Knoxville housing market Archives - Page 10 of 12

5 Reasons Why This Summer Is A Good Time To Sell Your Home

June 17, 2019 By Troy Stavros

Here are 5 compelling reasons listing your Knoxville home for sale this summer makes sense.

1. Demand Is Strong

The latest Buyer Traffic Index from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other for the same home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing inventory is still well under the 6-month supply needed for a normal housing market. This means that, in most of the country, there are not enough homes for sale to satisfy the number of buyers.

Historically, the average number of years a homeowner stayed in his or her home was six, but that number has hovered between nine and ten years since 2011. Many homeowners have a pent-up desire to move, as they were unable to sell over the last few years due to a negative equity situation. As home values in Knoxville continue to appreciate, more and more homeowners are granted the freedom to move.

Many homeowners were reluctant to list their home over the last couple of years for fear that they would not find a home to move in to. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you to decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. Buyers know exactly what they can afford before home shopping. This makes the entire selling process much faster and simpler. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to 43 days. (Last numbers available.)

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has created a buyer’s market. This means that if you are planning on selling a starter or trade-up home, it will sell quickly, AND you’ll be able to find a premium home to call your own!

According to CoreLogic, prices are projected to appreciate by 4.8% over the next year. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

5. It’s Time to Move on with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to start living the life you desire.

That is what is truly important.

Ready to get the process started or sit down and talk about what it might look like? Call/text me, Troy Stavros with CornerStone Realty Associates today at 865-999-0925 and let’s set a time to get together.

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!

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!

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!

Why You Shouldn’t Take Your Home Off the Market During the Holidays

November 15, 2016 By Troy Stavros

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!

Pending Home Sales Rise in Farragut TN, Knoxville and Nationally

April 8, 2015 By Troy Stavros

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.

Pending Home Sales in Farragut TN and Knoxville

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:

What does this mean for you?

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. This isn’t the market it was a few years ago when you went in and made lowball offers. Today that will just result in someone else getting the house you love. 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. 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. I’m here to serve you! I look forward to talking soon.