Tag Archives: Knoxville Housing Market

Century 21 Select Properties

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Special Guest

Sally Sparks

sally
Broker, REALTOR ®

Century 21 Select Properties

is a long-time top-producing real estate agent in Knoxville. She has 12 years of experience working with buyers and sellers in the East Tennessee area. Sally is incredibly passionate about her job and loves working in every aspect of the industry.
Sally actively contributes to her community by serving as the Knoxville Area Association of Realtors (KAAR) 2015 President, and is currently serving as a Director and Officer for the local Association. Her record extends to the KAAR committees also, where she served on committees for Grievance, Technology, Bylaws and Strategic planning. Such roles allow Sally to continuously improve and enhance her business aptitude, making her one of the most knowledgeable and respected sources of real estate expertise in the Knoxville area.
Sally’s dedication to her business has also garnered her many awards for professionalism, excellence and client satisfaction. Her clients consistently rate her at 98% on average in post-closing satisfaction surveys for her ability to deliver consistent results and help clients find a home that they love. She also earned the Knoxville Area Association of Realtors Hall of Fame Award, which is granted only after five consecutive years of receiving the Five Star Professionalism Award. All recipients of the Award must satisfy strict criteria in several categories including Association involvement, continuing education, professional participation, community outreach, charitable giving and client satisfaction.
Sally believes that working with an experienced Realtor is one of the most important things a homebuyer can do to make the home-buying experience successful. “Getting connected at the start with the best lenders, home inspectors and other service providers is crucial,” she says, and Sally is uniquely prepared to bring these necessary connections to her clients.

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Do Quotient by Terry Adams

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Do Quotient by Terry Adams

Terry Adams

Do Quotient by Terry Adams

The Housing Hour is honored to have Terry Adams and Phillis Burnett of  Adams Law Firm and Admiral Title as our show  sponsor but we are extremely  proud to announce Terry’s recent article in Cityview Magazine and soon to be new book: Do Quotient.

“Today is a big day for us. After more than 7 years of research we have officially announced the Do Quotient to the world in this months Cityview magazine. There will be much more to come, including a book this year of the same title. We believe that this added value approach to counseling clients is the future of practicing law & will provide a framework for success in business & life.”  Terry Adams

Listen to our interview with Terry as he talks about his career, interests and Do Quotient!

Air Date 6/8/13: Chief Economist, CoreLogic Case-Shiller

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Special Guest: Dr. David Stiff, Chief Economist, CoreLogic Case-Shiller

Home Prices Rise by 12.1 Percent Year Over Year in April

Chief Economist, CoreLogic Case-Shiller, Dr. David Stiff – CoreLogic, joins us in studio to talk about the state of the economy and its effects on housing and prices. Dr. Stiff is the chief economist for CoreLogic’s nationally known Case-Shiller Home Price Index.

Home Prices Rise by 12.1 Percent Year Over Year in April!

CoreLogic, a leading residential property information, analytics and services provider, today released its April CoreLogic HPI™ report. Home prices nationwide, including distressed sales, increased 12.1 percent on a year-over-year basis in April 2013 compared to April 2012. This change represents the biggest year-over-year increase since February 2006 and the 14th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 3.2 percent in April 2013 compared to March 2013.

Highlights as of April 2013:  Full Report click: News Release

  • Including distressed sales, the five states with the highest home price appreciation were:  Nevada (+24.6 percent), California (+19.4 percent), Arizona (+17.3 percent), Hawaii (+17 percent) and Oregon (+15.5 percent).
  • Including distressed sales, this month only two states posted home price depreciation:  Mississippi (-1.7) and Alabama (-1.6 percent).
  • Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+22.6 percent), California (+18.3 percent), Idaho (+16.4 percent), Arizona (+15.3 percent) and Washington (+13.9 percent).
  • Excluding distressed sales, no states posted home price depreciation in April.
  • Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to April 2013) was -22.4 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -16.3 percent.
  • The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-47.3 percent), Florida (-40.5 percent), Michigan (-36.1 percent), Arizona (-36 percent) and Rhode Island (-34.7 percent).
  • Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 94 were showing year-over-year increases in April, the same as in March 2013.

