Real Estate Trends
In many large cities, home prices have outpaced income at an incredible rate. In Miami, for example, incomes have risen 16 percent, while home prices have increased 58 percent since early 1998. Boston home prices have gone up 89 percent, while incomes have increased only 22 percent.
Even with a downturn in the real estate market looming on the horizon, home sales are still headed for another record year. Knoxville media outlets are reporting a jump in home sale prices higher than 40% in the South Knoxville area. When inventory is down, it becomes a seller's market and the prices will rise due to the demand for homes. Homes in the $250,00 range and below are the fastest to sell due to the demand for family homes in the area. We have had several homes that have contracted with in 24-48 hours of placing the home on the market. If you are a buyer, we can recommend that you follow all practices with your lender to have your paperwork ready when you make an offer on a home. Pre-qualify before you shop as demand is high, sellers are receiving multiple offers for homes and the ones that are considered are those with their lending in place.
Low interest rates are the only continuing positive trend of the housing market. Low rates average now less than 6 percent for 30-year fixed-rate loans, the lowest since the 1960s. If we can help you will selling your home or purchasing a home in Knoxville, Tennessee we are here to help. Let our family show your family the way home to Knoxville, Tennessee.