buying a home in knoxville Archives

Knox County Housing Market Snapshot | February 2024

EMBRACING THE CURRENT REAL ESTATE MARKET

After a steady decline to start the year, mortgage interest rates have crept back up over the past few weeks due to better than expected US economic news. The expectation is still that rates will decline throughout 2024 and into 2025. However, the rate and significance of this trend will likely be longer and slower.

Despite slightly higher interest rates and higher sales prices, the number of homebuyers seems to be slowly increasing as we enter the spring. The overall demand for housing remains very high in the Knoxville area, driven mainly by a robust job market and a favorable cost of living relative to many other parts of the country.

We’re also seeing more homebuyers actively looking to purchase homes who have been patiently waiting on the sidelines for the past 3 to 4 years. Most of these people say their motivation to buy a house right now is tied to changes in their families and personal lives.

From a home seller’s standpoint, the number of days on market continues to rise. However, average home prices still remain higher than they were at this time last year.

We expect the overall housing inventory to rise this year. If this inventory rises enough, it could negatively affect home prices. That said, we are still quite far from that scenario coming to fruition, with our local housing inventory at 1/3 of what it was in 2018/2019.

Knoxville Housing Market Snapshot | November 2023

INTEREST RATES ARE COMING DOWN…

As predicted, mortgage interest rates have begun a fairly steady decline since late October when they hovered around 8.25%. This favorable trend is expected to continue into 2024. In fact, both Fannie Mae and the Mortgage Bankers Association predict that interest rates will continue to drop well into 2025. This is an optimal trend for a mortgage interest rate buydown if you want to buy a home right now.

The average home sales price in Knoxville is still up just under 10% compared to this time last year. A limited housing inventory, a low unemployment rate, and many new, higher-paying jobs coming to the area are all having a major impact on local home prices.

The outlook for 2024 is still positive for the Knoxville housing market. There are no signs of significant home price depreciation on the horizon. However, housing inventory is expected to rise throughout the year, so those selling their homes should expect a longer time on the market and far fewer multiple-offer scenarios for homes listed at or near market value.

8 Things To Do Before You Pack!

ways to make your move less stressful…

So your house is sold and the closing date is set. Now it’s time to coordinate your move! While this is typically a stressful part of the home selling process, the right preparation goes a long way to making your move as smooth as possible. Here are some key items to address before you even think about packing any boxes…

1. GET ORGANIZED

Create a “master list” of everything that needs to be done before, during, and after the move to make sure you don’t miss a beat.

2. FIND A MOVING COMPANY

If you’re using a moving service, get estimates from a minimum of three companies. We’ll be happy to provide you with some referrals if you don’t know any good moving companies in the area

3. DE-CLUTTER

Try to get your house organized and de-cluttered so it will be easier to pack when the times comes.

4. PURGE

Get rid of the things that no longer serve you. Take an inventory of your belongings and determine what you want to keep. Donate, sell, or trash the unwanted items. Some organizations like KARM will even come to your house and pick up any large items you want to donate.

5. NOTIFY

Notify the post office, banks, credit card companies, utility companies, past employers (for tax return purposes), subscriptions, family and friends, etc. of the address change and estimated move-out date. Schedule utilities and installation appointments at your new home BEFORE you move into your new place.

6. FIND RELOCATION RESOURCES

If you’re moving to the Knoxville area, contact us and request a relocation package. It will give you a good start towards understanding what’s available and where things are.

7. EMBRACE THE CLOUD

Moving is the perfect time to make sure all of your computer and electronic devices are properly backed-up in case anything gets lost or damaged during the move. Use a cloud-based system (i.e. Dropbox or iCloud) or a portable hard drive to backup all of your files.

8. VISUALIZE YOUR NEW HOME

When the going gets tough and the move gets tricky, remember to take a deep breath. Before you know it, you’ll be sleeping soundly in your beautiful new home!