We are approaching the best time of the year for home sales in Knoxville, according to a Zillow home sales rise in May. But the current housing market could impact your chances of buying or selling your home.
If you have a rental property or you're looking to sell a home - you're in the perfect spot. However, if you're buying, you've probably already seen how quickly properties are changing hands.
According to Knoxville realtor Suzy Trotta, the Knoxville housing market has a sweet spot.
The market is just less than $200,000. That's the same price range that has the lowest amount of inventory in the market. Those two factors combined are creating headaches for homebuyers.
"Because if you keep going out to look at houses and you keep getting out bid on them or they're gone before you get to them they may decide I’m just going to rent for another six months and wait this out,” Trotta said.
That time spent waiting is beneficial to Knoxville landlords, who are holding on to rental properties.
"There's no incentive for landlords to sell off their rental properties if they're making really good income right now,” Trotta said.
To show you just how well things are going for sellers in Knoxville right now: homes in South Knoxville on average are listed at $147,000 and selling at $143,000 - that’s 97 percent of asking price.
In East Knoxville homes are selling at 96 percent. In North Knoxville 94 percent, and in West Knoxville 95 percent.
Also, driving home sales in South Knoxville, the development of the Urban Wilderness.
"People want to be near Ijams, they want to be near the river and they want to be near mountain bike trails,” Trotta said.
The growth of mixed-use properties, places that offer retail and commercial space, is another driving factor.
"That's our number one request that we get from millennials, what's walkable within this area, what's bike-able within this area,” Trotta said.
Trotta says she has a number of families concerned about Knox County Schools rezoning and what it means for their future home.
But she says buyers looking for homes for less than $200,000 can't afford to be picky unless they're willing to wait longer to close on a home.