East Tennessee Real Estate & Neighborhood Source
The INFOGRAPHIC below gives you a visual picture of the current national housing market news as reported in the recent Existing Home Sales Report.
Have questions about the national or local Knoxville and Farragut real estate markets? Â Contact me, Troy Stavros with Gables & Gates, REALTORS today at 865-999-0925 and I’d be happy to discuss what is happening from first hand experience.
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Here are the most recent (April) statistics for the Knoxville and Farragut TN real estate markets.
Here are the Knoxville TN real estate market stats through April.  The highlighted stats are:
Here are the Farragut TN real estate market stats for April:
The Knoxville and Farragut TN real estate markets are humming along and now in full swing as we enter the Spring selling season. Â Home sales and home prices in both Farragut and Knoxville keep trending upward, and while inventory levels in Knoxville as a whole have bumped up a few percentage points, Farragut is still struggling with a low supply of homes for sale (decreasing to only a 4.05 month supply when a healthy market is 6 months).
Homeowners considering selling a home in Farragut or Knoxville should know that there is no better time to be on the market then right now.  Between the seller’s market being created by the low inventory situation and the fact that we are entering the highest demand time of the year for buyers (May, June, July, August), if you are thinking of selling, do it now!   Watch my recent video here explaining this in more detail. Also sellers become buyers so read below for more important information.
Yes, the low inventory situation can make it a bit harder to find a home, and competition may be fierce, but now is the time to buy. Â Why? Â Recent reports have shown us that both prices and mortgage rates are on the rise. Â These two factors will decrease your buying power, the longer you wait. Â If you find a home to buy now, you will be getting more for your money than if you wait. Â Watch my recent video that explains this in more detail here.Â
Have questions about the market or anything Knoxville or Farragut TN real estate related? Want to sit down over a cup of coffee and discuss?  Contact me, Troy Stavros with Gables & Gates, REALTORS and I’d be happy to get together with you and answer any questions you might have.  I look forward to serving you!  If you are interested in a free, no obligation analysis of how much your Knoxville or Farragut TN home is worth CLICK HERE.
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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:
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!
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Have you been kicking around the idea of buying a home in Farragut or Knoxville? Â If you are, I’m sure you are getting lots of advice. Friends and family, who no doubt have your best interests in mind, can be a great resource to bounce ideas off of, but they might not be fully aware of the current state of the Farragut real estate market. Â There are many factors that go into buying a home, but let’s take a look at whether now is a good time as far as current market conditions.
If you are thinking of buying a home in Farragut or Knoxville, here are 3 questions to ask yourself before buying a home in today’s market:
Of all the questions, this is really the most important. Finances aside, what is the reason you want to buy? Because usually the reason has nothing to do with finances.  The Joint Center for Housing Studies at Harvard University recently conducted a study which revealed that there are 4 reasons why people buy a home, and none of them have to do with money. Here are the reasons:
Now don’t get me wrong, Harvard is great, but the real reason I know the points above are true is because it’s what I hear from my buyers. Â In fact, I just heard it again today over lunch with a client I have relocating from California.
So what benefits (non-financial) will you and your family get from owning a home in Farragut? This question is important, because it should be the top reason you decide whether to buy or not.
I don’t have a crystal ball, but I do have some very smart experts that I follow.  These experts put out the “Home Price Expectation Survey.” Every 3 months, a nationwide panel of over 100 economists, real estate experts, and investment and market strategists are surveyed as to where they feel prices are headed over the next 5 years. The report then takes those 100+ expert projections and averages them into a single number.
Here are the expert projections from the latest survey:
When buying a home, unless you are paying cash, you need to be equally concerned about mortgage rates and where they are headed.  Why? Because your mortgage rate directly effects how much money you are paying out every month as well as how much extra interest you pay over the life of the loan.
The National Association of REALTORS®, Mortgage Bankers Association, and Freddie Mac all project that mortgage interest rates will increase by approximately one whole percentage point over the next year.
Only you really know when it’s the right time to buy your next home, or your first home, but answering the questions above might help you make an educated decision. Â Hopefully sooner than later because we know if prices and interest rates are expected to rise, either you will spend more money to afford the same house a year from now, or you will pay the same amount of money and be forced to buy something less expensive. Â Numbers are very important, but even more important is the real reason why you want to move. Is it time? If you have any questions about buying a home in Farragut or Knoxville or are looking for expert assistance, don’t hesitate to call or text me, Troy Stavros with Gables & Gates, REALTORS at 865-999-0925. I’d love to help. I’m here to serve you!
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The National Association of REALTORS® just released their latest Pending Homes Sales Index and it showed that homes going into contract in February increased to their highest level since June 2013.
The Pending Home Sales Index is based on pending sales of existing homes and is a great indicator of the current market. A sale is considered pending when a contract has been signed but the transaction has not closed yet. Typically the sale is finalized within 1-2 months of signing.
The report shows the Pending Home Sales Index is now 12% above February 2014. This is the highest level it has achieved since June 2013, and it has increased year-over-year for 6 months straight. The current level is above what is considered “the average level of activity” – for the 10th month in a row.
Knoxville area pending sales were up 13.5% year to date and the monthly numbers are up 20% compared to March of last year. Pending sales in Farragut are up 8.5% year to date and the March numbers are up 5.9%.  I feel that the Farragut numbers would be higher if we weren’t experiencing a shortage of homes for sale, as active homes for sale in Farragut are down 13.8% year to date, and down 24% for the month of March.  The current Absorption Rate in Farragut (months of inventory) is at only 4.22 months, when a normal amount of inventory is considered 6 months.
Here is a visual showing the National Pending Sales numbers:
If you are considering selling a home in Farragut or Knoxville this is a clear signal that now is the time to put your home on the market. When inventory is low you can expect to sell your home faster and for closer to your asking price (provided it is priced correctly in the first place). If you are considering buying a home in Farragut or Knoxville, expect stiff competition. Â This isn’t the market it was a few years ago when you went in and made lowball offers. Â Today that will just result in someone else getting the house you love. Â It’s important to have a professional to guide you in the process, to help you determine if the home you like is priced correctly and assist you in negotiating a win-win scenario for you and the seller. Â If you are either looking to buy or sell a home in Farragut or Knoxville, contact me, Troy Stavros with Gables & Gates, REALTORS at 865-999-0925 via phone or text. I’d love to sit down and discuss your goals, so together we can formulate a plan to help you achieve them. Â I’m here to serve you! I look forward to talking soon.
Here are the most recent (March) statistics for the Knoxville and Farragut TN real estate markets.
Here are the Knoxville TN real estate market stats for March.  The highlighted stats are:
Here are the Farragut TN real estate market stats for March:
Have questions about the market or anything Knoxville or Farragut real estate related? Â Contact me, Troy Stavros with Gables & Gates, REALTORS and I’d be happy to answer any questions you have!
