Troy Stavros Archives - Page 27 of 42

Believe It Or Not, Even With Rising Prices, Homes Are More Affordable

October 31, 2019 By Troy Stavros

The gap between the increase in personal income and residential real estate prices has been used to defend the concept that we are experiencing an affordability crisis in housing today.

It is true that home prices and wages are two key elements in any affordability equation. There is, however, an extremely important third component to that equation: mortgage interest rates.

Mortgage interest rates have fallen by more than a full percentage point from this time last year. Today’s rate is 3.75%; it was 4.86% at this time last year. This has dramatically increased a purchaser’s ability to afford a home.

Here are three reports validating that purchasing a home is in fact more affordable today than it was a year ago:

CoreLogic’s Typical Mortgage Payment

“Falling mortgage rates and slower home-price growth mean that many buyers this year are committing to lower mortgage payments than they would have faced for the same home last year. After rising at a double-digit annual pace in 2018, the principal-and-interest payment on the nation’s median-priced home – what we call the “typical mortgage payment”– fell year-over-year again.”

The National Association of Realtors’ Affordability Index

“At the national level, housing affordability is up from last month and up from a year ago…All four regions saw an increase in affordability from a year ago…Payment as a percentage of income was down from a year ago.”

First American’s Real House Price Index (RHPI)

“In 2019, the dynamic duo of lower mortgage rates and rising incomes overcame the negative impact of rising house price appreciation on affordability. Indeed, affordability reached its highest point since January 2018. Focusing on nominal house price changes alone as an indication of changing affordability, or even the relationship between nominal house price growth and income growth, overlooks what matters more to potential buyers – surging house-buying power driven by the dynamic duo of mortgage rates and income growth. And, we all know from experience, you buy what you can afford to pay per month.”

Bottom Line

Though the price of homes may still be rising, the cost of purchasing a home is actually falling. If you’re thinking of buying your first home or moving up to your dream home, let’s connect so you can better understand the difference between the two.

Ready to see if you can afford to buy a home or want to get the process started? Call/text me, Troy Stavros with CornerStone Realty Associates today at 865-205-6899.

Have Home Prices Increased? Yes. But So Has Rent!

October 30, 2019 By Troy Stavros

Much has been written about how residential real estate values have increased since the housing market started its recovery in 2012. However, little has been shared about what has taken place with residential rental prices. Let’s shed a little light on this subject.

In the most recent Apartment Rent Report, RentCafe explains how rents have continued to increase over the last twelve months because of a large demand and a limited supply.

“Continued interest in rental apartments and slowing construction keeps the national average rent on a strong upward trend.”

Zillow, in its latest Rent Index, agreed that rents are continuing on an “upward trend” across most of the country, and that the trend is accelerating:

“The median U.S. rent grew 2% year-over-year, to $1,595 per month. National rent growth is faster than a year ago, and while 46 of the 50 largest markets are showing deceleration in annual home value growth, annual rent growth is accelerating in 41 of the largest 50 markets.”

The Zillow report went on to detail rent increases since the beginning of the housing market recovery in 2012. Here is a graph showing the increases:

Bottom Line

It is true that home prices have risen over the past seven years, increasing the cost of owning a home. However, the cost of renting a home has also increased over that same time period.

Are you ready to get off the rental train and start paying down your own mortgage instead of your landlord’s? Call/text me, Troy Stavros with CornerStone Realty Associates at 865-205-6899. Worried about not having enough for a down payment or closing costs? I know of programs that can help there too!

Thinking of Selling Your Home? Waiting Might Be The Hardest Part

October 29, 2019 By Troy Stavros

Tom Petty famously penned the words, “the waiting is the hardest part” in his early 80’s hit song The Waiting, and his thought process can surprisingly also be applied to individuals considering selling their homes today. Traditional thinking would suggest it may be best to wait until the spring to sell when there is a flood of buyers in the market, but right now may, in fact, be an even better time to list your home.

We can see the overall economy is good: wages are rising, there are near-record-low unemployment rates, and mortgage interest rates are still very low too. Over the past 10+ years, the housing market has stabilized, so what (if anything) is the biggest challenge in the housing market today?

The answer is simple: it’s inventory.

According to the Existing Home Sales Report by the National Association of Realtors,

“Total housing inventory at the end of September sat at 1.83 million, approximately equal to the amount of existing-homes available for sale in August, but a 2.7% decrease from 1.88 million one year ago. Unsold inventory is at a 4.1-month supply at the current sales pace, up from 4.0 months in August and down from the 4.4-month figure recorded in September 2018.”

What does this mean?

While homes are coming to the market, they aren’t coming fast enough! Right now, across the country there are less than 6 months of overall inventory of homes for sale, putting us in a seller’s market. The challenge is that there are not enough homes for sale to increase the supply needed for the number of people who want to buy, especially in the starter and middle-level markets.

