More Signs Of A Bottom :In Knoxville Home Sales
Knoxville Home Sales are we near the bottom?
We are starting to see movement in Knoxville Real Estate Market. First time buyers are out there buying homes right now. Which is good for the Knoxville Real Estate Market and will have a trickle up effect for home sellers.
The Knoxville Real Estate Market seems to be following the national housing market got its third piece of good news in 3 days last week:
- Monday: Existing Home Sales up
- Tuesday: Home values appear higher nationally
- Wednesday: New Home Sales up
And although national real estate statistics are irrelevant to the local markets in which real estate transactions happen, to a country of would-be and wanna-be home buyers, repeated positive news on housing can be a strong signal that it’s time to get off the sidelines.
At least, that’s what the data is showing us. According to an industry trade group, first-time home buyers accounted for half of all sales of previously-owned homes.
The stimulus package’s $8,000 tax credit likely played a role in this 50 percent figure, as well as sagging home prices in most markets and low mortgage rates nationwide.
But lest we carried away, we can’t forget that February’s New Home Sales is still the second-lowest tally on record and that two months of data doesn’t define “turnaround”.
On the other hand, if the trend continues through the Spring Buying Season, we’ll likely look back at Winter 2009 as the low point in housing.
If you have any questions about our current market in Knoxville or are getting ready to buy or sell contact me. You can call me at 865-696-9002 or email Rick@TheBigOrangePress.com
(Image courtesy: LA Times)