Is It Time To Buy A Home In West Knoxville?
August 22nd, 2011 categories: Buyers, FHA Mortgages, General, Market Trends, Real Estate Investing, West Knoxville Neighborhoods
I just had a meeting with a buyer who was looking to buy a home in West Knoxville. They had been renting during the last few years and had now decided it may be a good time to get into the home market in West Knoxville.
During our meeting were talking about the different aspects of the home buying process. They had decided they wanted to purchase a 4 bedroom home in either the Farragut or Cedar Bluff areas. About halfway through our meeting they both asked me is now the time to buy in my opinion?
I told them that I really thought that now is an excellent time to get into the home market. But I also get this question alot form buyers now. So I always have the data with me to back up what I tell people so they can make an informed decision for themselves.
| 2011 | 123 Days On Market | $251,500 Average Sale Price | 13,939 Total Homes For Sale |
|---|---|---|---|
| 2010 | 116 Days On market | $286,800 Average Sale Price | 14,994 Total Homes For Sale |
| 2009 | 125 Days On Market | $308,500 Average Sale Price | 14,331 Total Homes For Sale |
I shared the following information from the Knoxville Association of Realtors statistics about our market. As you can see we still have a large volume of homes on the market. In 2009 there where 14,331 homes on the market and currently we have have 13,939 a drop but nothing huge. The average days on market in 2009 was 125 currently 123 really no change. But the average sale price in 2009 for a 4 bedroom home was $308,500 in 2011 $251,500..WOW THAT IS HUGE a $57,000 drop in price in 2 years.
Then we called my loan officer Darren Poppen at MIG and asked him if he could give us the current interest rates today and what they were a year ago. Darren shared the following information with us below in the chart.
| 2011 30 Year Fixed 4.5% | 2011 15 Year Fixed 4.125% | 2011 FHA 30 Year Fixed 4.375% |
|---|---|---|
| 2010 30 Year Fixed 4.375% | 2010 15 Year Fixed 3.75% | 2010 FHA 30 Year Fixed 4.12% |
After sharing that information with them I asked them what do you think? Is now the right tome for you to buy a home in West Knoxville? Both of them said Absolutely!! What is the next step..
I said let’s call Darren right now and setup a time to get pre-approved for a loan. Then we setup a search for them on TheBigOrangePress.com for the homes that fit the what they were looking for in housing. Currently we are searching for homes in West Knoxville and I’m sure we will find something in the near future.
If you want to take advantage of the buying opportunities right now in this market call me at 865-696-9002 or email me [email protected]
Need to get pre-approved for a loan Contact Darren Poppen at MIG. Call him at 865-936-3965 or email him at [email protected] . Busy and prefer to get pre-approved on line go here and Darren can take care of it for you.
