Market Trends Category
West Knoxville Real Estate Market: Pending Home Sales Increase
March 9th, 2012 categories: Buyers, Market Trends, Sellers, West Knoxville Neighborhoods
Pending home sales in West Knoxville, and in other areas of the country, have been trending upwards over the past year in a uneven, but meaningful pattern, according to a news release from the National Association of Realtors which was published last week.
This assessment is based on recent data from Pending Home Sales Index. The Pending Home Sales Index is a key indicator for housing market, it measures the number of homes with pending contracts that have been signed and will go to closing soon.
The index is based on the current pending contracts compared to 100, which was the average number of pending contracts in 2001, when the housing market was considered to be healthy and growing.
Pending home sales rose from 95.1 in December 2011 to 97.0 in January 2012, a 2.0% increase in pending contracts. And, compared to pending contracts a year ago, the market has seen an 8.0% increase since January 2011, when the home sales index was 89.8. The January 2012 index is the highest it has been since April 2010 when many home buyers were taking advantage of the home buyer tax credit. Read the rest of this entry »
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Real Estate Market Update: 2011 Foreclosure Numbers Are In
January 17th, 2012 categories: Buyers, Foreclosures, Market Trends, Statistics
The numbers are in. That is, the 2011 Year End Foreclosure Report put out by RealtyTrac, and online resource solely dedicated to foreclosure statistics and sales across the United States. So, what do these numbers mean for the Knoxville real estate market, and other areas of the nation? Check out the breakdown of statistics below to see how this 2011 compares to recent years pas.
- In 2011, there were 1,887,777 foreclosure filings (including default, auction, and bank repossession notices) in the U.S. Though, 1.9 million homes seems like a daunting number, it is actually the lowest it has been since 2007. The 1.9 million homes that went into foreclosure in 2011 is down 34% from 2010, 33% from 2009, and 19% from 2008.
- Nationally, in December 2011, 1 in every 634 homes received a foreclosure filing. The Knoxville real estate market fares significantly better than the national ranking. In Knox County, 1 in 1136 homes received a foreclosure notices. To see how other East Tennesee counties fared, check out the Foreclosure Rate Heat Map on RealtyTrac.com. Read the rest of this entry »
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BOA To Increase The Amount Of Short Sales 60-70%
November 30th, 2011 categories: Buyers, Knoxville Short Sales, Market Trends, Sellers
Recently, CDPE author and Charfen Institute CEO Alex Charfen hosted an exclusive broadcast with Bob Hora,
Senior Vice President of Mortgage Servicing at Bank of America Home Loans.
Bob Hora provided insight into Bank of America’s evolving approach to managing their distressed mortgage portfolio, which includes plans to increase short sales by as much as 60 – 70% next year. To achieve this increase, Bank of America is improving their short sale process and implementing a number of new programs to help both homeowners and agents.
Download the Report Now!
In CDPE’s newest report, we detail the information covered in the broadcast, such as Bank of America’s new community outreach campaigns and homeowner transition guides. You’ll also learn how increases in manpower and improvements to Equator will effect you, the agent, and the homeowners you serve.
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Presidential Candidates Blasted for Views on Housing
November 30th, 2011 categories: General, Knoxville Short Sales, Market Trends
In a recent blog post, CNBC’s Diana Olick slams the Republican presidential candidates’ plans for solving the nation’s housing crisis.
Political beliefs aside, Olick makes some astute observations regarding the bank’s preferences for short sales over foreclosures and the important role that Fannie Mae and Freddie Mac play in keeping the market liquid.
Given the major impact housing has on the overall U.S. economy, it’s vital that our political leaders have a thorough understanding of these issues.
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Knoxville Home Buyers Buy With Nothing Down!!
