If you are thinking of buying a home or a car, most of us will be using credit. Our credit score can not only effect whether or not we will be approved but also if we get the best terms. A big question I hear is, “will multiple lenders pulling my credit lower my credit score?”. The answer is a conditional no. Watch the video as Jordan Goldberg from Credit Plus explains why. For answers to other real estate related questions contact me, Troy Stavros with Gables & Gates, REALTORS and I’ll be happy to assist in anyway that I can.
Knoxville Real Estate Market Update Through August
The Knoxville real estate market is continuing along on a steady pace, while other parts of the country continue to slow.
August data shows that the average sales price of homes in Knoxville increased 3.49% from one year ago to $189,916, with a year to date improvement of 4.53%. What does this mean? Home prices are still trending in a positive direction.
Average days on the market of Knoxville homes for sale saw a small improvement over last month as it dropped to 99 days from 102.
Inventory levels are down in all price points under $300,000 compared to this time last year, with total inventory of active listings down 6.8% overall. Homes under $120,000 have seen the biggest drop in inventory.
The price point showing the largest improvement by far, are homes above $400,000 and especially above $500,000. Homes over $500,000 have seen a 32.1% increase in sales over this time last year (homes between $400,000-$499,999 saw a 9.7% increase).
Year to date existing home sales are nearly the same as last year (down only 10 homes), but August sales are down 7.7% from 2013 most likely due to constrained inventory.
Have more questions about the Knoxville real estate market or buying or selling a home in Knoxville? Don’t hesitate to contact me, Troy Stavros with Gables & Gates, REALTORS, today!
Knoxville Real Estate Market Update July 2014
The Knoxville real estate market is chugging along on a pretty steady pace, while other parts of the country seem to be slowing down.
NATIONAL HOME PRICES:
- June 2014 to July 2014 – DOWN 3.1%
- July 2013 to July 2014 – DOWN 6.8%
KNOXVILLE HOME PRICES:
- June 2014 to July 2014 – UP 4.6%
- July 2013 to July 2014 – UP 7.8%
With school starting back up, we can expect an increase in average days on the market. This is already being witnessed as average days on the market in Knoxville went from 96 days in June to 102 days in July, but this is still much better than July of 2013 when average days on the market in Knoxville was 193 days.
One of the main reasons for the rising prices and reduced days on the market for Knoxville real estate is lower inventory levels. Here are some comparisons to give you a picture of the inventory of Knoxville homes for sale:
KNOXVILLE REAL ESTATE INVENTORY LEVELS
July 2013 to July 2014 – DOWN 10.5%
YTD 2013 to YTD 2014 – DOWN 6.1%
Some of the statistics vary widely depending on what price range you are in when selling or buying Knoxville real estate. This chart will break it down (don’t hesitate to contact me with any questions you have about the numbers above or in the chart below).
Now the big question is what does this information mean for you as someone looking to sell your home in Knoxville or buy a home in Knoxville? As a seller, low inventory levels mean that this is a great time to put your home on the market, as there is less competition. As a buyer, buying a home in a low inventory home market means, you need to be less aggressive with your offers as there is increased competition in the marketplace. Making low offers or hesitating too long in deciding to make an offer will most likely cause you to lose out on desirable homes, as they will be snapped up by competing buyers.
Thinking about selling and wondering how much your Knoxville home might be worth? CLICK HERE for an instant estimate.
For more information or to discuss your personal goals in selling or buying a home in Knoxville, contact me, Troy Stavros with Gables & Gates, REALTORS today.
Market Square Farmers Market in Downtown Knoxville
The Market Square Farmers Market in downtown Knoxville is an open-air farmers’ market celebrating it’s 10th season this year.
Everything at the Market Square Farmers Market is locally grown or made right here in East Tennessee. Depending on the season, products vary but typically include produce, eggs, honey, herbs, free-range meat, bread, baked goods, salsas, coffee and artisan crafts. Enjoy local food provided by the vendors and food trucks, along with local entertainment as well. The Market Square Farmers Market can be fun for the whole family.
