If you are thinking about buying a Knoxville home, or possibly selling your Knoxville home to buy a different one, waiting until next year will most likely cost you quite a bit more money. Sure, it’s normal to think that going into the winter months would not be a good time to buy or sell, but where the Knoxville real estate market stands right now tells a different story.
Here are the top reasons why waiting to buy a Knoxville home will cost you more in the future:
- Mortgage rates will likely rise. This will happen sooner than later and we can expect 5% rates in 2014. (SEE GRAPHIC BELOW)
- The Federal Reserve will begin “tapering” quantitative easing which will effect mortgage rates negatively.
- Knoxville home values are rising (while this may seem like a good reason for sellers to wait, the homes they will purchase after they sell are rising as well, along with the cost of borrowing money).
- There is typically less competition in the winter months for both buyers and sellers giving you a better chance at a deal.
- Buyers and sellers in the Knoxville real estate market in the winter months are typically more motivated. They need to buy or sell a house or they might have put it off until after the holidays.
Contact Troy Stavros with Gables & Gates, REALTORS at 865-999-0925 to discuss the steps necessary to take advantage of the market before it becomes less affordable.
