My Spring 2016 Real Estate Guides are done and ready to be downloaded. Feel free to share with your friends and family and as always, don’t hesitate to contact me with any questions or if I can help you in any way. You know I’m always here for you! CLICK HERE for the guides: http://vid.us/or55yo Thanks for visiting! Troy Stavros, Gables & Gates, REALTORS 865-777-9191.
Home Sales Up Year Over Year (INFOGRAPHIC)
Some Highlights
- This is the 48th consecutive month with year-over-year price gains.
- Lawrence Yun, NAR’s Chief Economist says that, “The main issue continues to be a supply & affordability problem. Finding the right property at an affordable price is burdening many potential buyers.”
- Inventory is still below historic norms at a 4.4 month supply.
Farragut, TN Condo for sale at 409 Amanda Circle
JUST REDUCED! Farragut area condo for sale located at 409 Amanda Circle, Knoxville, TN 37922. Super convenient location that includes zoning for Farragut Elementary Schools, Farragut Middle School, and Hardin Valley Academy. Just minutes to Costco and Turkey Creek Shopping and easy access to the interstate. 3 bedrooms (one down and two up) plus 2 full baths. New hardwood flooring on the main level. Tile in both baths. Deck out back is great for grilling or just relaxing and listening to the bubbling creek just behind the condo. Two dedicated parking spaces out front plus additional guest spots close by. Only a short stroll to the neighborhood swimming pool, clubhouse, and tennis court. This location for this price is hard to find. Wrenwood HOA fee of $117 per month gives you access to amenities and exterior maintenance. Call me, Troy Stavros with Gables & Gates, REALTORS today at 865-999-0925 to setup a time to take a look!
This listing is no longer available.1935 Saint Gregorys Court, Knoxville, TN 37931 JUST LISTED!
SOLD IN 2 DAYS! No, you didn’t wake up in a magazine, it’s just your new home. Beautifully done renovation featuring 4 bedrooms, 3 full baths and 1 half bath and 3 levels of living. All hardwood and tile on the main level. All new bathrooms with custom tile and custom vanities. New custom kitchen with gorgeous white granite, new cabinets, and new stainless steel appliances. Owner’s suite upstairs has it’s own sitting room, double sinks, custom jetted tub with tile surround and new custom tile shower with glass door. 2 additional bedrooms upstairs with ample closet space and another new custom bath. Venture to the lower level and find the 4th bedroom with it’s own new full bath, and a rec room that walks out to the lower patio. Large deck for grilling/entertaining looks out over the big back yard. For more information or to schedule a showing of 1935 Saint Gregorys Court, Knoxville, TN 37931 contact me, Troy Stavros with Gables & Gates, REALTORS directly at 865-999-0925 or via the office at 865-777-9191.
This listing is no longer available.Waiting Until Spring To Sell Your Home Won’t Help You
Everyone knows that lots of homes sell during the spring-buying season. Because of that, many homeowners hold off on putting their home on the market until then. The question is whether or not that will be a good strategy this year.
The other homes that hit the market in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring, as compared to the rest of the year? The National Association of Realtors (NAR) recently showed which months most people listed their home in for 2015. Here is a graphic showing the results:
The three months in the second quarter of the year (represented in red) are consistently the most popular months for sellers to list their homes on the market. Last year, the number of homes available for sale in January was 1,860,000.
In May that number spiked to 2,280,000!
What does this mean to you?
With the national job situation improving, and mortgage interest rates projected to rise later in the year, and coming off a year of low inventory of available homes, buyers are not waiting until the spring. They are out looking for a home right now. If you are looking to sell this year, waiting until the spring to list your home means you will have the greatest competition for a buyer.
Bottom Line
It may make sense to beat the rush of housing inventory that will enter the market in the spring and list your home today. Ready to talk about listing or get prepared? Call me, Troy Stavros with Gables & Gates, REALTORS today at 865-777-9191 to get started!
Existing Home Sales Jump in December
The National Association of Realtors (NAR) just released their latest Existing Home Sales Report on Friday. Sales of existing homes rose by the largest increase ever recorded as they rebounded 14.7% over November’s numbers and now stand at 7.7% higher than a year ago.
While this is great news for the housing market, there is one big reason for such a large increase in sales. As I explained last month, the implementation of the “Know Before You Owe” (TRID) initiative delayed some closings, pushing a portion of November’s scheduled transactions into December.
“December’s rebound in sales is reason for cautious optimism that the work to prepare for ‘Know Before You Owe’ is paying off,” says NAR PresidentTom Salomone.
Lawrence Yun, NAR’s Chief Economist, had this to say about the surge in December sales:
“While the carryover of November’s delayed transactions into December contributed greatly to the sharp increase, the overall pace taken together indicates sales these last two months maintained the healthy level of activity seen in most of 2015. Additionally, the prospect of higher mortgage rates in coming months and warm November and December weather allowed more homes to close before the end of the year.”
The most important information to come out of the report is the fact that national inventory of existing homes for sale dropped dramatically from a 5.1-month supply in November to the lowest figure since January 2005, at a 3.9-month supply.
A normal market, where prices rise with inflation, is defined as having a 6-7-month supply of homes for sale. As you can see in the chart below, inventory levels in 2015 were at or below a 5.2-month supply for the entire year.
If inventory levels do not recover, this could be a challenge for sales moving forward, as buyer demand remains strong and competition for the homes that are on the market continues to rise.
Bottom Line
If you are considering listing your home for sale in 2016, now is the time! With inventory levels at their lowest mark in over 10 years, listing your home for sale now will give you the most exposure to buyers and allow you to get the best price for your home.
To discuss listing your home for sale or if you just want an idea of the current market value of your home contact me, Troy Stavros with Gables & Gates, REALTORS at 865-999-0925 via phone or text message. For an instant estimate on what your Knoxville area home is worth CLICK HERE.
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