inventory Archives - 865 Real Estate

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

April 7, 2023 By Troy Stavros

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!

If You Think the East Tennessee Housing Market Will Slow This Winter, Think Again

December 13, 2021 By Troy Stavros

From the opportunity to take advantage of today’s low mortgage rates to changing homeowner needs, Americans have more motivation than ever to buy a home in East Tennessee. According to the experts, buyers are making moves right now, creating an unseasonably strong housing market for this time of year.

As we wrap up the fall season and move into the winter months, here’s a look at what several industry leaders have to say about the continued momentum in the current market, and what it means as we head into the early part of next year.

Lawrence Yun, Chief Economist, National Association of Realtors (NAR)

“This solid buying is a testament to demand still being relatively high, as it is occurring during a time when inventory is still markedly low. The notable gain in October assures that total existing-home sales in 2021 will exceed 6 million, which will shape up to be the best performance in 15 years.”

Odeta Kushi, Deputy Chief Economist, First American

“So far in November, purchase applications point to another strong month in sales. Still low rates and demographic demand support this strength, even as affordability and inventory headwinds remain.”

The M Report

“The demand for housing in the United States has reached a fever pitch, a trend that opposes the norm of this time of the year when the market cools as the winter months set in.”

Mark Fleming, Chief Economist, First American

“Strong demographic demand will continue to act as the wind in the housing market’s sails.”

What does this mean for the winter housing market in East Tennessee?

Buyers are actively in the market, and they’re still competing for homes to purchase. With the momentum coming out of this fall, all signs point to the winter housing market picking up steam, making it much busier than in a more typical year. And as we’ve seen in so many ways, 2020 and 2021 were anything but typical in East Tennessee real estate. It looks like 2022 may be joining that list before we know it.

Bottom Line

If you think the East Tennessee housing market will slow down this winter, think again. Whether you’re thinking of buying a home, selling your house, or both – let’s connect to determine if this winter is your best time to make a move too.

Contact the Troy Stavros TEAM at CornerStone Realty Associates today at 865-999-0925 and let’s set up a time to talk.

No Need To Worry.. Home Prices Coming in for a SOFT Landing

March 4, 2019 By Troy Stavros

Home prices have appreciated considerably over the last five years. This has some concerned that we may be in for another dramatic correction. However, recent statistics suggest home values will not crash as they did a decade ago. Instead, this time they will come in for a soft landing.

The previous housing market was fueled by an artificial demand created by mortgage standards that were far too lenient. When this demand was shut off, a flood of inventory came to market. This included heavily discounted distressed properties (foreclosures and short sales).

Today’s market is totally different. Mortgage standards are tighter now than they were prior to the last boom and bust. There is no fear that a rush of foreclosures will hit the market. The Mortgage Bankers’ Association just announced that foreclosures are lower today than at any time since 1996.

Case Shiller looks at the percentage of appreciation as compared to the same month the year prior. Here is a graph of their findings over the last ten months:

As we can see, home price appreciation is softening, as more inventory comes to the market. This shows that real estate prices are not crashing, but merely returning toward historic appreciation numbers, of 3.6% annually.

Bottom Line

Knoxville home prices are leveling off. Long term, that is a good thing for the housing market. Have questions about what your home’s value might be? Want to talk about what buying or selling a home might look like for your specific situation? Call me, Troy Stavros with CornerStone Realty Associates at 865-999-0925 today and let’s set up a time to sit down and talk.