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Looks like it’s back to the status quo for Knox County real estate transfers this week. After a record breaking 234 transfers recorded last week, this week’s recording dropped back to 156, about what the averge has been for the past few months.

Knox County real estate transfers for the week of July 19th

Knox County real estate transfers for the week of July 19th

And as in previous weeks the mid to lower end price ranges still dominate the market. The $50,000 to $200,000 price point has been where the action is for most all of 2009 and shows no signs of changing.

I believe this market is primarlily being driven by first time buyers attracted by the huge selection of homes, stories of great prices, the lowest interest rates in history, AND the $8,000 federal tax credit most of them will qualify for.

With the stars aligned like that where you can actually buy a new home with cheaper payments than rent, it’s no surprise that many new buyers taking advantage.

The tax credit runs out on November 30th of this year so I’m curious to see what happens to sales if Congress doesn’t vote to extend it.

Right now the National Association of Realtors is lobbying Congress to not only extend the tax credit but increase it to $15,000 and let it apply to all home buyers. Personally I think this is a great idea. It’s not terribly inflationary, especially if you compare it to the trillions of dollars flying out of Washington this year, and real estate has historically driven all the County’s economic recoveries.

If you’re a first time or perspective home buyer now would be a great time for you too if you have a fairly secure job and good credit. Most sellers are willing to pay some or all of your closing costs and lenders have plans to let your $8,000 tax credit be used for some or all of your down payment.

With an FHA insured loan you only need 3.5% for a down payment, that’s about $7,000 on a $200,000 home, so you could probably buy a new home with no cash out of your pocket.

Here’s a beautiful new listing that just came on the market. This move in ready home has a world class screened deck.

See a virtual tour here

This 'move in' ready 4 bedroom home is just listed for $224,500

This Cedar Bluff area 4 bedroom, 3 bath home is in the Cedar Bluff Road area, just listed and priced at only $224,500 for over 2,400 square feet!

Give me a call or email if you’re interested and let’s find out how you would look in one of them.

You can start your looking by finding all of the Knoxville area Realtors listings on my website, www.KnoxvilleHomeCenter.com

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