Knoxville Tennessee Real Estate Blog

The week just past showed continuing sales of real estate in Knox County with the prices ranges from $50,000 to $200,000 continuing to dominate with 63% of the total.

Overall there were 115 real estate transfers in the past week including two sales in the “More than $1 million” dollar range with one closing at $2,900,500 and a second at $1,174,210.

Here’s the price bracket breakdown.

Knoxville and Knox County real estate transfers, Call Jim Lee Knoxville Realtor to buy or sell your next house.

The arrival of the absolute lowest mortgage interest rates in history has done little to spur sales in the greater Knoxville area. I believe personally that restoring consumer confidence is the key to both increased real estate sales and the road to healthy US economy.

Tennessee‘s unemployment at the end of February 2009 stood at 9.1% for the state and 7.4% for the greater Knoxville area.

If people don’t have jobs or are in fear of either being laid off or losing their current job they are unlikely to make the decision to buy a home no matter what the interest rates are.

On a brighter note I’ve had the privilege of helping several nice folks buy a home this year and they were able to get some very good bargains and seller concessions.

Beautiful Knoxville area home is priced at only $182,500

Lowest interest rates in history combined with a tax credit of up to $8,000 for lower bracket buyers that have not owned a home in the past 3 years offer a historic opportunity to own a home at some of the best prices and terms I’ve seen in my 30 years of practicing real estate.

www.KnoxvilleHomeCenter.com is a great place to start looking for a new home. Give me a call or email with any questions or if you find a home or two you would like to look  at.

great 3 bedroom home with neutral paint & carpet is located off Westland Drive behind West Town Mall.

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One of the innovative marketing techniques my company, Realty Executives Associates, offers to Knoxville area home sellers is our exclusive 10K marketing program.

This beautiful home in northwest Knoxville is offered at $379,000 and the selling agents get an entry into the 10K drawing.

It works like this.

Once 45 10K homes have been sold and closed, Realty Executives Associates hosts a luncheon and invites the selling agents for those homes to attend. Each agent is allowed to place one business card in a bowl for each successful 10K listing sold and closed.

The cards are then drawn out like a reverse raffle and the last card to be drawn wins a $10,000.00 cash price, the 10K.

As part of my marketing plan I pay the additional fee of $250.00 to have your home designated as a 10K listing.

"If you're thinking of selling your home we need to talk. I offer many benefits and advantages that most other Realtors in Knoxville do not such as Realty Executives Associate's exclusive 10-K marketing program." Jim

This 10K program has been a powerful incentive for not only Realty Executives but Realtors from other Knoxville firms such as Coldwell Banker, Re/Max, ERA, and others to show our 10K designated listings.

Recently our 42nd 10K luncheon was held and Frances Crawford of Town and Country Realtors of East Tennessee was the lucky $10,000 winner. Do you think Frances might have been a happy camper after enjoying a delicious lunch with 44 of her fellow Realtors at Cherokee Country Club and then walking out with a check for $10,000.00?

With the 42nd 10K drawing that bought the total money given away to Knoxville area Realtors to $420,000.00!

Thinking of selling your Knoxville home in today’s market? If so you need not only aggressive pricing and a “move in” condition home, you also need every marketing tool available to promote the sale.

Pretend for moment that you’re a Knoxville area Realtor in this market. Lots of homes to choose from to show your buyers, but not all offer you a 1 in 45 change to win an additional $10,000 plus the selling commission.

Visit www.KnoxvilleHomeCenter.com for lots of great tips on how to make your home stand out from the competition.

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It’s half past March already so let’s take a look at the past weeks Knoxville & Farragut, Tennessee real estate activity as recorded at the Knox County Registrar of Deeds office.

Wow, it appears a rally is going on in sales. Closed transactions not only rebounded into the triple digit range with 150 closed transaction in Knox county, there was also some significant activity in the moderate price ranges as well.

29 closed transactions in the $200,000 to 300,000 range, 38 in the $100,000 to 150,000 range, and a big gap in the middle between $150,000 to 200,000

I happened to have sold a nice home last week in the $159,900 price point and the selection between $150,000 to 200,000 is pretty lean right now.

