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Homes for sale in East Tennessee : MAY Knoxville TN Housing Market Update

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All of the data is in through the end of May. Let’s take a look at what’s happening in the East Tennessee housing market.

In today’s video we dive into the East Tennessee real estate data for the month of May 2022 to see how the East Tennessee housing market is doing compared to one year ago. We will look at the inventory of active homes for sale in East Tennessee. Homes for sale in Knoxville TN, homes for sale in Farragut TN, homes for sale in Knox County TN, homes for sale in Loudon County TN, homes for sale in Anderson County TN, homes for sale in Roane County TN, homes for sale in Blount County TN, and homes for sale in Sevier County TN. We will also at what has happened to the median sales price of homes over the last year in those areas of East Tennessee. We will discuss the real estate data and how it affects buyers and sellers in today’s East Tennessee housing market.

Here is some basic real estate data and news in regards to the East Tennessee housing market not covered in the video:

  • Mortgage rates continue to rise as financial markets anticipate U.S. monetary policy changes amid higher-than-expect inflation. The 30Y FRM finished 2021 at 3.11% but remained well above 5% throughout the month of May.
  • Knoxville’s rental market occupancy rate hovered around 98.8% in Q1 2022, more than a full percentage point above the 97.5% occupancy rate nationally. Effective rents in the Knoxville metro area (MSA) were up 19.21% year-over-year as of April 2022, significantly higher than the 15.23% rate nationally.

  • Have questions or need help in today’s crazy East Tennessee housing market? Contact the Troy Stavros team at CornerStone Realty Associates at 865-999-0925 today. We are here to serve you!

History Proves Recession Doesn’t Equal a Housing Crisis

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Some Highlights:

-It’s important to understand history proves an economic slowdown does not equal a housing crisis.

-In 4 of the last 6 recessions, home prices actually appreciated. Home prices only fell twice – minimally in the early 90s and then by nearly 20% during the housing crash in 2008.

If you have questions, let’s connect to discuss why today’s housing market is nothing like 2008.

Homes for sale in Farragut TN – 12009 Broadwood Drive, Knoxville, TN 37934

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12009 Broadwood Drive, Knoxville, TN 37934

$831,000
Property Type: Single Family Bedrooms: 4 Square Footage: 3,633 Lot Size (sq. ft.): 20,909 Status: Closed
Current Price: $831,000 List Date: 5/01/2022 Last Modified: 12/21/2023

Description

Beautiful, impeccably maintained luxury home located on just under 1/2 acre in the heart of Farragut in the sought after Sugarwood Subdivision. This impressive home has everything you are looking for. From the moment you enter the double front doors into the vaulted foyer that extends into the 2 story great room accentuated by a winding staircase, you will feel like you've found your next home. Conveniences abound like the main level owner's suite, extra large eat-in kitchen with island open to a wall of windows that look out over the back patio and vast fenced backyard. Need a home office...check. Just off the foyer and separated from the other living areas. Upstairs you'll find 3 additional bedrooms, 2 baths, plus a bonus room (or 5th bedroom). Subdivision pool or room for your own!

Supplements: Updates to 12009 Broadwood Drive: Hot Water Heater-2021 HVAC - Upstairs 2021 HVAC - Downstairs 2019 Double Front Doors -2019 Windows -Whole House -2017 Outside Wood Trim wrapped in Vinyl - 2015 Roof and Ridge Vents -2011 Gutters -2011 Downspouts -2011 Garage Doors -2011 Sprinkler System Whole House Vac System replaced Custom Shutters and Blinds on main floor Ceiling Fans and lights -whole house replaced Granite Counters in Kitchen and Powder Room Remodeled Master Bath Tile Floors -Kitchen and all Baths Toilets -all Downstairs Baths Kitchen Appliances replaced Kitchen Backsplash Kitchen Cabinet Hardware Faucets -Kitchen and all Baths Wire Shelving in Garage Door Hardware -all doors Added Canned Lights in Office CATS Wiring in Office and Livingroom Termite Control and Pest Control - quarterly Fenced Yard 2009 -replaced wooden fence 2022 Landscaping

More Information MLS# 1189016

Location Tax Legal Info

House #: 12009 Street Name: Broadwood St Suffix: Drive State/Province: TN Zip Code: 37934 Property Sub-Type: Residential PIN #: 152GA031 Subdivision: Sugarwood Geo Lat: 35.866951 Geo Lon: -84.180684

Contract Info

Auction Y/N: No Listing Price: 675000 Current Price: $831,000 Status: Closed Listing Date: 2022-04-26

