Doorbell Real Estate Archives - Page 28 of 40

UNDER CONTRACT! Cute & Convenient in Clinton, TN – Only $115,000!

May 22, 2019 By Troy Stavros

UNDER CONTRACT IN 1 DAY WITH MULTIPLE OFFERS! Home for sale located at 301 Edgewood Avenue, Clinton, TN 37716. Offered at $115,000! The super convenient location is walking distance to downtown Clinton. This dollhouse features three bedrooms, one bath, hardwood floors, an updated kitchen with stainless steel appliances, and a flat, fenced backyard with two storage buildings. This would be a wonderful home for a first time home buyer as it has been well maintained, has a newer HVAC, and is also eligible for 100% financing! Be sure to watch the LIVE video tour that walks you through the home. Schedule your showing today as this super cute home is sure to sell fast!

For more information or to schedule a private showing contact Troy Stavros with CornerStone Realty Associates at 865-999-0925 directly or through the office at 888-388-DOOR xt.707.
This listing is no longer available.

What is Really Happening with Knoxville Home Prices?

May 20, 2019 By Troy Stavros

Home values have softened over the last twelve months. We are no longer seeing 6-7% annual appreciation levels for the national housing market. The current numbers are closer to 4%. Some have suggested that year-over-year appreciation levels could fall to 3% or less this year.

However, a stronger-than-expected economy and a good spring housing market have changed some opinions. Some analysts are now predicting that home value appreciation may begin to increase as we move forward.

Here are three examples:

Mark Fleming, Chief Economist of First American

“Data on the movement of unadjusted house prices during the early spring home-buying season won’t be available for a few more months, but it’s quite likely that price appreciation will accelerate again.”

***CoreLogic*’s April “Home Price Insights**”

“Home prices nationwide, including distressed sales, increased year over year by 3.7% in March 2019 compared with March 2018…The CoreLogic HPI Forecast indicates that home prices will increase by 4.8% on a year-over-year basis from March 2019 to March 2020.”

***Pulsenomics*’ Quarterly “Home Price Expectation Survey”**

The 2018 4^th Quarter survey called for 3.8% appreciation for 2019.
The 2019 1^st Quarter survey raised the appreciation projection for this year to 4.3%.

Bottom Line

Price appreciation has slowed over the past year. However, a strong economy and a good housing market have many experts thinking that home values might re-accelerate moderately throughout the rest of this year. Interested in what the value is of your specific property? Contact me, Troy Stavros with CornerStone Realty Associates at 865-999-0925 and I’d be happy to do the research for you.

Want to see what is happening in your zip code in the Knoxville area? Find your zip code and the info here.

April Knoxville Area Housing Market Snapshot

May 15, 2019 By Troy Stavros

Here’s how the current real estate market is doing through the end of April, all around Knoxville, compared to last year (including Knox County, Loudon County, Anderson County, Blount County, Monroe County, and Roane County.)

Remember, real estate is hyper-local, meaning your county may show one thing but your specific subdivision or home may be doing something completely different. Contact me for a personal analysis!

Here is what is happening in the West Knoxville/Farragut real estate market compared to last year. Home sales are down fairly considerably in Farragut, compared to the same time last year. The median sales price is also down, and we’ve seen a very small increase in the amount of available inventory. There can be drastic differences depending on the price point you are in, so contact us for a more targeted assessment of your situation.

The 37922 zip code in West Knoxville saw a decent jump in price, but home sales are down, most likely because of the decline in available inventory.

Not seeing your particular zip code referenced above? View the stats for your specific zip code by clicking HERE.

Interested in what your personal home analysis would look like? Call or text me at 865-999-0925!

4 Tips for Making a Competitive Offer on a Knoxville Home

May 15, 2019 By Troy Stavros

So, you’ve been searching for that perfect house in Knoxville to call ‘home,’ and you’ve finally found it! The price is right, and in such a competitive market, you want to make sure you make a good offer so that you can guarantee that your dream of making this house yours comes true!

Below are 4 steps provided by Freddie Mac to help buyers make offers, along with some additional information for your consideration:

1. Determine Your Price

“You’ve found the perfect home and you’re ready to buy. Now what? Your real estate agent will be by your side, helping you determine an offer price that is fair.”

