Selling your home Archives - 865 Real Estate

Why Not to Wait Until Spring to Sell Your Home and Make A Move in Knoxville

January 22, 2021 By Troy Stavros

The housing market recovery coming into the new year has been nothing short of remarkable. Many experts agree the turnaround from the nation’s economic pause is playing out extremely well for real estate, and the current market conditions are truly making this winter an ideal time to sell and make a move. Here’s a dive into some of the biggest wins for homebuyers this season.

1. Mortgage Rates Are Historically Low

In 2020, mortgage rates hit all-time lows 16 times. Continued low rates have set buyers up for significant long-term gains. In fact, realtor.com notes:

“Given this means homes could cost potentially tens of thousands less over the lifetime of the loan.”

Essentially, it’s less expensive to borrow money for a home loan today than it has been in years past. Although mortgage rates are expected to remain relatively low in 2021, even the slightest increase can make a big difference in your payments over the lifetime of a home loan. So, this is a huge opportunity to capitalize on right now before mortgage rates start to rise.

2. Equity Is Growing

According to John Burns Consulting, 58.7% of homes in the U.S. have at least 60% equity, and 42.1% of all homes in this country are mortgage-free, meaning they’re owned free and clear.

In addition, CoreLogic notes the average equity homeowners gained since last year is $17,000. That’s a tremendous amount of forced savings for Knoxville homeowners, and an opportunity to use this increasing equity to make a move into a home that fits your changing needs this season.

3. Home Prices Are Appreciating

According to leading experts, home prices in Knoxville are forecasted to continue appreciating. Today, many experts are projecting more moderate home price growth than last year, but still moving in an upward direction through 2021.

Knowing home values are increasing while mortgage rates are so low should help you feel confident that buying a home now, before prices rise even higher is a strong long-term investment.

4. There Are Not Enough Homes for Sale

With today’s low inventory of homes on the market in Knoxville, which is contributing to this home price appreciation, sellers are in the driver’s seat. The competition is high among buyers, so homes in Knoxville are selling quickly.

Making a move while so many buyers are looking for homes to purchase may mean your house rises to the top of the buyer pool. Selling your house before more listings come to the market in the traditionally busy spring market might be your best chance to shine.

Bottom Line

If you’re considering making a move, this may be your moment, especially with today’s low mortgage rates and limited inventory. Let’s connect to get you set up for homebuying success in the new year.

Call/Text me, Troy Stavros with CornerStone Realty Associates at 865-999-0925 today with any questions or to get the process started!

Why Not to Wait Until Spring to Make a Move | MyKCM

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.

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!

Why It Doesn’t Make Sense To Wait For Spring To Sell Your Home

January 28, 2019 By Troy Stavros

The price of any item (including residential real estate) is determined by the theory of ‘supply and demand.’ If many people are looking to buy an item and the supply of that item is limited, the price of that item increases.

The supply of homes for sale dramatically increases every spring, according to the National Association of Realtors (NAR). As an example, here is what happened to housing inventory at the beginning of 2018:

Putting your home on the market now, rather than waiting for increased competition in the spring, might make a lot of sense.

Bottom Line

Buyers in the market during the winter are truly motivated purchasers and they want to buy now. With limited inventory currently available in most markets, sellers are in a great position to negotiate.

Reasons To Sell Your Home Now in Farragut or Knoxville

February 19, 2015 By Troy Stavros

Ready for the two big reasons to sell your home right now in Farragut or Knoxville? Way back in high school, when we sat through that exhilarating class called Economics, we learned that when you are selling anything, you will get the most money when the demand for the item you are selling is high and the inventory of that item is low. Better known as the Theory of Supply and Demand.

If you are contemplating selling your home in Farragut or Knoxville, here are two visuals that help explain why there is no better time than now.

SUPPLY

The latest Existing Home Sales Report released by the National Association of REALTORS® shows that nationally, the “month’s supply” of available homes dropped to 4.4 months worth of inventory. This number translates to the lowest it has been in over a year. Locally these numbers are even more telling as the number of available homes in Farragut is down 7.2% from last year and Knoxville as a whole is down 6%.

DEMAND

Also according to the National Association of REALTORS®, compared to January of last year, buyer activity (demand) was 3X higher. This equals buyers who are in the market now, waiting for your home in Farragut or Knoxville to hit the market.

WHAT IT MEANS TO YOU

Putting your Farragut or Knoxville home up for sale when demand is high and supply is low will no doubt increase your chances of a higher price and a faster sale. Using the same rule of Supply & Demand, waiting until Spring for more supply (competition) to hit the market would have the opposite effect. Interested in talking more about getting your Farragut or Knoxville home on the market ASAP? Contact me, Troy Stavros with Gables & Gates, REALTORS® today so we can schedule a time to sit down and talk about your situation. Wondering what your Farragut or Knoxville home could sell for? Click here to find out.

Selling a home in Knoxville? Here is how to get it ready for pictures.

February 1, 2012 By Troy Stavros

One of the most important things you can do when selling a home in Knoxville is to have professional photography. In a study done by Redfin Corporation, it was discovered that homes marketed with high quality photos sold for more money! And in many cases significantly more. According to the Wall Street Journal, the study showed that homes with high quality photos gained anywhere from $1000 to $100,000 more at closing! Given this information, it’s pretty shocking that only a small percentage of Knoxville homes are marketed with high quality photos.

The Redfin study also offered these interesting points: They also found that listings shot with DSLR cameras (the kind used by the 865 Real Estate team):

Receive an average of 61% more views than their peers across all price tiers. (More views = More potential buyers)
Have a 47% higher asking price per square foot.
Have an increased likelihood of selling for homes priced above $300,000.

The 865 Real Estate team has known for some time what this Redfin study has shown, which is why we include high quality pictures of every Knoxville home for sale that the 865 Real Estate team markets. So what do we need you, as a home seller to do? Here are some pointers for getting your Knoxville home ready for our high quality photographs.

How to prepare your Knoxville home for sale to be photographed:

Have the lawn mowed, leaves raked, bushes trimmed.
When in season, flowers can add a gorgeous pop of color.
Remove all vehicles from the driveway and front of the house.
Make sure all garbage cans, hoses, garden tools etc. are put away.
If you will be doing any twilight photos, be sure to check all outdoor lights and change dim or broken bulbs.
Remove any “cute” yard decorations the owner may have put out.
Remove any “clutter” inside the home, and put away toys, clothing, dishes, towels, etc.
Make the beds.
The counter tops in the bathrooms and kitchen should be as clean and as empty as possible.
Make sure the kitchen sink is empty and all dishes are put away.
Hide the trash cans.
Hide personal photos.
Replace any light bulbs that are out.
Remove any decorations or magnets that are on the fridge.
Before the photographer arrives, turn on all lights and open all blinds in rooms to be photographed.