General Property Description

Type: 2 Story Acres: 0.48 Acre Source: Tax Records Site Built: Yes Restrictions: Yes SqFt - Total (Aprox): 3633 SqFt - Main Lvl: 2202 SqFt - 2nd Flr Lvl: 1431 # Bedrooms: 4 Baths - Full: 4 Baths - 1/2: 1 # of Rooms: 10 Fireplace: Yes # Fireplace: 1 Property Status: N/A HOA: Mandatory HOA Fee: 325 HOA Freq: Yearly HOA Contact: Shane Pohlmamm 865-300-3073 Year Built: 1993 Bonus Room: Yes

Status Change Info

Status Change Date: 2022-05-27 Under Contract Date: 2022-05-03 Sold Date: 2022-05-27 Sold Price: $831,000

Property Features

Style: Traditional Construction: Brick Siding: Brick Basement: Crawl Space Lot Description: Level Fireplace: Gas Log Floors: Carpet; Hardwood; Tile Fuel: Electric; Gas (Natural) Heat: Central; Forced Air Cooling: Ceiling Fan(s); Central Cooling Appliances: Dishwasher; Disposal; Microwave; Range; Refrigerator; Security Alarm; Self Cleaning Oven; Smoke Detector Sewer: Public Sewer Water: Public Other Rooms: Bedroom Main Level; Breakfast Room; Den/Study; Extra Storage; Family Room; Laundry/Utility; Mstr Bdrm Main Level; Split Bedroom; Sunroom Misc Features: Cathedral Ceiling; Drapes; Internet Available; Island in Kitchen; Pantry; Walk-in Closets; Walk-in Shower; Washer/Dryer Connect; Whirlpool Tub; Wired for Internet Exterior Features: Fence - Privacy; Fence - Wood; Fenced - Yard; Patio; Prof Landscaped; Windows - Insulated Dining Area: Breakfast Room; Eat-in Kitchen; Formal Dining Area Community Amenities: Architect Restricted; Swimming Pool; Tennis Courts Showing: See Agent Instructns New Financing: Cash; Conventional; New Loan; VA Loan
Listing Office: Doorbell Real Estate
Office Phone: 888-388-3667
Last Updated: December - 21 - 2023
12009 Broadwood Drive, Knoxville, TN 37934- MLS# 1189016
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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What Are Experts Saying About The 2022 Housing Market?

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As we move into 2022, both buyers and sellers in East Tennessee are wondering, what’s next? Will there be more homes available to buy? Will East Tennessee home prices keep climbing? How high will mortgage rates go? For the answer to those questions and more, we turn to the experts. Here’s a look at what they say we can expect in 2022.

Odeta Kushi, Deputy Chief Economist, First American:

“Consensus forecasts put rates at about 3.7% by the end of next year. So, that’s still historically low, but certainly higher than they are today.”

Danielle Hale, Chief Economist, realtor.com:

“Affordability will increasingly be a challenge as interest rates and prices rise, but remote work may expand search areas and enable younger buyers to find their first homes sooner than they might have otherwise. And with more than 45 million millennials within the prime first-time buying ages of 26-35 heading into 2022, we expect the market to remain competitive.”

Lawrence Yun, Chief Economist, National Association of Realtors (NAR):

“With more housing inventory to hit the market, the intense multiple offers will start to ease. Home prices will continue to rise but at a slower pace.”

George Ratiu, Manager of Economic Research, realtor.com:

“We also expect a growing number of homeowners to bring properties to market, taking some pressure off high prices and offering buyers more options.”

Mark Fleming, Chief Economist, First American:

“Strong demographic demand will continue to act as the wind in the housing market’s sails.”

What Does This Mean for Buyers in East Tennessee?

Hope is on the horizon for 2022. You should see your options grow as more homes are listed and some of the peak intensity of buyer competition starts to ease. Just remember, rising rates and prices are a great motivator for you to find the home of your dreams sooner rather than later so you can buy while today’s affordability is still in your favor.

What Does This Mean for Sellers?

Make no mistake – this sellers’ market in East Tennessee will remain in 2022 as home prices are projected to continue climbing, just at a more moderate pace. Selling your house in East Tennessee while buyer demand is so high will truly put you in the driver’s seat. But don’t wait too long. With more listings projected to become available, your ideal window of opportunity to stand out from the crowd won’t last forever. Work with an agent who knows your local market and current inventory conditions to ensure you have the support you need to make an educated and informed decision about selling in the coming year.

Bottom Line

If you’re thinking of buying or selling, 2022 may be your year. Let’s connect to discuss your goals and the unique opportunities you have in today’s housing market.

Contact the Troy Stavros TEAM at CornerStone Realty Associates today at 865-999-0925 with questions or to get the process started.

The Perks of Putting 20% Down When Buying a Home in East Tennessee

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The Perks of Putting 20% Down on a Home | MyKCM

If you’re thinking of buying a home in East Tennessee, you’re probably wondering what you need to save for your down payment. Is it 20% of the purchase price, or could you put down less? While there are lower down payment programs available that allow qualified buyers to put down as little as 0%, it’s important to understand the many perks that come with a 20% down payment.

