home prices Archives - Page 6 of 9

July 2019 Knoxville Area Housing Market Snapshot

August 13, 2019 By Troy Stavros

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

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 an individual analysis!

Here is what is happening in the Farragut/West Knoxville/Hardin Valley real estate market compared to last year.

Home sales are down slightly in Farragut, compared to the same time last year. The median sales price is exactly the same at $385,000, 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 4.54% jump in price, coming in with an average median sales price of $355,040, but home sales and available inventory are both down between 9-10%.

Hardin Valley saw a nice 6.02% jump in price, coming in with an average median sales price of $328,551, but home sales and available inventory are both down double digits.

South Knoxville saw a double-digit jump in the median sales price, coming in with an average of $156,900, but home sales and available inventory are both down BIG, well into the double digits!

Oak Ridge is knocking it out of the park with a 16.32% increase in the median sales price, coming in with an average of $176,465, with a whopping 19.4% annual increase in home sales and 7.3% more inventory compared to last year!

Lenoir City saw a nice increase in the median sales price, coming up 9.18% with an average price of $251,000, but home sales and available inventory dropped coming close to double digits.

Not seeing your particular zip code or area 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, Troy Stavros with CornerStone Realty Associates at 865-205-6899!

What could be the Impact of the Next Economic Slowdown on Housing?

August 2, 2019 By Troy Stavros

How to Judge the Impact of the Next Economic Slowdown on Housing | MyKCM

We’ve experienced economic growth for almost a decade, which is the longest recovery in the nation’s history. Experts know a recession can’t be too far off, but when will this economic slowdown actually occur?

Pulsenomics just released a special report revealing that nearly 6 out of 10 of the 90 economists, investment strategists, and market analysts surveyed believe the next recession will occur by the end of next year. Here’s the breakdown:

9% believe a recession will occur this year
50% believe it will occur in 2020
35% believe it will occur in 2021
6% believe it will occur after 2021

When asked what would trigger the next recession, the three most common responses by those surveyed were:

Trade Policy
Stock Market Correction
Geopolitical Crisis

How might the recession impact real estate?

Challenges in the housing and mortgage markets were major triggers of the last recession. However, a housing slowdown ranked #9 on the list of potential triggers for the next recession, behind such possibilities as fiscal policy and political gridlock.

As far as the impact the recession may have on home values, the experts surveyed indicated home prices would continue to appreciate over the next few years. They called for a 4.1% appreciation rate this year, 2.8% in 2020, and 2.5% in 2021.

Bottom Line

On the same day, in the same survey, the same experts who forecasted a recession happening within the next 18 months also claimed housing will not be the trigger, and home values will still continue to appreciate.

Have questions? Contact me, Troy Stavros with CornerStone Realty Associates and let’s setup a time to talk!

How to Increase Your Home Equity Over the Next 5 Years

August 1, 2019 By Troy Stavros

How to Increase Your Equity Over the Next 5 Years | MyKCM

Many of the questions currently surrounding the real estate industry focus on home prices and where they are heading. The most recent Home Price Expectation Survey (HPES) helps target these projected answers.

Here are the results from the Q2 2019 Survey:

Home values will appreciate by 4.1% in 2019
The average annual appreciation will be 3.2% over the next 5 years
The cumulative appreciation will be 16.8% by 2023
Even experts representing the most “bearish” quartile of the survey project a cumulative appreciation of over 6.7% by 2023

What does this mean for you?

A substantial portion of family wealth comes from home equity. As the value of a family’s home in Knoxville (an asset) increases, so does their equity.

Using the projections from the HPES, here is a look at the potential equity a family could earn over the next five years if they purchased a $250,000 home in January of 2019:

Based on gains in home equity, their family wealth could increase by $42,000 over that five-year period.

Bottom Line

If you don’t yet own a home, now may be the time to purchase. Owning or moving up to your dream home could allow you to ride the increase in equity of a growing asset. Ready to get started? Contact me, Troy Stavros with CornerStone Realty Associates at 865-999-0925 today!

Home Price Expectation survey – Every quarter, Pulsenomics surveys a distinguished panel of over 100 economists, investment strategists, and housing market analysts regarding their 5-year expectations for future home prices in the United States.

Home Prices Up 5.05% Across the Country [INFOGRAPHIC]

July 30, 2019 By Troy Stavros

Some Highlights:

The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report.
In the report, home prices are compared both regionally and by state.
Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more!

Interested in finding out what prices have done in your area or even your specific home? Contact me, Troy Stavros with CornerStone Realty Associates today and let me send you personalized market analysis so you know where you stand.

Where Are Home Prices Going This Year and Beyond?

July 16, 2019 By Troy Stavros

Home Price Appreciation Forecast | MyKCM

Questions continue to come up about where home prices will head throughout the rest of this year, as well as where they may be going over the few years beyond.

I’ve gathered current data from the industry’s most reliable sources to help answer these questions:

The Home Price Expectation Survey – A survey of over 100 market analysts, real estate experts, and economists conducted by Pulsenomics each quarter.

Mortgage Bankers Association (MBA) – As the leading advocate for the real estate finance industry, the MBA enables members to successfully deliver fair, sustainable, and responsible real estate financing within ever-changing business environments.

Zelman & Associates – The firm leverages unparalleled housing market expertise, extensive surveys of industry executives, and rigorous financial analysis to deliver proprietary research and advice to leading global institutional investors and senior-level company executives.

Freddie Mac – An organization whose mission is to provide liquidity, stability, and affordability to the U.S. housing market in all economic conditions extending to all communities from coast to coast.

The National Association of Realtors (NAR) – The largest association of real estate professionals in the world.

Fannie Mae – A leading source of financing for mortgage lenders, providing access to affordable mortgage financing in all markets.

Here’s the home price appreciation these experts are projecting over the next few years:

Bottom Line

Every source sees home prices continuing to appreciate, which is great news for the strength of the market and great news for homeowners. The increase is steepest throughout the rest of 2019, and prices should continue to rise as we move through 2020 and beyond. If you are a home buyer, that means homes are only going to get more expensive, so the sooner you buy the better.

Have questions or want to get the process started? Contact me, Troy Stavros with CornerStone Realty Associates at 865-999-0925 and let’s set up a time to talk.

5 Reasons Why This Summer Is A Good Time To Sell Your Home

June 17, 2019 By Troy Stavros

Here are 5 compelling reasons listing your Knoxville home for sale this summer makes sense.

1. Demand Is Strong

The latest Buyer Traffic Index from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other for the same home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing inventory is still well under the 6-month supply needed for a normal housing market. This means that, in most of the country, there are not enough homes for sale to satisfy the number of buyers.

Historically, the average number of years a homeowner stayed in his or her home was six, but that number has hovered between nine and ten years since 2011. Many homeowners have a pent-up desire to move, as they were unable to sell over the last few years due to a negative equity situation. As home values in Knoxville continue to appreciate, more and more homeowners are granted the freedom to move.

Many homeowners were reluctant to list their home over the last couple of years for fear that they would not find a home to move in to. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you to decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. Buyers know exactly what they can afford before home shopping. This makes the entire selling process much faster and simpler. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to 43 days. (Last numbers available.)

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has created a buyer’s market. This means that if you are planning on selling a starter or trade-up home, it will sell quickly, AND you’ll be able to find a premium home to call your own!

According to CoreLogic, prices are projected to appreciate by 4.8% over the next year. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

5. It’s Time to Move on with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to start living the life you desire.

That is what is truly important.

Ready to get the process started or sit down and talk about what it might look like? Call/text me, Troy Stavros with CornerStone Realty Associates today at 865-999-0925 and let’s set a time to get together.