Knoxville TN Archives - Page 25 of 26

UNDER CONTRACT! Cute & Convenient in Clinton, TN – Only $115,000!

May 22, 2019 By Troy Stavros

UNDER CONTRACT IN 1 DAY WITH MULTIPLE OFFERS! Home for sale located at 301 Edgewood Avenue, Clinton, TN 37716. Offered at $115,000! The super convenient location is walking distance to downtown Clinton. This dollhouse features three bedrooms, one bath, hardwood floors, an updated kitchen with stainless steel appliances, and a flat, fenced backyard with two storage buildings. This would be a wonderful home for a first time home buyer as it has been well maintained, has a newer HVAC, and is also eligible for 100% financing! Be sure to watch the LIVE video tour that walks you through the home. Schedule your showing today as this super cute home is sure to sell fast!

For more information or to schedule a private showing contact Troy Stavros with CornerStone Realty Associates at 865-999-0925 directly or through the office at 888-388-DOOR xt.707.
[idx_listing_details listing=”1081232″]

A Tale Of 2 Knoxville Real Estate Markets: Luxury vs. Starter/Trade-Up

May 10, 2019 By Troy Stavros

Some Highlights:

An emerging trend in Knoxville for some time now has been the difference between available inventory and demand in the premium and luxury markets and that in the starter and trade-up markets and what those differences are doing to prices!
Inventory in Knoxville continues to rise in the luxury and premium home markets which is causing prices to cool.
Demand continues to rise with lower-than-normal inventory levels in the starter and trade-up home markets, causing prices to rise on a year-over-year basis for 85 consecutive months.

How Fast Can You Save For A Downpayment? You Might Be Surprised!

April 29, 2019 By Troy Stavros

Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save for a down payment in each state.

Using data from HUD, Census and Apartment List, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expense.

By determining the percentage of income spent renting in each state, and the amount needed for a 10% down payment, we were able to establish how long (in years) it would take for an average resident to save enough money to buy a home of their own.

According to the data, residents in Kansas can save for a down payment the quickest, doing so in just over 1 year (1.12). Below is a map that was created using the data for each state:

What if you only needed to save 3%?

What if you were able to take advantage of one of Freddie Mac’s or Fannie Mae’s 3%-down programs? Suddenly, saving for a down payment no longer takes 2 to 5 years, but becomes possible in less than a year in most states, as shown on the map below.

Bottom Line

Whether you have just begun to save for a down payment or have been saving for years, you may be closer to your dream home than you think! Let’s get together to help you evaluate your ability to buy today. Call Troy Stavros with CornerStone Realty Associates at 865-999-0925

Top 5 Reasons Why Millennials Choose To Buy a Home [INFOGRAPHIC]

April 19, 2019 By Troy Stavros

More and more Millennials in Knoxville are choosing homeownership. In fact, they have quickly become the #1 generation for purchasing homes, as far as volume. The following infographic explains why homeownership is so important to them:

Ready to start the process of getting into your own home or ready to move to something different? Call me, Troy Stavros with CornerStone Realty Associates today at 865-999-0925 and let’s start formulating a plan.

Are These Low Mortgage Interest Rates Here To Stay?

April 17, 2019 By Troy Stavros

Interest rates for a 30-year fixed rate mortgage have been on the decline since November, now reaching lows last seen in January 2018. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 4.12% last week!

This is great news for anyone who is planning on buying a home in Knoxville this spring! Freddie Mac had this to say,

“Mortgage interest rates have been steadily declining since the start of 2019. These lower mortgage interest rates combined with a strong labor market should attract prospective homebuyers this spring and could help the housing sector regain its momentum later in the year.”

To put the low rates in perspective, the average for 2018 was 4.6%! The chart below shows the recent drop, and also shows where the experts at Freddie Mac believe rates will be by the end of 2019.

Bottom Line

If you plan on buying a home in Knoxville this year, let’s get together to start your home search to ensure you can lock in these historically low rates today! Contact me, Troy Stavros with CornerStone Realty Associates at 865-999-0925 via call or text.

Why Now Is A Good Time To Sell A Home In Knoxville

April 16, 2019 By Troy Stavros

Every month, the National Association of Realtors (NAR) releases their Seller Traffic Index as a part of their Realtors Confidence Index. In the latest release, NAR reported that homeowners have been reluctant to sell their houses. This is reflected when broken down by state. Only 11 states have a stable level of seller traffic compared to the remainder of the country, which came in with a weak rating.

As we can see in the following table, the number of people who moved last year is half of what the rate was in the 1980s.

This does not come as a surprise, as tenure length (the number of years someone owns a home before moving again) among existing homeowners has increased. It has risen from an average of 6 years from 1985 to 2008, up to 9.5 years over the last few years. This is shown in the graph below:

As we can see, there is a pent-up seller demand!

What led to this change in behavior? Falling prices during the housing crisis led to many homeowners having negative equity in their home, meaning they owed more on their mortgage than the home was worth. Others were able to secure a low interest rate on their mortgage and have not been quick to obtain a new mortgage with a higher rate.

Will this trend continue?

Recently NAR reported that “69% of people believe now is a good time to sell a home.”

With a strong economy, low interest rates, and wages continuing to rise, some homeowners will be ready to put their house on the market and move up to the home of their dreams!

Bottom Line

There is a great opportunity for sellers to take advantage of the current real estate market before new inventory comes to market. If you are considering selling your house or would like to know your options, let’s get together today to help you understand the possibilities available to you! Contact me, Troy Stavros with CornerStone Realty Associates at 865-999-0925.