Home Depot & Lowes Know The Knoxville Housing Market!

You 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  Updating an outdated kitchen or bathroom can bring a higher price in today’s market.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.