Knoxville's housing market fared better than much of the country during the recession, however it still took a bit of a hit. Now, it appears the market is coming back strong as local realtors say hundreds more homes were sold this year than in the past two years. Just this past October, there was a sizable bump over the month before.
Realtor Suzy Trotta said, "Interest rates have been at historic lows pretty much all year. People are able to lend money on a 30-year loan at 3 percent or 3.5 percent. That's a phenomenal rate."
Also, prices have come down over time. When you combine the low prices with low interest rates, you get lot of buyers bidding on the same home. That's something Trotta says the local housing market has not seen in years, and real estate agents expect the momentum to continue into 2013.
Trotta add, "What we want is a stable, strong market. So we're hoping that's going to happen in 2013 and that it levels out between buyers and sellers a little bit more. That would be perfect."
Anyone looking to buy a home in the new year is encouraged to get pre-approved for a home loan. Trotta says this way the buyer can lock in on the low rate, as it's now known what's going to happen with interest rates in 2013.
To find out more about the Knoxville housing market, click here.