Full-month April 2013 national data can be found at http://www.corelogic.com/HPIApril2013

Economic reports strengthening economy!

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Things are humming in regards to news from the economic front. Consider this good news:

  • Jobless claims decreased
  • Jobs are increasing
  • New home sales posted gains
  • Existing home sales rise
  • Pending home sales rise
  • February and April reported some of the fastest home sales months since 2008
  • Home values continue increasing
  • Home sales rose 29% higher than last year
  • Building permits rise in April
  • Durable goods rose in April(a very good housing indicator)
  • 1st Q economy grew at 2.5%
  • Consumer spending faster rise in 2 years
  • Consumer confidence at a 5 year high

    The US Economy continues to get stronger. Mortgage rates are up but they are still at historic lows.

    Here’s the bottom line, expanding economy + rising home prices + rising mortgage interest rates = time to buy.

    Timings everything, now’s the time.

    Mortgage Investors Group understands there are a lot of choices when it comes to financing the purchase of a new home or refinancing an existing one. Our licensed and experienced loan officers are here to help you gain a better understanding of those options and answer your questions about the loan process, qualifying and the different features of each loan program. We offer everything from conventional mortgages to government loans.

    Call us today and take advantage of these incredible market conditions!

Steps to Winning the House Bidding War!

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Why is there a bidding war?

Answer is simple there are not enough homes for sale to handle the recent explosion of buyers onto the market.  Mortgage Investors Group Loan Officers are being told by customers and agents that multiple contracts on homes are occurring within a very short period of time of one another. Also, market data is revealing that the percentage of sales price to list price  are increasing. Typically markets trend to run about 92% to 95%, but some markets across the country are seeing percentages in excess of 98% with some areas over 100%. In Tennessee, Nashville-Davidson-Murfreesboro-Franklin are at or near the 98% range as far as the ratio of sale prices to list price, putting them in the number one ranked position in the Core Based Statistical Area for May. Nashville area is presently considered one of the most affordable markets in the United Stated and one of the best places to get a job.

The Bidding War largeThese are  great signs for our economy, but these conditions create challenges for all parties. There are things you can do to prepare for the bidding war:

Steps to winning the house Bidding War:

1.  Get a professional Real Estate Agent.

They will be able to alert you with the latest homes that hit the listing market. Timing is everything, and fast reaction increases your chances to submit a winning bid. Plus a Realtor knows the art of negotiation and all the complexities that are involved in a transaction. Don’t go it alone.

2. Get pre-approved by a Mortgage Investors Group NMLS licensed Loan Officer.

The Realtor will insist you get pre-approved but make sure you keep the LO updated on all your financial changes. Good piece of advice don’t do anything that will affect your credit during the process. That ‘must have’ car, TV or whatever, can wait. No one like surprises, focus on one thing, finding that perfect house and winning the bid.

3. Keep the offers simple and sale conditions to a minimum.

Remember, the bidding war is due to more buyers than sellers. You are going to have to offer more than the list price. Also, the less complicated the offer the more likely the contract will be considered by the seller. Too many demands may put you at a significant disadvantage. Listen to your agent;  don’t try to get creative, keep it simple.

4. Earnest Money Deposit.

Follow the advice of your Realtor, but a large earnest money deposit may have a psychological effect on a seller. Small deposits may not appear sincere or worse it may look like you may not be able to afford the home. If this is the house of your dreams, don’t be afraid of stepping up that deposit.

5. If your bid gets rejected act fast.

You may have thought your offer was perfect, but things happen. If your agent calls you late at night and says you need to re-submit the bid, don’t delay; it may be more convenient to wait until morning, but it also may be too late.

6. Winning or losing.

Winning is the goal but losing is a possibility. Don’t lose heart. Get ready for the next call from your Realtor and start the process all over, you will eventually win!

Mortgage Investors Group understands there are a lot of choices when it comes to financing the purchase of a new home or refinancing an existing one. Our licensed and experienced loan officers are here to help you gain a better understanding of those options and answer your questions about the loan process, qualifying and the different features of each loan program. We offer everything from conventional mortgages to government loans.

