Real Estate Prices (Knoxville: for sale, houses, assess)

[Ashrael]

[Disclaimer: I said "prices", not "value".]

So I've been looking at the web lately, searching for what's available in the area, trying to get a feel for the market in and around Knoxville. That's an important point to make, I suppose.

Another important point to make would be that I'm one of those people who can spot emergent patterns really fast, far faster than most other folks can. It's a boon in my (prior) line of work: IT Security.

I've noticed a fair number of houses priced below what I would think would be market value in and around Knoxville. I'm not seeing any readily apparent reason for the drop in prices for these houses, and some of them are even entering the market at a vastly reduced price. These aren't all REOs, either. Some are just listed as 'for sale' with no short sale or REO information attached anywhere. Is something happening to undermine the market values there?

Also, I've noticed a smaller share of houses that are being brought onto market at ridiculous prices. Ridiculous as in low. So low that my friend looked over my shoulder at my monitor and said, "Yeah. Haunted as F***. You're gonna walk in there and things will start flying around the room in circles, the curtains will reach out to strangle you, voices will tell you to get out, the whole bit. Load a shotgun with crazy granny's spirit salts and take it with you ... you know, to drive off evil, and muggers. Or evil undead muggers. