Shayn,

The housing market here in East TN. has slowed, but has not stopped. Our housing market is moving and there are some great homes to be purchased. Without knowing your situation for reloction, and if you are finding that the Knoxville area is out of your price range, you may want to consider the surrounding areas outside of Knox County. You have Blount Cty, Loudon Cty, Monroe Cty, Anderson Cty. are all within an hour or less drive time to downtown Knoxville. Investing in a home in East TN would be worth your money and future.

It's hard to say if prices will come down, but unless you're paying cash for the home, you really need to be concerned with how much longer will interest rates stay low! A 1% increase in interest rate usually outleverages the savings realized by a price decrease by anywhere from 3:1 to 7:1. Rates have been at historic lows and are still at excellent levels, so I would be concerned more about rates going up as opposed to prices coming down a little bit further. I'd be happy to run a free analysis that illustrates the cost of waiting.

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Hi Shayn,

My house is for sale by owner right now in the 37919 zip code. Have you purchased one yet? Here's a link to ours. We're negotiable and would work with a buyer's agent.


http://6907stonemilldrive.ePropertySites.com

Shayn, the only way to know when the market has hit bottom is after it's over. We are seeing an increase in activity which seems to tell us we are on our way back up. NAR predicts an increase in 2009 for home values. Rates have just dropped significantly which is even better than prices dropping! NOW is the time to buy. It's perfect!

Hi, Shayn. I wish we had an answer to that question, that would make our jobs a little easier. The reality is, we are probably looking at more foreclosures into this market. A few foreclosures in a great neighborhood will certainly bring down the values. That said, anyone relocating to this area will be surprised to see that we still have a thriving market. Buyers are looking for great deals-they are getting them. The key, as a Buyer, is to find the homes that you like that will be at the lower spectrum of your price range, and certainly not the most expensive home in the neighborhood. Our property values have seen gradual increases, not rapidly over-inflated as some areas have. They are still increasing here, if only 2.7% now. I don't believe we will see prices dip much more. Real Estate is still the best way to build wealth right. You have much more control over a property than anything else you can own.

There are great opportunities to buy really nice properties now in the 37918 area. I assume you are looking in the Sequoyah,Westmoreland area. There have been 153 closings in the last 6 months, avg sold price around $308,000. avg list price around $325,000 (95% of list price). Of these 105 properties were on market for 90 days or less. I hope this info is helpful. If you need the help of a buyers agent please contact me anytime. I would welcome the opportunity to help you with this important move.

Shayn,

There's really no way to tell if we are at the "bottom" of the market. Most feel that if we're not there yet, we're pretty close. Each seller is different. Many right now are content to sell at 2005 prices. If you're fortunate, you may find one that will sell at 2003 prices. 37919 is a very desireable area and there are a lot of good buys right now. I live in the 37919 zip code. If you are currently not working with a realtor, send me an e mail and I'll mail you a relocation package.

Home prices are still appreciating in Knoxville but not at the rate they had been.

Hi Shayn -

Buyers are king in the market right now - if you are able to purchase without encumbrance (prequalified, no home to sell) you should be able to make an amazing deal and feel confident in your purchase.

If you need a great buyers rep to work on your behalf, I'd be happy to win your business.

Thanks,
Renee

Hi Shayn,

We are seeing some amazing values in our market right now - in particular those buyers who are coming in to our area that are ready to buy have great potential to make an awesome deal.

If you need a buyers rep to help you negotiate our market, I would love to win your business.

Renee