East Tennessee Real Estate & Neighborhood Source
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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!
SOLD! Super clean. One level living in Maryville, Tennessee. Open floor plan features a large eat-in kitchen with stainless steel appliances (oven, microwave, dishwasher, refrigerator) with loads of counter space, double sink, custom backsplash, and pantry that opens directly to the spacious family room with fireplace and tray ceiling. Split bedroom plan with bedroom #1 at the front and owner’s suite in the rear with private bath. Separate laundry room with custom tile floors. Carpeting only in bedrooms, as all other living areas have hardwoods or tile. Covered back patio with fan backs to a row of privacy trees, but still enough yard for a pet. One car garage and a level driveway and back make this easy, maintenance free living. Eligible for 100% financing! OFFERED at $168,000! Contact me, Troy Stavros with Gables & Gates, REALTORS at 865-999-0925 for details or to schedule a private showing.
SOLD! Located at 1929 Fall Haven Lane, Knoxville, TN 37932 in the Harrison Springs Subdivision of Hardin Valley. Triple threat!! Great location, great views, and a great floor plan. 5 bedrooms including a beautiful, extra large owner’s suite with tray ceiling. All bedrooms upstairs along with laundry. Main level features an open floor plan with a huge eat-in kitchen with island looking into the family room with fireplace and access to both front and rear porches. Rear deck overlooks an extra large backyard and you can’t help but take in the amazing views of the rolling hills of East Tennessee. 1/2 bath on main level as well as a room that could be used as an office or formal dining. Great built-in mud area for backpacks, shoes, and jackets at garage entrance. 2 car garage. Super convenient location is close to shopping and schools. Subdivision pool to cool off on those hot summer days. Better hurry! To schedule your private showing contact Troy Stavros with Gables & Gates, REALTORS at 865-999-0925.
SOLD! Immaculate 2 bedroom, 2 bath condo in the Raleigh Court Subdivision located at 734 High Point Way, Knoxville, TN 37912. Convenient to shopping, restaurants, healthcare and the interstate for easy access to downtown and your commute to work. Enjoy your morning coffee or a quite dinner on your private fenced back patio area. Live without the worry of maintenance as that is taken care of through the home owner’s association. Both bedrooms offer private baths and good size closets. One car garage and a driveway for additional vehicles. Laundry within the unit. First time homebuyer? Ask about the special financing that could provide up to 3% towards your down payment. For more information or to schedule your private showing, contact Troy Stavros with Gables & Gates, REALTORS at 865-999-0925.
SOLD! Home for sale located at 115 Valley View Lane, Heiskell, TN 37754. Situated on approximately 1.14 acres on a cul-de-sac, this home is both private yet only minutes away from the interstate for a fast trip downtown or to shopping, restaurants, and hospitals. Over 1900 square feet with 3 bedrooms and 2 full baths up and a rec room and additional room and full bath down. Rear deck overlooks the fenced backyard with wooded privacy while the front deck overlooks the rolling hills of East Tennessee. 2 car garage and an extra large driveway that is suitable for plenty of vehicles and could easily fit an RV. ELIGIBLE FOR 100% USDA FINANCING. For more information or to schedule a private showing contact Troy Stavros with Gables & Gates, REALTORS at 865-999-0925.