865 Real Estate

East Tennessee Real Estate & Neighborhood Source

Selling A Home During The Holidays..Naughty or Nice?

By

Selling a home during the holidays. Is is naughty or nice? Just about this time every  year, scores of homeowners decide to wait until after the holidays to put their home on the market. Other homeowners, who currently have their homes on the market, decide to take them off the market until after the holidays. Here are six great reasons why that’s not a good idea:

  1. Relocation buyers! They are still out there and their companies are not concerned that it is holiday time. Plus if the buyers have kids, they’ll want them in school after the holidays.
  2. Home buyers that are looking for a home during the holidays are serious buyers and are ready to buy.
  3. You can restrict the showings on your home to the times you want it shown, so you remain in control of your schedule.
  4. Homes show better when decorated for the holidays.
  5. There is less competition for you as a seller during the holidays. Let’s take a look at listing inventory as compared to the same time last year: Inventory-KCM
  6. The supply of listings increases substantially after the holidays. Also, in many parts of the country, new construction will make a comeback in 2016. This will lessen the demand for your house.

What does this mean for you?

Waiting until after the holidays to sell your home probably doesn’t make sense.

Have questions or want to find out what your home is worth in today’s market? Call or text me, Troy Stavros with Gables & Gates, REALTORS at 865-599-9444.

Median Days On The Market in Farragut is Crazy Low!

By

Want to know how hot a market is and whether it’s a good time to sell your home in Farragut or Knoxville? Study the median days on the market.  Nationally the median days on the market is dropping like a rock and it’s no different right here in Farragut and Knoxville.

MEDIAN DAYS ON THE MARKET IN FARRAGUT FOR JUNE = 18 DAYS!

MEDIAN DAYS ON THE MARKET IN KNOXVILLE FOR JUNE = 43 DAYS

Below is a graph showing how the rest of the country is fairing.

Average-Days-on-the-Market-Troy_Stavros

Some Highlights from the national real estate market are:

  • Homes sold in 60 days or less in 35 out of 50 states and Washington D.C.
  • Only 7 states had a median sold date longer than 90 days.
SEARCH Farragut Homes For Sale
SEARCH ALL Knoxville Homes
Farragut Homes HOT LIST
Homes Close to Where You Work
FREE SUMMER 2015 Real Estate Guides
Mortgage & Refinance
Troy Stavros
Gables & Gates REALTORS
865-999-0925
troy@gablesandgates.com

Tips For Selling A House In Farragut & Knoxville. Price It Right!

By

tips for selling a house in Farragut or Knoxville Price it RightHere is one of the best tips for selling a house in Farragut or Knoxville that I can give you. Price it right! In today’s competitive Knoxville real estate market, where demand is outpacing supply, like in Farragut, parts of Knoxville, and many regions of the country, pricing a house is one of the biggest challenges REALTORS face. Sellers often want to price their home higher than recommended, and many Knoxville real estate agents go along with the idea to keep their clients happy. That being said, the best agents realize that telling the homeowner the truth is more important than getting the seller to like them.  I always say, I’d rather you be a little upset with me now because I’m being honest, then really upset with me later when your home hasn’t sold because it was priced too high.

Forget “later.”

Some sellers think, “If the home doesn’t sell for this price, I can always reduce the price later.” This is a big no, no. Why?  Research proves, homes that have a listing price reduction sit on the market longer, ultimately selling for less than similar homes.

John Knight, recipient of the University Distinguished Faculty Award from the Eberhardt School of Business, actually did research on the cost (in both time and money) to a seller who priced high at the beginning and then lowered the their price. In his article, Listing Price, Time on Market and Ultimate Selling Price published in Real Estate Economics revealed:

“Homes that underwent a price revision sold for less, and the greater the revision, the lower the selling price. Also, the longer the home remains on the market, the lower its ultimate selling price.”

Another factor to consider is, the “I’ll lower the price later” approach can paint a less than positive image in the minds of buyers. Every time a price reduction occurs, buyers often think, “Something must be wrong with that house.” Because of this perception, when a buyer does make an offer, they low-ball the price because they perceive the seller to be “highly motivated.” Pricing it right from the start eliminates these challenges.

Building “negotiation room” into the price. Don’t do it!

Many sellers say that they want to price their home high, in order to have “negotiation room.” But, what this actually does is lower the number of potential buyers that see the house. This reduced demand will negatively impact the sales price of the home.

Wondering how this could be true? Look at it this way.. when a buyer is looking for a home online (as research says over 93% of buyers do), they put in their desired price range. If you, as a seller are looking to sell your home in Farragut for $400,000, but list it at $425,000 to build in “negotiation room,” any potential buyers that search in the $350k-$400k range won’t even know your listing is available, let alone come see it!

A better strategy would be to price it properly from the beginning and bring in multiple offers. This forces these buyers to compete against each other for the “chance” to purchase your house.  I’m not just talking hypothetically, this is happening often with the homes I’m selling in Farragut and Knoxville right now.

