865 Real Estate

East Tennessee Real Estate & Neighborhood Source

Discover Your Dream Home at 8613 Rayworth Trail, Powell, TN – East Tennessee’s Prime Real Estate!

By

Embark on a journey to comfort and convenience with this beautiful home nestled in the heart of Powell, Tennessee, a sought-after location in East Tennessee. Spanning a generous 2,170 square feet, this well cared for property in the Knoxville area ensures a perfect blend of style and functionality, making it a top choice for those searching for homes in Powell, TN.

🔑 Key Features: Spacious Living in East Tennessee: Enjoy 3 cozy bedrooms, plus a large bonus room perfect for various uses, in this Powell, TN home. Modern Kitchen: Delight in preparing meals in the updated kitchen, equipped with stainless steel appliances. Luxurious Owner’s Suite: Relax in the opulent owner’s suite bath, complete with a jetted tub, separate shower, and dual sinks in this Knoxville area home. Outdoor Oasis: Unwind on the covered patio overlooking the fenced backyard in Powell, complete with an oversized storage shed and playset.

🛠 Recent Upgrades: 4-year-old roof ensuring durability in East Tennessee’s climate. Updated bathrooms for a modern touch in this Powell, TN property. 2 car garage with a handy workbench for all your projects.

📍 Prime Location in Knoxville Area: Situated just minutes from Emory Road in Powell, enjoy effortless access to a plethora of shopping and dining options in the Knoxville area. The convenient location also provides easy access to the interstate, making your daily commute from East Tennessee a breeze.

💰 Affordable Financing in Powell, TN: Take advantage of 100% financing available, making your dream home in East Tennessee more attainable than ever! Don’t miss this incredible opportunity to own a piece of prime real estate in Powell, TN, near Knoxville. At 8613 Rayworth Trail, indulge in the perfect blend of luxury, comfort, and convenience in East Tennessee.

🌟 Don’t let this opportunity slip away! Text Troy Stavros at CornerStone Realty Associates now at 📱 865-999-0925. Secure your private tour and get all your questions answered. Your dream home at 8613 Rayworth Trail, Powell, TN is waiting for you. Reach out now and open the door to your future! 🏡

8613 Rayworth Tr, Powell, TN 37849

$380,000
Property Type: Single Family Bedrooms: 3 Square Footage: 2,170 Lot Size (sq. ft.): 16,553 Status: Closed
Current Price: $380,000 List Date: 10/14/2023 Last Modified: 12/21/2023

Description

Step into comfort and convenience with this beautiful home nestled in the heart of Powell, Tennessee. Spanning a generous 2,170 square feet, this well cared for property exudes warmth and modern elegance, ensuring a perfect blend of style and functionality. 🔑 Key Features: Spacious Living: Enjoy 3 cozy bedrooms, plus a large bonus room perfect for a home office, gym, playroom or media room. Gourmet Kitchen: Delight in preparing meals in the updated kitchen, equipped with sleek stainless steel appliances. Plenty of storage in the abundance of cabinets and oversized pantry. You'll also love the command central workstation in the kitchen next to a large window. A great place for home office work or to just peruse the internet. Luxurious Owner's Suite: Relax in the bright owner's suite. With a bath, complete with a jetted tub, separate shower, and dual sinks. An oversized walk-in closet offers ample space for your wardrobe. Outdoor Oasis: Unwind on the covered patio overlooking the private, fenced backyard, complete with an oversized storage shed and playset. Additional Amenities: Enjoy newer hardwood floors throughout the main level. Revel in the warmth of the fireplace, and make use of the extra parking space for your RV or additional vehicles. The main level also features a formal dining room, separate laundry room and a 1/2 bath 🛠 Recent Upgrades: -4-year-old roof ensuring durability and peace of mind. -Updated bathrooms for a modern touch. -Updated kitchen is a pleasure to spend time in. -2 car garage with a handy workbench for all your DIY projects. 📍 Prime Location: Situated just minutes from Emory Road, enjoy effortless access to a plethora of shopping and dining options. The convenient location also provides easy access to the interstate, making your daily commute a breeze. 💰 Affordable Financing: Take advantage of the option of 100% financing available through USDA, making your dream home more attainable than ever! Don't miss this incredible opportunity to own a piece of paradise in Powell, TN. At 8613 Rayworth Trail, indulge in the perfect blend of luxury, comfort, and convenience. Schedule your private tour today and step into the lifestyle you deserve!

