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

Check out my exciting new website below to see all Knoxville area Realtor listings of houses and condos for sale. Search 1000’s of Beautiful Homes Photos, Prices, Tours, Maps & More!

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 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!

Tennessee is a state with lots of scenic beauty and lots of outdoor recreational activities. The Tennessee Valley Authority (TVA) has created an awesome lake and river system for boaters, fishermen, and all sort of water sports. East Tennessee, the part I live in, is home to the Great Smoky Mountains National Park with over 900 miles of hiking trails, campgrounds, and beautiful mountain scenery.

Another little known and used part of Tennessee outdoors is the huge amount of state park, scenic areas, and protected natural areas dotted all over.

I visited one I had never been to today; Stinging Fork Falls Natural Area near Spring City which is about 50 miles south of Knoxville.

Parking area at Stinging Fork Falls near Knoxville, Tennessee

This state natural area is located on top of the Cumberland Plateau system which covers parts of 5 states, Tennessee, Kentucky, West Virginia, and northern Alabama & Georgia.

According to the website above Stinging Fork Falls is a 783-acre natural area. It is named for the 30-foot waterfall located within the Stinging Fork gorge. The creek flows over the fan shaped falls, then quickly slips through chutes, and tumbles over cascades below the falls.

topo map of stinging fork fall natural area near Knoxville, TN

It’s only about a mile to Stinging Fork Falls but to get to actually see them you have to climb down inside a 160 feet gorge because the dense brush and trees hides the creek that feeds the falls. But it’s worth the walk, that’s one of the more picturesque waterfalls I’ve seen.

The falls spills into a large, deep pool. I’m betting some skinny dipping has gone on here; this place is pretty isolated and hard to get to.

Unfortunately once you climb down a 160 foot gorge the only way back is UP. It’s pretty steep coming and going but the state has provided a pretty good trail with some steps at the steeper parts but I would still only recommend it to those is pretty good physical condition. I was breathing pretty hard when I came over the top.

Stinging Fork Creek cascades over rock formations.

This is a great place to visit if you want to get away from crowds and most everything else. We were there about 2 hours and did not see a single other person; just the sounds of birds, the wind, and the rushing water.

If you love year round out door activities as much as I do, then maybe you need to come visit us in East Tennessee. We have plenty to do for all interests and all seasons.

You might even like it enough to want to move here permenently. Check our areas housing out here: www.KnoxvilleHomeCenter.com

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The October sales figures are out now from the Knoxville Area Association of  Realtors. The total for October was 1,023 for the month which was 149 more than the same time period in 2008.

That’s a 14.5% increase year over year but the most exciting part is that increase came at a time of year when sales have been historically dipping toward the winter lows. I believe the first time home buyers tax credit is continuing to prop up our market.

Here’s an easy to understand at a glance graph of the past 5 years sales including year to date in 2009.

5 year sales comparison

Unfortunately tight money remains the proverbial ‘elephant in the living room’ .

Sellers will consider lease purchase for this extensively redone home, 5 minutes to downtown Knoxville.

Below is a chart prepared by the National Association of REALTORS ® comparing the new changes to the Homebuyer Tax Credit.

The biggest change is that current Homeowners are now eligible if they sell their current homes and then buy AFTER the date of enactment of this extension which is November 6th, 2009.

Comparison of existing tax credit to extended and expanded version

www.KnoxvilleHomeCenter.com has all of the Knoxville TN area listings to view. Updated daily and NO REGISTRATION required to view home.

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October……..in east Tennessee the air is turning crisp and cool, the leaves are starting to turn to their fall colors, and real estate sales are in the air.

So what does the first week in October bring to Knoxville real estate news?

It looks like the average number of sales is still average; we had 152 closed real estate transactions reported by the Knox County Register of Deeds, here’s the price points breakdown:

Knox County, TN real estate transactions recorded

And as usual the lower pric points continue to dominate the sales figures. 35 in the $100,000 to $150,000 price ranges was the top number with 2 in the over $1,000,000 price range.

And if you compare an average week of sales to the absorption rates (how long it takes houses to sell) you’ll see the price point points above go hand in hand with sales.

Knoxville, TN home sales by price points and months to sell

And the year to date sales figures compared to the past 4 years

Knoxville real estate sales year to date compared to past years.

So which way are Knoxville area sales headed? My guess is down for few months until January-February 2010 when they have historically started their seasonal climb to the peaks in May-June.

Even though sales this year around 50% less than 2005-6 the sales trend still mirrors the peak years sales; there is just far fewer sales.

The $8,000 federal tax credit expires at the end of November this year and I believe that carrot has accounted for about 20-30% of our sales this year. If buyers want to have a chance of collecting that eight thousand bucks they need to plan on having a house under contract in the next 1-2 weeks. After there your odds of closing before the end of November are going to go way down.

There is talk and much action from real estate entities like the National Association of Realtors to extend the credit to keep sales going but what’s going to happen there is anybody’s guess.

Bottom line, if you want to buy a house, now is a great time if you have a stable job and can qualify for a mortgage. Interest rates are in the low 5 to high 4% range, you still might be able to collect $8,000 in tax credits if you buy soon, and there is a huge selection of homes for sale.

KnoxvilleHomeCenter.com is a great place to start you search as well as find school information, and lots of other Knoxville area information.

Please call or comment with any questions.

Knoxville, TN real estate