Call us today and let us help you find the best loan that fits your family’s need!

Special Interview: Magic Mulch

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Download our new Mobile App!

Special Guest: Chris McComas

Chris@magicmulch.net

865-603-4494

Magic Mulch

What is Magic Mulch?

Magic Mulch is a 100% recycled product made from used tires. The tires are removed of all metal and wire, and then de-oiled to prevent dry rotting. It is finely shredded to mimic the look of wood mulch.

 

How long does it last?

Magic Mulch rubber does not break down, disintegrate, erode or biodegrade. The natural black uncoated mulch, which mimics the look of midnight black wood mulch, is likely to last forever (guaranteed for 10 years). The brown and red mulch is coated with a polyurethane organic dye and is guaranteed to hold its color for 10 years. The dye will not wash or rub off.

 

How is it installed?

We sell our mulch in 40lb, 60lb and 2,000lb Bags. We recommend laying a fabric weed blocker down before installing the mulch. This will not only help prevent weeds from growing, but will also protect the mulch from sinking into loose soil over the 10+ duration. If you chose to use a fabric, however, make sure you secure it very well with fabric pins to ensure it does not ride up and show. We also recommend some sort of edging or border to prevent wash away due to flooding.

 

Is it hard to maintain?

Magic Mulch is a very low maintenance product. Once you lay it down, it will not change for 10+ years. If you get leaves in the mulch you must use a leaf blower on the lowest setting to remove them. Keep the leaf blower approximately 2 feet away from the mulch and never use a higher blower setting.

Air Date 5/25/13: America’s 10 City Challenge

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Download our new Mobile App!

Are You Ready For America’s 10 City Challenge?

Special Guest: Shauna Bryan, CEO

America’s 10 City Challenge

We are initially challenging the nation’s 10 fattest states to lose a total of 1 million pounds. Think this sounds impossible? Not so! With the help of America’s Ten City Challenge trained coaches and partnerships with state and local government officials, professional athletes and celebrities, and nation-wide and local sponsors, this aspiration will become a reality. This is only the beginning. Our goal is to extend this challenge nationally to every state in the country.

Who We Are

America’s 10 City Challenge is a dynamically evolving, highly creative, health and wellness company that develops innovative programs that are tailor made for individuals and corporations.

Through nutrition and smart choices we are dedicated to eradicating obesity and creating a healthy mindset and lifestyle that will build and maintain a reality of wellness in every client we encounter.

How It Works

First, you will need to register.

After registration, your account will be created and you will receive an e-mail with information on how to login and download the required forms need for the challenge.

Beyond the Challenge

America’s 10 City Challenge will continue, through this website, to encourage, educate and support participants in maintenance with their new healthy lifestyle.

What Sets Us Apart

We understand that nutrition is the foundation for optimal health. For this reason, the initial month of America’s 10 City Challenge focuses mostly on healthy eating. We are confident that every participant will see improvements in their overall health. Weight loss will simply be a bonus! Through our proprietary program and the guidance of trained health coaches, participants will truly experience the positive impact that healthy eating has on their lives.

After the initial 30 day program is complete, we will encourage participants to continue their journey of health through continued guidance with health coaches and America’s 10 City Challenge wellness programs. Our goal, through education and mentorship is to provide our participants with a set of tools that will allow them to become their own health advocate as they strive for total well-being and optimal health.

Download our New Mobile APP!!

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History of Sears Kit Homes

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William Levitt was not the first person or business to use a prefabricated method of home construction. He certainly took the science to the next level when he was building almost 30 homes per day in the late ’40′s in Levittown.  But, the prefabricated business of home construction was 50 years old by that time. In the late 1800′s, Sears and Roebuck was the leading retailer in the home mail order business. Almost every rural community in America relied on their highly anticipated thick catalog full of every gadget known to man. The catalog contained every necessary item for the house and barn, and when  no longer needed, it supplied the outhouse. Sears was known for reliability, quality and, convenience.

