We're almost halfway through the year, but the April home sales numbers are just now out for us to take a gander at, and boy howdy, do they tell a mighty interesting story! Let's all gather round Grandma Trotta while she tells the tale of the KAAR Greater Knoxville Area home sales numbers from April 2017!
- Sales : Still way up, but coming down a bit, due to low inventory.
- Prices: Still on the rise, still a seller's market.
- Appraisals: Coming in slightly low, making agents slightly crazy.
- Rates: Hovering under 5%.
- THDA Grant Money: That $15,000 is out there in 37912, 37914, 37917 and a little bit beyond.
- Listings: Here this morning, gone by lunch.
- Inventory: Yes, it's slightly up, but not enough to get buyers out of the weeds.
- Affordable housing stock: A lot of our inventory is over the $300,000 mark, making it even tougher for first time home buyers to get in the game.
- Rentals: If they are houses, they are priced high and hard to find.
- Deferred Maintenance: We're discovering this on a lot of listings this summer, and it seems to be the end of the long tail of the recession.
- Well, my question from last month has been answered: when there are no more homes to sell, sales go down (2.3% nationally).
- As this L.A. Times article states, demand for housing is still quite high, but our supply is, as mentioned above, causing a lot of problems, including frustrated buyers temporarily dropping out of the house hunting game.
- One of these problems is price increases and unreasonable seller side expectations. Yes, it's a seller's market. No, that doesn't mean you can list your home for $50,000 more than your neighbor's house sold for last month.
- It's June, you ain't got no listings, you ain't got nothing to show your buyers... you must be a real estate agent.
All information provided by KAAR (Knoxville Area Association of Realtors). My opinions are just that: opinions. I'm not really an expert in anything, but I do like to write about real estate.