • Have an increased likelihood of selling for homes priced above $300,000.

The 865 Real Estate team has known for some time what this Redfin study has shown, which is why we include high quality pictures of every Knoxville home for sale that the 865 Real Estate team markets.   So what do we need you, as a home seller to do?  Here are some pointers for getting your Knoxville home ready for our high quality photographs.

How to prepare your Knoxville home for sale to be photographed:

  • Have the lawn mowed, leaves raked, bushes trimmed.
  • When in season, flowers can add a gorgeous pop of color.
  • Remove all vehicles from the driveway and front of the house.
  • Make sure all garbage cans, hoses, garden tools etc. are put away.
  • If you will be doing any twilight photos, be sure to check all outdoor lights and change dim or broken bulbs.
  • Remove any “cute” yard decorations the owner may have put out.
  • Remove any “clutter” inside the home, and put away toys, clothing, dishes, towels, etc.
  • Make the beds.
  • The counter tops in the bathrooms and kitchen should be as clean and as empty as possible.
  • Make sure the kitchen sink is empty and all dishes are put away.
  • Hide the trash cans.
  • Hide personal photos.
  • Replace any light bulbs that are out.
  • Remove any decorations or magnets that are on the fridge.
  • Before the photographer arrives, turn on all lights and open all blinds in rooms to be photographed.

Farragut Folklife Museum to Hold February 2nd Grand Reopening

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farragut-folklife-museumThe community is invited to a grand reopening celebration at the Farragut Folklife Museum on Thursday, Feb. 2, 2012.

Following the ribbon cutting ceremony at 6 p.m., several local historians – including Gerald Augustus, Jack Bondurant, Frank Galbraith, Lou LaMarche, Mayor Ralph McGill, Malcolm Shell and Mona Smith – will give a presentation on “The History of Farragut and Concord” at 6:30 p.m. The evening will also include tours of the museum and light refreshments.

See more information regarding the event HERE