865 Real Estate

East Tennessee Real Estate & Neighborhood Source

What If I Waited Another Year To Buy A Home?

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What If I Wait A Year to Buy a Home? | MyKCM

National home prices have increased by 5.4% since this time last year. Over that same time period, interest rates have remained near historic lows which has allowed many buyers to enter the market and lock in low rates.

As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price but instead about the ‘long-term cost’ of the home.

The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Insights Report, home prices will appreciate by 4.8% over the next 12 months.

What Does This Mean as a Buyer?

If home prices appreciate by 4.8% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:

What If I Wait Until 2019 To Buy A Home? | MyKCM

Bottom Line

If buying a home is in your plan for this year, doing it sooner rather than later could save you thousands of dollars over the terms of your loan.

Why is buying a home better than renting? It makes “CENTS!”

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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.

5 Reasons The Holidays Are A Good Time To List Your Home

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Every year at this time there are many homeowners who decide to wait until after the holidays to list their homes. Here are 5 powerful reasons why waiting until after the holidays to sell your home probably doesn’t make sense. Let’s get together today to discuss how we can market your home this holiday season! Have questions or want to talk about getting your home on the market? Call Troy Stavros with CornerStone Realty Associates at 865-999-0925 or 888-388-DOOR xt.707 today.

2 Markets. 2 Different Directions. Luxury vs. Starter/Trade-Up

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The Tale of Two Markets [INFOGRAPHIC] | MyKCM

Some Highlights:

  • An emerging trend for some time now has been the difference between available inventory and demand in the premium and luxury markets and that in the starter and trade-up markets and what those differences are doing to prices!
  • Inventory continues to rise in the luxury and premium home markets which is causing prices to cool.
  • Demand continues to rise with lower-than-normal inventory levels in the starter and trade-up home markets, causing prices to rise on a year-over-year basis for 80 consecutive months.

Have questions about the market, the value of your home, or whether it’s a good time to buy or sell a home? Call or text Troy Stavros with CornerStone Realty Associates directly at 865-999-0925 or through our contact form.

2008 vs. Now: Are Owners Using Their Home Equity as ATMs Again?

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Over the last six years, we have experienced strong price appreciation which has increased home equity levels dramatically. As the number of “cash-out” refinances begins to approach numbers last seen during the crash, some are afraid that we may be repeating last decade’s mistake.

However, a closer look at the numbers shows that homeowners are being much more responsible with their home equity this time around.

What happened then…

When real estate values began to surge last decade, people started using their homes as personal ATMs. Homeowners would refinance their houses and convert their equity into instant cash (known as “cash-out” refinances). Because homes were appreciating so rapidly, many homeowners tapped into their equity multiple times.

This left homeowners with little-or-no equity left in their homes, so when prices started to fall many homeowners found their houses in a negative equity situation (where the mortgage amount was greater than the value of the home). When some of these homeowners saw that there was no value left in their houses, they just stopped paying their mortgages altogether.

Banks eventually foreclosed on those homes and the foreclosures drove prices down even further and put more homes in the negative equity category. This cycle continued, leading to the worst housing crash in almost one hundred years.

What’s happening now…

Again, Americans are seeing their home equity grow. Today, over 48% of all single-family homes in the country have over 50% equity, and yes, some families are tapping into that equity. However, this time around, homeowners are not making irresponsible decisions. According to the latest information from Freddie Mac, the total equity being “cashed out” is a fraction of what it was leading up to the crash. Here are the numbers:

2008 vs. Now: Are Owners Using Their Homes as ATMs Again? | MyKCM

Bottom Line

The recklessness that accompanied the build-up in equity prior to the last crash does not exist today. That makes this housing market much more secure than the one we had heading into 2008.

