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Farragut, Tennessee Housing Market Update: December 2023 (plus a year end review)

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A Year in Review: Insights into Farragut's Real Estate Dynamics

As 2023 draws to a close, the Farragut, Tennessee, real estate market presents a unique landscape for buyers, sellers, and homeowners. This video provides a synthesized overview of market trends, offering valuable insights as we head into 2024.

Current Market Trends in Farragut
Farragut's housing market in December 2023 shows some distinct trends:

Price Adjustments: There's been a notable trend in home prices throughout the year, either trending upwards or showing signs of stabilization.

Inventory Fluctuations: The availability of homes in Farragut has either increased, suggesting a buyer's market, or decreased, indicating a seller's market.

Sales Velocity: The time homes spend on the market in Farragut might have changed, affecting how quickly sellers can expect to close a deal.

Implications for Market Participants

For Prospective Buyers: This information is crucial for those looking to purchase a home in Farragut. It can guide you in making timely decisions and negotiating the best deals.

For Sellers: Sellers can use these insights to strategize their sales approach, from pricing to marketing their property.

For Current Homeowners: Stay informed about your property’s value and the overall health of the Farragut real estate market.
Forecast for 2024

Looking ahead, the Farragut housing market is expected to continue evolving. Potential buyers and sellers should stay informed about market conditions to make the most of their real estate investments.

Conclusion
Farragut's real estate market remains dynamic and attractive for various real estate activities. Whether you're buying, selling, or just keeping an eye on the market, staying up-to-date with the latest trends is crucial. For more personalized advice or detailed market insights in Farragut, contact Troy Stavros with CornerStone Realty Associates at 865-999-0925 today.

Tellico Village Housing Market Update: December 2023 (plus a year in review)

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Understanding the Current Market Dynamics

As we close out 2023, it’s essential to reflect on the real estate trends in Tellico Village. The year has been an interesting one for both buyers and sellers in this vibrant community. This article offers a comprehensive overview of the housing market in Tellico Village as of December 2023, comparing it to the previous year’s data and understanding the implications for those looking to buy or sell in this area.

Year-Over-Year Analysis

The data from December 2023 offers valuable insights when compared to December 2022. Understanding these trends is crucial for homeowners considering selling their property and potential buyers planning to invest in Tellico Village.

Market Trends: We’ve seen significant shifts in the market dynamics from December 2022 to December 2023. These changes provide a clear picture of the current market state and what to expect in the upcoming months.

Comparative Analysis: By juxtaposing last month’s data with the latest figures, we offer a detailed analysis of the market’s trajectory. This comparison is critical for making informed decisions in the real estate sector.

Key Metrics and Their Implications

The detailed breakdown of the December 2023 data sheds light on crucial market metrics:

Housing Prices: Whether there has been an increase or decrease in the average home prices in Tellico Village.

Inventory Levels: The number of available properties and how it compares to previous periods.

Market Demand: Insights into buyer demand and how it’s shaping the market.

Sales Trends: Analysis of sales figures, including the number of homes sold and the average time on the market.

What This Means for You For Sellers: Understanding these metrics helps in strategically positioning your property in the market. Whether it’s pricing, timing, or marketing, the data guides sellers in making effective decisions.

For Buyers: Potential buyers can gauge the best time to make a purchase based on market trends. This information is vital in negotiating deals and finding the right property.

For Current Homeowners: Stay informed about your property’s value and the overall health of the Tellico Village real estate market.

Conclusion

As we move into 2024, staying informed about the Tellico Village housing market is essential. Whether you’re looking to buy, sell, or simply keep up with market trends, understanding the current dynamics is key. For more detailed information and personalized advice, feel free to contact Troy Stavros at Cornerstone Realty Associates today at 865-999-0925.

OCTOBER 2023 East Tennessee & Knoxville Real Estate Update: Key Market Trends for Buyers & Sellers

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The Knoxville real estate market continues to shine in the national spotlight, securing a formidable second place in the FHFA’s ranking of the top 100 metros for median appraised value growth of single-family homes in Q2 2023. This impressive 9.1% increase from the previous year not only reflects the area’s robust market dynamics but also significantly surpasses the national median, which saw a slight decline.

In a notable achievement, the Knoxville metro area climbed to the 18th spot in the prestigious Wall Street Journal/Realtor.com Emerging Housing Markets Index for Fall 2023. This index, revered for identifying top-performing markets, underscores Knoxville’s appeal with its low living costs and flourishing economy.

