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

Now is the Right Time to Buy Your Dream Home

Understanding Closing Costs When Buying Your Knoxville, TN Home

Most people who are in the market for a new home are aware of the costs associated with purchasing a home and moving, but closing costs can be expenses that may be overlooked, especially for first-time home buyers.  In most cases, they can be approximately four percent of the purchase price of your home.  So before planning your home purchase budget, here are some expenses that aren’t always talked about that you may want to include when buying your Knoxville TN home.

 

In general, there are two types of closing costs, recurring and non-recurring.  Recurring costs include things like fire and flood insurance, property taxes, and mortgage insurance; these are expenses that should become part of your monthly budget and in most cases, are often anticipated by new home buyers.

 

Non-recurring costs are one-time costs that are associated with closing a home purchase, and usually make up the bulk of extra expenses.  Non-recurring closing costs usually include:

  • Title Policies
  • Escrow
  • Wire Fees
  • Delivery
  • Endorsements
  • Recording
  • Transfer Taxes
  • Home Protection Plans
  • Natural Hazard Disclosures
  • Home Inspection
  • Lender Fees

 

All of these costs will be discussed with you by your lender. And your actual closing fees may include just a few of these costs. Purchasing a home is a huge investment and expense, and getting a clear picture of the cost before signing your name on the dotted line is important.

 

If you would like a referral to a lender or you are thinking of buying your Knoxville TN home, call me today at 865-588-3232