Whether you are in a warm weather market, cold weather market, or a high tourist seasonal market, you will see the hot time of the year to buy and sell a home ebb and flow throughout the year. There will be times of the year that will slow down and others will take off. Locally, we are about to step into the busiest time of year to buy and sell a home in Knoxville. As evidenced by the graphics below, we typically see a drop in sales volume, sales price, and inventory throughout the winter months. Then once we hit February or March, the trend does an about face and the number of homes sold increases, along with the prices of those homes and the number of homes available.
What does this mean for you?
- If you are looking to sell a home in Knoxville, there is good news and not so good news. The good news is, the odds of selling your home will increase along with the odds of selling it for a higher price. The not so good news is you will have more competition.
- Seller’s takeaway: Get your home on the market as soon as possible, before more competition hits the market alongside of you.
- If you are looking to buy a home in Knoxville, the good news is you should be seeing more options hit the market as inventory increases. The bad news is that you will most likely be looking at higher prices and more competition for homes as well.
- Buyer’s takeaway: Start looking today and when you find the right home don’t mess around. Waiting too long or submitting low offers will invite additional offers in to compete against you.
If you are even considering buying or selling a home in Knoxville in the near future, contact me, Troy Stavros with Gables & Gates, REALTORS, to sit down and plan out your strategy for achieving your Knoxville real estate goals. I look forward to talking with you!