865 Real Estate

East Tennessee Real Estate & Neighborhood Source

List Prices Are Rising Fast On Knoxville Real Estate

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April 2014 List Prices Increase in Knoxville real estateThe prices at which sellers of Knoxville real estate are listing their homes is rising quickly.  The year over year increase in the median list price of homes in Knoxville as evidenced by my research is 9.38%.  However the telling factor is that the median increase that has been witnessed in the last month (between March and April) was 2.1%.  That a pretty big jump for just one month.

Nationally, list prices rose just 0.8% month-over-month and increased 9.0% year-over-year, the smallest gain in 11 months according to an analysis of data from Trulia’s Price Monitor and Rent Monitor.

The combination of a slow year over year increase both locally and nationally and a big month to month jump locally tells me that the Knoxville market is heating up fast.  If we look outside these numbers we can see further evidence of this.  For example, the last 4 homes I have listed in differing price points ($180,000, $350,000, $400,000, and $500,000) all went under contract with an average of 11.25 days.

Knoxville real estate inventory is still low which is adding fuel to the fire of rising prices.  Prices rise when demand is high and supply is low.  So if you are thinking about selling your home in Knoxville, now is the time!  If you are thinking about buying a home in Knoxville keep in mind that you will have plenty of competition, so make sure you are utilizing the guidance of an agent that can help navigate what could be a turbulent ride.  Within the last month I’ve assisted three different buyers in multiple offer situations and I am happy to say that two out of the three were able to secure the home (2 out of the 3 also took my advice 🙂

If you are looking to buy or sell in the Knoxville real estate market contact me, Troy Stavros with Gables & Gates, REALTORS to discuss your goals and formulate a game plan.  Talk with you soon!

Rare condo for Sale in West Knoxville in the Racquet Club Villas

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UPDATE: UNDER CONTRACT IN ONLY 11 DAYS! Just listed at 905 Racquet Club Way, Knoxville, TN 37923! Rare all brick, one level condo for sale in the Racquet Club Villas. Super convenient West Knoxville location near Cedar Bluff that is just minutes from shopping, restaurants, hospitals and the interstate (I40). No need to worry about tripping over stairs or steps in this condo, as there are none!  This immaculate, former model, features 3 bedrooms and 2 full baths. Nine foot and vaulted ceilings. Spacious kitchen with stainless steel appliances and Corian countertops. Hardwood floors in main living areas. Level driveway to the 2 car garage. Cozy screened porch and grilling patio. Wired for surround sound, central vac, & security. Nationally, only about 30% of condos are approved for FHA financing. This West Knoxville Condo is approved!

This listing is no longer available.

Immaculate 4700+ SF Farragut Home For Sale in Fort West

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UPDATE: UNDER CONTRACT IN ONLY 12 DAYS! Farragut home for sale in the Fort West Subdivision located at 12504 Fort West Drive, Knoxville, TN 37934. If you’ve been looking for an immaculately cared for, all brick home with a basement and extra large backyard in the Farragut School District, look no further. Over 4700 total square feet on three levels with 5 bedroom, 4.5 baths, and a large bonus room. Main level with gorgeous hardwood floors and ceramic tile features an office, formal dining room, family room and spacious eat-in kitchen.  The updated kitchen has a large island, granite counters, updated sink and faucet, desk area and access to a rear staircase. Walk out of the family room or separate rear garage entrance to the multiple outdoor living areas with separate deck and patio areas overlooking the spacious yard backed by wooded privacy. The upstairs includes the master bedroom with new custom double sinks, tiled tub surround and separate tile shower.  3 additional bedrooms up with 2 additional full baths plus a large bonus room.  The daylight, walk-out basement includes the 5th bedroom, a craft room, large rec room, a full bath, and abundant storage.  Farragut’s Fort West subdivision features a neighborhood pool and play area. For more information or for a private showing contact Troy Stavros with Gables & Gates, REALTORS today.

This listing is no longer available.

Knoxville Real Estate Market Update for April 2014

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A recent report by the National Association of REALTORS showed that the current national housing market is underperforming by historical standards, but where does Knoxville real estate stand?

My research shows that in the four main categories (Sold Listings, Pending Listings, Active Listings, and New Listings), only one is showing positive signs here in the Knoxville real estate market.  Evidenced by the graphs below, only “Pending Listings”, or homes currently under contract, is showing a gain over last year (up 15.5%).  “Sold Listings” are down 8.6% from the same time last year, and the categories showing current Knoxville real estate inventory are down as well, with “Active Listings” down 8.1% and “New Listings” down 5.4%.