WHERE: Market Square Knoxville, TN 37902
WHEN: Wednesday from 11AM to 2PM and Saturday from 9AM to 2PM, May 3 – November 22, 2014.
FIND A LIST OF OTHER EAST TENNESSEE FARMERS MARKETS BELOW THE VIDEO!
Is Market Square not convenient for you? Here is a list of other Farmers Markets in East Tennessee:
Dandridge Farmers Market, corner of Gay and Meeting Streets, 9 a.m.-noon each Saturday.
Dixie Lee Farmers Market, 12740 Kingston pike at Renaissance Center. 9 a.m.-noon each Saturday.
East Tennessee Farmers Association for Retail Marketing (FARM) market, Lakeshore Park, Lyons View Pike, 3-6 p.m. each Friday.
Ebenezer United Methodist Church FARM Market, 1001 Ebenezer Road, 3-6 p.m. each Tuesday.
Marble Springs State Historic Site, 1220 W. Governor John Sevier Highway, 3-6 p.m. each Thursday.
Market Square Farmers Market, downtown at Market and Union Ave., 9 a.m.-2 p.m., each Saturday; 11 a.m.-2 p.m. each Wednesday.
Maryville Farmers Market, Church Avenue at Founders’ Square, 9 a.m.-noon each Saturday. Wednesday market operates 3:30-6:30 p.m. at New Providence Presbyterian Church, 703 W. Broadway Ave., Maryville.
Oak Ridge Jackson Square FARM Market, 8 a.m.-noon, each Saturday and 3-6 p.m. on Wednesdays
New Harvest Park Farmers Market, 4700 New Harvest Lane, 3-6 p.m. each Thursday.
Roots Market, 2112 East Magnolia Ave., 4-7 p.m. each Friday.
Seymour Farmers Market, 11612 Chapman Highway at Seymour First Baptist Church, 8 a.m.-noon each Saturday.
Union County Farmers Market, 1009 Main Street, Maynardville, 4-7 p.m. each Friday.
University of Tennessee Farmers Market, UT Gardens, 2518 Jacob Drive, 4-7 p.m. each Wednesday.
Gatlinburg’s Farmers Market, 849 Glades Road at the covered bridge, 8:30 a.m.-noon each Saturday.
UT Vol Football Players Build Habitat For Humanity House In Knoxville
It’s not all about practice and weight training for the University of Tennessee football players this summer. Many exchanged their helmets for hardhats to help build a home in Knoxville for the Habitat For Humanity project. The players involved enjoyed giving back to the community that supports them and were unanimous in stating that they are ready to do it again. Working alongside the family who would enjoy the house, new friendships and memories were made that will last a lifetime. #VFL.
For more information on Habitat For Humanity CLICK HERE. For help buying or selling your own home in Knoxville contact me, Troy Stavros with Gables & Gates, REALTORS to schedule a time to get together and discuss how I can best serve you.
4800+ SF Home For Sale in Farragut’s Fort West. Great Yard!
Home for sale in Farragut’s Fort West Subdivision at 12508 Fort West Drive, Knoxville, TN 37934: All brick, 3 levels and over 4800 square feet of living. 4 bedrooms, 4.5 baths, bonus room, and finished basement. Owner’s suite, 3 additional bedrooms and bonus room upstairs along with laundry room with wash basin. Updated, eat-in kitchen featuring granite counters, stainless steel appliances, double ovens, and more. Main level includes office, formal dining, and family room with fireplace. Family room and kitchen have access to the deck that spans nearly the entire length of the home overlooking the vast backyard that backs to wooded privacy. The lower level includes a large rec room wired for surround sound, additional fireplace, a room that could be a 5th bedroom, an exercise room, and kitchenette. Walk out of the lower level to private patio area. Plenty of parking in the extra wide driveway or the 3 car garage. Still plenty of time to take advantage of the Fort West Subdivision neighborhood pool. Newer HVAC (main unit only 2 months old!). For more information or to schedule a private showing contact me, Troy Stavros with Gables & Gates, REALTORS.
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