865 Real Estate

East Tennessee Real Estate & Neighborhood Source

Why A Normal Real Estate Market is Just What We Need

By

Why A Normal Market is Just What We Need | MyKCM

The housing market in Knoxville has been hot for a while now. Homes in certain price ranges have been flying off the shelves as fast as they have been listed. Buyers have been competing in bidding wars just to find a home to buy, let alone find their dream home.

This ‘seller’s market’ has driven Knoxville home prices to new heights. Home price appreciation averaged over 6% across the country.

However, home price growth has recently started to cool down. The latest report from CoreLogic shows that home prices have only risen by 4.7% over the last 12 months.

Many buyers and sellers planning to enter the housing market this year have started to wonder if we are headed towards another housing crash. Ralph McLaughlin, Deputy Chief Economist at CoreLogic, recently stated in an interview,

“There’s no reason to panic right now, even if we may be headed for a recession. We’re seeing a cooling of the housing market, but nothing that indicates a crash.

The real elephant in the room here is housing supply.”

The simple answer is we are returning to a ‘normal’ market. The inventory of homes for sale more closely matches the demand in the market. The added supply means fewer buyers are outbidding each other. Therefore, prices are experiencing less upward pressure. McLaughlin went on to explain,

“If there are a lot of homes on the market and suddenly no one wants to buy them, you’ll get into a downward spiral of price competition. Right now, however, we’re in the opposite situation, there isn’t an over-abundance of homes on the market.”

As many of those renting in Knoxville begin looking for their piece of the American Dream and enter the housing market, demand for housing will continue to grow. The Joint Center for Housing Studies at Harvard University estimates over 30 million new households will enter the market from now through 2040.

“There’s the natural life cycle of young people getting older and starting to do adult life things which include … buying a house and that’s a lot of potential inertia that could last indefinitely.”

Bottom Line

National and Knoxville home prices will start to appreciate by historical norms as we continue to head towards a more ‘normal’ market, rather than the over 6% seen over the course of the last couple of years. This is great news! Homeowners in Knoxville looking to sell their home will have buyers, as more buyers will be able to afford them!

SOLD! 1112 Irwin Road, Powell, TN 37849

By

SOLD IN 10 DAYS! Sitting on 1.23 acres in Powell with no restrictions, this 3 bedroom, 3 bath home is ready for your updates and priced accordingly. Upstairs find 3 bedrooms + 2 full baths, family room, dining room, kitchen, and sunroom. Venture down the cool, open, custom built stairway to the wide open lower level, ready for your rec room/man cave/hang out area, featuring a wet bar and gas fireplace. Lower level also has a 3rd full bath, laundry, and plenty of space for a workshop or storage in the converted space the size of a 2 car garage. Rather have the garage? Just convert it back. Private backyard with large concrete area for toys or entertaining and car/boat carport. Wooded views and convenient location. At this price, a little sweat can give you a great investment! Eligible for 100% financing.

1112 Irwin Rd, Powell, TN 37849

$130,000
Property Type: Single Family Bedrooms: 3 Square Footage: 2,012 Lot Size (sq. ft.): 53,579 Status: Closed
Current Price: $130,000 List Date: 2/21/2019 Last Modified: 12/21/2023

Overview

Description

Sitting on 1.23 acres in Powell with no restrictions, this 3 bedroom, 3 bath home is ready for your updates and priced accordingly. Upstairs find 3 bedrooms + 2 full baths, family room, dining room, kitchen, and sunroom. Venture down the cool, open, custom built stairway to the wide open lower level, ready for your rec room/man cave/hang out area, featuring a wet bar and gas fireplace. Lower level also has a 3rd full bath, laundry, and plenty of space for a workshop or storage in the converted space the size of a 2 car garage. Rather have the garage? Just convert it back. Private backyard with large concrete area for toys or entertaining and car/boat carport. Wooded views and convenient location. At this price, a little sweat can give you a great investment! Eligible for 100% financing.

Listing Details MLS# 1070564

Location Tax Legal Info

House #
1112
Street Name
Irwin
St Suffix
Rd
State/Province
TN
Zip Code
37849
PIN #
067da013

Contract Info

Auction Y/N
No
Listing Price
150000

General Property Description

Type
Split Foyer
Acres
1.23
Site Built
Yes
Restrictions
No
SqFt - Total (Aprox)
2012
SqFt - Main Lvl
1291
SqFt - Down Lvl
721
# Bedrooms
3
Baths - Full
3
# of Rooms
8
Fireplace
Yes
# Fireplace
Yes
Property Status
N/A
HOA
No
Year Built
1972
Bonus Room
Yes
Extra Storage
Yes
SqFt - 2nd Flr Lvl
0
SqFt - 3rd Flr Lvl
0
Basement
Yes

Status Change Info

Status Change Date
2019-04-09
Under Contract Date
2019-03-04
Sold Date
2019-04-08

