Closing Your Knoxville Real Estate Deal Part 3
November 10th, 2011 categories: Buyers, Market Trends, West Knoxville Neighborhoods
Finding Your Knoxville Real Estate Deal Part 2 yesterday we talked about finding your deal. Now we are going to cover what you need to don once you have found your deal. 
Let’s assume you found a home in West Knoxville neighborhood got the contract accepted now the real work begins. You will need to order up your home and termite inspections.
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Part Three: Renting Vs. Buying in Knoxville
September 2nd, 2011 categories: Buyers, Mortgage Guidelines, Mortgage Rates, Sellers
In Part I of the blog post series, “Renting Vs. Buying in Knoxville,” we compared the price of buying a home in Knoxville versus that of renting an apartment. And, in Part II, we looked at the benefits of renting. In this blog post, we will look at the many great benefits of buying a home.
Here is a list of reasons why buying a home might be the right choice for you.
- When you buy a home, you building equity over time. When you rent an apartment, the money you pay for rent you will never see again. With the median rent in Knoxville being $637, that is $7,444 each year, $38,220 every five years that you will never see again. Money put into your home is an investment for the future.
- There are many tax benefits to buying a home in Knoxville. Homeowners can deduct the following from their gross income: mortgage interest payment [for mortgages below $1 million or $500,000 if married and filing separately], property taxes, loan origination fees, and loan prepayment penalties. Also, profits from selling your house can be excluded from your taxes up to $250,000 if filing as single and up to $500,000 if filing as married.
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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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New Home Sales Drop In July — Just Like Existing Home Sales
August 27th, 2010 categories: New Home Sales
One day after the National Association of Realtors released the softest Existing Home Sales report since 1995, the U.S. Census Bureau released a similarly-weak New Home Sales report.
Americans bought just 276,000 newly-built homes in July. That marks the fewest units sold since the government started keeping records in 1963.
In addition, although new home inventory actually dropped 2,000 units in July, the slowing sales pace still managed to push the national supply higher by 1.1 months. At July’s rate of sales, the nation’s new home inventory would be exhausted in just about 9 months.
None of this news should surprise you, though. It’s all been foreshadowed for weeks.
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Existing Home Sales Drop In June But Hint At Support For Higher Price Tiers
July 23rd, 2010 categories: Existing Home Sales
Consistent with most post-home buyer tax credit housing news, the National Association of Realtors® says Existing Home Sales eased lower last month.
An “existing home” is a home that cannot be considered new construction.
The 5 percent drop in sales from May to June was expected, but a closer look at the month’s data reveals some interesting trends.
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Buyers Take The May 2010 New Home Sales Data All The Way To The Bank
July 12th, 2010 categories: New Home Sales
One month after the federal homebuyer tax credit’s official expiration, the New Home Sales report turned in its worst showing ever.
In May 2010, for the first time in 11 months, the inventory of unsold new homes crossed the 8-month marker, posting an 8.5 month supply overall.
Additionally, new homes sales volume fell to 300,000 units nationwide — a drop of 32% and its lowest level since the Commerce Department started tracking data in 1963.
Now, universally, the press is referring to the May New Home Sales report as “poor“. A closer look, however, shows that may not be the case.
For one, we have to keep New Home Sales in perspective as a percentage of overall home sales. Yes, there were just 300,000 new homes sold in May, but there were also 5.66 million “existing” homes sold.
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May 2010 Existing Home Sales Is Better Than The Headline Data Suggests
June 24th, 2010 categories: Existing Home Sales, Home Price Index, Home Values, Household Finances, Housing Starts, New Home Sales, Pending Home Sales, Sellers
Existing Home Sales dropped in May for the first time in 3 months but still managed to post its second-highest since November 2009, buoyed by the expiring federal tax credit program.
An “existing home” is a home that cannot be considered new construction; a resale of an existing home. Existing Home Sales fell 2.2 percent in May.
The press is calling the drop in sales “unexpected” and disappointing, but a deeper look at the data shows the news isn’t as bad as it first appears.
First, on a regional basis, sales were mostly solid. Only the Northeast region posted a loss. The West even managed a gain.
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Pending Home Sales Data Shows Great Deals On Homes Are Getting Harder To Find
June 3rd, 2010 categories: Pending Home Sales
The Pending Home Sales Index shot higher in April as low mortgage rates and a soon-to-expire federal tax credit spurred home buying in Farragut and across the county.
A “pending home sale” is a home that’s under contract to sell but not yet closed.
Region-by-region, April’s pending home sales varied versus March’s data:
- Northeast Region: +29.5%
- Midwest Region : +4.1%
- South Region : -0.6% (after a +15.9% posting in March)
- West Region : +7.5%
On an annual basis, the Pending Home Sales Index is higher by 22 percent.
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Home Supplies Tick Higher In Knoxville And Around The Country
May 27th, 2010 categories: Buyers, Existing Home Sales, Home Values, Market Trends, Mortgage Rates
Creating An Opening For Today’s Knoxville Home Buyers
Sales of existing homes rose in April, buoyed by an expiring home buyer tax credit and exceptionally low mortgage rates.
As compared to March, April’s Existing Home Sales rose by 410,000 units nationwide — the second straight month of large gains. An “existing home” is a home resold by a prior owner (i.e. not new construction).
It’s a solid report for housing overall, with rising sales suggesting that the real estate market’s recovery is ongoing. However, the data presented a mixed message.
According to the National Association of Realtors®, although the number of homes sold ticked higher in April, so did the supply of existing homes for sale, too.
Sellers are now listing homes faster than buyers can buy them.
After adding another 0.3 months of supply in April, resale home supply is nearly two full months larger than at November 2009’s low-point. This put downward pressure on home prices.
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Knoxville Home Resales Boom Into The End Of The Tax Credit And Around The Country
April 28th, 2010 categories: Buyers, Existing Home Sales, Home Values, Homebuyer Tax Credit, Market Trends, Pending Home Sales, Statistics
Existing Home Sales rose in March, as expected. U.S. home buyers closed on 7 percent more homes as compared to February.
Furthermore, versus March 2009 — a month many people equate to the low point of the U.S. economy — sales volume was up 16 percent.
“Existing home sale” is the technical term for a home resale; a home previously inhabited by a person. It’s the opposite of a “new home sale” which is a sale of a newly-constructed home.
Existing Homes Data is tracked by the National Association of Realtors® and a closer look at the March data reveals some other interesting notes:
- Year-over-year sales are higher for the 9th straight month
- Real estate investors represented 19 percent of all homes purchased
- First-time home buyers account for 44 percent of all buyers
Also worth noting is that the supply of available homes is down on a broader basis. At the current rate of sales, the existing home inventory will be exhausted in 8 months.
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