865 Real Estate

East Tennessee Real Estate & Neighborhood Source

Luxury Southern Living Charm on 1.94 Acres in Deep West Knoxville

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Luxury Southern living charm on 1.94 acres in deep West Knoxville located at 313 Wooded Lane, Knoxville, TN 37922. Every time you come home on the quaint country road with 4 board fences (yet still minutes from Kingston Pike and the highway) and turn onto the private cul-de-sac street, you’ll look forward to pulling onto your long driveway flanked by Crepe Myrtles & Dogwoods with your private sanctuary located at the end. Whether it’s relaxing by the custom firepit overlooking your property, playing frisbee golf on your private 3-hole course or relaxing on the covered back porch with your feet up watching your favorite movie in front of the roaring fireplace, this is the home you’ve been looking for. Over 4000SF with 4 total bedrooms (3 on the main level) plus an oversized bonus room. Everything you’ve been looking for and so much more.

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Homes for sale in East Tennessee : MAY Knoxville TN Housing Market Update

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All of the data is in through the end of May. Let’s take a look at what’s happening in the East Tennessee housing market.

In today’s video we dive into the East Tennessee real estate data for the month of May 2022 to see how the East Tennessee housing market is doing compared to one year ago. We will look at the inventory of active homes for sale in East Tennessee. Homes for sale in Knoxville TN, homes for sale in Farragut TN, homes for sale in Knox County TN, homes for sale in Loudon County TN, homes for sale in Anderson County TN, homes for sale in Roane County TN, homes for sale in Blount County TN, and homes for sale in Sevier County TN. We will also at what has happened to the median sales price of homes over the last year in those areas of East Tennessee. We will discuss the real estate data and how it affects buyers and sellers in today’s East Tennessee housing market.

Here is some basic real estate data and news in regards to the East Tennessee housing market not covered in the video:

  • Mortgage rates continue to rise as financial markets anticipate U.S. monetary policy changes amid higher-than-expect inflation. The 30Y FRM finished 2021 at 3.11% but remained well above 5% throughout the month of May.
  • Knoxville’s rental market occupancy rate hovered around 98.8% in Q1 2022, more than a full percentage point above the 97.5% occupancy rate nationally. Effective rents in the Knoxville metro area (MSA) were up 19.21% year-over-year as of April 2022, significantly higher than the 15.23% rate nationally.

  • Have questions or need help in today’s crazy East Tennessee housing market? Contact the Troy Stavros team at CornerStone Realty Associates at 865-999-0925 today. We are here to serve you!

History Proves Recession Doesn’t Equal a Housing Crisis

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Some Highlights:

-It’s important to understand history proves an economic slowdown does not equal a housing crisis.

-In 4 of the last 6 recessions, home prices actually appreciated. Home prices only fell twice – minimally in the early 90s and then by nearly 20% during the housing crash in 2008.

If you have questions, let’s connect to discuss why today’s housing market is nothing like 2008.

Condo Close to the University of Tennessee – Woodlands of Knoxville

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A great buy for a professional, investor or to house your student and take advantage of price appreciation over the next 4 years in the Woodlands of Knoxville. Self manage or have the Woodlands manage the rental for you (there’s currently a waiting list of renters looking to get in!) Just minutes from UT/UT hospital, & downtown. Gated community with onsite security, 5 Resort-Style swimming pools, stadium seating movie theater, cardio-weightlifting studio & tanning salon, lounge, computer center with Wi-Fi, practice putting green. Tennis, volleyball & basketball courts, outdoor fireplace, dog parks, & shuttle to campus, late night & GAME DAY!! TOP FLOOR! 2BR, 2 Full BA, LR/DR combo. Kitchen with refrigerator, microwave, dishwasher, range & pantry plus a laundry room with full size washer/dryer. Storage closet outside.

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Homes for sale in Farragut TN – 12009 Broadwood Drive, Knoxville, TN 37934

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Property Taxes in Tennessee – Help My Tennessee Property Appraisal Went Up!

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Here is how our Tennessee property taxes work here in case you are concerned your Tennessee property taxes are going up due to higher appraised value.

First and foremost, higher Tennessee property values during a reappraisal do not necessarily mean higher property taxes in Tennessee.

According to Tennessee state law, the amount of total tax revenue collected by a county (via property tax) must remain the same after a reappraisal, even if the combined value of all property in the Tennessee county increased following the reappraisal. This means that when the appraised value of a Tennessee property goes up, Tennessee state law requires the Tennessee county to lower its tax rate so it cannot generate additional tax revenue simply due to reappraisal. However, while the Tennessee county cannot generate any more tax revenue due to this process, reappraisal can and does affect the total amount of taxes owed by individual Tennessee property owners.

Per the Knox County, Tennessee property assessor’s office, the average appraisal value rose 40% – thus the tax rate will be decreased by 40% to conform with Tennessee state law.

There are basically three scenarios for how this process could impact the dollar amount of taxes owed by an individual Tennessee property owner:

If your individual Knox County, Tennessee property value increased by exactly 40%, the total dollar amount of taxes you pay will be able the same.

If your individual Knox County, Tennessee property value increased by less than 40%, the total dollar amount of taxes you pay will slightly decrease.

If your individual Knox County, Tennessee property value increased by more than 40%, the total dollar amount of taxes you pay slightly increases.

It is also important to note that the changes in the total dollar amount of taxes you must pay as a result of reappraisal are generally marginal. For example, even if your individual Tennessee property doubles (+100%) in appraised value, your taxes will not double since the tax rate will be adjusted down.

Included is an informational video from the Tennessee Comptroller explaining the re-appraisal process in regards to Property Taxes in Tennessee.

Have questions? Need help? Contact the Troy Stavros TEAM at CornerStone Realty Associates at 865-999-0925 today!