The American Dream of homeownership is alive and well. Before you sign another lease, let’s get together to help you better understand all your options. Call Troy Stavros with CornerStone Realty Associates today at 865-999-0925 or 888-388-DOOR xt. 707.
Buying A Home Does NOT Have To Be Scary
As we enter this spooky time of year, find out how buying a home in Knoxville can be scary, unless you know the facts. Knowing the facts (and not the myths) about buying a home can turn you from scared into fearless. Watch the video above to learn the truth about: Down Payment, Credit Score, Mortgage Approval, Buying vs. Renting. For more information contact me, Troy Stavros with Gables & Gates, REALTORS at 865-777-9191.
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Knoxville and Farragut TN Real Estate Market Update – April
Here are the most recent (April) statistics for the Knoxville and Farragut TN real estate markets.
Here are the Knoxville TN real estate market stats through April.  The highlighted stats are:
- Median sold price of Knoxville homes in April = $150,000
- Median list price of Knoxville homes in April = $179,900
- Median days on the Market for Knoxville homes =  61 days
- Homes sold in Knoxville in April = 1181
- Homes listed in Knoxville in April = 3024
- Absorption Rate in April for Knoxville = 8.95 months
- Year to Date Knoxville home sales are up 6.9% through April compared to last year.
- Year to Date Knoxville home prices are up 8.86% through April compared to last year.
Here are the Farragut TN real estate market stats for April:
- Median sold price of Farragut homes in April = $268,000
- Median list price of Farragut homes in April = $419,000
- Median days on the market for Farragut homes in April= 19 days
- Homes sold in Farragut in April = 47
- Homes listed in Farragut in April = 70
- Absorption Rate in April for Farragut = 4.05 months
- Year to Date Farragut home sales are up 17.4% through April compared to last year.
- Year to Date Farragut home prices are up 3.56% through April compared to last year.
What does this mean for you?
The Knoxville and Farragut TN real estate markets are humming along and now in full swing as we enter the Spring selling season. Â Home sales and home prices in both Farragut and Knoxville keep trending upward, and while inventory levels in Knoxville as a whole have bumped up a few percentage points, Farragut is still struggling with a low supply of homes for sale (decreasing to only a 4.05 month supply when a healthy market is 6 months).
For Sellers
Homeowners considering selling a home in Farragut or Knoxville should know that there is no better time to be on the market then right now.  Between the seller’s market being created by the low inventory situation and the fact that we are entering the highest demand time of the year for buyers (May, June, July, August), if you are thinking of selling, do it now!   Watch my recent video here explaining this in more detail. Also sellers become buyers so read below for more important information.
For Buyers
Yes, the low inventory situation can make it a bit harder to find a home, and competition may be fierce, but now is the time to buy. Â Why? Â Recent reports have shown us that both prices and mortgage rates are on the rise. Â These two factors will decrease your buying power, the longer you wait. Â If you find a home to buy now, you will be getting more for your money than if you wait. Â Watch my recent video that explains this in more detail here.Â
Have questions about the market or anything Knoxville or Farragut TN real estate related? Want to sit down over a cup of coffee and discuss?  Contact me, Troy Stavros with Gables & Gates, REALTORS and I’d be happy to get together with you and answer any questions you might have.  I look forward to serving you!  If you are interested in a free, no obligation analysis of how much your Knoxville or Farragut TN home is worth CLICK HERE.
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How Buying A Home Now = Saving $100’s Of Dollars Month
Buying a home now may save you $100’s of dollars per month. This holds true for any buyer, but especially those who are not paying cash. The reason it effects those financing their new home, is that there are two factors that impact the amount of home you can afford. Those two factors are home prices and mortgage rates. Let’s take a look at what the experts are predicting over the next year for those two important factors:
Home Prices
100+ economists along with investment strategists, market strategists, and real estate experts were recently polled for the “Home Price Expectation Survey”. The goal of the survey was to find out where home prices are headed over the next year. The results of the survey showed that the average home price appreciation projected over the next 12 months is approximately 4.4%.
Mortgage Interest Rates
Freddie Mac’s latest “Economic & Housing Market Outlook” predicted that the 30 year fixed mortgage rate, one year from now, will be at 4.7%. Last week this same rate was at 3.69%.
What does this mean for you?
Let’s look at a couple scenarios. If you are buying a home in Knoxville priced at $250,000, the chart below shows you how much more you could be paying on a monthly basis, if you choose to wait until next year to buy a home:
Let’s say you are moving up to a higher priced home. Â What does it look like if you are buying a home in Knoxville for $500,000. Â How would it change your monthly payment?
Hopefully this helps you see how waiting to buy a home can not only make a big impact on how much home you can afford, but also what a direct impact it can have on your monthly finances. Have questions? Comments? Want to talk about getting started in searching for your next home in Farragut or Knoxville?  Need to get your current home sold first?  Contact me, Troy Stavros with Gables & Gates, REALTORS and I’d love to sit down and talk about the process and how to help you reach your goals.  I’m here to serve you!
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