We are dealing, not only locally but nationally, with a serious shortage of inventory in the real estate world. This video explains some of the major reasons we are in this position. Questions? Contact Troy Stavros with Gables & Gates REALTORS. Serving Tennessee home buyers and sellers in the greater Knoxville and Nashville (Franklin) areas. Contact Troy at 865-999-0925.
Why You Shouldn’t Take Your Home Off the Market During the Holidays
If you are one of the many homeowners who is debating taking your home off the market for the next few weeks, don’t! You will miss the great opportunity you have right now!
The latest Existing Home Sales Report from The National Association of Realtors (NAR), revealed that the inventory of homes for sale has dropped to a 4.3-month supply.
Historically, a 6-month supply is necessary for a ‘normal’ market, explained below:
There are more buyers that are ready, willing, and able to buy now than there have been in years! The supply of homes for sale is not keeping up with the demand of these buyers.
Bottom Line
Home prices are appreciating in this seller’s market. Making your home available over the next few weeks will give you the most exposure to buyers who will be competing against each other to buy it. Plus when everyone else takes their home off the market that means less competition for your home. Not to mention, buyers that are looking during the holidays are serious!
Have more questions? Contact me, Troy Stavros with Gables & Gates, REALTORS at 865-777-9191. I look forward to talking with you!
Where Are Home Values Today Compared To The Peak in 2008?
This housing market has many people talking about home values; where they are and where they are headed. It’s also interesting to look back and see how home prices compare to values prior to the housing crisis.
Every quarter, Freddie Mac releases their House Price Index. The index usually provides monthly home values for:
- the nation as a whole
- each of the 50 states
- 367 metropolitan statistical areas
This quarter, the report also included a look at today’s home values as compared to Pre-2008 values. Here is a graphic that breaks down the numbers on a state-by-state basis:
Interested in finding out how much your Knoxville area home is currently worth? CLICK HERE FOR AN INSTANT ESTIMATE. Want a pinpoint value or want to talk about getting your home on the market? Call me, Troy Stavros with Gables & Gates, REALTORS today at 865-777-9191 to schedule a time to talk.
Home Sales Are Up In All Price Ranges Above $100,000!
The National Association of Realtors’ most recent Existing Home Sales Report revealed that home sales were up rather dramatically over last year in five of the six price ranges they measure.
Homes priced between $100-250K showed a modest increase at 3.4%. This not only points to the lower inventory of homes available for sale in this price range but also speaks to the overall strength of the housing market.
Sales of homes over $250,000 increased by double digit percentages with sales in the $750,000- $1 million range showing the largest increase, up 16.7%!
As prices in many markets continue to accelerate, it is no surprise to see the percentage of homes in the higher price ranges increasing.
Here is the breakdown:
What does that mean to you if you are selling?
Houses are definitely selling. If your house has been on the market for any length of time and has not yet sold, perhaps it is time to sit with your agent and see if it is priced appropriately to compete in today’s market. Have questions? Want to get your home on the market? Contact me, Troy Stavros with Gables & Gates, REALTORS at 865-777-9191 to setup a time to talk!
Is Now The Right Time To Put Your House On The Market?
Last week, the National Association of Realtors (NAR) released their Pending Home Sales Index, a forward-looking indicator of home sales based on contract signings. The report revealed that this May’s numbers weren’t quite as good as the year before:
“With last month’s decline, the index reading is still the third highest in the past year, but declined year-over-year for the first time since August 2014.”
The mainstream media ran headlines highlighting that the index had dropped for the first time in two years. Many read this as an indication that the housing market must be slowing down.
If you were thinking that now may be the perfect time to put your house on the market, these reports may have caused you some concern. I want to alleviate that concern today.
Though it is true that the index dropped in last month’s report, let’s take a closer look at the numbers. Below is a graph of the index since January 2014. We can see that the index has increased every month over the last eighteen months, leading up to this past May.
Lawrence Yun, Chief Economist at NAR, explained that it wasn’t a slowing of the market that caused the index to slip, but instead a lack of housing inventory:
“Total housing inventory at the end of each month has remarkably decreased year-over-year now for an entire year. There are simply not enough homes coming onto the market to catch up with demand.”
Here is a graph depicting the situation Yun was referencing:
Bottom Line
Did the latest numbers from the Pending Home Sales Index cause you to question if now is a good time to put your house on the market? If anything, it indicated the exact opposite: that this may be the perfect time to sell!! Contact me, Troy Stavros with Gables & Gates, REALTORS today at 865-777-9191 to schedule a time to discuss your plans and goals.
Housing Recovery Picks Up Steam According to WSJ
Yesterday, I ran a post quoting major housing experts on the increasing strength of the U.S. housing market. I was pleasantly surprised that, on the same day, the Wall Street Journal decided to run a front page story titled, “Housing Recovery Picks Up Steam” (article available to WSJ subscribers).
The first paragraph of the article says it best:
“Home prices are back to near-record highs across the U.S. amid rising demand and supply constraints, a sign that the lopsided housing-market recovery of the past five years is gaining some strength.” (emphasis added).
What about the struggles in the economy?
Some openly question how the real estate market can be gaining ground if the overall economy is still struggling. According to the WSJ, it is:
“Despite the unbalanced recovery, Federal Reserve officials have seen housing as a bright spot for the U.S. economy in recent years. Residential construction has contributed to overall economic output for eight straight quarters, expanding at a 17% annual rate in a first quarter marked by slow growth in other sectors.”
Bottom Line
The housing market is gaining strength and all indicators point to an even stronger real estate market moving forward.
Interested in talking more about buying or selling a home? Contact me, Troy Stavros with Gables & Gates, REALTORS today and let’s set up a time to sit down and talk!
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