The rental landscape in Knoxville is also evolving. After a remarkable near-20% growth in apartment rents in Q3 2022, the pace has moderated, with a 4.5% year-over-year increase in Q3 2023. This trend is in sharp contrast to the national average, which saw a mere 0.04% increase, highlighting Knoxville’s unique rental market trajectory.

Knox County emerges as a tax haven, boasting one of the lowest effective property tax rates in the U.S. at 0.32% in 2022, as per Attom Data’s analysis. This factor, among others, continues to attract homeowners and investors alike.

Despite the market’s overall vitality, approximately a quarter of homes still sold above asking price, a slight decrease from the previous month. Remarkably, over 10% of these sales were at least $10,000 over the listed price, indicating strong buyer interest and competition.

While 2023 has seen a general slowdown in East Tennessee’s housing market, it hasn’t dampened the region’s growth, especially when compared to cities like Nashville and Memphis, which experienced declines in home values.

However, the Knoxville MSA witnessed a significant 27% drop in purchase appraisals from the previous year in Q2 2023, reflecting the wider impact of increasing mortgage rates and limited inventory on buyer activity.

Looking forward, East Tennessee faces a challenging environment with soaring mortgage rates, now at their highest since the early 2000s. The average monthly payment for a median-priced new listing has surged to $2,400, a 22% increase from last year. Despite this, the tight supply continues to propel home prices upward, even as sales volumes decline.

With mortgage rates hovering around 7.5% and buyer expectations set around 5.5%, the market is at a critical juncture. This disconnect, rooted in decades of historically lower rates, shapes current perceptions of home buying feasibility.

Interestingly, the current mortgage rates, while higher than recent averages, are still below the long-term historical average of 7.7% since 1970. This context is vital for understanding the evolving dynamics of homebuyer attitudes and the enduring appeal of homeownership.

As for today’s mortgage landscape, rates have slightly decreased to 7.40% from over 8% last month. This fluctuation continues to influence buyer decisions and market trends.

In a reassuring sign for the Knoxville area, Auction.com’s analysis predicts a low risk of home price correction. This prediction, based on foreclosure auction data, indicates a significant reduction in foreclosure sales volume compared to 2019 levels.

The Knoxville real estate market, reshaped by the pandemic, has witnessed shifts not just in home prices, but also in inventory, population, and median income, further cementing its position as a dynamic and evolving market.

For more updates and insights into the East Tennessee and Knoxville real estate markets, stay tuned and subscribe to the YouTube channel here: https://www.youtube.com/@KnoxvilleTN.

Have questions or need guidance buying or selling real estate in the Knoxville TN or anywhere in East Tennessee? Contact Troy Stavros at 865-999-0925 today and let’s start a conversation.

Unlocking Opportunities: Exploring the Modern Era of Adjustable-Rate Mortgages

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Cast your mind back to the real estate turbulence of 2008, a time when adjustable-rate mortgages (ARMs) commanded the spotlight. Fast forward to today, and ARMs are experiencing a resurgence in popularity among both seasoned homeowners and first-time buyers. Let’s delve into the reasons behind this shift and lay to rest any concerns it might evoke.

A visual representation of data from the Mortgage Bankers Association (MBA) serves as our guide, illustrating the gradual rise in the prevalence of adjustable-rate mortgages over recent years:

As the graph demonstrates, the landscape shifted from approximately 3% of all mortgages in 2021 to a notable increase in ARMs usage last year. The rationale behind this uptick is quite straightforward. With mortgage rates undergoing a significant climb, homeowners found solace in the ARMs option. The allure was simple: ARMs provided a way to secure lower interest rates in a climate where conventional borrowing costs were peaking.

Now, let’s debunk any misconceptions right away – the ARMs of today are not the same as the ones that contributed to the 2008 housing crisis. A pivotal factor behind that crisis was the lax lending standards prevailing at the time. Borrowers could obtain ARMs without substantiating their employment, income, or assets – a recipe for financial instability. This approach landed many homeowners in hot water, as they grappled with loans they were never truly qualified for.

In this iteration, lending standards have undergone a transformation. The financial sector has heeded the lessons from history, implementing stringent verification procedures for income, assets, and employment. In essence, modern-day borrowers are required to qualify for their loans, establishing their capacity to repay.

