interest rates

Knoxville Home Sales Report: August 2019

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DEEP THOUGHTS:

1. Inventory remains under the 3 month supply line for the second month in a row and the third time in the last three years.
2. Closings are up almost 20% year over year.
3. Sales prices are up across the board almost 20% (sense a theme yet?). The average price for a 3 BR house in August 2019 was $181,449 vs $225,555 this August.
4. Active listings were up month over month, but down 16% year over year.
5. Interest rates are still low and still helping to drive this train.
6. Y’all. For real. Look at those other lines. August is usually kind of slow. We should be winding down for the year, but we’re not. I’m thinking I’m not booking a non-refundable vacation any time soon, because we house slingers gotta make hay while the sun shines.

 *All information provided by KAAR (Knoxville Area Association of Realtors) and is for the greater Knoxville area including Knox County and surrounding counties. My opinions are just that: opinions. I'm not really an expert in anything, but I do like to write about real estate. 

Knoxville Home Sales Report: April 2019

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DEEP THOUGHTS:

1. Inventory hit a new 10 year low (OMG YOU GUYS HOW LONG CAN THIS LOW INVENTORY THING LAST?).
2. Closings are up (OMG SPRING SELLING SEASON IS ON LIKE DONKEY KONG).
3. OMG YOU GUYS WHY ARE ACTIVE LISTINGS NOT GOING UP?
4. Prices are booming (OMG WHY AREN’T YOU GUYS LISTING?).
5. Interest rates are low and down payment assistant programs are still available (BUT OMG I CANNOT FIND A HOUSE TO BUY).
6. Real estate agents everywhere are trying to find houses for their well qualified buyers to buy. it’s going to be a long summer (OMG SERIOUSLY PLEASE LIST YOUR HOUSE).

 *All information provided by KAAR (Knoxville Area Association of Realtors) and is for the greater Knoxville area including Knox County and surrounding counties. My opinions are just that: opinions. I'm not really an expert in anything, but I do like to write about real estate. 

Knoxville Home Sales Report: March 2019

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DEEP THOUGHTS:

1. Inventory just got even lower #justlistit
2. Closings were slightly down year over year, but low inventory and active listings may have something to do with that. #justlistit
3. Active listings also went lower. Again, #justlistit
4. Prices are the only thing that are continuing to go up, all across the board. #sellersmarket
5. Interest rates are still very low and financing is easy to come by. If you can find a house, #justbuyit
6. It’s still a seller’s market, and we need more sellers. Call me, we’ll talk.

 *All information provided by KAAR (Knoxville Area Association of Realtors) and is for the greater Knoxville area including Knox County and surrounding counties. My opinions are just that: opinions. I'm not really an expert in anything, but I do like to write about real estate. 

Knoxville Home Sales Report: February 2019

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DEEP THOUGHTS:

2019 is definitely still a seller’s market so far. How long will it last? Let’s break it down:

1. Inventory is still super low and the good houses and deals are going super fast.
2. Closings are still in line with 2018 and 2009, meaning they are very strong.
3. Active listings were flat, but still very historically low.
4. Prices are WAY up. How up? In 2018, the average price of a 2 BR or smaller home was 124,770 and in 2019 the average price was 141,254 . Wowza!
5. I repeat: interest rates are holding steady and down payment assistance programs are still available.
6. The sun is finally out and and so are the buyers. Sellers, start your listing engines!

 *All information provided by KAAR (Knoxville Area Association of Realtors) and is for the greater Knoxville area including Knox County and surrounding counties. My opinions are just that: opinions. I'm not really an expert in anything, but I do like to write about real estate. 

Knoxville Home Sales Report: March 2018

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Deep Thoughts

  • It's still a strong sellers market. Don't worry, buyers, this too shall pass. 
  • I have 99 problems, and only 1 listing. Seriously, there are no listings and that's making a lot of problems.  
  • The Fed bumped rates, but are still pretty low. However, they are saying they are going to get more aggressive raising them as the year goes on. Like I said, buyers, this too, shall pass. 
  • Prices are up across the board: supply, demand. You know the drill. 
  • Appraisers haven't quite gotten the supply/demand memo, and even though the market will bear higher prices, some appraisers are saying no.
  • All I know at this point is to expect the unexpected and anything goes. Should be a pretty fun Spring!

 *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. 

Knoxville Home Sales Report: May 2017

It's officially summer and the home sales are hot! That's right, the May Homes Sales Report numbers from the Knoxville Area Association of Realtors (my people call it KAAR) are here and the lines on those charts are interesting indeed. Want to see how the greater Knoxville area is besting national real estate trends? Let's go!

What's Hot

  • Sales : Holy dotted line, Batman! Those sales are busting out of the chart!
  • Prices: Up, up, and away! Prices are still on the rise. 
  • Appraisals: Keep the nerve pills coming: prices are rising faster than is normal and appraisers aren't always having it. 
  • Rates: Still under 5% for now, but the Fed is gonna do what the Fed is gonna do. 
  • THDA Grant Money: Still out there, still waiting for you first time buyers. 
  • Impulse Buying: Get it before it's gone.  

What's Not

  • Inventory: Again, keep the nerve pills coming. We are currently under a 4 month supply of housing stock. 
  • Affordable housing stock: OK, maybe I should switch to chamomile tea. It's hard to find, y'all. 
  • Overpricing: It's happening and it's not pretty. 
  • Waiting to list/make an offer: The time is now. Strike while the iron is hot!

Deep Thoughts

  • National sales may be up 1.1% month over month, but sales in the Greater Knoxville area were up 23% (twenty three percent). Talk about holy guacamole, that's a lot of avocados!
  • However...inventory in the greater Knoxville area was down 19% month over month vs. the national average of 8.4%. Again I say, sales can't keep going up with inventory going down even faster. Oh, June, you will be interesting, won't you?
  • Speaking of low inventory... Yes, it's a seller's market. Yes, home prices are up. No, homes will STILL not sell at irrational prices because of those factors. Trust me. There are homes sitting on the market because of pricing. 
  • We're in uncharted waters, you guys. And from the looks of these charts, we might need a bigger boat by July. 

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.