Knoxville Tennessee Real Estate Blog

See 11,509 Knoxville area homes and condos for sale right here.

February 2010 is now officially over. The total sales from the Knoxville Area Association of Realtors won’t be available until around the 15th of March so as to include late closings from February. We can however take a look at last week’s property transfers from the Knox County Register of Deeds office.

Knox County TN real estate property transfers

I count 104 for the past week which is about on par for this year’s totals. Last year we were averaging around 150 a week but I still believe this year’s numbers will increase as the spring selling market gets in full swing.

I mean who wouldn’t buy a house now if you wanted to and could qualify for a loan. There is a huge selection of homes for sale in all price ranges, motivated sellers who are willing to deal on prices and concessions to buyers, AND the lowest interest rates we’ve seen in a long, long time.

The only think holding real estate sales to their current levels is the jobs (unemployment) and the economic mess the United States (and a lot of the world) finds itself in right now.

The January unemployment figures held pretty much steady at 10% of the workforce. However, the real rate of unemployment — which includes part- time workers who want full-time jobs and people who want work but have simply stopped looking — rose to 17.3% from 17.2%.  Not good.

Only two more months left for buyers to get a home under contract now and qualify for the up to $8,000 tax credit for those that have not owned a home in the past 3 years and up to $6,500 for those that have. Call or email me for details.

Here’s what January 2010 sales looked like compared to previous Januarys. We were up 90 homes in 2010 compared to 2009 so that’s  good news.

January sales

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See 11,509 Knoxville area homes and condos for sale right here.

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Search all Knoxville area homes at www.KnoxvilleHomeSearcher.com with multiple photos, maps, and much more.

Enchanting North Hllls 3 bedroom home, ready for you to move in and enjoy.

Currently in Knox County, Tennessee there are 3.461 single family homes listed for sale along with 987 condos. Year to date in 2010 360 of those single family homes have been placed in “Sale Pending” status which means sold but not yet closed; and 55 condos. Most listings that make it to sale pending status end up closing although not all, due to home inspection issues, buyer financing, and other reasons.

The chart below is the sold listings year to date versus actives as of February 15th, 2010.

It appears, based on these figures, that single family homes are selling close to 10% of listings while condos are around 5%.

The first monthly figures are available now from the Knoxville Area Association of Realtors so we can see how this just past January stacks up to sales in previous Januarys.

January 2010 compared to past Januarys

January 2010 closed sales beat January 2009 by 90 units but even that number is still way below previous January’s. It appears from these numbers that our volume is back to where it was in Januarys 2001 & 2002.

According to some figures from Trulia.com the average listing price is down somewhat which means there are more lower priced homes coming on the market now than upper price range ones

So far this year we’ve seen a very modest improvement in sales numbers but still quite a bit below previous years. Prices remain weak too with discounts being the order of the day in homes that sell and close.

Average days on market (time to sell) was 118 days in January 2010 compared to 110 in January 2009 and 105 for January 2008.

So that’s where Knoxville real estate is currently, subscribe to my blog to receive the latest updates and Knoxville area real estate news.

Search all Knoxville area homes at www.KnoxvilleHomeSearcher.com with multiple photos, maps, and much more.

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This marvelous Knoxville home has the potential for a separate apartment on the lower level with a private entrance. Ideal for handicapped or live in relative.

The closed sales from the Knox County Register of Deeds is out today so let’s see what happened in the first week of February, 2010.

Knox County real estate transfers

We’re up to 116 this week. Still short of the 150 we were averaging in 2009 but a little better than the 108 we had last week.

It’s still a bit early in the year to begin saying things are getting better but some number and trends are encouraging.

As the graph above illustrates a slight uptick in our median sales price.

While the average price per square feet is fairly flat.

New listing in popular North Hills section of north Knoxville.

Let’s look back over the past 11 years to get some perspective about where the current greater Knoxville, Tennessee area real estate market is compared to past years.

Knoxville area sales for the past 11 years

In 2009 all the members of the Knoxville Area Association of Realtors sold 10,495 houses and condos. in 2008 it was 11,850.  That’s a 11% drop in volume 2008. It’s also a whopping 40% drop from the peak sales year of 2006.

Basically that means the greater Knoxville area is back to pre-2002 sales levels.

That’s what has happened in the past 11 years; now let’s talk about what I believe is going to happen in 2010 and beyond.

I believe interest rates will remain low for at least this year, probably in the 5-6% range because of low demand. Any retailer will tell you that you can’t raise the price of your merchandise if it’s not selling.

Lots of pundits are predicting that housing prices have stabilized. I don’t agree with them. I think foreclosures and short sales will keep downward pressure on housing prices for this year and some years beyond. How many? anyone’s guess.

Mortgage will continue to be hard to get. I’m hearing stories from fellow Realtors about lenders asking for more and more documentation and verifications on even buyers with gold plated credit histories. For instance, I have a closing set for this coming Friday on a fairly high end house, great buyer, great credit history, and substantial down payment. Lender is now (4 days before closing) asking for more documentation and a statement from inspector as to minor maintenance issues. I’ve never had anything like that before.