Based on your agent’s experience and key considerations (like similar homes recently sold in the same neighborhood or the condition of the house and what you can afford), your agent will help you to determine the offer that you are going to present.

Getting pre-approved will not only show home-sellers that you are serious about buying, but it will also allow you to make your offer with confidence because you’ll know that you have already been approved for a mortgage in that amount.

2. Submit an Offer

“Once you’ve determined your price, your agent will draw up an offer, or purchase agreement, to submit to the seller’s real estate agent. This offer will include the purchase price and terms and conditions of the purchase.”

Talk with your agent to find out if there are any ways in which you can make your offer stand out in this competitive market! A licensed real estate agent who is active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer.

3. Negotiate the Offer

“Oftentimes, the seller will counter the offer, typically asking for a higher purchase price or to adjust the closing date. In these cases, the seller’s agent will submit a counteroffer to your agent, detailing their desired changes, at this time, you can either accept the offer or decide if you want to counter.

Each time changes are made through a counteroffer, you or the seller have the option to accept, reject or counter it again. The contract is considered final when both parties sign the written offer.”

If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home.” If the inspector uncovers undisclosed problems or issues, you can discuss any repairs that may need to be made with the seller or even cancel the contract altogether.

4. Act Fast

The inventory of homes listed for sale in Knoxville has remained well below the 6-month supply that is needed for a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream homes.

Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as quickly as possible.

Bottom Line

Whether buying your first home or your fifth, having a local Knoxville real estate professional who is an expert in his or her market on your side is your best bet in making sure the process goes smoothly. Let’s talk about how we can make your dream of homeownership a reality! Call or text Troy Stavros with CornerStone Realty Associates at 865-999-0925 today!

2 Current Trends Helping To Keep Knoxville Housing Affordable

May 6, 2019 By Troy Stavros

Two positive trends have started to emerge that impact the 2019 Spring Housing Market. Mortgage interest rates for a 30-year fixed rate loan have dropped to new lows, right as reports show that wages have increased at their highest rate in decades!

These two factors have helped keep Knoxville housing affordable despite low supply of houses for sale driving up prices. First American’s Chief Economist, Mark Fleming, explains the impact,

“Ongoing supply shortages remain the main driver of the performance gap as the housing market continues to face an inventory impasse – you can’t buy what’s not for sale.

However, an unexpected affordability surge, driven primarily by lower-than-anticipated mortgage rates, rising wages and favorable demographics, has boosted housing demand.”

Mortgage interest rates had been on the rise for most of 2018 before reaching their peak in November at 4.94%. According to Freddie Mac’s Primary Mortgage Market Survey, interest rates last week came in at 4.20%.

Average hourly earnings grew at an annual rate of 3.2% in March, up substantially from the 2.3% average pace seen over the last 10 years.

These two factors contributed nearly $6,000 worth of additional house-buying power for median households from February to March 2019, according to First American’s research. Fleming is positive about the prolonged impact of lower rates and higher wages.

“We expect rising wages and lower mortgage rates to continue through the spring, boosting housing demand and spurring home sales.”

Bottom Line

Low mortgage interest rates have kept housing affordable throughout the country and right here in Knoxville. If you plan on purchasing a home this year, act now while rates are still low! Contact me, Troy Stavros with CornerStone Realty Associates at 865-999-0925 today to take the next step towards your dream home!

How Fast Can You Save For A Downpayment? You Might Be Surprised!

April 29, 2019 By Troy Stavros

Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save for a down payment in each state.

Using data from HUD, Census and Apartment List, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expense.

By determining the percentage of income spent renting in each state, and the amount needed for a 10% down payment, we were able to establish how long (in years) it would take for an average resident to save enough money to buy a home of their own.

According to the data, residents in Kansas can save for a down payment the quickest, doing so in just over 1 year (1.12). Below is a map that was created using the data for each state:

What if you only needed to save 3%?

What if you were able to take advantage of one of Freddie Mac’s or Fannie Mae’s 3%-down programs? Suddenly, saving for a down payment no longer takes 2 to 5 years, but becomes possible in less than a year in most states, as shown on the map below.

Bottom Line

Whether you have just begun to save for a down payment or have been saving for years, you may be closer to your dream home than you think! Let’s get together to help you evaluate your ability to buy today. Call Troy Stavros with CornerStone Realty Associates at 865-999-0925