Around the turn of the century, Sears was entering the catalog Home building business. They would design, cut, package and ship, by rail, more than 70,000 homes between 1908 and 1940. Sears created hundreds of different floor plans and exteriors. They were also able to take any individual customer’s design and pre-package the order with all the required items. This style of construction was extremely efficient and affordable. Traditional forms of home building required creating, fashioning, forging or milling the necessary materials to complete the home at considerable expense and time.

The construction techniques designed by Sears were clearly ahead of its time. The builder was occasionally the home buyer with help from willing neighbors but most of the time carpenters were hired. Unskilled labor was not an issue due to the simplistic construction design.  One of  the newer building techniques, for example, consisted of the interior walls being constructed from nailed framing of 2×4 pine studs extending from the floor sill plate to the rafters, instead of the heavy timbers that had typically been used which required hand hued mortised tongue and groove connections. This new style of construction was called ‘balloon’ studded framing; it made possible for fewer, less skilled workers to erect a single wall section. This design was used into the 50′s and modified techniques continue today. There are other examples of cost saving and simplistic design methods, like inexpensive sheets of dry wall nailed  over the balloon framing of the interior walls instead of the labor intensive plaster over lattice and wire mesh that was normal for the day. Asphalt shingles for the roof were relatively new to construction but much more efficient than the typically, labor intensive, split shingle (shake) system or a Tin roof covering, both requiring extensive labor and skill.

Modern conveniences were continuously being incorporated into plans and the catalog was full of add on options. Kitchens had the latest appliances and homes were outfitted with central heat and in some cases, central air.

Detailed in her book entitled, The Houses That Sears Built,  Rosemary Thornton writes: “Between 1908 – 1940, more than 75,000 Sears’s homes were built. Sears kit homes contained 30,000 pieces, including 750 pounds of nails, 27 gallons of paint, and a 75-page instruction book. Sears estimated that the average carpenter would charge $450 to assemble those 30,000 pieces of the house. The painter’s fee – $34.50. Other estimated skilled labor would cost $1.00 an hour. Prices for these build-it-yourself houses ranged from $147.00 to $6,000.00. After selecting a house design from the Sears Modern Homes catalog, customers were asked to send in $1.00. By return mail, they received a bill of materials list and blueprints. When the buyer placed the actual order for the home building materials, the $1.00 sent in earlier was credited toward the purchase.”

Sears catalog orders were robust until the Great Depression gripped the nation, stripping over 30 billion dollars of her wealth in the first week. The continued effects were devastating as businesses, and home owners lost everything they had. Home foreclosure rates soared to approximate 1,000 per day. Sears catalog orders certainly were affected by the Depression as their business started to slow. Although, The Great Depression never stopped the Sears Home catalog business, changing housing codes would bring an end to it. Sears could no longer adapt to the changing local building codes in municipalities and states. By the 1940′s,  Sears had dropped their catalog home mail order business.

Special Guest:  Rosemary Thornton Author and Authority on Sears Catalog Homes

Do you live in a Sears Home? Learn how to identify a Sears home! We want to hear from You! Mark.Griffith@migonline.c

*Click to buy book!

 Sears Catalog Homes:

For more than 10 years, Rose Thornton has traveled throughout the country, seeking and finding Sears Homes. In that time, she’s written countless newspaper and magazine articles, in addition to several books.

Rose is the author of The Houses That Sears Built (2002,) Finding the Houses That Sears Built (2004) and she’s the co-author of California’s Kit Homes (2004) and Montgomery Wards Mail-Order Homes (2010). Rose’s newest book – The Sears Homes of Illinois – was published in December 2010.

Rosemary Thornton

Order your copy today!

Tennessee Home Values Rise!

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Nashville Housing Market is taking off!

Nashville Housing Market is taking off with home values soaring by over 7% in the last 12 months. Nashville home values bottomed out in October of 2011 when they dropped to $133,000 price average, but since 2011 the values have risen an amazing 7% or $143,000 price average.  The historic home values peaked in August of 2007 when they reached $154,000 which means today average values are only off  a little over 7% from those historic highs! Also, the average list prices of homes on the market are up over 11% in the last 12 months, pushed up by a bidding war and strong buying activity.