More Information MLS# 1241437

Location Tax Legal Info

House #: 8613 Street Name: Rayworth St Suffix: Tr State/Province: TN Zip Code: 37849 PIN #: 046KC008 Subdivision: Foxworth Geo Lat: 36.056823 Geo Lon: -84.022439

Contract Info

Auction Y/N: No Listing Price: 380000 Current Price: $380,000 Status: Closed Listing Date: 2023-10-01

General Property Description

Type: 2 Story Acres: 0.38 Acre Source: Tax Records Site Built: Yes Restrictions: Yes SqFt - Total (Aprox): 2170 SqFt - Main Lvl: 1000 SqFt - 2nd Flr Lvl: 1170 # Bedrooms: 3 Baths - Full: 2 Baths - 1/2: 1 # of Rooms: 6 Fireplace: Yes # Fireplace: 1 Property Status: N/A HOA: No Year Built: 2001 Bonus Room: Yes

Status Change Info

Status Change Date: 2023-11-09 Under Contract Date: 2023-10-15 Sold Date: 2023-11-08 Sold Price: $380,000

Property Features

Style: Traditional Construction: Frame - Brick Siding: Brick; Vinyl Basement: Slab Lot Description: Level; Rolling Slope View: Wooded Fireplace: Gas Log Floors: Hardwood; Vinyl Fuel: Electric; Gas (Natural) Heat: Central Cooling: Ceiling Fan(s); Central Cooling Appliances: Dishwasher; Disposal; Range; Self Cleaning Oven; Smoke Detector Sewer: Public Sewer Water: Public Other Rooms: Extra Storage; Family Room; Laundry/Utility; Split Bedroom; Workshop Misc Features: Internet Available; Pantry; Walk-in Shower; Walk-In Closet(s); Washer/Dryer Connect; Whirlpool Tub; Wired for Internet Exterior Features: Patio; Prof Landscaped; Windows - Insulated Outbuildings: Storage Shed Dining Area: Formal Dining Area Showing: See Agent Instructns New Financing: Cash; Conventional; FHA; New Loan; USDA/Rural; VA Loan

Room Information

Family Room Dining Room Kitchen Utility Room Garage Master Bedroom Bedroom 2 Bedroom 3 Bonus Room
Listing Office: Doorbell Real Estate
Office Phone: 888-388-3667
Last Updated: December - 21 - 2023
8613 Rayworth Tr, Powell, TN 37849- MLS# 1241437
The data relating to real estate for sale on this Web Site comes from the IDX Program of the Knoxville Area Association of REALTORS® Multiple Listing Service. © Copyright 2020 All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. This information is updated weekly, however, some of these properties may subsequently have sold and may no longer be available. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision.
Search powered by FBS Products

Unlocking Opportunities: Exploring the Modern Era of Adjustable-Rate Mortgages

By

Cast your mind back to the real estate turbulence of 2008, a time when adjustable-rate mortgages (ARMs) commanded the spotlight. Fast forward to today, and ARMs are experiencing a resurgence in popularity among both seasoned homeowners and first-time buyers. Let’s delve into the reasons behind this shift and lay to rest any concerns it might evoke.

A visual representation of data from the Mortgage Bankers Association (MBA) serves as our guide, illustrating the gradual rise in the prevalence of adjustable-rate mortgages over recent years:

As the graph demonstrates, the landscape shifted from approximately 3% of all mortgages in 2021 to a notable increase in ARMs usage last year. The rationale behind this uptick is quite straightforward. With mortgage rates undergoing a significant climb, homeowners found solace in the ARMs option. The allure was simple: ARMs provided a way to secure lower interest rates in a climate where conventional borrowing costs were peaking.

Now, let’s debunk any misconceptions right away – the ARMs of today are not the same as the ones that contributed to the 2008 housing crisis. A pivotal factor behind that crisis was the lax lending standards prevailing at the time. Borrowers could obtain ARMs without substantiating their employment, income, or assets – a recipe for financial instability. This approach landed many homeowners in hot water, as they grappled with loans they were never truly qualified for.

In this iteration, lending standards have undergone a transformation. The financial sector has heeded the lessons from history, implementing stringent verification procedures for income, assets, and employment. In essence, modern-day borrowers are required to qualify for their loans, establishing their capacity to repay.

Archana Pradhan, an Economist at CoreLogic, elucidates the evolution:

“About 60% of Adjustable-Rate Mortgages (ARM) originated in 2007 were granted with minimal or no documentation… Similarly, in 2005, 29% of ARM borrowers had credit scores below 640… At present, nearly all conventional loans, including both ARMs and Fixed-Rate Mortgages, mandate comprehensive documentation, amortization, and are extended to borrowers with credit scores above 640.”

To make this crystal clear, let’s put it in layman’s terms, as described by Laurie Goodman at Urban Institute:

“The Adjustable-Rate Mortgages available today carry no more risk than other mortgage products, and their lower monthly payments could potentially widen access to homeownership for a larger pool of prospective buyers.”

