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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Finding Your Knoxville Real Estate Deal Part 2
November 9th, 2011 categories: Buyers, Knoxville Short Sales, Market Trends
The other day I started a 3 part series of Post Finding Your Knoxville Real Estate Deal. This is Part 2 of this series and we will be covering on how to “Find Your Deal”. Once you have found your Realtor who you are comfortable with I would get a home search setup on their website. That way you and communicate with your agent as new home come on the market and be ready to go look if something really good hits the market. I would suggest a local website as oppose to the large national sites like Trulia, Zillow etc. The reason is that most local sites are update several times throughout the day. That way you always have the newest homes and price reductions on homes. The large national sites get updated several times during the week so you may not always have current information.
You want to setup on the site very specific searches for what you are seeking in a home. It may take several saved searches to cover every angle of the type of home you want so you don’t miss anything. If you need help with it ask your agent they should be able to do it for you on their site.
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Knoxville Real Estate Deal What’s Yours?
November 2nd, 2011 categories: Buyers, General, Market Trends, Mortgage Rates, Sellers
It seems like every buyer I work with today one of the first things they tell me is “I want to get a deal” or “I want to steal
a home and get a really great price”….So I started turning the question around to them and asking them What do you mean you want to get a deal? What does getting a good deal mean to you?
I tell them everyone has a different definition on what a deal means to them. I want to know what it means to you so we can try and accomplish that goal together. Then I just sit back and listen and ask questions so I can better understand my buyers needs. Since I started doing this it is amazing what people consider to be a deal or value to them. But that is why it is important to find out what my buyers are wanting in a home so I can better understand their wants needs and desires in a home.
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Case-Shiller Posts 16th Straight Month Of Home Price Improvement
October 1st, 2010 categories: Case-Shiller Index
According to the Standard & Poors Case-Shiller Index, home values rose 5 percent in June versus the month prior, and 4 percent from a year earlier. It’s the 16th consecutive month in which Case-Shiller reported an increase in home values and the third straight month of outstanding results.
That said, homeowners and home buyers in Farragut would do well to temper Case-Shiller enthusiasm. The June figures are issued on 60-day delay and, over the last 60 days, housing data has been lackluster at best.
- Existing Home Sales are down 27 percent
- New Home Sales are down 12 percent
- Homebuilder confidence is down
Stories like these highlight a key weakness of the Case-Shiller Index — it’s out of date as soon as it’s published. Because of this, the Case-Shiller Index relevance to everyday Americans is muted. People don’t buy homes in the “60 days ago” real estate market, after all.
June is ancient real estate history to buyers and sellers in Fox Den.
However, the Case-Shiller Index does have its place. As the most widely-followed, private-sector housing tracker, the index is used to help make policy decisions and to shape Wall Street’s expectations of the economy. This means that a strong Case-Shiller reading can cause mortgage rates to rise, and a weak Case-Shiller reading can cause rates to fall.
Tuesday, mortgage rates fell.
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Case-Shiller Shows Slowing Growth In Home Prices… Two Months Ago
September 30th, 2010 categories: Case-Shiller Index
For the 17th straight month, the Case-Shiller Index reports that home values are rising across the United States. As compared to June, July’s prices were up by 4 percent.
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Home Values Within 12.5 Percent Of April 2007 Peak, Nationwide
August 16th, 2010 categories: Home Price Index
According the Federal Home Finance Agency’s Home Price Index, home values are now off just 12.5 percent from their April 2007 peak nationwide. This, after a half-percent monthly increase in prices in May, on average.
Given the state of the market since April 2007, the Home Price Index results are a positive for both the housing market and the economy, but we have to remember that May’s half-point increase is an average, and not specific to a particular area.
In contrast to “national markets”, the real estate markets in which you and I live are decidedly local. It’s a major difference and the distinction renders the Home Price Index somewhat less important.
After all, the HPI doesn’t account for housing activity in individual neighborhoods like Montgomery Cove , nor does it track value across cities like Knoxville. Instead, it summarizes data in giant chunks of geography.
A quick look at the HPI regional data proves the point. Of the HPI’s 9 tracked regions, only one was within one-tenth of one percent of the national, half-point average. The others varied by as much 1.3 percent.
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Case-Shiller Shows Home Price Improvement In 95% Of Cities
August 15th, 2010 categories: Case-Shiller Index
Standard & Poors released its Case-Shiller Index Tuesday. On a seasonally-adjusted basis, between April and May 2010, home prices rose in 19 of Case-Shiller’s 20 tracked markets. It’s the second straight month of strong Case-Shiller findings.
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The Year Is Half-Over. How Did The Housing Experts Fare On Their Predictions?
July 1st, 2010 categories: Statistics
As 2009 was ending, the “experts” were busy making forecasts about the U.S. economy and what to expect in 2010.
With respect to the housing markets, two predictions were made again and again:
- Home prices would fall in the first half of 2010
- Mortgage rates would be higher in 2010
Well, it’s July 1 and the year is half-over. Both predictions are proving to be incorrect. Home values are rising in most markets and mortgage rates are down. Way down.
It reminds us that economists are much more skilled with analysis of the past versus predictions of the future.
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Case-Shiller Shows Home Price Improvement In 90% Of Cities
June 2nd, 2010 categories: Case-Shiller Index
Standard & Poors released its Case-Shiller Index Tuesday. The index is a monthly home valuation report from select cities and among the private sector’s most popular home pricing models.
In reviewing the April Case-Shiller Index and its accompanying analysis, it appears that the housing market’s rebound is gathering momentum.
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Consumer Confidence Hints At Higher Home Prices And Higher Mortgage Rates, Too
June 2nd, 2010 categories: Consumer Confidence
The Consumer Confidence Index is rising, a potentially double-edged sword for residents of Farragut and for Americans, in general.
According to The Conference Board, economic confidence is as high as it’s been since August 2007 — 4 months before the start of the recession. Americans are optimistic again.
Confidence matters to the economy because as confidence increases, in theory, consumer spending follows. Consumer spending accounts for 70 percent of the U.S. economy.
It’s why Wall Street is responsive to confidence data.
When consumer confidence is rising, households start to make big-ticket purchases they may have otherwise put off indefinitely. Maybe it’s a replacing old appliances; or, trading in an old automobiles; or, splurging on a vacation.
Rising confidence can also spur real estate sales.
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