To be in a balanced market (meaning we have enough inventory for the number of buyers in the market), we need to have 6 months of inventory available. Today we are nowhere near that number, and as a matter of fact, the last time we reached that height was August 2012 (as shown in the graph below):

When we look at the inventory challenge today, we can see that now is a great time to sell your house. Truthfully, waiting may end up being the hardest part in the long run. This landscape is a great place for sellers who own homes in the starter and middle-level markets to take the opportunity to sell in a sellers’ market before inventory catches up with demand. Serious buyers are actively in the market and ready to make a move at this time of year. When inventory is limited at the lower end, like it is today, selling before more homes are listed could mean a significant seller’s advantage to those who are ready to move up. The upper level of the market has much more inventory available to move into, so it’s a win across the board.

Bottom Line

If you’re considering selling your home, don’t wait – now is the time to make your move! Take advantage of the high housing demand and the low inventory of homes for sale at the lower end of the market and use your purchasing power while mortgage rates are low to go after the move-up home of your dreams. Let’s get together to decide if now is the right time for you.

Have questions or ready to get the process started? Call/Text me, Troy Stavros with CornerStone Realty Associates at 865-205-6899 today!

Your Real Estate Agent Needs To Be More Than A Guide

October 11, 2019 By Troy Stavros

In a normal housing market, whether you’re buying or selling a home, you need an experienced guide to help you navigate the process. You need someone you can turn to who will tell you how to price your home correctly right from the start. You need someone who can help you determine what to offer on your dream home without paying too much or offending the seller with a low-ball offer.

We are, however, in anything but a “normal market” right now. The media is full of stories about an impending recession, a trade war with China, and constant political upheaval. Each of these potential situations could dramatically impact the real estate market. To successfully navigate the landscape today, you need more than an experienced guide. You need a ‘Real Estate Sherpa.’

A Sherpa is a “member of a Himalayan people living on the borders of Nepal and Tibet, renowned for their skill in mountaineering.” Sherpas are skilled in leading their parties through the extreme altitudes of the peaks and passes in the region – some of the most treacherous trails in the world. They take pride in their hardiness, expertise, and experience at very high altitudes.

They are much more than just guides.

This is much more than a normal real estate market.

The average guide just won’t do. You need a ‘Sherpa.’ You need an expert who understands what is happening in the market and why it is happening. You need someone who can simply and effectively explain it to you and your family. You need an expert who will guarantee you make the right decision, even in these challenging times.

Dave Ramsey, the financial guru, advises:

“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”

Bottom Line

Hiring an agent who has a finger on the pulse of the market will make your buying or selling experience an educated one. Contact Troy “Sherpa” Stavros (Ha!) with CornerStone Realty Associates for answers to your questions and a guide to get you through the process of buying and/or selling a home.

3 Signs The Housing Market Is Stepping It Up A Notch

October 3, 2019 By Troy Stavros

The residential real estate market has been plodding along for most of the year. However, three recent reports show the market may be on the verge of a rebound:

1. Existing Home Sales (closed sales) are up, marking two consecutive months of growth.

2. Pending Home Sales (contracts signed) are up with each of the four major regions reporting both month-over-month growth and year-over-year gains in contract activity. Here is the month-over-month growth:

The Northeast rose 0.7%
The Midwest increased 0.6%
The South increased 1.4%
The West grew 3.1%

3. Buyer Traffic (the number of people shopping for a home) is up compared to the same time last year, and for the first time in 13 months.

The Northeast is up 5.9%
The Midwest increased 1.3%
The South is up 2.7%
The West grew 2.2%

In their most recent report, ShowingTime Chief Analytics Officer, Daniil Cherkasskiy explained:

“The trend we saw in year-over-year buyer traffic in previous months continued across the United States. For all four regions there were more showings per listing this year compared to last year, making it the most competitive August in the last five years.”

Lawrence Yun, Chief Economist with the National Association of Realtors, believes the uptick in activity will continue into the future:

“It is very encouraging that buyers are responding to exceptionally low interest rates…With interest rates expected to remain low, home sales are forecasted to rise in the coming months and into 2020.”

Bottom Line

If you are thinking about selling your house, there are purchasers out there who are ready, willing, and able to buy. Call or text me, Troy Stavros with CornerStone Realty Associates at 865-205-6899 to get to process started!

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.

10264 Canton Place Lane, Knoxville, TN 37922

$312,500

Virtual Tour

https://youtu.be/n4LwdBu75Fo

Property Type: Single Family Bedrooms: 3 Square Footage: 2,519 Status: Closed

Current Price: $312,500 List Date: 10/11/2019 Last Modified: 12/21/2023

Overview

Description

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.