November 30th, 2011 categories: Buyers, Mortgage Rates
THDA is a program designed to help home buyers get into a home with little or no money down. It is an excellent program that many of my first time home buyers use. They have just increased the purchase price limits in Knox County up to $240,000 which is great. This is the announment from THDA is below
“THDA is pleased to announce that effective Thursday, December 1, 2011 the Acquisition Cost Limits will increase for all Tennessee counties. These changes in Acquisition Cost Limits for each county are reflected on the revised page 9 of the Originating Agents Guide
All THDA loan applications received on or after December 1, 2011 will be considered in accordance with these new limits.”
Check out all the changes here
If you are interested in buying a home using the THDA please feel to call me at 865-696-9002 or email me [email protected].
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Buy A West Knoxville Home Now 5 Reasons Why
November 29th, 2011 categories: Buyers, Market Trends, Mortgage Rates, West Knoxville Neighborhoods
Have you been thinking about buying a West Knoxville home but are unsure whether now is a good time to buy? Consider these 5 GREAT reasons to buy a West Knoxville home now:
1. Affordable home index of 83% — that means 83% of everyone working in West Knoxville can afford to purchase a home.
2. Cheaper to buy than rent – it’s now cheaper to buy a West Knoxville home than rent! Save some of your hard earned money AND own a West Knoxville home. What could be better than that?
3. West Knoxville homes prices at 2005-06 levels — when you purchase a West Knoxville home, you’re paying approx. 2005-06 home prices. How would you like gas, food, and car prices to be at 2005 levels? I don’t know about you, but I’d love to pay only $1.55 a gallon for gas (2005 gas prices). We may never see West Knoxville home prices this low again.
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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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Knoxville Short Sale or Foreclosure Which Is Easier To Buy Part 3
November 27th, 2011 categories: Buyers, General, Knoxville Short Sales, Market Trends
We have been talking about getting a “deal” on a Knoxville Area Home. In my post 1 we talked about a short sale and post 2 we talked about a foreclosure from a local lender. Both of these buyers were involved in multiply offer situations and because they had patience they ended up buying their “Knoxville Deal” just because they hung in there with me. I find that many of these distressed property sales many times end up selling to the second buyer because the first buyer for whatever reason just walked away. If you do find a home you want to buy but end up losing out to some else hang in there with it. Continue to look at homes but stay up to date on the progress of the first home. Sometimes things do work out for you.
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Knoxville Short Sale or Foreclosure Which Is Easier To Buy Part 2
November 27th, 2011 categories: Buyers, General, Knoxville Short Sales, Market Trends, West Knoxville Neighborhoods
I have been sharing with you tips and tricks in order to get “Your Deal” on a home in Knoxville. One thing that is common in getting a deal is having patience. It doesn’t matter is it is A Knoxville Short Sale or foreclosure. I explained this to all 
my buyers and the ones that hang in there always end up doing very well on their purchase.
I recently sold a local banked owned home at 1504 Lakeshire in West Knoxville. This home was a foreclosure by a local lender that needed a great deal of work. But instead of putting the home on the market in terrible condition. The lender decided to put some money into the home and update it so it would compete successfully when they put it on the market.
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Montgomery Cove And Mallard Bay How Are The Prices?
November 17th, 2011 categories: Buyers, General, Market Trends, Sellers, West Knoxville Neighborhoods
I recently was on an appointment in Montgomery Cove with one of my clients who is trying to decide on whether they want to sell their current home and move or just refinance. Montgomery Cove and Mallard Bay are two similar waterfront communities in the Farragut area in West Knoxville. What you have to be careful of when pricing a home for a seller is comparing apples with apples. You have some very large waterfront homes that sell for over one million dollars then you have homes on the interior lots. Many of the interior lot homes do have basements which can add a great deal of sq. ft to these homes. So you just need to analysis the comparable homes that have sold in the last year to really determine the value of the home you will be selling.
I always go back a couple of years to try and determine trends that are occurring in the Farragut market. Are homes prices falling, stable , how long is it taking to sell etc so I can better advise a client on pricing.
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