Nashville, TNNashville recently  has been in the news for making the Forbes list for the number 2 best place to get a job, but there is other great news for the surrounding markets too:

Homes Values are up the last 12 months for Oak Hill over 8.5%, Brentwood over 7%,  Belle Meade over 6%, Lakewood over 6%.

Knoxville Home Prices are up!

Knoxville Home Prices were up close to 4% in the last 13 months when compared to the bottom that was reached in February of 2012. According to Zillow.com, Knoxville home values hit a low of 103,000 in February 2012 due to the pop of the great bubble, but in just over a year, the market has climbed back to almost 4%  or $107,000 by the end of March. Appreciation rate of anything over 3 % per year is considered excellent. Knoxville home prices hit a historic high in November of 2009 when it reached $114,000, but by the end of March 2013, the values are only off 6%  from that historic high.

Monthly rental prices peeked in July of 2011 at $830 but since that peak, they have  dropped over 15%,  indicating a move from temporary housing to a more permanent home buying opportunity.

Farragut area has seen a little more volatility in its values since hitting its lows 2011, but in the last 12 months their values  have soared to a  little over 7%. Not surprisingly, the average list price of homes have increased almost 10% in the last month, and sales prices overall  are up over 5% since January.

These are great signs, but it gets even better for Tennessee.

Mortgage Investors Group

Areas around Tennessee with MIG offices:

Selected areas around Tennessee with MIG offices:

Cookeville home values are up over 7% in the last year.

Johnson City home values have risen over 7% in the last year.

Nashville home values have risen over 7% in the last year. (Forbes picks Nashville #2 best place to get a job.)

Sevierville home values are up over 6% in the last 12 months.

Pickwick home values are up over 5.5% in last years.

Memphis home values have risen over 1% in the last year.

Crossville home values are up over 5% in last month.

Kingsport home values are up over 3% in last month.

Greeneville home values are over 2% since the beginning of this year.

Chattanooga home values are up over 1%  since December 2012.

Maryville is also just now starting to see home values increase, in the last month their values are up .7%

Data from Zillow

Read our blog:

Timings everything, now’s the time!

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Knoxville Home Prices are up!

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Knoxville Home Prices were up close to 4% in the last 13 months when compared to the bottom that was reached in February of 2012. According to Zillow.com, Knoxville home values hit a low of 103,000 in February 2012 due to the pop of the great bubble, but in just over a year, the market has climbed back to almost 4%  or $107,000 by the end of March. Appreciation rate of anything over 3 % per year is considered excellent. Knoxville home prices hit a historic high in November of 2009 when it reached $114,000, but by the end of March 2013, the values are only off 6%  from that historic high.

Monthly rental prices peeked in July of 2011 at $830 but since that peak, they have  dropped over 15%,  indicating a move from temporary housing to a more permanent home buying opportunity.

Farragut area has seen a little more volatility in its values since hitting its lows 2011, but in the last 12 months their values  have soared to a  little over 7%. Not surprisingly, the average list price of homes have increased almost 10% in the last month, and sales prices overall  are up over 5% since January.

These are great signs, but it gets even better.

Mortgage Investors GroupSelected areas around Tennessee with MIG offices:

Cookeville home values are up over 7% in the last year.

Johnson City home values have risen over 7% in the last year.

Nashville home values have risen over 7% in the last year. (Forbes picks Nashville #2 best place to get a job.)

Sevierville home values are up over 6% in the last 12 months.

Pickwick home values are up over 5.5% in last years.

Memphis home values have risen over 1% in the last year.

Crossville home values are up over 5% in last month.

Kingsport home values are up over 3% in last month.

Greeneville home values are over 2% since the beginning of this year.

Chattanooga home values are up over 1%  since December 2012.

Maryville is also just now starting to see home values increase, in the last month their values are up .7%

Data from Zillow

Read our blog:

Timings everything, now’s the time!

timing