Sewer

Sewer Info
Utility

Water

Water Info
Utility

More Information

Location, Tax & Legal Info

Area
Knox County - 1
Property Sub-Type
Residential
Community
Powell
City/County Code
County
Elementary School
Powell
Middle School
Powell
Total Tax
544
High School
Powell

Remarks & Misc

Directions
I75N to Callahan Drive Exit. Go right (East) then take a LEFT on Central Ave Pike and go approximately .6 of a mile then, take LEFT on Irwin Dr. Home is a little over a mile on the LEFT. Sign in yard.
Public Remarks
Sitting on 1.23 acres in Powell with no restrictions, this 3 bedroom, 3 bath home is ready for your updates and priced accordingly. Upstairs find 3 bedrooms + 2 full baths, family room, dining room, kitchen, and sunroom. Venture down the cool, open, custom built stairway to the wide open lower level, ready for your rec room/man cave/hang out area, featuring a wet bar and gas fireplace. Lower level also has a 3rd full bath, laundry, and plenty of space for a workshop or storage in the converted space the size of a 2 car garage. Rather have the garage? Just convert it back. Private backyard with large concrete area for toys or entertaining and car/boat carport. Wooded views and convenient location. At this price, a little sweat can give you a great investment! Eligible for 100% financing.

Atchd/Dtchd Type

Detached
Yes

Style

Traditional
Yes

Construction

Frame - Brick
Yes

Siding

Brick
Yes
Wood
Yes

Fireplace

Gas Log
Yes

Cooling

Central Cooling
Yes

Floors

Hardwood
Yes
Laminate
Yes
Vinyl
Yes

Garage/Parking

Carport Spaces
2
Carport
Yes
Detached
Yes

Basement

Partially Finished
Yes
Plumbed
Yes
Walkout
Yes

Lot Description

Level
Yes
Rolling Slope
Yes
Wooded
Yes

Fuel

Electric
Yes
Gas (Natural)
Yes

View

Wooded
Yes

Heat

Central
Yes

Dining Area

Living Rm/Dining Rm
Yes

Appliances

Dishwasher
Yes
Range
Yes

Other Rooms

Basement Rec Room
Yes
Extra Storage
Yes
Family Room
Yes
Laundry/Utility
Yes

Exterior Features

Deck
Yes
Patio
Yes
Porch - Covered
Yes
Porch - Enclosed
Yes

Misc Features

Internet Available
Yes
Walk-in Shower
Yes
Washer/Dryer Connect
Yes

Outbuildings

Storage Shed
Yes

New Financing

Cash
Yes
Conventional
Yes
New Loan
Yes
USDA/Rural
Yes
VA Loan
Yes

Showing

See Agent Instructns
Yes

Property Features

Style: Traditional Construction: Frame - Brick Siding: Brick; Wood Basement: Partially Finished; Plumbed; Walkout Lot Description: Level; Rolling Slope; Wooded View: Wooded Fireplace: Gas Log Floors: Hardwood; Laminate; Vinyl Fuel: Electric; Gas (Natural) Heat: Central Cooling: Central Cooling Appliances: Dishwasher; Range Other Rooms: Basement Rec Room; Extra Storage; Family Room; Laundry/Utility Misc Features: Internet Available; Walk-in Shower; Washer/Dryer Connect Exterior Features: Deck; Patio; Porch - Covered; Porch - Enclosed Outbuildings: Storage Shed Dining Area: Living Rm/Dining Rm Showing: See Agent Instructns New Financing: Cash; Conventional; New Loan; USDA/Rural; 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 East Tennessee REALTORS® Multiple Listing Service. © Copyright 2026 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 daily, 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.
Search powered by FBS Products

Would You Rather Be Paying Off Your Landlord’s Mortgage Or Your Own?

By

There are some people who haven’t purchased homes because they are uncomfortable taking on the obligation of a mortgage. However, everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As Entrepreneur Magazine, a premier source for small business, explained in their article, “12 Practical Steps to Getting Rich”:

“While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else’s mortgage. In effect, you’re making someone else rich.”

With home prices rising, many renters are concerned about their house-buying power. Mike Fratantoni, Chief Economist at MBA, explained:

“The spring homebuying season is almost upon us, and if rates stay lower, inventory continues to grow, and the job market maintains its strength, we do expect to see a solid spring market.”

As an owner, your mortgage payment is a form of ‘forced savings,’ which allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person building that equity.

As mentioned before, interest rates are still at historic lows, making it one of the best times to secure a mortgage and make a move into your dream home. Freddie Mac’s latest reportshows that rates across the country were at 4.46% last week.

Bottom Line

Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, now may be the time to buy. Contact Troy Stavros with CornerStone Realty Associates at 865-999-0925 to start formulating a plan and get you into your dream home!