For those concerned that today’s ARMs might resemble the previous crisis triggers, take comfort in knowing that the dynamics have shifted significantly this time around.

And for those venturing into the realm of homeownership for the first time, seeking viable lending options to navigate today’s affordability challenges, consider reaching out to a trusted lender. They stand ready to guide you through the intricate landscape of modern real estate financing.”

Despite higher interest rates data shows buyer activity is UP!

By

Are you a homeowner considering selling your house? Wondering if it’s the right time? Well, here’s some good news: despite higher mortgage rates, buyer traffic is on the rise.

Recent data from the ShowingTime Showing Index, which measures buyers actively touring homes, reveals a significant increase in buyer demand over the past few months. Even during the colder months, the limited number of homes for sale kept shoppers on the lookout.

To put things into perspective, let’s compare this February’s foot traffic with the traffic from the past six years. This February showcased one of the strongest buyer activities we’ve seen in recent memory, excluding the highly unusual years of 2021 and 2022. When compared to the more normal, pre-pandemic years, the data clearly indicates a rise in buyer activity.

What’s even more impressive is that this increase in buyer traffic occurred despite the rise in mortgage rates this February. The Freddie Mac 30-year fixed mortgage rate climbed from 6.09% to 6.50%. However, it didn’t deter more buyers from searching for their dream homes.

According to Jeff Tucker, Senior Economist at Zillow, this upward trend in buyer activity may continue. Typically, March and April experience a seasonal uptick in home shoppers.

If you’re looking to sell your house, this year’s active buyer market should be encouraging news. It’s a clear indication that potential buyers are out there, possibly searching for a home just like yours. By partnering with a real estate professional and listing your house now, you can put your home in front of eager buyers today.

In conclusion, the rising foot traffic in this year’s housing market is a positive sign that buyers are actively looking to purchase homes, even in the face of higher mortgage rates. If you’re ready to sell, let’s connect and make the most of this opportune time.

Have questions? Want to talk about buying or selling a home? Contact Troy Stavros with CornerStone Realty Associates today at 865-999-0925. My team and I are here to serve you!

APRIL 2023 East Tennessee and Knoxville Housing Market UPDATE

By

The Current Housing Market in East Tennessee: Rising Prices, Low Inventory, and High Demand

The Knoxville real estate market and the broader East Tennessee region are experiencing a significant surge in housing prices due to a combination of factors, including an incredibly low inventory of homes for sale and a high demand driven by an influx of people migrating from other parts of the country. As a result, both homebuyers and renters are feeling the impact of these market conditions.

One of the primary reasons for the rising prices in East Tennessee is the shortage of available homes. The inventory of houses for sale has reached historically low levels, creating a highly competitive market. With fewer homes on the market, potential buyers are faced with limited options, leading to increased competition and bidding wars for desirable properties. As a result, prices are being driven up as buyers vie for a limited supply of homes.

The region’s popularity as a destination for relocation is a key driver of the high demand in East Tennessee. Many people are choosing to move to this area due to its natural beauty, affordable cost of living, and growing job opportunities. This influx of new residents has intensified competition for housing, further fueling price increases.

Rents in Knoxville, specifically, have been significantly impacted by these market dynamics. According to recent data, apartment rents in Knoxville were up 12.75% in the first quarter of 2023, far surpassing the national average of 4.46% growth. The scarcity of available rental units has given landlords greater leverage, allowing them to raise rental prices to meet the soaring demand.

While the rising prices may pose challenges for renters, homeowners in the region are benefiting from the current market conditions. A recent report from the National Association of Realtors revealed that middle-income homeowners in Knoxville accumulated an average of $109,890 in housing wealth over the past decade as their homes appreciated in value. The sharp increase in home prices has provided homeowners with significant financial gains and enhanced their overall net worth.

The speed at which homes are selling in East Tennessee is remarkable. Statistics show that half of the homes sold were under contract in 16 days or less. Furthermore, 23.8% of homes sold for more than the asking price, with 12% selling for at least $10,000 over asking and 4% selling for at least $25,000 over asking. This data indicates a highly competitive market, with buyers willing to pay a premium to secure a property.

New construction has played a role in meeting the demand for housing, representing 15% of total home sales in the area. However, it is still not sufficient to offset the low inventory levels and escalating prices in the overall market.

Buyer competition remains fierce, although there has been a slight decline in the number of offers received on average. According to the Knoxville Area Association of Realtors’ Market Pulse Survey, the typical listing in the Knoxville area received 2.2 offers in the first quarter of 2023, down from 6.2 offers in 2022. Nevertheless, multiple offer scenarios are still extremely common, with half of all homes receiving at least two offers.