Here are 4 reasons why putting 20% down may be a great option if it works within your budget.

1. Your Interest Rate May Be Lower

A 20% down payment vs. a 3-5% down payment shows your lender you’re more financially stable and not a large credit risk. The more confident your lender is in your credit score and your ability to pay your loan, the lower the mortgage interest rate they’ll likely be willing to give you.

2. You’ll End Up Paying Less for Your Home

The larger your down payment, the smaller your loan amount will be for your mortgage. If you’re able to pay 20% of the cost of your new home in East Tennessee at the start of the transaction, you’ll only pay interest on the remaining 80%. If you put down 5%, the additional 15% will be added to your loan and will accrue interest over time. This will end up costing you more over the lifetime of your home loan.

3. Your Offer Will Stand Out in a Competitive Market

In the East Tennessee market where many buyers are competing for the same home, sellers often like to see offers come in with 20% or larger down payments. The seller gains the same confidence as the lender in this scenario. You are seen as a stronger buyer with financing that’s more likely to be approved. Therefore, the deal will be more likely to go through.

4. You Won’t Have To Pay Private Mortgage Insurance (PMI)

What is PMI? According to Freddie Mac:

“For homeowners who put less than 20% down, Private Mortgage Insurance or PMI is an added insurance policy for homeowners that protects the lender if you are unable to pay your mortgage.

It is not the same thing as homeowner’s insurance. It’s a monthly fee, rolled into your mortgage payment, that’s required if you make a down payment less than 20%. . . . Once you’ve built equity of 20% in your home, you can cancel your PMI and remove that expense from your monthly payment.”

As mentioned earlier, if you put down less than 20% when buying a home, your lender will see your loan as having more risk. PMI helps them recover their investment in you if you’re unable to pay your loan. This insurance isn’t required if you’re able to put down 20% or more.

Many times, home sellers looking to move up to a larger or more expensive home are able to take the equity they earn from the sale of their house to put 20% down on their next home. With the equity homeowners have today, it creates a great opportunity to put those savings toward a larger down payment on a new home.

Bottom Line

If you’re looking to buy a home in East Tennessee, consider the benefits of 20% down versus a smaller down payment option. Let’s connect so you have expert advice to help make your homeownership goals a reality.

Contact the Troy Stavros TEAM at CornerStone Realty Associates today at 865-999-0925.

The Average Homeowner in Tennessee Gained $53,000 in Equity over the Past Year

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When you think of homeownership, what’s the first thing that comes to mind? Chances are you might focus on the non-financial benefits, like the security or stability that a home provides. But what about equity? While it can be overlooked, a homeowner’s equity helps build long-term wealth over time. Here’s a look at what equity is and why it matters.

For a homeowner, your equity is the current value of your home minus what you owe on the loan. So, as home values climb, your home equity does too. That’s exactly what’s happening today. There aren’t enough homes on the market to meet buyer demand, so bidding wars and multiple offers are driving prices up. That’s because people are willing to pay more to buy a home. Right now, this low supply and high demand are giving current homeowners a significant equity boost.

Dr. Frank Nothaft, Chief Economist at CoreLogic, explains it like this:

“Home price growth is the principal driver of home equity creation. The CoreLogic Home Price Index reported home prices were up 17.7% for the past 12 months ending September, spurring the record gains in home equity wealth.”

To find out just how much rising home values have impacted equity, we turn to the latest Homeowner Equity Insights from CoreLogic. According to that report, the average homeowner’s equity has grown by $56,700 over the last 12 months.

The Average Homeowner Gained over $56,700 in Equity over the Past Year | MyKCM

Curious how your Tennessee stacks up? Check out the map above and you’ll see our average is $53,000 in equity gained.

How Rising Equity Impacts You

If you’re already a homeowner in East Tennessee, equity not only builds your wealth, it also opens doors for you to achieve your goals. It works like this: when you sell your house, the equity you built up comes back to you in the sale. You can use those proceeds to fuel your next move, especially if you’ve decided your needs have changed and you’re looking for something new.

If you’re thinking about becoming a homeowner in East Tennessee, understanding the importance of equity can help you realize why homeownership is a worthwhile goal. It builds your wealth and gives you peace of mind that your investment is a wise one, not just from a lifestyle perspective, but from a financial one too.

Bottom Line

Whether you’re a current homeowner in East Tennessee or you’re ready to become one, it’s important to know how equity works and why it matters. If this inspires you to make a move, let’s connect to explore your options and find out what steps you need to take next.

Contact the Troy Stavros TEAM at CornerStone Realty Associates today at 865-999-0925.

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