Knoxville TN Archives - Page 26 of 26

Data Says April is the Best Month to List Your Home for Sale

March 27, 2019 By Troy Stavros

The spring housing market is off to the races here in Knoxville! The inventory of homes for sale is increasing, buyers are out in force, and interest rates are the lowest we’ve seen in well over a year, piquing the interest of buyers and sellers previously on the fence about making a move.

New research from realtor.com shows that the first week of April is actually the best time to list your house for sale! The report used “trends in median listing prices, views per property on realtor.com, home price drops, median days on market, and number of listings on the market over the last three years,” to determine a ranking for every week of the year.

Listing your home in the first week of April contributes 14x more property views, 5% less competition from other home sellers, and results in the home being sold 6 days faster!

Below is a graph indicating the average score for each month of the year.

It should come as no surprise that April and May dominate as the top months to sell in Knoxville. The second quarter of the year (April, May, June) is referred to as the Spring Buyers Season, when competition is fierce to find a dream home, often leading to bidding wars.

However, there is one caveat worth mentioning. When broken down by metro, realtor.comnoticed that while warmer climates share an overall trend, they have different top sales months. The best month to get the most exposure in Miami, FL, for instance, is August, while in Phoenix, AZ, June leads the charge.

If you’re thinking of selling your home in Knoxville this year, the time to list is NOW! According to the National Association of Realtors, 41% of homes sold last month were on the market for less than 30 days! If you list now, you’ll have a really good chance to sell in April or May, setting yourself up for the most exposure!

Bottom Line

Let’s get together to discuss the local Knoxville market conditions, and those specific to where you live in our area, to get you the most exposure to the buyers ready and willing to make a move! Contact me, Troy Stavros with CornerStone Realty Associates today at 865-999-0925!

Mortgage Interest Rates Hit New 12 Month Low!

March 1, 2019 By Troy Stavros

According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at their lowest for 2019. Rates like these haven’t been seen since February 2018!

Last week’s survey results reported an interest rate of 4.35%. This is a welcome change from the near 5% rates seen in mid-November. At 4.32%, the second week of February 2018 was the last time rates were this low. This can be seen in the chart below.

Freddie Mac’s Chief Economist, Sam Khater, had this to say:

“Mortgage rates fell for the third consecutive week, continuing the general downward trend that began late last year.

Wages are growing on par with home prices for the first time in years, and with more inventory available, spring home sales should help the market begin to recover from the malaise of the last few months.”

Bottom Line

If you plan on buying a home in Knoxville this spring, meet with a local real estate professional who can help prepare you for today’s market before rates increase!

The Easiest Way To Build Wealth For Your Family Is By Paying For Housing

December 14, 2018 By Troy Stavros

Everyone should realize that unless you are living somewhere rent-free, you are paying a mortgage – either yours or your landlord’s. Buying your own home provides you with a form of ‘forced savings’ that allows you to use your monthly housing costs to increase your family’s wealth.

Every month that you pay your mortgage, you are paying off a portion of the debt that you took on to purchase your home. Therefore, you own a little bit more of your home every month in the form of home equity.

As your home’s value increases you also gain home equity.

Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts, and investment and market strategists and asks them to project how residential home prices will appreciate over the next five years for their Home Price Expectation Survey (HPES).

The latest data from their Q4 2018 Survey revealed that home prices are expected to round out the year 5.8% higher than they were in January. For the next 5 years, home values will appreciate by an average of nearly 3% a year.

This is still great news for homeowners!

For example, let’s assume a young couple purchases and closes on a $250,000 home in January. Simply through their home appreciating in value, those homeowners can build their home equity by nearly $40,000 over the next five years.

Let’s look at the potential equity gained over the same period of time at some higher price points:

In many cases, home equity is a large portion of a family’s overall net worth.

Bottom Line

If your plan for 2019 includes entering the housing market to purchase a home, whether it’s your first or your fifth, let’s get together to make your plan a reality!

10615 Alameda Drive, Knoxville, TN 37932 – RENOVATED!!

October 1, 2017 By Troy Stavros

SOLD! OFFERED AT $235,000! Gorgeous, renovated home in West Knoxville. Located at 10615 Alameda Drive, Knoxville, TN 37932 in the convenient Lovell View Subdivision, this home features 2 master suites and offers a total of 4BR and 3 full baths. Stunning new kitchen with custom cabinets, granite counters, custom tile backsplash, and all new stainless steel appliances opens directly to the family room with a wall of windows. If you like natural light, this place is for you! Relax in the oversized screened porch and watch the fun take place in the fenced backyard. 3 all new bathrooms with granite counters, custom tiled floors and custom tiled showers. Fireplace in lower level rec room. French doors off lower level master to a private covered patio. Big, separate laundry room and 2 car garage finish it off. For more information or to schedule a private showing contact me, Troy Stavros, with Gables & Gates, REALTORS at 865-999-0925.

CLICK HERE FOR PICTURES AND SPECS

Thinking Of Selling A Home In Farragut or Knoxville? HURRY!!

March 6, 2015 By Troy Stavros

As I received the latest data on the 2015 housing market, one thing is for sure: If you are considering selling a home in Farragut or Knoxville, the time is now!

Yes, existing home sales dropped in January compared to December. But, nationally if we compare the current September-January time period to the same period a year ago, it shows that existing home sales have surpassed last year every single month, with the January national sales numbers being 200,000 homes greater than last January. Farragut, TN had a 19.8% increase! Knoxville as a whole saw a 11.2% increase.

Pending home sales (houses that have gone under contract) as reported by the National Association of Realtors have also done much better in the last five months compared to last year:

Data also shows that the demand for homes from buyers in the market has increased significantly over last year as well:

But with all of the positive buyer activity above, data shows that inventory levels are lower than last year, which is a huge win for folks who are selling a home in Farragut or Knoxville. Knoxville’s inventory of homes for sale is down 8.5% from last year and the amount of homes for sale in Farragut is down 12.5% with new listings in Farragut down 13.3%.

What does this mean for you?

If you are thinking about selling your home in Farragut or Knoxville, with demand increasing and supply dropping, this is the optimal time to get the best price for your home and get it sold in the fastest time possible. Contact me, Troy Stavros with Gables & Gates, REALTORS® today to see whether that is the case in your particular neighborhood. Remember, real estate is local and can be different not only from town to town, but neighborhood to neighborhood and house to house. Interested in finding out how much your home could sell for? CLICK HERE TO FIND OUT.