Existing Home Sales Category
West Knoxville Home Values Are You Using Fuzzy Math?
November 29th, 2011 categories: Buyers, Existing Home Sales, General, Market Trends, Sellers, West Knoxville Neighborhoods
With the internet it has made it alot easier to search for homes and obtain information about properties. I was reading an interest article in Smart Money about people obtaining property values on homes on line. The article went to say that 
big national sites like Zillow and Trulia people were putting alot of faith in the values they find on these sites. But come to find out alot of the data you find on housing values can be all over the board being maybe too high or too low.
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What To Consider When Selling Your West Knoxville Home
November 16th, 2011 categories: Existing Home Sales, Sellers, West Knoxville Neighborhoods
For someone wanting to sell their West Knoxville home in today’s market, there are many things to consider. Here are a few questions to ask yourself if you are considering selling your West Knoxville home:
- Am I okay with being a seller in a buyer’s market? In the current West Knoxville real estate market, there are currently more properties for sale than there are buyer’s to buy those properties for sale. This means buyer’s are the ones calling the shots. Sellers trying to sell their West Knoxville home must understand that they might not necessarily get the price they were hoping for and it may take longer for the home to sell. This is not to sound all doom and gloom about the current West Knoxville real estate market. There are still people buying homes and there are homes selling. Being a seller in this current market, just requires a bit more patience and flexibility.
- How can I price my home so it sells quickly? Look at other properties in your neighborhood or in the area that are currently for sale. How does your home compare to those? Is it in better condition? Does it need more work? Consider talking to a licensed agent, who can provide you with a list of comparable properties that have currently sold in your area and your price range. Read the rest of this entry »
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Finding Your Knoxville Real Estate Deal..Part 1
November 6th, 2011 categories: Buyers, Existing Home Sales, Knoxville Short Sales, Market Trends, Mortgage Guidelines, Mortgage Rates
The other day I wrote a post called “Knoxville Real Estate Deals What Yours?” It had to do that most buyers today are looking for a “deal,” but that means different things to different people as I point out in the post.
Today, I’m doing the first of 3 posts on how to help you determine, find and close your “deal.”
Determining your “Knoxville Real Estate Deal” …I think if you spend sometime determining what is important to you it will make your search simple and much more enjoyable. All you need is a pad of paper and I will share with you the questions I use to help my buyers determine what is important to them in finding their “deal.” Remember this is personal decision it is a big financial decision and monetary commitment on your part so take sometime in doing some pre-planning and you will have a successful out come.
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5 Reasons To Buy A West Knoxville Home Now
November 5th, 2011 categories: Buyers, Existing Home Sales, Market Trends, Mortgage Rates
Are you thinking about buying a home in West Knoxville? With all the bad press about buying a home in today’s current market, it can be easy to forget the reasons of why it can be great to own a home. If you are thinking about buying a home in West Knoxville, but are still on the fence about making the descision, here are a few reasons that might convince you otherwise.
- Right now, you can get a great deal on a West Knoxville home. There is no denying right now is a great time to buy. Interest rates are at historic lows. Instead of being in the high 6.0% interests rates, rates are significantly lower in the 4.0% range. Also, home prices are at historic lows. In 2009, the average sales price of a 4 bedroom home was $308,500. In 2011, the average sales price for a 4 bedroom house was $251,500. That’s $57,000 drop in price in 2 years. For someone planning to stay in the Knoxville area, right now is the time to buy a home. Low prices and interests rates = big savings!
- The monthly mortgage payment you currently make on your West Knoxville home will remain the same. So long as you have a fixed rate mortgage, you payment will be the same in 5 years, 10 years, and beyond. Knowing what your monthly payment will be down the line, allows you to plan and budget more easily. Read the rest of this entry »
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Knoxville 1st Time Buyers 5 Steps To Successfully Buy A Short Sale
January 12th, 2011 categories: Buyers, Existing Home Sales, Knoxville Short Sales, Market Trends
If you are a first time home buyer in Knoxville and are looking to get a GREAT Deal on a home you should consider buying a short sale. These types of homes can be bought at 20-30% less than fair market value making a great investment opportunity for buyers. I have found there are 5 things you need to do in order to increase odds of buying the home.