4 Time Tested Ways Real Estate Can Build Family Wealth

By

Recently, David Greene, co-host of the BiggerPockets podcast and a nationally renowned author and speaker, wrote an article in Forbes explaining how investing in real estate could help build wealth. Many of the points he made also apply to a family owning their own home. Here are a few:

1. Appreciation

“The rising of home prices over time, is how the majority of wealth is built in real estate. This is the ‘home run’ you hear of when people make a large windfall of money. While prices fluctuate, over the long run real estate values have always gone up, always, and there is no reason to think that is going to change.

One thing to consider when it comes to real estate appreciation affecting your ROI is the fact that appreciation combined with leverage offers huge returns. If you buy a property for $200,000 and it appreciates to $220,000, your property had made you a 10% return. However, you likely didn’t pay cash for the property and instead used the bank’s money. If you consider that you may have put 10% down ($20,000), you actually have doubled your investment, a 100% return.”

2. Leverage

“By nature, real estate is one of the easiest assets to leverage I have ever come across—maybe the easiest. Not only is it easy to leverage the financing of it, but the terms are incredible compared to any other kind of loan. Interest rates are currently below 5%, down payments can be 20% or less, and loans are routinely amortized over 30-year periods.”

3. Paying Off the Debt

“One of the best parts of investing in real estate is the fact that … you’re slowly paying down your loan balance with each payment to the bank… After enough time passes, a good chunk of every payment comes off the loan balance, and wealth is created.”

4. Forced Equity

“Forced equity is a term used to refer to the wealth that is created when an investor does work to a property to make it worth more…

Example of this would be adding a third or fourth bedroom to a property with only two, adding a second bathroom to a property with only one, or adding more square footage to a property with less than the surrounding houses.”

Though Green was talking about investors, the same could be said about a family upgrading their own home.

Bottom Line

Green put it best by saying:

“There are many ways to build wealth in America, but real estate might be the safest, steadiest and simplest way to do so.”

To read the full article, click here.

Contact Troy Stavros with CornerStone Realty Associates at 865-999-0925 to start formulating a plan and get you into your dream home!

ACT SOON! Homes are a Bargain Compared to Historic Norms

By

A loaf of bread used to be a nickel. A movie ticket was a dime.  Not anymore. Houses were also much less expensive than they are now. Inflation raised the price of all three of those items, along with the price of almost every other item we purchase.

The reason we can still afford to consume is that our wages have also risen over time. The better measure of whether an item is more expensive than it was before is what percentage of our income it takes to purchase that item today compared to earlier. Let’s look at purchasing a home.

The COST of a home in Knoxville, Nashville, or anywhere for that matter, is determined by three major components: price, mortgage interest rate, and wages. The big question? Are we paying a greater percentage of our income toward our monthly mortgage payment today than previous generations? Surprisingly, the answer is no.

Historically, Americans have paid just over 21% of their income toward their monthly mortgage payment.

Though home prices are higher than before, wages have risen as well. And, the most important component in the cost equation – the mortgage rate – is dramatically lower than it was in the 1970s, 1980s, 1990s, and 2000s.

Today, according to the latest Home Affordability Index just released by the National Association of Realtors, Americans are paying 17.4% of their income toward their mortgage payment. That is much lower than the 21% average previous generations have paid.

Last Chance! Homes are a Bargain Compared to Historic Norms | MyKCM

Bottom Line

The cost of purchasing a home in Tennessee today, or nationally for that matter, is a bargain compared to previous generations when we look at it from a percentage of income basis. However, with mortgage rates expected to increase and home prices continuing to appreciate, that will not always be the case. Whether you are buying your first home or looking to move-up to a more expensive home, purchasing sooner rather than later probably makes sense. Contact Troy Stavros with CornerStone Realty Associates at 865-999-0925 to start formulating a plan and get you into your dream home!

The Best Time To List Your House, Might Be RIGHT NOW!

By

You may have heard that the housing market is softening. There is no doubt that buyer traffic has decreased. There are fewer purchasers in the market than there were last month and at this time last year. What you may not have heard, however, is that there is still a severe shortage of listing inventory in many regions of the country, in many price ranges.

In a recent interview discussing the housing market, First American’s Chief Economist Mark Fleming put it simply:

“The biggest challenge is really the availability of supply.”

When we look at available inventory numbers released by the National Association of Realtors(NAR), we see that the actual number of homes for sale has decreased in each of the last five months.

 

The Best Time to List Your House? TODAY! | MyKCM

What does this mean to you as a seller?

The best time to sell is when there is less competition. That guarantees you a better price and fewer hassles in the transaction.

Bottom Line

If you are thinking of selling your house this year, the best time to put it on the market might be right now. Let’s get together to evaluate the demand for your house in our market! Contact Troy Stavros with CornerStone Realty Associates at 865-999-0925 to start formulating a plan to fulfill your real estate goals!