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East Tennessee Real Estate & Neighborhood Source

Knoxville and Farragut TN Real Estate Market Snapshot – February

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Here are the most recent (February) statistics for the Knoxville and Farragut TN real estate markets.
Knoxville real estate market snapshot February

Here is a quick Knoxville TN real estate market snapshot for February.  The highlighted stats are:

  • Median sold price = $150,000
  • Median list price = $155,000
  • Average days on the Market = 114 days
  • Sold Listings = 878
  • New Listings = 1723
  • Absorption Rate = 8.65 months
  • Homes sales are up 5.3% compared to last year.
  • Home prices are up 13.08% compared to last year.

Here are the Farragut TN real estate market stats for February:

  • Median sold price = $315,750
  • Median list price = $409,900
  • Average days on the market = 107 days
  • Sold listings = 26
  • New Listings = 46
  • Absorption Rate = 4.23 months
  • Year to Date home sales are up 25% compared to last year.
  • Year to Date home prices are up 5.97% compared to last year.

Have questions about the market or anything Knoxville or Farragut real estate related?  Contact me, Troy Stavros with Gables & Gates, REALTORS and I’d be happy to answer any questions you have!

 

11412 Gates Mill Drive, Knoxville, TN 37934 NEW LISTING!

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11412 Gates Mill Drive Knoxville TN 37934 Farragut Sweet BriarUPDATE: THIS HOME WENT UNDER CONTRACT IN JUST 14 DAYS! Just listed in Farragut’s Sweet Briar Subdivision is this beautiful home located at 11412 Gates Mill Drive, Knoxville, TN 37934.  It will be like living in a new home as the interior has been completed remodeled.  From a brand new custom kitchen with stunning cabinetry, and island, granite countertops, and stainless steel appliances to all new hand-scraped hardwood floors throughout the main level, to all new bathrooms, new HVAC system, new hot water heater, new garage door, new windows, new deck, and the list goes on.  Enjoy the best of both worlds, a like new home in an established Farragut subdivision full of big mature trees and larger lots.  Contact me, Troy Stavros with Gables & Gates, REALTORS® today to schedule your private showing of 11412 Gates Mill Drive, Knoxville, TN 37934 in Farragut’s Sweet Briar Subdivision!

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For Sale By Owner Knoxville TN? Be Prepared!!!

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for sale by owner Knoxville TNWith a good market for homes in Farragut and Knoxville, some sellers might be seduced into trying to sell their home on their own without the assistance of a real estate professional (or For Sale By Owner Knoxville TN or FSBO).   So if you choose to try that route, what can you expect?  First and foremost you can expect to negotiate.

While good real estate agents in Knoxville and Farragut are trained and have years of experience in negotiation, in most cases, folks selling their home for sale by owner do not.  Especially in the negotiation of real estate.  While studies show that using a real estate agent, on average, nets a homeowner 13% more on the sale of their home, why is that?

Here are the reasons:

NEGOTIATION: Here is who you, as someone selling For Sale By Owner, will have to negotiate with because you don’t have a REALTOR®:

  • The potential buyer who is looking to buy the house at the lowest price possible
  • The buyer’s agent who’s job is to ONLY represent the best interests of the buyer
  • The buyer’s attorney (should they choose to use one)
  • The home inspector who works ONLY for the buyer and who will undoubtedly find issues with your home.
  • The termite company if issues arise.
  • The buyer’s lender to make sure financing is on track and also in the event that you are asked to participate towards closing costs and prepaids.
  • The home appraiser in the event there is a question of value and you are required to provide information on how you priced your home.
  • The title company should there be any questions regarding prior ownership, liens on the property from contractors, permit issues or any other challenges with certificate of occupancy.
  • The town or county in the event you need to get the information to give to the title company for proof.
  • They agent and or person buying the buyer’s house in the event there are any snags in the sale of their home (as most buyers will be selling a home to purchase yours).
  • Your bank in the case of a short sale.

MARKET EXPOSURE (it’s simple supply and demand. The more eyeballs that see the home, the more interested buyers, the higher the selling price.  With over 90% of buyers looking for their home online, professional marketing is crucial.  That marketing is using high quality pictures and video and putting those pictures and video on ALL of the available real estate portals that buyers use to search.  I mean let’s be honest, do you really think you can expose your home to more people than a professional agent?

WHERE ARE THE BUYERS?  First, as stated above, they are on the internet, but 2nd and just as important, the buyers are working with real estate agents.  From above we know that over 90% of buyers use the Internet to search for homes, and that’s huge.  But just as huge from the perspective of a home seller is the statistic that says that 90% of home buyers who used the Internet to search for a home, ultimately purchased through a real estate agent!

As you can see, there is quite a bit that goes into selling a home in Farragut and Knoxville.  And we haven’t even touched on paperwork.  The paperwork involved in selling and buying a home has dramatically increased with the ongoing addition of disclosures to protect all parties and additional mandatory regulations.  Going it alone may open you up to legal issues down the road.  This, along with many other reasons, is why the percentage of homeowners choosing to sell For Sale By Owner in Knoxville and Farragut has dropped significantly.  Nationally, people selling FSBO has dropped from 19% to 9% over the last 20+ years.   Heck, I even read in an article that the Chief Executive of BuyOwner.com, when it came time to sell his Florida mansion, decided to list with a real estate agent instead of going it alone.  If that story wasn’t enough, a few years back, Colby Sambrotto, the CEO of ForSaleByOwner.com, also called in a real estate agent when it was time to sell his home. That’s pretty telling!  Two high powered executives, of companies trying to convince people to sell homes through their FSBO sites, recognized the value in using a real estate professional.

