Archive | June, 2013

New Listing in Foxboro S/D in Knoxville TN

Knoxville, TN Market Update for May 2013

Knoxville’s Real Estate Market Update

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Since January of 2013 homes for sale in the Knoxville area in the price range from $400,000 or less have improved considerably over the past few years. Homes priced between $400,000 and $500,000 are selling however the home must be in great condition with plenty of upgrades and exceptional landscaping.  The upper priced bracket home over $500,000 has decreased considerably from what was selling in 2004 – 2006.  The reason is the economy and fewer Buyers are not willing to spend that kind of money for a home because of uncertainty.

The good news for homes in the upper price range is HAFA and HAMP have extended the expiration date for homes “underwater” until December 31, 2015 according to CDPE.  This program offers assistance to homeowners through Fannie Mae and Freddie Mac who have completed over 2.6 million foreclosure prevention actions.   Currently we do not see this happening in the market.

 

                                                                        STATISTICS FROM MLS

                                                                                    PRICE RANGE

                                                <$400,000     $400,000 -500,000  $500,000+

Active Listings                           2,392                       142                          341

Under Contract                          1,090                          37                           52

SOLD   (since 1/1/13+)              1,943                            90                          69

The above stats include the entire Knoxville area.   Look for next month’s blog as we will cover certain areas, North, South, East and West.

Until we read again … May the Frank Be With You.  If you know of any one thinking of Buying or Selling Real Estate in the Knoxville area please let us know.  All The Best!