REALTOR Archives - Page 17 of 25

Continued Home Price Appreciation Forecasted for 2020

December 26, 2019 By Troy Stavros

Questions continue to rise around where home prices will head in 2020. The latest forecast from CoreLogic shows continued appreciation at 5.4% over the next year:

Additionally, ARCH Mortgage Insurance Company in their current Housing and Mortgage Market Review revealed their latest ARCH Risk Index, which estimates the probability of home prices being lower in two years. Based on the most recent results, 32 of the 50 U.S. states (plus D.C.) had a minimal probability of lowering by 2021.

Bottom Line

Experts forecast home price appreciation to continue at a moderate rate as we move through 2020 and beyond. With appreciation growing, let’s get together and plan for your next move. Call/Text me, Troy Stavros with CornerStone Realty Associates at 865-205-6899 today!

NEW KITCHEN UPDATE! 2104 River Sound Drive, Knoxville, TN 37922

October 2, 2019 By Troy Stavros

NEW KITCHEN UPDATE! Seller’s JUST updated the kitchen and DIDN’T raise the price! New countertops, new tile backsplash, 3 new under-mount sinks, 3 new faucets, and a new Bosch cooktop!

Beautiful luxury home for sale in West Knoxville’s sought after River Sound neighborhood, located at 2104 River Sound Drive, Knoxville, TN 37922.

Let’s talk location! It’s amazing for so many reasons. If you travel, you are a mere 17 minutes to the McGee Tyson Airport. You are a short ride up I140 to Oak Ridge. Choose 3 different routes to downtown Knoxville. Grocery stores, banks, restaurants, and schools are just minutes away.

Let’s talk neighborhood! The only neighborhood in the metropolitan Knoxville area with a year-round indoor saltwater swimming pool. Additionally, there is a clubhouse, outdoor pool and tennis courts to enjoy. There is a private Marina that is restricted to River Sound property owners. Though there are only 38 slips, Slip B-2 is available to purchase with this home. Free outdoor storage area where you can keep your boat trailers or the like. People are friendly, properties are well kept, and when you say you live in River Sound, everyone will know you have been blessed and have chosen wisely.

Let’s talk house! Open floor plan! Enjoy the grandeur of the two-story entry and the curved staircase. Relax in the open family area with a cathedral ceiling adjacent to the kitchen. Functionally, this house is equipped with a 400+ sq ft dream kitchen. Starting with the Bosch 5 burner gas cook-top stove and double convection oven that is programmable from your phone. There is plenty of surrounding prep space for all elements of cooking. Within the 12-foot tile island is a vegetable sink with its own disposal and an instant hot water faucet. The best gourmet cooks will marvel at the setup and space utilization of this room and would love cooking in it given the opportunity. Have a cup of coffee by one of the 4 fireplaces or outback on the lighted Timber Tech deck that spans the length of the house and looks out over a private backyard. Between the outside decks, the big yard perfect for games of all kinds, a driveway meant for a basketball hoop, and a basement designed for fun, there’s a space for everyone. The owners can escape to a luxurious Master Suite with a spa-like bath, inclusive of a Jacuzzi tub and walk-in shower. The unfinished portion of the basement (846SF) has a workshop area and phenomenal storage. This area could be finished with relative ease. As great as the storage space is in the basement, there is also a walk-up attic (800+SF). It has easy access to tie in heating, air conditioning, water and electric. It is framed and ready to build should you want additional space. What else does this house have? It has two hot water heaters, 3 HVAC units, a three-car garage, four gas fireplaces, four full baths, two half baths, and two hoses for the Beam in-wall vacuum system.

For more information about this home or to schedule a private showing, contact Troy Stavros with CornerStone Realty Associates at 865-235-1333 or at the office at 888-388-DOOR xt. 707.

[idx_listing_details listing=”1060178″]

10264 Canton Place Lane – ALL FARRAGUT SCHOOLS!

October 2, 2019 By Troy Stavros

Tucked away on the outskirts of Farragut, and zoned for ALL Farragut schools. Enjoy safe walks and bike rides down the neighborhood sidewalks. This home has been well kept and nicely updated. The large eat-in kitchen offers plenty of granite-topped counter space, loads of cabinets, and an oversized pantry as well as counter seating and a place for your kitchen table. Also tucked in is a command central desk area. The family room is light and bright and made even cozier at times with a gas log fireplace. Step out the back door to the deck, which is great for outdoor entertaining and grilling, which looks out over the flat, fenced backyard. Owner’s suite up w/ double sinks, jacuzzi tub and shower + 2 more bedrooms + bonus room. Oversized 3 car garage (one bay being 26′ deep!). Sealed crawl.

Have questions or want to schedule a showing? Call/Text me, Troy Stavros with CornerStone Realty Associates at 865-205-6899.

