Knoxville Tennessee Real Estate Blog

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.

Related articles by Zemanta

• Knox County Real Estate Transfers
• Knoxville, Tennessee real estate transfers on the rise
• First Time Home Buyer Credit – Use As Downpayment Now!
• Knoxville, Tennessee year to date real estate sales