Obviously the choice is yours, but before you decide to tackle the myriad of challenges involved in selling your home For Sale By Owner, sit down with a professional in your marketplace to see what they have to offer.  If you are in Farragut or Knoxville, contact me, Troy Stavros with Gables & Gates, REALTORS and I’d be happy to sit down and talk about your situation and how I can help.  Interested in finding out what your home could sell for?  CLICK HERE.

Home Depot & Lowes Know The Knoxville Housing Market!

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home depot knoxville housing marketYou might be asking yourself, Troy, how can home improvement stores like Home Depot and Lowes know about the Farragut and Knoxville housing market?  Like any large corporation, those stores have financial officers and economists in place to help them make decisions about their business.  A recent Bloomberg business article reported that Lowes and Home Depot both beat their 4th quarter profit projections by the largest amount in 6 quarters.

Robert Niblock, Lowes Chief Executive Officer recently said, “Consumers are feeling better about their jobs, their wages, and certainly feeling better about the value of their home. They are re-engaging in projects that they have put off.”  In a nutshell, CONSUMER CONFIDENCE is rising!  During the 4th quarter of last year, both Home Depot and Lowes saw a significant increase in sales to builders and professional contractors.  Carol Tome, Chief Financial Officer at Home Depot said, “It’s a sign of health.  If they are putting more items in their basket, it means they have work coming at them.”

Lowes has been conducting a quarterly consumer survey since 2007.  In it’s latest survey, the percentage of respondents who said that the value of their home is rising was over 50%.  This is the highest value since the inception of the survey.   According to the stores, increased confidence in the value of one’s home, often spurs homeowners to start larger projects.  Not everyone is starting projects on a home they are planning on staying in either.  Many are getting their Knoxville or Farragut homes ready to list this Spring, and with good cause.  Updating an outdated kitchen or bathroom can bring a higher price in today’s market.

Home Depot and Lowes aren’t the only indicators of rising prices.  The National Association of REALTORS® reports that the median price for an existing home rose, year over year, for the 35th month in a row!

What does this mean for you?

If you are thinking of selling a home in Farragut or Knoxville this year, contact a trusted local agent who can give you insight on the market and what improvements might help get your home sold. An agent that will tell you what changes could bring you the highest return on investment and final sales price.   This is something I do for all of my clients.  Between myself and my professional stager, we will have your home showing the best it possibly can.

Have questions?  Contact me, Troy Stavros with Gables & Gates, REALTORS® and we’ll find a time convenient for us to sit down and talk about your plans and goals and the best strategy for fulfilling them!  Interested in finding out how much your Farragut or Knoxville home is worth? CLICK HERE TO FIND OUT.

Thinking Of Selling A Home In Farragut or Knoxville? HURRY!!

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As I received the latest data on the 2015 housing market, one thing is for sure: If you are considering selling a home in Farragut or Knoxville, the time is now!

Yes, existing home sales dropped in January compared to December. But, nationally if we compare the current September-January time period to the same period a year ago, it shows that existing home sales have surpassed last year every single month, with the January national sales numbers being 200,000 homes greater than last January.  Farragut, TN had a 19.8% increase! Knoxville as a whole saw a 11.2% increase.

Existing Home Sales Farragut TN

Pending home sales (houses that have gone under contract) as reported by the National Association of Realtors have also done much better in the last five months compared to last year:

Pending home sales Farragut TN

Data also shows that the demand for homes from buyers in the market has increased significantly over last year as well:

Demand of homes for sale in Farragut

But with all of the positive buyer activity above, data shows that inventory levels are lower than last year, which is a huge win for folks who are selling a home in Farragut or Knoxville.  Knoxville’s inventory of homes for sale is down 8.5% from last year and the amount of homes for sale in Farragut is down 12.5% with new listings in Farragut down 13.3%.

inventory of homes on the market knoxville tnWhat does this mean for you?

If you are thinking about selling your home in Farragut or Knoxville, with demand increasing and supply dropping, this is the optimal time to get the best price for your home and get it sold in the fastest time possible. Contact me, Troy Stavros with Gables & Gates, REALTORS® today to see whether that is the case in your particular neighborhood.  Remember, real estate is local and can be different not only from town to town, but neighborhood to neighborhood and house to house.   Interested in finding out how much your home could sell for?  CLICK HERE TO FIND OUT.

 

1103 Vale View Road, Knoxville, TN 37922 – NEW LISTING

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Just listed! Knoxville home for sale at 1103 Vale View Road, Knoxville, TN 37922 in the Village at Roefield Subdivision.  A great opportunity to get into the sought after Village at Roefield Subdivision at an affordable price.  From the covered front porch to the extra large deck and everywhere in between you’ll find a comfortable place to call home.  New hardwood floors on the main level invite you into the 2 story foyer.  At a perfect 2363 square feet it has all the right rooms but feels larger with the grand 2 story family room with opens to the eat-in kitchen featuring newer stainless steel appliances and island.  Upstairs you’ll find 4 bedrooms (or 3 bedrooms and a large bonus room) including the master suite.  Once the weather gets nice you’ll appreciate the short walk down the sidewalk the 1 of the 2 neighborhood pools.  Zoned for A.L. Lotts Elementary, West Valley Middle, and Bearden High School.  For more information on 1103 Vale View Road, Knoxville, TN 37922 or to schedule your private showing, contact me, Troy Stavros with Gables & Gates, REALTORS® today!

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