108 Telemann Lane, Oak Ridge, TN 37830 – CornerStone Realty Associates

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You’ve found it! Your convenient cabin in the woods that is only minutes from everything you need. Tucked away at the end of a cul-de-sac in Oak Ridge’s Burnham Woods subdivision you’ll find this slice of Tennessee heaven. Literally minutes to shopping, restaurants, and ORNL. This custom built log and stone home features over 3000SF, 5 bedrooms and 3 full baths. Entertain or spread out in 3 separate living areas. Two on the main level feature stone, wood burning fireplaces. The lower level’s extra large rec room is ready for a wood burning stove and and has a separate entrance. Kitchen comes complete with stainless steel appliances. Long covered front porch plus enjoy complete privacy on the covered back porch. 1 car garage. This home was completely remodeled less than 2 years ago.

108 Telemann Lane, Oak Ridge, TN 37830

$229,000
Property Type: Single Family Bedrooms: 5 Square Footage: 3,164 Lot Size (sq. ft.): 30,492 Status: Closed
Current Price: $229,000 List Date: 12/05/2018 Last Modified: 12/21/2023

Description

You've found it! Your convenient cabin in the woods that is only minutes from everything you need. Tucked away at the end of a cul-de-sac in Oak Ridge's Burnham Woods subdivision you'll find this slice of Tennessee heaven. Literally minutes to shopping, restaurants, and ORNL. This custom built log and stone home features over 3000SF, 5 bedrooms and 3 full baths. Entertain or spread out in 3 separate living areas. Two on the main level feature stone, wood burning fireplaces. The lower level's extra large rec room is ready for a wood burning stove and and has a separate entrance. Kitchen comes complete with stainless steel appliances. Long covered front porch plus enjoy complete privacy on the covered back porch. 1 car garage. This home was completely remodeled less than 2 years ago.

More Information MLS# 1063797

Location Tax Legal Info

House #: 108 Street Name: Telemann St Suffix: Lane State/Province: TN Zip Code: 37830 Property Sub-Type: Residential PIN #: 105f A 028.00 Subdivision: Burnham Woods Geo Lat: 35.999928 Geo Lon: -84.273607

Contract Info

Auction Y/N: No Listing Price: 230000 Current Price: $229,000 Status: Closed Listing Date: 2018-12-05

General Property Description

Type: 2 Story Acres: 0.7 Site Built: Yes Restrictions: Yes SqFt - Total (Aprox): 3164 SqFt - Main Lvl: 1750 SqFt - Down Lvl: 1414 # Bedrooms: 5 Baths - Full: 3 # of Rooms: 10 Fireplace: Yes # Fireplace: 2 Property Status: N/A HOA: No Year Built: 1987 Bonus Room: Yes Extra Storage: Yes

Status Change Info

Status Change Date: 2019-03-11 Under Contract Date: 2019-01-03 Sold Date: 2019-02-28 Sold Price: $229,000

Sewer

Sewer Info: UTILITY

Water

Water Info: UTILITY

Property Features

Style: Log; Traditional Construction: Log Siding: Log; Stone Basement: Finished; Plumbed; Walkout Lot Description: Cul-De-Sac; Irregular Lot; Wooded View: Wooded Fireplace: Masonry; Wood Burning Floors: Carpet; Tile Fuel: Electric Heat: Central; Heat Pump Cooling: Ceiling Fan(s); Central Cooling Appliances: Dishwasher; Microwave; Range; Self Cleaning Oven; Smoke Detector Other Rooms: Basement Rec Room; Bedroom Main Level; Extra Storage; Family Room; Great Room; Mstr Bdrm Main Level Misc Features: Internet Available; Walk-in Closets; Washer/Dryer Connect; Wired for Internet Exterior Features: Balcony; Deck; Porch - Covered; Windows - Insulated Dining Area: Eat-in Kitchen; Living Rm/Dining Rm Showing: See Agent Instructns New Financing: Cash; Conventional; FHA; New Loan; VA Loan
Listing Office: Doorbell Real Estate
Office Phone: 888-388-3667
Last Updated: December - 21 - 2023
108 Telemann Lane, Oak Ridge, TN 37830- MLS# 1063797
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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