865 Real Estate

East Tennessee Real Estate & Neighborhood Source

Home Prices Have Increased in Every Price Range

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Home Prices Increase in Every Price Range | MyKCM

CoreLogic’s Home Price Index (HPI) Report revealed,

“National home prices increased 3.6% year over year in July 2019 and are forecast to increase 5.4% from July 2019 to July 2020.”

They also analyzed four individual home-price tiers, showing the increase in each.

Here’s the breakdown:

Home Prices Increase in Every Price Range | MyKCM To clarify the methodology, CoreLogic explains,

“The four price tiers are based on the median sale price and are as follows: homes priced at 75% or less of the median (low price), homes priced between 75% and 100% of the median (low-to-middle price), homes priced between 100% and 125% of the median (middle-to-moderate price) and homes priced greater than 125% of the median (high price).”

What does this mean if you’re selling?

Price appreciation can differ depending on your price range. If you’re a homeowner thinking of selling, let’s get together to find out how much your home is increasing in value, so you can price it competitively for today’s market. Call or text me, Troy Stavros with CornerStone Realty Associates today at 865-205-6899!

Home Sales Expected to Increase In 2020

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Home Sales Expected to Continue Increasing In 2020 | MyKCM

Freddie Mac, Fannie Mae, and the Mortgage Bankers Association are all projecting home sales will increase nicely in 2020.

Below is a chart depicting the projections of each entity for 2019, as well as for 2020.Home Sales Expected to Continue Increasing In 2020 | MyKCM

As we can see, Freddie Mac, Fannie Mae, and the Mortgage Bankers Association all believe homes sales will increase steadily over the next year. If you’re a homeowner who has considered selling your house recently, now may be the best time to put it on the market.

Are you ready to get your home on the market, or start talking about the process? Call/Text me, Troy Stavros with CornerStone Realty Associates today at 865-205-6899 and let’s set up a time to talk!

5 Reasons To Hire a Real Estate Professional To Help You

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A+ Reasons to Hire a Real Estate Pro [INFOGRAPHIC] | MyKCM

Some Highlights:

  • Hiring a real estate professional to help you buy your dream home or sell your current house is one of the most powerful decisions you can make.
  • A real estate professional has the experience to help you confidently navigate through the entire process.
  • Make sure you work with someone who knows the current market conditions and can simply and effectively explain them to you and your family.

Have questions about hiring an agent or anything real estate related? Call or text me, Troy Stavros with CornerStone Realty Associates at 865-205-6899 today!

Knoxville one of Top 10 Metros with Highest Home Price Increases

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The FHFA (Federal Housing Finance Agency) recently released their 2nd quarter numbers of the largest 100 metropolitan statistical areas, and Knoxville hit the top 10 list for highest home price increases since this time last year.

Per the report, homes in Knoxville are selling 7.6% higher than August 2018 and 3.3% higher than the last quarter. The city ranked No. 8 on the list.

Knoxville Top 10 Metros With Highest Home Price Increases

Have questions about how your specific home has fared? Remember real estate isn’t only local, it’s hyper-local. Meaning the price increase of your home may be completely different than one just down the block! Call/text me, Troy Stavros with CornerStone Realty Associates today at 865-205-6899 for a personalized market analysis.

210 Nancy Lane, Clinton, TN 37716 – Troy Stavros, CornerStone Realty Associates

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SOLD! Introducing 210 Nancy Lane, Clinton, TN 37716. OFFERED AT $130,000! Cute and updated, one level living minutes from downtown Clinton. This 3 bedroom, 2 bath home is located on a quiet side street and sits on a level lot with a fenced back yard. Owner’s suite addition features new sitting/office area with french doors, large walk-in closet and master bath with upgraded vanity cabinet, granite counters, double sinks, and upgraded faucets. Bathroom #2 received similar updates with an updated vanity cabinet, granite countertop and updated faucet. Engineered wood flooring in the family room and hallway and tile in the baths. Lots of natural light fills the home whether it be through the picture window in the family room, the windows in the kitchen either over the sink looking into the backyard or in the eat-in dining area, not to mention the french doors in the owner’s suite. The large, flat backyard is fenced and includes a storage building for tools or toys. This property is eligible for USDA 100% financing!

