Housing Market Archives - Page 15 of 23

April Knoxville Area Housing Market Snapshot

May 15, 2019 By Troy Stavros

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

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 a personal analysis!

Here is what is happening in the West Knoxville/Farragut real estate market compared to last year. Home sales are down fairly considerably in Farragut, compared to the same time last year. The median sales price is also down, 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 decent jump in price, but home sales are down, most likely because of the decline in available inventory.

Not seeing your particular zip code 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 at 865-999-0925!

A Tale Of 2 Knoxville Real Estate Markets: Luxury vs. Starter/Trade-Up

May 10, 2019 By Troy Stavros

Some Highlights:

An emerging trend in Knoxville 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 in Knoxville 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 85 consecutive months.

2 Current Trends Helping To Keep Knoxville Housing Affordable

May 6, 2019 By Troy Stavros

Two positive trends have started to emerge that impact the 2019 Spring Housing Market. Mortgage interest rates for a 30-year fixed rate loan have dropped to new lows, right as reports show that wages have increased at their highest rate in decades!

These two factors have helped keep Knoxville housing affordable despite low supply of houses for sale driving up prices. First American’s Chief Economist, Mark Fleming, explains the impact,

“Ongoing supply shortages remain the main driver of the performance gap as the housing market continues to face an inventory impasse – you can’t buy what’s not for sale.

However, an unexpected affordability surge, driven primarily by lower-than-anticipated mortgage rates, rising wages and favorable demographics, has boosted housing demand.”

Mortgage interest rates had been on the rise for most of 2018 before reaching their peak in November at 4.94%. According to Freddie Mac’s Primary Mortgage Market Survey, interest rates last week came in at 4.20%.

Average hourly earnings grew at an annual rate of 3.2% in March, up substantially from the 2.3% average pace seen over the last 10 years.

These two factors contributed nearly $6,000 worth of additional house-buying power for median households from February to March 2019, according to First American’s research. Fleming is positive about the prolonged impact of lower rates and higher wages.

“We expect rising wages and lower mortgage rates to continue through the spring, boosting housing demand and spurring home sales.”

Bottom Line

Low mortgage interest rates have kept housing affordable throughout the country and right here in Knoxville. If you plan on purchasing a home this year, act now while rates are still low! Contact me, Troy Stavros with CornerStone Realty Associates at 865-999-0925 today to take the next step towards your dream home!

Buyer Demand Surging in Knoxville as Spring Market Begins

April 18, 2019 By Troy Stavros

Last fall, some predicted that the 2019 residential real estate market would be a disaster. There was even belief we might experience a housing crash like the one that occurred during the last decade.

However, according to two separate reports*, buyer demand dramatically increased over the last three months, leading into this spring buyers’ market (the March data is not yet available).

Both the ShowingTime Showing Index and the National Association of REALTORS Buyer Traffic Index show that buyer demand has increased in each of the last three months.

Why the increase in demand? The simple answer… Increased buying power.

According to the National Association of Realtors’ Economists’ Outlook Blog, purchasing a home has become more affordable, which has led to increased demand.

“Due to the combination of falling home prices and mortgage rates, the income needed to make an affordable mortgage payment (mortgage no more than 25% of income) on a median-priced home with 10% down payment and 30-year fixed rate mortgage decreased from $60,425 in June 2018 to $53,783 as of February 2019, and the difference of $6,642 represents a gain in buying power because one can afford a home purchase at a lower level of income.”

Bottom Line

It appears the spring buyers’ market in Knoxville is going to be much stronger than many had projected. Whether you are selling or buying a home in Knoxville, this is important news. Contact me, Troy Stavros with CornerStone Realty Associates today, to sit down and form a game plan to achieve your real estate goals.

*The methodology behind the indices:

The ShowingTime Showing Index

“The ShowingTime Showing Index® tracks the average number of buyer showings on active residential properties on a monthly basis, a highly reliable leading indicator of current and future demand trends.”

The National Association of REALTORS® Buyer Traffic Index

“In a monthly survey of REALTORS®, NAR asks respondents ‘Compared to the same month last year, how would you rate the past month’s traffic in neighborhood(s) or area(s) where you make most of your sales?’ NAR compiles the responses into an index, where an index above 50 indicates that more respondents reported “stronger” traffic than “weaker” traffic.”

Today’s Homebuying Myths Slayed! [INFOGRAPHIC]

April 15, 2019 By Troy Stavros

Some Highlights:

The average down payment for first-time homebuyers is only 6%!
Mortgage interest rates have been on the decline since November! Hop in now to lock in a low rate!
88% of property managers raised their rents in the last 12 months!
The average credit score on approved loans continues to fall across many loan types!

Have questions or want to get the home buying process started? Contact me, Troy Stavros with CornerStone Realty Associates today at 865-999-0925.

March Knoxville Area Housing Market Snapshot

April 9, 2019 By Troy Stavros

Here’s how the current real estate market is doing through the end of March, all around Knoxville, compared to last year. 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 a personal analysis!

Here is what is happening in the West Knoxville/Farragut real estate market compared to last year. Home sales are down fairly considerably in Farragut, compared to the same time last year. Median sales price is also down, and we’ve seen a small uptick in the amount of available inventory. This is good if you are looking to buy in Farragut!

The 37922 zip code in West Knoxville saw a nice jump in price, but home sales are down, most likely because of the decline in available inventory.

Not seeing your particular zip code 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 at 865-999-0925!