1 BE PATIENT…Knoxville Short Sales should really be called “Long Sales” because they are anything but a short process. You have to remember you are asking the lender to accepted less than what is owed on the home. This can be a long and drawn out process especially if there is more than one mortgage on the property. So it takes time and a great deal of expertise on the agents part to get a short sale accepted. The process can sometime take 5- 7 months to get it done and for the most part nothing happens for months. But if you are patient and hang in there the opportunity to buy a home at a HUGE discount are a strong possibility.
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7 Reasons To Buy A Knoxville Home Now!!
November 17th, 2010 categories: Buyers, Existing Home Sales, General, Market Trends, Mortgage Rates
You can get a house at a bargain price now — especially if you play hardball. This is a buyer’s market. Most of the other buyers have vanished since the tax credits on purchases expired.
We’re four to five years into the biggest housing bust in modern U.S. history. We have been lucky in Knoxville compared to other parts of the country and haven’t seen huge price drops but our prices are down.
Will prices fall further? Sure, they could. You probably won’t catch the bottom, but it doesn’t really matter so much in the long haul.
You can get a 30-year home loan for about 4% range on 30 year mortgages. WOW!! What’s not to like? These are the lowest rates on record. As recently as two years ago, they were about 6.5%. That difference in monthly payment is huge.
If inflation picks up, you won’t see these mortgage rates again. And if we get deflation and rates fall further, you can refinance.
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Pricing Your Knoxville Home To Sell!!
October 13th, 2010 categories: Existing Home Sales, Market Trends, Sellers
The real estate market in Knoxville has changed more in the past couple years than I believe it changed during the prior 10 years combined. The number of ready, willing and capable buyers today is at the lowest level I have seen while the number of homeowners who truly need to sell their homes is approaching record levels. This translates into fewer buyers buying while a greater number of homes remain on the market unsold.
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Housing Starts Rise In August, But By Less Than The Headlines Report
September 30th, 2010 categories: Buyers, Existing Home Sales, Housing Starts, Market Trends, Sellers, Statistics
The number of single-family Housing Starts rebounded in August, climbing 4 percent from July’s 14-month low.
A “Housing Start” is defined as a home on which construction has started and the August increase represents 18,000 single-family units nationwide.
If you only read the headlines, however, you would think the data was stronger. This is because the Housing Starts data is actually a composite of 3 types of homes — single-family, multi-family, and apartments — but the press tends to lump them all three together.
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Existing Home Sales Rebound In August, Give Hope For Autumn
September 29th, 2010 categories: Existing Home Sales
Sales of existing homes in recovered in August, perhaps the result of a post-tax credit normalization.
As compared to July, Existing Home Sales rose 8 percent in August, buoyed by falling interest rates and slow-to-rise home prices. There’s lot of “good deals” out there and home buyers in Knoxville are taking advantage.
The housing gains are relative, however. August’s total units sold barely crossed 4 million and still trails the average figures of the last few years by close to 1 million units.
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Existing Home Sales Plummet In July; Home Buyers Gain Leverage
August 26th, 2010 categories: Case-Shiller Index, Consumer Confidence, Existing Home Sales, Market Trends
The number of home resales plunged by 1.4 million units in July, according to the National Association of Realtors®’ Existing Home Sales report.
It’s a drop of 27 percent from June; single-family home resales are at the report’s lowest levels since May 1999.
Furthermore, because of the sharp drop in sales volume, home inventories are spiking.
Homes for sale nationwide fell just short of 4 million units in July and, at the current sales paces, it would take 12.5 months for the existing inventory to be absorbed.
Home supply was just 8.9 months in June.
For home sellers in Maryville , the Existing Home Sales report is a bit of bad news. Fewer sales and larger inventories put negotiation leverage in the hands of the buyers which, in turn, creates downward pressure on home prices. It may also increase time-on-market.
For home buyers, however, the data is decidedly welcome. After a stimulus-driven spring buying season that favored sellers, the summer and early-fall market seem to favor buyers. More choices and more leverage is a positive.
It helps that home affordability is up, too.
Although there’s reports that home values are rising, their modest gains are more than countered by the ongoing rally in mortgage rates. Freddie Mac says that 30-year fixed rate mortgage rates are at their lowest levels in history and, at today’s rates, every one-eighth drop in mortgage rates roughly offsets a 1.5% increase to home price.
Mortgage rates are down 0.75 percent since mid-April.
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