Knoxville Home Sales: February Market Update

I can’t believe we’re already past the middle of March. I finally had a chance to take a look at the Market Summary for February 2017. This is for all Single Family homes that our MLS (Knoxville Area Association of Realtors) covers.

  • Active listings: 7502
  • New listings: 2018
  • Pended listings: 1621
  • Sold listings: 1154

 

Now to look more closely at Knox County alone (year to date – 1/1/17 through 3/21/17).

  •  Active listings: 1712
  • New listings: 2201
  • Pended listings: 1153
  • Sold listings: 1337

 

The average sold to list price for Knox County is running at 97%. But with all the multiple offer situations that are going on, you should expect to pay full list price for any house that has been on the market less than 2 weeks.

 

Again, our bottom line is that buyers need more choices! If a house in good condition with updated features and is priced well comes on the market, it will not last very long! Anecdotally, one couple that I am currently working with lost out in multiple offer situations 3 times before having an offer accepted on their Dream Home. They did listen to me and were putting in full-price offers, but cash is still king.

 

If you are thinking of selling your home, call me today for a free consultation. If you are looking for your Dream Home, call me today – Chiara Petro with Realty Executives Associates at 865-588-3232 – and let’s start searching!

 

*All information taken from Knoxville Area Association of Realtors MLS on 3/21/2017

Looking Ahead When Buying a Home

If you are a first time homeowner, or are purchasing a home after a major life change such as marriage or having children, what should you consider to be sure your new home can grow with your changing family?  The time and effort that go into purchasing and decorating a new home, not to mention finding it in the first place, means that you’ll want to ensure that your home will be right for you and your family for years to come.  So what should you look for in your new home so that it will give you enjoyment and be functional both now and in the future?

 

Size

Though a cute two-bedroom home may be right for a newlywed couple, this type of space will likely soon be outgrown if there are any children in your future or if you and your spouse like to entertain.  You will also want to consider the number of bathrooms and the facilities in them.  Having only one toilet or shower can certainly put stress on a growing family.

 

Features

Special features of a home, such as a finished basement, central air, and a large yard can make your home a more functional and enjoyable space, especially if you have or are considering starting a family in the near future.  You may also want to consider the age of the home you purchase and its features or appliances, as this may lead to future costs that may put stress on your financial situation at a time when one spouse may be at home caring for the children.

 

Location

Location is also an important consideration when choosing a home that can grow with your family.  Choosing a safe neighborhood is always an important point when selecting a family home, but you will also want to consider the proximity of good schools, community centers, and shopping.  Also, facilities such as parks and libraries can make a neighborhood truly a great place for families.  You may also want to consider the demographics of the area in which you are purchasing in order to be sure it is a match with your values.

 

As the old adage goes, home is where the heart is, and choosing a family home that is right for your family can really make all the difference in having a happy, fulfilling, and safe family life.

 

If you are thinking of buying a Knoxville, TN home, call me today – Chiara Petro with Realty Executives Associates at 865-588-3232 – and start your search for home.

Knoxville Home Sales: A Market Update

I get asked nearly every day, “How’s the real estate market?” Yes, it’s a favorite question. The short answer is, it’s crazy! On a national level, we are getting the same news, check out this article published (literally) just a few hours ago: American’s buy existing homes at fastest pace in a decade.

 

Let’s get back to our area.

 

For all of the Knoxville Area Association of Realtors,  take a look at what we are seeing.

  • Active listings: 7679
  • New listings: 1928
  • Pended listings: 1419
  • Sold listings: 1094

 

Let’s break this down a little further, just for Knox County, TN. As of this writing, year to date (1/1/2017 – 2/22/17):

  • Active listings: 1695
  • New listings: 1351
  • Pended listings: 1001
  • Sold listings: 718

 

Those are some amazing numbers, let me tell you! The spring selling season hasn’t even really started, which makes these statistics even more amazing.

 

The bottom line is buyers want more choices. If a house comes on the market that checks most, if not all, of their needs and wants, that house will go under contract quickly.

 

If you’ve been thinking of selling your house, call Chiara today — 865-588-3232 and let me help you with all your real estate needs.

 

*All information taken from Knoxville Area Association of Realtors MLS on 2/22/2017

Examining A Home Objectively

Everyone heads out to look at potential homes with a list of the things they want in a house, and a list of the things they do not want.  In addition to that wish list, there are also some other things you will notice about the homes you visit that may strike you as potential problems. Let’s take a look at examining a home objectively, what matters and what doesn’t.

 

When looking at homes, it is important to know what things are deal breakers and what things are minor issues that you can deal with easily.  Turning down a dream home because of something that is an easy fix seems like a silly thing to do, but it happens surprisingly frequently.

 

Cosmetic Issues

You walk into a home and it has terrible wallpaper or paint colors you wouldn’t dream of using, and it turns you off immediately.  While the gut reaction is normal, it is important to step back from that instinct and think about it objectively.  Painting is not particularly difficult or expensive, so try to imagine how the home would look with a different color palette, one that is more your style.

 

The ability to recognize which issues are merely cosmetic and can be easily fixed is an important key to finding a house you will love.  Be prepared to visualize the home as you could make it with a few cosmetic changes.  It will open you up to the possibilities and might allow you to consider homes that aren’t perfect the way they stand now, but could be just right with a little elbow grease and paint.

 

Major Repairs

In some cases, the major repairs that a house needs might be obvious.  In other cases, they might only be unearthed during a home inspection.  Either way, you will need to consider whether you are willing to deal with the problem.

 

If the home needs expensive repairs, you can either try to get the seller to do the repairs or accept that you will need to do them yourself.  In most cases, the seller will probably not be willing to take on major repair work, but might reduce the price accordingly.  Still, this might be a deal breaker if you are seeking a turnkey home.

 

Knowing The Difference

A home inspection is the best way to uncover all the issues, both minor and major, that a house might have.  I would never let any of my clients buy a house without an inspection, except in extraordinary circumstances. When you review the inspection, look for things that can be easily fixed as well as those that can’t.  The amount of work you want to do on your home will determine what problems you can personally live with.

 

If you are thinking of buying a home, call me today — Chiara Petro with Realty Executives Associates at 865-588-3232

Top Three Reasons Your Knoxville TN Home Did Not Sell

If you are thinking of selling you will want to avoid the most common mistakes when selling your home. If your home has been on the market for some time and you haven’t had any offers, you might want to think about these. Here are the top three reasons your Knoxville TN home did not sell.

 

Home Is Priced Too High

This will certainly turn buyers off, and you may have to make several contingencies or offer incentives in order to get buyers even interested in making an offer. While you may feel your home is special, asking more than the fair market value will usually get you nowhere.

You will want to price your home for sale at or below market value to get in the most buyers. The more people who look at your home, the better your chances are for an offer.

 

Home Is In Bad Condition

While your home in its current condition may work for you and your family, if there are obvious repairs needed, or it is terribly outdated, fixing these problems will not only make it easier to market your home, but will also increase its value.  In most cases this increase will be considerably greater than the money you put into making the changes.

 

Home Is Being Marketed Incorrectly

When selling your home, there are no guarantees that the ultimate buyer will simply walk through the front door.  In many cases you may have to bring your home to the buyer.  Effective marketing will help ensure that your property receives maximum exposure to attract a ready, willing, and able buyer in the shortest period of time.

 

By adhering to the advice in these simple tips, you can avoid the biggest mistakes homeowners make when selling their homes, and the process will be smoother and more profitable in the long run.

 

If you are considering selling your Knoxville home, call Chiara today at 865-588-3232 and let me help you with all your real estate needs.