Archana Pradhan, an Economist at CoreLogic, elucidates the evolution:

“About 60% of Adjustable-Rate Mortgages (ARM) originated in 2007 were granted with minimal or no documentation… Similarly, in 2005, 29% of ARM borrowers had credit scores below 640… At present, nearly all conventional loans, including both ARMs and Fixed-Rate Mortgages, mandate comprehensive documentation, amortization, and are extended to borrowers with credit scores above 640.”

To make this crystal clear, let’s put it in layman’s terms, as described by Laurie Goodman at Urban Institute:

“The Adjustable-Rate Mortgages available today carry no more risk than other mortgage products, and their lower monthly payments could potentially widen access to homeownership for a larger pool of prospective buyers.”

For those concerned that today’s ARMs might resemble the previous crisis triggers, take comfort in knowing that the dynamics have shifted significantly this time around.

And for those venturing into the realm of homeownership for the first time, seeking viable lending options to navigate today’s affordability challenges, consider reaching out to a trusted lender. They stand ready to guide you through the intricate landscape of modern real estate financing.”

Farragut TN Housing Market Update: July 12th Edition | Prices, Sales, Inventory, and Future Outlook

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Welcome to our latest Farragut TN Housing Market Update! In this video, we’ll provide you with comprehensive insights into the local Farragut, Tennessee real estate market, focusing on key metrics such as prices, sales, inventory, and future projections. Whether you’re a homeowner in Farragut, buyer in Farragut, seller in Farragut, or simply interested in the Farragut TN housing market trends, this video is packed with valuable information to help you make informed decisions.

Our expert analysis takes into account the latest data available up to July 12th, offering you an up-to-date snapshot of the Farragut TN housing market. We’ll delve into the current pricing trends, examining how Farragut home prices have changed and what factors are influencing these fluctuations. Additionally, we’ll explore the sales activity, highlighting any notable patterns or shifts in demand.

Furthermore, we’ll discuss the inventory levels in Farragut TN and how it impacts the market dynamics. Understanding the supply of available homes in Farragut is crucial for both buyers and sellers, as it influences pricing and negotiation power.

To provide you with a well-rounded view, we’ll also engage in future casting, giving you our expert insights and predictions regarding the direction the Farragut TN housing market may take. We have thoroughly analyzed various factors such as economic indicators, local developments, and regional trends to offer you a glimpse into what the future may hold for the Farragut Tennessee real estate landscape.

Whether you’re a seasoned investor, a first-time homebuyer, or someone looking to sell their property, staying up-to-date with the local Farragut TN housing market is essential. Watch our video to gain a competitive edge and make informed decisions. Don’t miss out on this valuable opportunity to understand the Farragut TN housing market better!

Remember to like this video, subscribe to our channel, and hit the notification bell to stay updated with the latest market updates. If you have any questions or want us to cover specific topics in future videos, please leave a comment below. Let’s dive into the Farragut TN housing market together!

Have questions? Need help buying or selling a home in Farragut or anywhere in East Tennessee? Want to know what your home is worth? Contact (call or text) Troy Stavros with CornerStone Realty Associates today at 865-999-0925.

Is Now A Good Time To Sell A Home in East Tennessee?

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Looking to sell your home in Knoxville or East Tennessee?

Despite a slowdown in the housing market from a year ago, it’s still a sellers’ market due to the low supply of homes for sale. According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), there is currently only a 2.6-month supply of homes available for sale, which is historically low.

The situation is even more dramatic in East Tennessee, Knoxville, Farragut, and the surrounding areas, where there is only a 1.77-month supply of inventory through the end of March, and Knox County has less than one month worth of inventory. With so few homes available, buyers are facing increased competition, which is keeping upward pressure on prices. As a result, sellers are in a prime position to negotiate deals on their ideal terms.

However, even in this competitive market, there are still many buyers who are ready, willing, and able to purchase a home. So, if you’re thinking about selling your home in Knoxville or East Tennessee, now is an ideal time to do it. By listing your house in good condition and at the right price, you can attract attention from competitive buyers.

Overall, today’s sellers’ market holds great opportunities for homeowners looking to make a move in Knoxville and East Tennessee. If you’re ready to sell your home, let’s connect to discuss how to jumpstart the selling process and maximize your exposure to serious buyers.

Have questions? Wondering what your home might be worth in today’s competitive market? Want to talk about selling your home or buying a new one? Contact the Troy Stavros TEAM today at CornerStone Realty Associates at 865-999-0925. We look forward to serving you!