865 Real Estate

East Tennessee Real Estate & Neighborhood Source

Stunning One-Level Home Near Downtown Knoxville | Updated Kitchen, Large Deck, & Big Backyard!

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This listing is no longer available.

Welcome to this beautifully updated, one-level home in the heart of Knoxville, Tennessee located at 3108 Walridge Road, Knoxville, TN 37921, just 13 minutes from downtown and the University of Tennessee. Step inside to discover gleaming hardwood floors and stylish tile throughout the open living spaces. The modern kitchen, with stainless steel appliances, a farmhouse sink, and charming shiplap accents, seamlessly flows into the family room, creating an inviting space for gatherings. Whether you’re hosting friends or enjoying a quiet evening, the warmth of the wood-burning fireplace in the adjoining flex space offers endless possibilities for an office, study, or cozy retreat. The owner’s suite is a true sanctuary, complete with French doors leading to a spacious deck—perfect for your morning coffee or sunset relaxation. The en-suite bathroom has been thoughtfully updated with a custom tile shower, offering a luxurious start and end to your day. Two additional bedrooms and another fully updated bathroom provide ample room for all. Outside, you’ll love the oversized composite deck, which makes for easy maintenance while overlooking the expansive, fenced backyard. Picture afternoons spent under the shade of a stunning tree, cultivating your garden, or working on projects in the convenient storage shed. The unbeatable location allows you to walk to the nearby elementary school and enjoy the strong curb appeal of this charming home. Lifestyle perks? You’re minutes from the vibrant energy of downtown Knoxville—whether it’s catching a UT football game, dining at trendy restaurants, or taking in live music, this location offers the perfect balance between quiet suburban living and exciting city life. Have questions? Want to schedule a private showing? Need help buying or selling a home anywhere around the Knoxville area? Contact me, Troy Stavros with CornerStone Realty Associates at 865-999-0925 today!

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.”

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!

Baby Boomers Are Taking The Lead In The Current Knoxville Housing Market

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The Knoxville real estate market has been on a wild ride over the past year, with prices skyrocketing and inventory at record lows. However, one generation has remained relatively insulated from the volatility, and they are now proving to be the biggest movers in the market: baby boomers.

According to the National Association of REALTORS®’ 2023 Home Buyers and Sellers Generational Trends Report, baby boomers, defined as people between the ages of 58 and 76, made up 53% of sellers and 39% of buyers between July 2021 and June 2022. This makes them the largest group of buyers and sellers in the market.

Jessica Lautz, NAR’s deputy chief economist and vice president of research, notes that baby boomers have the upper hand in the homebuying market. “The majority of them are repeat buyers who have housing equity to propel them into their dream home, be it a place to enjoy retirement or a home near friends and family. They are living healthier and longer lives and making housing trades later in life.”

One reason for the boom in baby boomer real estate activity is their desire to downsize and move closer to family. Many are selling their larger homes in East Tennessee and using the equity to buy smaller homes in areas where they can be closer to loved ones. Additionally, they are drawn to newer Knoxville homes that require less maintenance and fewer potential problems with household systems, like plumbing or electricity.

On the other hand, millennials, who were once the leading drivers of the East Tennessee housing market, are now playing second fiddle, comprising about 28% of buyers. They were the largest homebuying force from 2014 to 2022 but have now been overtaken by baby boomers.

First-time home buyers in Knoxville have also faced headwinds in the latest housing cycle, with higher mortgage rates making it harder for them to enter the market. 70% of younger millennials, ages 24 to 32, and 46% of older millennials, ages 33 to 42, were first-time home buyers, according to the report.

In conclusion, baby boomers are proving to be the driving force behind the East Tennessee real estate market, with their equity and motivation making them the most active buyers and sellers in the market. While other generations are still active, baby boomers are leading the charge and are likely to continue doing so in the years to come.

Have questions? Ready to get the process of buying or selling a home started? Contact Troy Stavros with CornerStone Realty Associates today at 865-999-0925. We look forward to serving you!

Homes for sale in Farragut TN: 12813 Lebel Road

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Homes for sale in Farragut TN are hard to come by. Even more so in the sought-after Fox Run Subdivision. This beautiful home with a Stephen Fuller Southern Living floor plan is the one you’ve been waiting for. Gorgeous updated eat-in kitchen features vaulted ceilings, an abundance of granite counters for prep space and stainless steel appliances including a gas stove and farm sink. The main level also includes the owner’s suite with a wall of windows and access to the back deck. Owner’s bath has dual sinks, custom tub (easy replacement as it’s a standard-size opening) and walk-in shower. The main level also includes the formal dining room, office, and laundry room with utility sink. Upstairs you’ll find the 4 additional bedrooms and a bonus room. Outside you’ll love the privacy in the large backyard which includes a deck, patio, and gazebo with natural gas for a grill. During the warmer months you’ll enjoy Fox Run’s 2 pools, clubhouse, and play fields. For more information or to schedule a private showing contact Troy Stavros with CornerStone Realty Associates at 865-999-0925 today.

