Today’s Market Archives

Distressed Sales are Falling

An article found in the Residential Specialist magazine is showing that distressed home sales fell from 26% of the U.S. home sales market in 2012 to 17% in 2013 and 15% in the first quarter of this year according to the National Association of Realtors.  The group expects distressed sales will account for just a single-digit market share by the end of the year. All cash home purchases meanwhile rose from 29% in 2012 to 31% in 2013 and 33% in the first quarter of this year.  This could reflect increasing consumer confidence as the economic recovery continues. “Distressed home sales, popular with investors who pay cash, have declined in the past two years, yet the share of all cash purchases has risen, says NAR chief economist, Lawrence Yun.   “A majority of foreign buyers pay cash as well, and the five-year bull run of the stock market has provided financial wherewithal among higher wealth households,” says Yun. So how does this affect the everyday world of real estate?  I have found that listings are not having as much trouble appraising now that a neighborhood isn’t saturated with foreclosures and short sales.  Buyers are once again looking at homes for the long terms benefit rather than finding the best deal and cheapest price.  Home buying is back to a well thought out process, determining a buyer’s needs and goals. A good Realtor will listen to your needs and find homes accordingly.  With interest rates still reasonably low, it’s a good time to get started with your home buying plans.

Carol Kamm – Grandview Realty

Serving Bradley, Hamilton, McMinn, Monroe, and Polk Counties, Tennessee

Are Houses Getting Older ??

According to the U.S. Department of Housing and Urban Development’s American Housing Survey, the median age of an owner-occupied home in the United States was 35 years old in 2011, up from a median  of 23 in 1985. More than 40% of the owner-occupied homes in the U.S. were built before 1969.  Homes built from 2000-2009 account for 15% of the owner-occupied housing stock. Aging houses could prove to be a boon for home remodeling businesses, the study finds. Older homes tend to be less energy-efficient than new homes and y require more repairs. Our aging baby boomer generation may be mirrored by the aging of America’s housing stock. But even with the expenses incurred with an aging home, buyers still want to have the charm and warmth that a newer home does not bring.  It may be hard to find it all without lots of elbow grease and pure work. Working with a Realtor who knows the pros and cons of new and older homes will be helpful in making decisions when purchasing a home.  Cleveland, Tennessee offers a good variety of homes, especially in the historic district.  There are older homes that still have lots of charm and may or may not need significant work. (Parts of this article were taken from The Residential Specialist, April 14- magazine for CRS members)

By Carol Kamm at Grandview Realty

Real Estate Services in Bradley, Polk, Hamilton, McMinn and Monroe Counties.

Towee Home For Sale The Hiwassee River in Reliance, Tennessee is one of the best places for Trout fishing, rafting, tubing, picnicking, and hiking.  This cozy cabin is within minutes of some of the most exciting recreational experiences in Southeast Tennessee.  And where can you find a comfortable cabin with over 6 acres for $99,900?  Private and peaceful, this property is a perfect getaway or permanent dwelling.  Two screened porches looks on to the lush woods of the Cherokee National Forest. Hurry, this property is currently for sale. Call Polk County Realtor, Carol Kamm of Grandview Realty 423-790-4547 for a personal tour.  MLS # 20143536, Knoxville MLS # 893476. Real Estate Services in Bradley, Polk, Hamilton, McMinn and Monroe Counties.

By Carol Kamm at Grandview Realty

Real Estate Services in Bradley, Polk, Hamilton, McMinn and Monroe Counties.

Suggestions from the National Association of Realtors:

The Right Realtor® For You

When searching for a real estate professional it’s helpful to start your search by meeting with agents that have assisted family or friends that you know and trust. During your meeting, ask if he or she is a Realtor®, a member of the National Association of Realtors®, and a professional who holds themselves to a higher ethical standard.

You can also look up a Realtor®’s licensing information; state regulatory boards are happy to assist you in your research and will let you know of any disciplinary action or complaints. However, NAR research shows that nearly nine out of ten recent buyers were satisfied with their Realtors® honesty and integrity, knowledge of the purchase process, and knowledge of the real estate market.

Another way to find a Realtor® is to look at their current listings. The presentation of a Realtors® listings and how fast properties sells can give you an indication of a Realtors® selling skills.

To search for a local Realtor® and find accurate home listings in your area, visit realtor.com®.

Story Springboard

Nine in 10 buyers would recommend or use their Realtor® again. Talk to recent buyers and sellers who worked with Realtors® to learn about their motivations and experiences. Ask Realtors® to explain how they market homes and reach buyers in today’s economic climate, and talk to sellers who are trying to sell their homes without professional assistancestions by the National Association of Realtors:

You can always go to my website at grandviewrealtytn.com to see testimonials of past buyers and sellers.  I consider my profession as a service provider to the consumer and treat others just like I would like to be treated, nothing less.

Carol- with sign promo

 

Brick Arch House

Thinking of buying or selling real estate in the near future?  Here are some interesting statistics from the National Association of Realtors.

The Median price in March of 2014 was $198,500, up 7.9 % from March of 2013.  The median price for the South was $173,000, up 6.7% one year ago.  Distressed sales contributed to 14% of the March sales, down from 21% a year ago. It is predicted that these types of sales will fall to single digits by the end of the year.

Housing inventory rose to 4.7% which is a 5.2 month supply. The median time on market was 55 days, down from 62 days in February.  37% of the homes sold in March were on the market for less than a month.

