865 Real Estate

East Tennessee Real Estate & Neighborhood Source

Preparing Your Home For Sale in Knoxville: Cost vs Value

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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:Preparing Your Home For Sale in Knoxville

  • 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.

3 Reasons Why The Current Housing Market Will Improve in 2015

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Word on the street, and by the street I mean housing economists, is that 2015 is going to see an improvement on the current housing market.  While many are citing encouraging market trends which no doubt are good indicators, there have been some significant government actions of late that could have a meaningful effect on home buyers this year.  Three actions in particular are worth noting.  House Icon Showing House Price Going Up

Here are 3 reasons why the current housing market will improve this year:

  1. The FHA (Federal Housing Administration) recently announced that it will lower mortgage insurance premiums to .85% annually.  Lowering the premiums should make it easier for first time homebuyers to qualify for a loan and also afford more home as it directly effects the amount of their monthly mortgage payment.
  2. The Federal Housing Finance Agency in December announced that Fannie Mae and Freddie Mac, the two largest lending entities, will offer loans with down payments as low as 3% to qualified homebuyers.  This will open up the ability to purchase a home to a much larger buyer pool who didn’t have the ability to save 20% for a downpayment.
  3. We’ve seen fuel prices cut nearly in half of late.  This decline in gas prices will leave many people with more disposable income.  For those worried about commuting it could expand their home options not only from a standpoint of distance to work, but monthly payment as well.

Have any questions about the market?  Interested in learning more about buying or selling a home in Knoxville?  Contact me, Troy Stavros with Gables & Gates, REALTORS today.  I look forward to sitting down and talking with you!

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

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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.

Best season to sell a home in Knoxville

Things to do in Knoxville around Christmas

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It’s Christmas time in Knoxville!  So what are some things you can do around town during this holiday season?

Here are a list of some of the more popular things to do in Knoxville around Christmas:

Christmas in the City is a yearly Christmas season festival that is highly anticipated by locals and visitors alike.  Events surrounding the festival are favorites such as: Knoxville Holiday on Ice (see the video above), Regal Celebration of Lights, WIVK Christmas Parade, Xfinity Christmas at Chilhowee Park,  Tour De Lights Bike Ride, New Year’s on the Square, plus many more activities put on by our local arts community (i.e. Knoxville Symphony Orchestra, University of Tennessee, Tennessee Theatre, Clarence Brown Theatre, and more).

Here are some other family friendly things to do in Knoxville around Christmas:

Thinking of finding a new home for the holidays?  Or would you like Santa to bring you a buyer for your home?  Contact me, Troy Stavros today and let’s sit down over a cup of hot chocolate and talk about how we can make your Christmas wishes come true!

I’ve Seen Some Unexpected Things in Knoxville Real Estate

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As a REALTOR, I’ve seen some pretty unexpected things while showing Knoxville real estate, but nothing like this.  I wish I could have been present to see this incredible, unexpected, joyous flash mob put on by the United States Air Force Band at the National Air and Space Museum.   Enjoy!

Looking at buying or selling a home in Knoxville? Contact me, Troy Stavros with Gables & Gates, REALTORS. I promise, you’ll be surprised by the level of service you get 🙂