Don’t delay, set up your showing ASAP, as we don’t expect this home to last more than a few days on the market!

Contact Troy Stavros with CornerStone Realty Associates directly via call/text at 865-205-6899 or via the office at 888-388-DOOR xt.707.

210 Nancy Lane, Clinton, TN 37716

$137,000
Property Type: Single Family Bedrooms: 3 Square Footage: 1,144 Status: Closed
Current Price: $137,000 List Date: 8/22/2019 Last Modified: 12/21/2023

Overview

Description

Cute and updated, one level living minutes from downtown Clinton. This 3 bedroom, 2 bath home is located on a quiet side street and sits on a level lot with a fenced back yard. Owner's suite addition features new sitting/office area with french doors, large walk-in closet and master bath with upgraded vanity cabinet, granite counters, double sinks, and upgraded faucets. Bathroom #2 received similar updates with an updated vanity cabinet, granite countertop and updated faucet. Engineered wood flooring in the family room and hallway and tile in the baths. Lots of natural light fills the home. The large, flat backyard is fenced and includes a storage building for tools or toys. This property is eligible for USDA 100% financing!

Listing Details MLS# 1091645

Location Tax Legal Info

House #
210
Street Name
Nancy
St Suffix
Lane
State/Province
TN
Zip Code
37716
PIN #
074h A 023.03
Subdivision
Westover Hills

Contract Info

Auction Y/N
No
Listing Price
130000

General Property Description

Type
Ranch
Site Built
Yes
Restrictions
No
SqFt - Total (Aprox)
1144
SqFt - Main Lvl
1144
# Bedrooms
3
Baths - Full
2
# of Rooms
5
Fireplace
No
Property Status
N/A
HOA
No
Year Built
1981
Bonus Room
No
SqFt - Down Lvl
0
SqFt - 2nd Flr Lvl
0
SqFt - 3rd Flr Lvl
0
# Fireplace
0
Basement
No

Status Change Info

Status Change Date
2019-09-27
Under Contract Date
2019-08-23
Sold Date
2019-09-24

Sewer

Sewer Info
Utility

Water

Water Info
Utility

More Information

Location, Tax & Legal Info

Area
Anderson County - 30
Property Sub-Type
Residential
Community
Clinton
City/County Code
City Limits
Total Tax
764.75

Remarks & Misc

Directions
W Broad Street, to RIGHT on Highland Avenue, to RIGHT on Nancy Drive to RIGHT on Nancy Lane. Home on RIGHT. Sign in yard.
Public Remarks
Cute and updated, one level living minutes from downtown Clinton. This 3 bedroom, 2 bath home is located on a quiet side street and sits on a level lot with a fenced back yard. Owner's suite addition features new sitting/office area with french doors, large walk-in closet and master bath with upgraded vanity cabinet, granite counters, double sinks, and upgraded faucets. Bathroom #2 received similar updates with an updated vanity cabinet, granite countertop and updated faucet. Engineered wood flooring in the family room and hallway and tile in the baths. Lots of natural light fills the home. The large, flat backyard is fenced and includes a storage building for tools or toys. This property is eligible for USDA 100% financing!

Fencing

Chain
Yes
Fenced Yard
Yes

Atchd/Dtchd Type

Detached
Yes

Style

Traditional
Yes

Construction

Frame
Yes

Siding

Vinyl
Yes

Fireplace

None
Yes

Cooling

Ceiling Fan(s)
Yes
Central Cooling
Yes

Floors

Hardwood
Yes
Tile
Yes
Vinyl
Yes

Garage/Parking

Off-Street Parking
Yes

Basement

Crawl Space
Yes

Lot Description

Level
Yes
Rolling Slope
Yes

Fuel

Electric
Yes

Heat

Central
Yes

Dining Area

Eat-in Kitchen
Yes

Appliances

Dishwasher
Yes
Disposal
Yes
Microwave
Yes
Range
Yes
Self Cleaning Oven
Yes
Smoke Detector
Yes