To get a better feel for how your individual price point is faring in Knoxville, dig a little deeper into the numbers below and you will see that there is a pretty wide variation between performance in differing price points.  To get an idea of where your current home may fall CLICK HERE for an INSTANT, no hassle price evaluation.

Knoxville real estate market update april 2013

Lawrence Yun, NAR’s chief economist said, “There really should be stronger levels of home sales given our population growth.  In contrast, price growth is rising faster than historical norms because of inventory shortages.”  Yun does expect improvement, however.  “With ongoing job creation and some weather delayed shopping activity, home sales should pick up, especially if inventory continues to improve and mortgage interest rates rise only modestly.”

The national median existing-home price for all housing types in March was $198,500, up 7.9% from March 2013.  Knoxville’s median existing home price was $140,000, up 4.19% from last year.

Because of the laws of supply and demand, lower year over year inventory levels will only lead to higher prices, so my advice to Knoxville home buyers would be to find a home that suits your needs and jump on it quickly before prices rise even higher.   My advice to sellers would be to get your home on the market where it could possibly bring a premium in a low inventory environment.

To discuss your Knoxville real estate goals, whether it be buying or selling, contact me, Troy Stavros with Gables & Gates, REALTORS to schedule a time to sit down and formulate an action plan.

615 E. Fox Den Drive in Farragut – On Fox Den’s 15th Fairway

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UPDATE: UNDER CONTRACT IN 19 DAYS! This is your chance to secure a rare, updated home on the Fox Den Country Club golf course for only $350,000.  These opportunities are few are far between. This Farragut home for sale is located at 615 East Fox Den Drive, Knoxville, TN 37934 in the Woodchase Subdivison. Situated on the 15th fairway, this 4 bedroom, 2.5 bath home welcomes you to the lifestyle you’ve been looking for.  Whether cooking a gourmet meal in the kitchen featuring granite counter tops with recently updated cabinetry and appliances or relaxing by the fireplace in the family room, finding a spot to relax and live life won’t be a challenge.  The back porch with automatic sunshade looks out over a flat, park-like back yard. Beyond the back yard is the always beautiful, immaculately kept, Fox Den Country Club Golf Course.  Hardwood floors throughout much of the main level as well as upstairs in the owner’s suite.  This home was remodeled from top to bottom, from the kitchen to all of the bathrooms within the last few years.  This super convenient location is only minutes to the Turkey Creek Shopping Area, all Farragut Schools, the Farragut Library, and more.  Contact Troy Stavros with Gables & Gates, REALTORS for more information or to schedule your private showing.

This listing is no longer available.

844 Weatherly Hills Blvd – Southern Living Charmer For Sale

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UNDER CONTRACT IN ONLY 4 DAYS WITH MULTIPLE OFFERS! Southern Living charm emanates from this beautiful Farragut home in Weatherly Hills situated on an estate lot at 844 Weatherly Hills Blvd, Knoxville, TN 37934.  Walk up the manicured walkway that leads to the perfect rocking chair front porch.  Enter the 2-story foyer flanked by your bright dining room and main level office which is adjacent to the main level owner’s suite.  The spacious suite is complete with a large walk-in closet and bath featuring dual sink vanity, whirlpool tub, and separate shower.  The updated kitchen comes complete with Thermador and Bosch stainless steel appliances which include an oven, warming drawer, microwave, gas cooktop, and refrigerator.  The kitchen also features a separate eating area with built in seating.  Just off the kitchen are the family room with fireplace and custom built-in shelving along with a sun room which allows the room to glow with natural light. Upstairs adds 3 bedrooms, another office, and a bonus room.  This home is well suited for outdoor entertaining with it’s extensive decking that overlooks the large backyard which is suitable for a swimming pool, play set, or most anything you can imagine.   A 3 car side load garage is available for your vehicles and a huge amount of extra storage is located in the tall, walk-in crawl space.  The home has no neighbors to the rear and is a short walk to the Farragut Greenway and the Weatherly Hills neighborhood pool.  Weatherly Hills is conveniently located just minutes from the Turkey Creek shopping area, Fox Den Country Club, Willow Creek Golf Club, Regal Pinnacle Stadium 18 Cinema, and much more.  Contact me, Troy Stavros with Gables & Gates, REALTORS today to schedule your private showing or if you have any additional questions.

This listing is no longer available.