Still a great time to buy a house, an OK time to sell one that’s priced competitively and in great condition, and it’s now taking longer than ever before to find a buyer and get to the closing table.

Below is the weekly sales report from the Knox County Register of deeds showing all the transfers recorded in the past week. In 2009 we averaged roughly 150 sales a week. I count 98 for last week. A sign of things to come? I don’t necessarily think so. It’s still early in the year and historically near the bottom of the yearly sales cycle.

I’ll continue to monitor these reports and we’ll see if they start to rise in February and March as they have done in past years.

Knoxville, TN weekly sales report

Visit www.KnoxvilleHomeCenter.com to see all the Knoxville area Realtor listings for sale. Please leave your comments below and feel free to contact me directly with any questions or to schedule a showing or talk about selling your current home.

Wow, we’re experiencing colder than normal weather in Knoxville, TN this week; it’s been below freezing for over a week now.

That’s a bit unusual for this area but it seems the whole United States has been experiencing below normal temperatures over the past few days. It’s supposed to get above freezing today with highs in the 50s toward the end of this week; I’m ready for some warmer (relatively) weather.

It appears from the weather map below that a high pressure system from the Gulf Coast and a low pressure system from Canada and further north are colliding over Knoxville right now. I’m pulling for the high to win.

US weather map

Although the air temperature is cold, the Knoxville real estate market is hot for buyers right now. Lots of homes for sale, motivated sellers, low interest rates, AND an $8,000 tax credit for most buyers.

Visit www.KnoxvilleHomeCenter.com to pick one out and call me to go take a look at it.

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This delightful duplex is near UT and has 1 two BR and 1 1 BR units, will cash flow.

Happy New Years fellow Knoxvillians; it’s now officially 2010.

Following is the latest report from the Knox County Register of Deeds office for real estate transfers (sales) completed last week (January 3, 2010).

I counted 88 property transfers in the past week. That’s a low number compared to the 150 we have been averaging for all of 2009 but I believe the holidays had more to do with that than other factors.

Are you like me and wondering what the new year will bring for the Knoxville real estate market?

Here’s what I think is likely to happen:

• Interest rates are going to rise a little. I believe we will be looking at 6% or so at some point in 2010.
• It’s anyone’s guess what will happen when the tax credit expires at the end of April 2010. That credit has been driving the low end of our market for several months now so it can’t help but have a negative impact when it’s gone.
• The Knoxville Area Association of Realtors 2009 sales report for the year will be out around the 15th of this month so we will be able to compare 2009 to past years. However we already know the numbers for the last 11 months of 2009 so I’m not expecting any surprises in December sales.
• There are currently 3,332 active residential listings in Knox County.
• There is also 521 “sale pending” listings in Knox County. I’m wondering how many of those are for real and how many are listings where the sale has fallen through and the status was never changed. I know I have one lease purchase set to close next month that has been there since July of 2009.
• I think the volume of sales will rise in 2010; how much is anyone’s guess. 10-20% sounds realistic to me.
• I think the price appreciation will remain flat with maybe a slight rise but very slight if it happens.
• One in seven households with mortgages was either in foreclosure or delinquent on payments at the end of September, the most recent data available from the Mortgage Bankers Association. Some owners are defaulting because they have lost their jobs. Expect more foreclosures in 2010.
• The biggest factor missing from the real estate market (and other markets as well) is confidence. Investors and most everyone else are just unsure about what the short term future brings. Nervous investors tend to set on their assets and not invest them.

It will be interesting to revisit this post in about 6 months and compare my predictions to what has actually happened.

Nothing to do with real estate and just for fun, here’s a list of people and things with roots in Knoxville, Tennessee.

There are lots of awesome homes for sale if your in the market. If you’re thinking of selling houses are selling, 88 sold just this past week and that’s a low number compared to the 150 average we’ve had for all of 2009.

Visit www.KnoxvilleHomeCenter.com to see all of the Knoxville area homes for sale, find great tips to make your home sell faster and for more money, and of course, contact me to buy or sell.

Best wishes to all for a very happy and prosperous 2010!

Terrific new listing in north Knoxville, reduced $25,000!

Not surprisingly it looks like the real estate transfers in Knoxville and Farragut Tennessee were down a bit this past week.

I counted 135 with the usual high numbers in the lower price ranges as it’s been all of 2009

I’m very excited for 2010 to begin (which is will in only 4 more days) and see what a new year holds for us.

On one hand interest rates remain very, very low which makes buying attractive. But on the other hand unemployment remains higher than usual in Tennessee although we’re faring better than many other areas.

I believe I’m predicting a modest improvement in the volume of sales with prices still stagnant to downward. A good time to buy if you’re thinking about that. For sellers you have to price your houses competitively and be prepared to deal if you want to sell, you’re facing a lot of competition out there.

www.KnoxvilleHomeCenter.com is the “go to” place for both buyers and sellers for all of the Knoxville area Realtor listing plus some great selling tips and information including my free 52 page ebook titled: “450 Ways to Sell Your Home Faster For More Money” email 450Ways@JimLee.com for your free copy.

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