First-time buyers represented 30% of purchasers in March.  Less stringent underwriting has been helpful for first-time buyers but NAR still sees it as a headwind for some.

This is overall encouraging news for the real estate industry.  Buyers should be aggressive in purchasing now before prices increase dramatically.  And this news should be encouraging news for sellers who have waited to put their homes on the market.  Now just might be the time.

An experienced Realtor who can see the big picture is crucial in helping you with your real estate goals.

Article information is taken from NAR- Voice for Real Estate

By Carol Kamm, GRI, ABR, CRS

Real Estate Services in Bradley, Polk, Hamilton, McMinn and Monroe Counties.

Broker-Realtor

Grandview Realty– 423-790-4547

DSC00797Upper towee fireplace resized  upper towee kt reszed

 

 

 

 

 

 

By Carol Kamm at Grandview Realty

Real Estate Services in Bradley, Polk, Hamilton, McMinn and Monroe Counties.

The cozy stone fireplace on this home makes you want to curl up, relax and stay a while.  Enjoy the view from the balcony overlooking 5 acres of the Cherokee National Forest.  Polk County Tennessee Real Estate offers some of the most pristine homes  in the country at very affordable prices.  White water rafting on the Ocoee or Hiwassee Rivers as well as fishing at Parksville Lake are only a few of the many places one can enjoy and spend time.front-upper towee resizedUpper Towee balcony resized

 

 

By Carol Kamm at Grandview Realty

Real Estate Services in Bradley, Polk, Hamilton, McMinn and Monroe Counties.

Interesting comments made in Edge Magazine regarding “Retirement Realignment”.

Every day, 100,000 Baby Boomers reach age 65.  Ramay Winchester, who heads Retire Tennessee, wants more of those to move to Tennessee.

“East Tennessee has the natural. four season beauty of the mountains and rivers with far lower taxes and cost-of-living than in most communities,” she says.

Believe it or not, seniors often change states when they retire.  While the recession has slowed some moving plans down in the past for Seniors, median home prices are up nearly a third for their recession lows and stock values double the 2009 trough.  Now Seniors are on the move again.

….East Tennessee is an attractive area for seniors interested in saving money and paying less in taxes.  “A couple moving from Chicago to Chattanooga for example, would pay, on average, 9 percent less for food, 20 percent less for gas and transportation, 11 percent less for utilities, and a whopping 33 percent less for housing according to cost-living data prepared by the Council of Community and Economic Research. But the biggest differences often come in taxes.  Tennessee has no income tax on wages and property taxes in many communities are only half what they are in many cities.”

Not only are taxes and cost-of-living a huge advantage but Chattanooga also has tremendous cultural, recreational, and volunteer activities for seniors and anyone moving to our city, says Linda Bennett, a former City Council member who heads Choose Chattanooga.  Tennessee offers certification programs to designate some communities as having the best natural and man-made amenities to serve retirees”.

Age 65 and older will rise from 13 percent today to 18 percent in 2030 as Boomers retire and live longer, according to the Pew Research Center.

Tennessee River in Chattanooga Tennessee

 Chattanooga photo 1

I think anyone thinking of retiring should take a look at some of the Southeast Tennessee cities:  Chattanooga, Cleveland, Ocoee, Athens.  It will be a nice surprise.

 

 

River - for Lower Towee

Retreat into the Cherokee National Forest in this custom-built log home.  Nestled in the Cherokee National Forest, close to rafting and kayaking on the Hiwassee River.  This is a well-known trout fishing river and enjoyed by all ages.  Custom cabinetry, hardwood floors, T&G paneling, stone fireplace, and a covered balcony overlooking 5 acres of forest. you’ll fall in love with this exquisite home the moment you step in the door.  $259,900.

MLS # 20132805 – 247 Upper Towee Rd. Reliance, TN.

Call for a showing appointment today.

By Carol Kamm- Grandview Realty – 423-790-4547, (O) 423-338-8171

Real Estate Services in Bradley, Polk, Hamilton, McMinn and Monroe Counties.

By Carol Kamm at Grandview Realty

Real Estate Services in Bradley, Polk, Hamilton, McMinn and Monroe Counties.

Where Americans Live, according to the Urban Land Institute, of America in 2013, renters gave specific value for local amenities.  Leading the pack is Neighborhood Safety and Quality of Public Schools:

proximity_chart

  • Neighborhood Safety, 88%
  • Quality of Public Schools, 83%
  • Easily Walkable, 79%
  • Proxmity to Work/School, 76%
  • Proximity to Health Care, 75%
  • Proximity to Entertainment, 71%
  • Proximity to Family/Friends, 70%
  • Convenient to Public Transportation, 67%
  • Space between neighborhoods, 61%
  • Proximity to Recreation, 64%.

These are good to remember for resale value and home searches.

 

home for sale

By Carol Kamm at Grandview Realty

Real Estate Services in Bradley, Polk, Hamilton, McMinn and Monroe Counties.

First quarter sales show that affordable homes in the Cleveland, Tennessee area are selling at a faster rate than earlier.  Listing periods are becoming shorter.  According to the River Counties Multiple Listing Service, 2013 first quarter statistics, 448 units were sold with an average of 138 days on the market.  The average list price was $131,934 and the average sold price $124,682. * This confirms that our area is a sought after place to live and retire.  However buyers are learning that the home they fall in love with may not be available when they decide to write an offer.

* Information provided by RCAR MLS is deemed reliable but not guaranteed.