The end of 2008 is in sight and it’s been quite a year, especially with the mortgage meltdown in the fall.
It appears from the sales volume numbers that even though the unit volume is down from previous years, sales of homes in the greater Knoxville area is holding up fairly well especially compared to some other areas of the country such as southern California, Florida, Nevada, and some other states.
Real estate sales have historically tapered off in the winter months and built back up to a peak in the summer. Year to date figures for Knoxville don’t show any change in that trend.
Average home prices seem to have held fairly consistent too with Knoxville hovering right around that $160,000 average sales price for a typical 3 bedroom home.
Yesterday a number of mortgage companies announced a huge interest rate drop to conincide with the federal government cutting their key rates to near zero.
You can now get a 4.5% FIXED RATE, 30 year home mortgage. At 4.5% that would make the monthly principal and interest payments for typical Knoxville 3 bedroom home $786.38! Escrow for property taxes and insurance would vary but the total payment should be below $1,000 a month.
KnoxvilleHomeCenter.com is the place to go find your dream home and buy it before the rates go back up again.
Please call or email with any home buying or financing questions.