If you have a nice home in that price range you’ve been thinking of putting on the market I believe right now would be an excellent choice.Lots of buyers looking in that price range and not much competition as in other price ranges.

Knox County Tennessee Registrar of Deeds closed real estate transactions for the week of March 15th.

See the big gap between 200-300 and 100-150. That could mean an opportunity for sellers in that price range.

Unfortunately for the high end market there were only 2 recorded sales between $500,000 to 1,000,000 and once again no sales over $1,000,000.

Right now in Knox County there are 94 homes priced from $1,059,000 to a high of $4,375,000. Based on the current absorption rate (rate of sales) it will take 7.83 years to clear (sell) that inventory! And that’s if no new listings are placed on the market during that time period. NOT good news if you’re one of the ones with a million plus dollar house for sale.

This beautiful west Knoxville home is currently on the market for $1,550,000.

Compare that number to the $200,000-$300,000 price range. There are currently 784 Knox County listings in that price range. 52 sold in February. Dividing that number into the number of listings would make the current absorption rate for that price point 15 months; still a long time but much shorter than 7.8 years.

This beautiful and brand new north Knoxville home has a full unfinished basement for $279,900.

Dropping down a bit more into the $100,000-150,000 price points we find 688 current active listings and coincidentally 52 sales for that price range in February also making that price point’s absorption rate 13.2 months. That’s a little better than 15 months.

This charming Cape Cod style home can be yours for only $149,900.

A lot of sales in the lower price points are being driven by the $8,000 tax credit for buyer (see article below) that have not owned a home in the past 3 years. Some call this the “first time buyer” tax credit but that’s not completely accurate.

Lower interest rates also continue to drive sales.

If you currently have a house for sale in the Knoxville or Farragut area here’s what it’s probably going to take to get it sold.

1. Very aggressive pricing, buyers are looking at a large number of homes before making a decision and like you, they want the biggest bang for their buck.
2. Move in condition or priced to reflect defects. Again buyers are willing to accept things like outdated fixtures, cosmetics, etc., BUT they are not willing to pay a premium price for them. Expect to receive a discounted offer if your home is not in top notch condition.
   
3. Also be prepared to pay some or all of your buyer’s closing costs. Most buyers in the market now are pretty well qualified but cash poor. Sure they get the $8,000 tax credit but that’s a credit they don’t get until they file their taxes for this year in 2010.

If you’re current a buyer looking to buy in Knoxville or Farragut, here’s a great place to start your home search, www.KnoxvilleHomeCenter.com which has ALL the Realtor listings for those areas and other areas as well.

Sellers can also find great selling tips at www.KnoxvilleHomeCenter.com including my free, 52 page book, “450 Ideas to Help Your Home Seller Faster”, email me for your free copy.

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Real estate transfers in Knox County dropped back into the double digit range this past week with just 82 property transfers recorded at the Registrar of Deeds office.

Knox County real estate transfers for the week of March 1st, 2009

Despite the drop in numbers it remains a great time to buy a home in Knoxville & Farragut. Low interest rates remain and there is a large selection of homes for sale.

It’s definitely a buyer’s market with motivated and realistic sellers offering discounts from their asking price and concessions to help buyers buy their homes.

Here are some examples of what your dollars will buy today in Knoxville, Tennessee.

North Knoxville, 3 Bedroom, 2 Bath, and all on 1 level. $127,500

This charming Cape Cod style home is conveniently located in west Knoxville and priced at only $164,900.

Only 4 years old, over 2,800 square feet, and priced at $224,900.

Close in west, master on the main floor, $545,000

The above homes are just a few examples of the more than 3,600 current and active listings of homes & condos for sale in Knox County.

Visit KnoxvilleHomeCenter.com to pick out some for us to go look at.

Just email me the listing numbers (MLS #) and a convenient time for you.

A good idea before spending too much time looking would be to get preapproved. Call either of these outstanding mortgage bankers for a no cost, no obligation mortgage pre-approval to see what price home you can buy.

Debbie Nieto, Curtis Mortgage Company

Direct line: (865) 684-2011

email: [email protected]

And

Shawna Parsley, Southeast Mortgage Company

Direct line:  (865) 693-4354

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