12813 Lebel Rd, Knoxville, TN 37934

$785,000
Property Type: Single Family Bedrooms: 5 Square Footage: 3,577 Lot Size (sq. ft.): 20,038 Status: Closed
Current Price: $785,000 List Date: 2/19/2023 Last Modified: 12/21/2023

Description

This beautiful home with a Stephen Fuller Southern Living floor plan is waiting for you. Gorgeous updated eat-in kitchen features vaulted ceilings, an abundance of granite counters for prep space and stainless steel appliances including a gas stove and farm sink. The main level also includes the owner's suite with a wall of windows and access to the back deck. Owner's bath has dual sinks, custom tub (easy replacement as it's a standard-size opening) and walk-in shower. The main level also includes the formal dining room, office, and laundry room with utility sink. Upstairs you'll find 4 more bedrooms + bonus room. Outside you'll love the privacy in the large backyard which includes a deck, patio, and gazebo w/ gas line for grill. Neighborhood pools/clubhouse. All Farragut schools.

More Information MLS# 1217838

Location Tax Legal Info

House #: 12813 Street Name: Lebel St Suffix: Rd State/Province: TN Zip Code: 37934 Property Sub-Type: Residential PIN #: 141MB022 Subdivision: Fox Run Geo Lat: 35.878009 Geo Lon: -84.212529

Contract Info

Auction Y/N: No Listing Price: 750000 Current Price: $785,000 Status: Closed Listing Date: 2023-02-10

General Property Description

Type: 2 Story Acres: 0.46 Acre Source: Tax Records Site Built: Yes Restrictions: Yes SqFt - Total (Aprox): 3577 SqFt - Main Lvl: 1995 SqFt - 2nd Flr Lvl: 1582 # Bedrooms: 5 Baths - Full: 3 Baths - 1/2: 1 # of Rooms: 11 Fireplace: Yes # Fireplace: 1 Property Status: N/A HOA: Mandatory HOA Fee: 360 HOA Freq: Yearly HOA Contact: https://tnfoxrun.org/ Year Built: 1994 Bonus Room: Yes Extra Storage: Yes

Status Change Info

Status Change Date: 2023-03-20 Under Contract Date: 2023-02-19 Sold Date: 2023-03-20 Sold Price: $785,000

Property Features

Style: Traditional Construction: Frame - Brick Siding: Brick; Other Basement: Crawl Space Lot Description: Level Fireplace: Gas Log Floors: Carpet; Hardwood; Tile Fuel: Electric; Gas (Natural) Heat: Central; Forced Air Cooling: Ceiling Fan(s); Central Cooling Appliances: Dishwasher; Disposal; Gas Stove; Microwave; Range; Security Alarm; Self Cleaning Oven; Smoke Detector Sewer: Public Sewer Water: Public Other Rooms: Bedroom Main Level; Den/Study; Extra Storage; Family Room; Laundry/Utility; Mstr Bdrm Main Level; Office; Split Bedroom Misc Features: Cathedral Ceiling; Drapes; Internet Available; Pantry; Walk-in Closets; Walk-in Shower; Washer/Dryer Connect; Whirlpool Tub; Wired for Internet Exterior Features: Deck; Irrigation System; Patio; Porch - Covered; Prof Landscaped; Windows - Insulated Outbuildings: Gazebo Dining Area: Eat-in Kitchen; Formal Dining Area Community Amenities: Architect Restricted; Club House; Picnic/Barbeque Area; Rec Facilities; Sidewalks; Swimming Pool; Tennis Courts Association Fee Incl: All Amenities Showing: See Agent Instructns New Financing: Cash; Conventional; New Loan; VA Loan
Listing Office: Doorbell Real Estate
Office Phone: 888-388-3667
Last Updated: December - 21 - 2023
12813 Lebel Rd, Knoxville, TN 37934- MLS# 1217838
The data relating to real estate for sale on this Web Site comes from the IDX Program of the Knoxville Area Association of REALTORS® Multiple Listing Service. © Copyright 2020 All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. This information is updated weekly, however, some of these properties may subsequently have sold and may no longer be available. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision.
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