Other Rooms

Bedroom Main Level
Yes
Family Room
Yes
Mstr Bdrm Main Level
Yes

Exterior Features

Deck
Yes

Misc Features

Internet Available
Yes
Walk-In Closet(s)
Yes
Washer/Dryer Connect
Yes

Outbuildings

Storage Shed
Yes

New Financing

Cash
Yes
Conventional
Yes
FHA
Yes
New Loan
Yes
USDA/Rural
Yes
VA Loan
Yes

Showing

See Agent Instructns
Yes

Property Features

Style: Traditional Construction: Frame Siding: Vinyl Basement: Crawl Space Lot Description: Level; Rolling Slope Fireplace: None Floors: Hardwood; Tile; Vinyl Fuel: Electric Heat: Central Cooling: Ceiling Fan(s); Central Cooling Appliances: Dishwasher; Disposal; Microwave; Range; Self Cleaning Oven; Smoke Detector Other Rooms: Bedroom Main Level; Family Room; Mstr Bdrm Main Level Misc Features: Internet Available; Walk-In Closet(s); Washer/Dryer Connect Exterior Features: Deck Fencing: Chain; Fenced Yard Outbuildings: Storage Shed Dining Area: Eat-in Kitchen Showing: See Agent Instructns New Financing: Cash; Conventional; FHA; New Loan; USDA/Rural; VA Loan
IDX
Listing Office: Doorbell Real Estate
Office Phone: 888-388-3667
Last Updated: December - 21 - 2023
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.
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Let Me Shatter the Housing Affordability MYTH For You

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It seems you can’t find a headline with the term “housing affordability” without the word “crisis” attached to it. That’s because some only consider the fact that residential real estate prices have continued to appreciate. However, we must realize it’s not just the price of a home that matters, but the price relative to a purchaser’s buying power.

Homes, in most cases, are purchased with a mortgage. The current mortgage rate is a major component of the affordability equation. Mortgage rates have fallen by over a full percentage point since December 2018. Another major piece of the affordability equation is a buyer’s income. The median family income has risen by 3.5% over the last year.

Let’s look at three different reports issued recently that reveal how homes are very affordable in comparison to historic numbers, and how they have become even more affordable over the past several months.

1. National Association of Realtors’ (NAR) Housing Affordability Index:

Here is a graph showing the index going all the way back to 1990. The higher the column, the more affordable homes are:Busting the Myth About a Housing Affordability Crisis | MyKCM

We can see that homes are less affordable today (the green bar) than they were during the housing crash (the red bars). This was when distressed properties like foreclosures and short sales saturated the market and sold for massive discounts. However, homes are more affordable today than at any time from 1990 to 2008.

NAR’s report on the index also shows that the percentage of a family’s income needed for a mortgage payment (16.5%) is dramatically lower than last year and is well below the historic norm of 21.2%.Busting the Myth About a Housing Affordability Crisis | MyKCM

2. Black Knight’s Mortgage Monitor:

This report reveals that as a result of falling interest rates and slowing home price appreciation, affordability is the best it has been in 18 months. Black Knight Data & AnalyticsPresident Ben Graboske explains:

“For much of the past year and a half, affordability pressures have put a damper on home price appreciation. Indeed, the rate of annual home price growth has declined for 15 consecutive months. More recently, declining 30-year fixed interest rates have helped to ease some of those pressures, improving the affordability outlook considerably…And despite the average home price rising by more than $12K since November, today’s lower fixed interest rates have worked out to a $108 lower monthly payment…Lower rates have also increased the buying power for prospective homebuyers looking to purchase the average-priced home by the equivalent of 15%.”

3. First American’s Real House Price Index:

While affordability has increased recently, Mark Fleming, First American’s Chief Economist explains:

“If the 30-year, fixed-rate mortgage declines just a fraction more, consumer house-buying power would reach its highest level in almost 20 years.”

Fleming goes on to say that the gains in affordability are about mortgage rates and the increase in family incomes:

“Average nominal household incomes are nearly 57 percent higher today than in January 2000. Record income levels combined with mortgage rates near historic lows mean consumer house-buying power is more than 150 percent greater today than it was in January 2000.”

Bottom Line

If you’ve put off the purchase of a first home or a move-up home because of affordability concerns, you should take another look at your ability to purchase in today’s market. You may be pleasantly surprised!

Ready to start the process? Need help getting pre-approved? Call or text me, Troy Stavros with CornerStone Realty Associates today at 865-205-6899!