Affordability is becoming a growing concern in East Tennessee, particularly as mortgage rates have increased in recent weeks. Economic uncertainty has placed upward pressure on rates, with the current average rate for a 30-year loan standing at 6.69%. The higher interest rates are discouraging some homeowners from listing their homes for sale, as they are locked into lower rates below 4% or even below 3%. This further constrains the available housing supply and exacerbates the affordability problem in the market.

In conclusion, the housing market in East Tennessee, including Knoxville, is experiencing a surge in prices driven by a combination of low inventory and high demand.

MARCH 2023 East Tennessee & Knoxville Housing Market Update

By

Knoxville Real Estate Market Shows Signs of Growing Beyond Its Affordable Reputation

The Knoxville real estate market has always been known for its affordability, but new data shows that the city’s median listing price is now higher than the national average. This suggests that the competitive advantage of Knoxville’s affordability may be slipping away, making it more challenging for homebuyers to find homes within their budget. In the fourth quarter of 2022, the median listing price in the Knoxville area was $426,633, compared to $412,743 nationally. By February 2023, the local median listing price had increased by more than $42,000 compared to the U.S. average, making Knoxville the 47th-highest among the top 150 U.S. housing markets. One of the significant issues contributing to the shortage of inventory is that fewer people are moving. Life event movers, who typically move up or down in the housing market, are staying in their homes longer, creating a “mortgage lock-in” group. With over 60% of outstanding residential mortgages in Tennessee having an interest rate of 4% or below, potential sellers are hesitant to list their homes for sale, given the prospect of trading out their current mortgage for a new one with a much higher interest rate. This has led to fewer homeowners putting their homes on the market, particularly those priced under $500,000, where new listings are down 19% year-over-year.

Additionally, some homeowners who have to move are opting to keep their existing house with their sub-3% mortgage, rent it out, and buy a new home without selling their current one, which further exacerbates the inventory problem.

Investors represent another group that has not contributed much to the inventory. While institutional investors with Wall Street money have slowed their purchasing, none of them are selling, creating no discernible inventory coming from investors at this time.

Distressed homeowners represent the third potential source of inventory, but as of now, essentially none of these people are selling homes either. With the US still having record employment and the big layoffs in the tech sector generally finding work quickly, there are no indications of this group selling homes at this time.

According to experts, homeowners in Knoxville can see that they have a really good deal where they currently live. Therefore, unless something dramatically changes, the current environment is expected to remain.

The Knoxville real estate market’s challenges are not just about inventory, however. Tennessee’s population surpassed seven million residents in 2022, marking the largest year-over-year population increase since 2007, according to the Tennessee State Data Center. This growth is driving up rent prices, with Knoxville experiencing the second-fastest rent growth of any US metro area in 2022, according to a report from the National Association of Realtors®.

As Knoxville continues to grow, it will be essential to address the inventory shortage and affordability issues to ensure that the city remains an attractive place to live for both current residents and newcomers.

Have questions? Comments? Want to talk about the market? Want to talk about buying or selling a home in East Tennessee? Contact Troy Stavros at CornerStone Realty Associates today at 865-999-0925. My team and I look forward to serving you!

Why A Smaller Home in East Tennessee May Be The Best Fit

By

When it comes to buying a home in East Tennessee, bigger isn’t always better. In fact, there are many advantages to purchasing a smaller home that can make it a wise financial decision.One of the most significant benefits of buying a smaller home is the cost savings. Smaller homes in Knoxville generally have lower utility costs, lower property taxes, and a smaller mortgage payment. This means you can save money on your monthly housing expenses and have more money to allocate towards other areas of your life, such as saving for retirement or investing in your education.

Smaller homes in East Tennessee are also easier to maintain. With less square footage, you’ll spend less time cleaning and maintaining your home, leaving you with more time to focus on the things you enjoy. This can also save you money on maintenance and repair costs, as there are fewer areas of the home to upkeep.

Another advantage of purchasing a smaller home in Knoxville is the potential for a more sustainable lifestyle. With less space, you’ll be more mindful of your consumption and will likely accumulate less clutter over time. This can lead to a more simplified and intentional way of living, which can be both rewarding and fulfilling.

Finally, a smaller home can offer a sense of coziness and comfort that larger homes may lack. With fewer rooms and less space to spread out, you’ll likely spend more time in the shared spaces of your home, which can foster a sense of community and togetherness among family members.

Overall, buying a smaller home in East Tennessee can be a smart financial decision with a host of additional benefits. If you’re in the market for a new home, consider the advantages of a smaller living space and weigh your options accordingly.

Have questions? Want to get the process started in looking for a smaller home? Need to sell your current home before buying? Contact the Troy Stavros TEAM at CornerStone Realty Associates today at 865-999-0925.