Think of it like this.. if you only receive one offer, you are set up in a “seller vs. buyer” situation. If, however, you have multiple offers, you have two or more buyers fighting to please you (“buyer vs. buyer). Which do you think will result in a better selling situation?

The Price is Right

Great pricing comes down to truly understanding the local real estate trends, down to the neighborhood level. Look for an agent that will take the time to simply and effectively explain what is happening in the housing market and how it applies to your home in Farragut or Knoxville. You need an agent that will tell you what you need to know rather than what you want to hear. This will put you in the best possible position.

Interested in finding out the truth about what your Knoxville or Farragut home could sell for? CLICK HERE!  Want to discuss the local or national real estate market? Have any real estate questions at all that you’d like answered?  Contact me, Troy Stavros with Gables & Gates, REALTORS at 865-999-0925 and I’d love to help.  I’m here to serve you!

 
SEARCH Farragut Homes For Sale
SEARCH ALL Knoxville Homes
Farragut Homes HOT LIST
Homes Close to Where You Work
Mortgage & Refinance
Troy Stavros
Gables & Gates REALTORS
865-999-0925
troy@gablesandgates.com

Thinking of Selling A Home in Farragut in 2015? Opportunity Knocks!

By

Everyone selling a home in Farragut or Knoxville wants to get the best price for their house. Way back in high school we learned in Econ, that the best price for any item will be determined by the demand for that item relative to the supply of that item.

If you’ve read my previous articles you know that the inventory of houses for sale in Farragut is well below normal numbers.

There is also historical evidence which shows us that the demand for housing is about to increase dramatically. Every year, more homes sell in May, June, July and August than any other four months of the year. Here is a graph of home sales last year by month:

home sales per month 2014

What does this mean for you?

If you are selling a home in Farragut and want to get the highest price and you want to sell it in the fastest time possible, it’s important to be on the market when the largest buyer pool is available.  We know from the graph above, that historically this happens in the next few months.  The combination of low inventory levels and the increased demand in the coming months make this the perfect time to get your Farragut home on the market.  Waiting too long could cost you time and money.  Call me, Troy Stavros with Gables & Gates, REALTORS at 865-999-0925 today to discuss your goals, and so we can begin formulating a plan.  I can have my free home staging specialist meeting with you within days and we can have you on the market shortly after. Don’t miss this great opportunity!

 
SEARCH Farragut Homes For Sale
SEARCH ALL Knoxville Homes
Farragut Homes HOT LIST
Homes Close to Where You Work
Mortgage & Refinance
Troy Stavros
Gables & Gates REALTORS
865-999-0925
troy@gablesandgates.com

Preparing Your Home For Sale in Knoxville: Cost vs Value

By

Preparing your home for sale in Knoxville can be a huge factor in ultimately getting it sold.  That is the reason I have a professional home stager as part of my team.  Homes need to look their best when they are going on the market, and home staging can set them apart.  Oftentimes there is more to staging than just “dressing a house up” with accessories or decluttering.  Sometimes larger updates need to be completed.  Recently the “Cost vs. Value” report for 2015 was released.  This report comes out every year and provides us with information regarding what remodeling projects have the best return.  When preparing your home for sale in Knoxville, be sure to keep this report in mind. Here is a summary of this year’s findings:Preparing Your Home For Sale in Knoxville

  • The greatest return on investment comes from simple, lower cost projects.  For example, the highest payback comes from the least expensive remodeling project on the list, which is a front door replacement. This project returned 101.8% on average nationally.
  • Other projects that were slated to recoup 100% of the cost in some areas were: midrange and upscale garage door replacement, midrange wood window replacement, and a minor kitchen remodel.
  • It appears that the greatest payback comes from projects that are obvious to buyers both in person and online in listing pictures.  Front door, garage doors, siding (adding manufactured stone veneer showed a payback of 92.2% nationally).
  • The only true remodeling job (not just a simple replacement) making it into the Top 10 was the minor kitchen remodel.  The minor kitchen remodel showed a payback nationally of 79.3% with an average cost of $19,226.
  • The region in which Knoxville falls (East South Central Region) came in 2nd behind the Pacific Region for remodeling payback, with 2 projects expected to top over 100% payback (the Pacific Region had 6).

Before you start preparing your home for sale in Knoxville and tackling some of these projects, be sure to consult your Knoxville real estate agent for advice.  Many of the factors stated above vary from region to region, within different price ranges, different neighborhoods, and even from house to house.  Use the Cost vs. Value 2015 Report as a starting point, but contact me, Troy Stavros with Gables & Gates, Realtors® to discuss your best course of action in preparing your home for sale in Knoxville.

Is Winter A Good Time To Sell A Home In Knoxville?

By

While everyone thinks Spring is the best season of the year to sell a home, the question arises.  Is Winter a good time to sell a home in Knoxville?  The answer may be, it’s the best time.  If you judge by the amount of competition you have, the motivation of the buyers, the time on the market and proximity of the sales price to the listing price, winter stacks up pretty well.  Check out the infographic below produced by Redfin to see how selling a home stacks up in the different seasons.

Best season to sell a home in Knoxville