Listing Details MLS# 1096379

Location Tax Legal Info

House #: 10264
Street Name: Canton Place
St Suffix: Lane
State/Province: TN
Zip Code: 37922
PIN #: 143lh026
Subdivision: Canton Place

Contract Info

Auction Y/N: No
Listing Price: 319900

General Property Description

Type: 2 Story
Site Built: Yes
Restrictions: Yes
SqFt - Total (Aprox): 2519
SqFt - Main Lvl: 1000
SqFt - 2nd Flr Lvl: 1519
# Bedrooms: 3
Baths - Full: 2
Baths - 1/2: Yes
# of Rooms: 8
Fireplace: Yes
# Fireplace: Yes
Property Status: N/A
HOA: Mandatory
HOA Fee: 165
HOA Freq: Yearly
HOA Contact: .
Year Built: 2002
Bonus Room: Yes
Extra Storage: Yes
SqFt - Down Lvl: 0
SqFt - 3rd Flr Lvl: 0
Basement: No

Status Change Info

Status Change Date: 2019-12-17
Under Contract Date: 2019-11-08
Sold Date: 2019-12-13

Sewer

Sewer Info: Utility

Water

Water Info: Utility

More Information

Location, Tax & Legal Info

Area: Knox County - 1
Property Sub-Type: Residential
Community: Farragut
City/County Code: County
Elementary School: Farragut Primary
Middle School: Farragut
Total Tax: 1475
High School: Farragut

Remarks & Misc

Directions: Kingston Pike West to LEFT on Canton Hollow Road (Lovell Rd) to LEFT on Trent Lane then continue straight onto Canton Hollow Lane. Home on RIGHT. Sign in yard.
Public Remarks: 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.

Fencing

Fenced Yard: Yes
Privacy: Yes
Wood: Yes

Atchd/Dtchd Type

Detached: Yes

Style

Traditional: Yes

Construction

Frame - Brick: Yes

Siding

Brick: Yes
Vinyl: Yes

Fireplace

Gas Log: Yes
Pre-Fab: Yes

Cooling

Ceiling Fan(s): Yes
Central Cooling: Yes

Floors

Carpet: Yes
Hardwood: Yes
Tile: Yes

Garage/Parking

Garage Spaces: 3
Attached: Yes
Garage Door Opener: Yes
Main Level: Yes
Side/Rear Entry: Yes

Basement

Crawl Space Sealed: Yes

Lot Description

Level: Yes

Fuel

Electric: Yes
Gas (Natural): Yes

View

Wooded: Yes

Heat

Central: Yes
Forced Air: Yes

Community Amenities

Architect Restricted: Yes
Sidewalks: Yes

Dining Area

Breakfast Bar: Yes
Eat-in Kitchen: Yes
Formal Dining Area: Yes

Appliances

Dishwasher: Yes
Disposal: Yes
Microwave: Yes
Range: Yes
Security Alarm: Yes
Self Cleaning Oven: Yes
Smoke Detector: Yes

Other Rooms

Extra Storage: Yes
Family Room: Yes
Laundry/Utility: Yes
Split Bedroom: Yes

Exterior Features

Deck: Yes
Porch - Covered: Yes
Prof Landscaped: Yes
Windows - Insulated: Yes

Misc Features

Internet Available: Yes
Pantry: Yes
Trey Ceiling: Yes
Walk-in Shower: Yes
Walk-In Closet(s): Yes
Washer/Dryer Connect: Yes
Whirlpool Tub: Yes
Wired for Internet: Yes

Outbuildings

Storage Shed: Yes

Association Fee Incl

All Amenities: Yes

New Financing

Cash: Yes
Conventional: Yes
FHA: Yes
New Loan: Yes
VA Loan: Yes

Showing

See Agent Instructns: Yes

Property Features

Style: Traditional Construction: Frame - Brick Siding: Brick; Vinyl Basement: Crawl Space Sealed Lot Description: Level View: Wooded Fireplace: Gas Log; Pre-Fab Floors: Carpet; Hardwood; Tile Fuel: Electric; Gas (Natural) Heat: Central; Forced Air Cooling: Ceiling Fan(s); Central Cooling Appliances: Dishwasher; Disposal; Microwave; Range; Security Alarm; Self Cleaning Oven; Smoke Detector Other Rooms: Extra Storage; Family Room; Laundry/Utility; Split Bedroom Misc Features: Internet Available; Pantry; Trey Ceiling; Walk-in Shower; Walk-In Closet(s); Washer/Dryer Connect; Whirlpool Tub; Wired for Internet Exterior Features: Deck; Porch - Covered; Prof Landscaped; Windows - Insulated Fencing: Fenced Yard; Privacy; Wood Outbuildings: Storage Shed Dining Area: Breakfast Bar; Eat-in Kitchen; Formal Dining Area Community Amenities: Architect Restricted; Sidewalks Association Fee Incl: All Amenities Showing: See Agent Instructns New Financing: Cash; Conventional; FHA; New Loan; VA Loan

IDX

Listing Office: Doorbell Real Estate

Last Updated: December - 21 - 2023

The data relating to real estate for sale on this Web Site comes from the IDX Program of the Knoxville Area Association of REALTORS® Multiple Listing Service. © Copyright 2020 All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. This information is updated weekly, however, some of these properties may subsequently have sold and may no longer be available. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision.