Friday, June 30, 2017 / by David Connell
Are you out there looking for a home and finding nothing to buy? There's a reason for that and it's going surprise you.
Right now, the Knoxville market is hotter than it's been in decades. With an average Days on Market of just 63 we're approaching a critical shortage of homes in the cities’ most popular area, South Knoxville.
Part of this problem is since rents in the section of town are at one of their highest points in the city’s history land lords have very little incentive to sell their most profitable properties in one of the most popular areas.
If you have a rental or you’re a home owner looking to sell you are in a great position. On the other hand, if you’re a buyer on budget or you want to be as selective as possible when it comes to buying you may be in a bad spot if you’re looking at homes in the magic sweet spot of $180-220,000.
Even if there is a listing available these homes are flying off the market before most buyers get a chance to view them. To show you how well things are going right now: an average home in South Knoxville is listing for $145,000 and selling at $143,000 – that’s nearly 97% of the asking price!
Another part of the issue can also be attributed to the young, educated, first time buyers that are flooding the area due to its great location close to Downtown areas like Market Square and Gay Street, as well as easy access to the urban wilderness park at Ijams. With nearly 10 miles of biking and walking trails as well as a hopping new craft beer scene and massive development projects in the works South Knox is turning into a hard area to get into as a home buyer and a great place to be a seller.
The bottom line is, buyers need to come prepared with Pre-Approvals for loans or cash in hand because waiting could cost you your dream home.
If you’re looking to buy a home or sell your old one or just have questions and would like to contact David directly just click on the link below.