[idx_listing_details listing=”1096379″]

5 Powerful Reasons to Own Your Home Instead of Renting

July 11, 2019 By Troy Stavros

5 Powerful Reasons to Own Instead of Rent | MyKCM

Owning a home has great financial benefits.

In a recent research paper, Homeownership and the American Dream, Laurie S. Goodman and Christopher Mayer of the Urban Land Institute explained:

“Homeownership appears to help borrowers accumulate housing and nonhousing wealth in a variety of ways, with tax advantages, greater financial flexibility due to secured borrowing, built-in ‘default’ savings with mortgage amortization and nominally fixed payments, and the potential to lower home maintenance costs through sweat equity.”

Let’s breakdown 5 major financial benefits of homeownership:

1. Housing is typically the one leveraged investment available

Homeownership allows households to amplify any appreciation on the value of their homes by a leverage factor. A 20% down payment results in a leverage factor of five, meaning every percentage point rise in the value of your home is a 5% return on your equity. If you put down 10%, your leverage factor is 10.

Example: Let’s assume you purchased a $300,000 home and put down $60,000 (20%). If the house appreciates by $30,000, that is only a 10% increase in value but a 50% increase in equity.

2. You’re paying for housing whether you own or rent

Some argue that renting eliminates the cost of property taxes and home repairs. Every potential renter must realize that all the expenses the landlord incurs (property taxes, repairs, insurance, etc.) are baked into the rent payment already – along with a profit margin!!

3. Owning is usually a form of “forced savings”

Studies have shown that homeowners have a net worth that is 44X greater than that of a renter. As a matter of fact, it was recently estimated that a family buying an average priced home this past January could build more than $42,000 in family wealth over the next five years.

4. Owning is a hedge against inflation

House values and rents in Knoxville tend to go up at or higher than the rate of inflation. When you own, your home’s value will protect you from that inflation.

5. There are still substantial tax benefits to owning

We know that the new tax reform bill puts limits on some deductions on certain homes. However, in the research paper referenced above, the authors explain:

“…the mortgage interest deduction is not the main source of these gains; even if it were removed, homeowners would continue to benefit from a lack of taxation of imputed rent and capital gains.”

Bottom Line

From a financial standpoint, owning a home in Knoxville has always been and will always be better than renting. Have questions or want to game plan on how you can buy a home? Contact me, Troy Stavros with CornerStone Realty Associates at 865-999-0925 today!

46 Million Millennials Are Now Mortgage Ready. But Do They Know It?

March 21, 2019 By Troy Stavros

Much has been written about the millennial generation and whether or not they, as a whole, believe in homeownership as part of attaining the American Dream.

Millennials have taken longer to obtain traditional milestones than the generations before them, such as getting married, having kids, and buying a home. (Partially because this generation has been hampered by more student loan debt than the generations before them.) However, that does not mean that they do not still aspire to achieve those things.

History shows that people tend to buy their first home around age 30. Nearly 5 million millennials will turn 30 in the next two years. This will continue to fuel demand for housing.

This is also one of the many reasons why the millennial homeownership rate has continued to grow over the past few years. 48.4% of Americans between the ages of 30-34 now own a home.

There are currently over 46 million millennials (33% of the generation) who are considered “Mortgage Ready”, meaning they meet the qualifications to be approved for a mortgage today!

a FICO Score ≥ 620
a Back-End Debt to Income Ratio ≤ 25%
no Foreclosures or Bankruptcies in the last 7 years
no severe delinquencies in 1 year

Rob Chrane, CEO of Down Payment Resource, commented on the findings of the report,

“We now know there are millions of buyers with the income & credit necessary to qualify to buy a home. The biggest question is:

Do they know it? …Unfortunately, many renters don’t investigate homeownership simply because they don’t believe it’s an option.”

The good news is that more and more millennials are realizing that they can afford a home in Knoxville, now. Even so, more can be done to increase awareness of low down payment programs to attract even more of this generation.

New data from realtor.com shows that in December, millennials accounted for 42% of all new home loans originated in the month. This is more than any other generation.

Bottom Line

If you are one of the many millennials who may be “Mortgage Ready” but are unsure what your next steps should be, let’s get together to help guide you on your path to homeownership! Contact me, Troy Stavros with CornerStone Realty Associates at 865-999-0925.

4 Questions To Ask Before Selling Your Home in Knoxville

March 15, 2019 By Troy Stavros

Are you planning on selling your house in Knoxville in 2019? You will no doubt have more than 4 questions on your mind, but knowing the answers to these will get you started with confidence! Let’s get together to answer these and any other questions you may have!

Contact me, Troy Stavros with CornerStone Realty Associates at 865-999-0925 today!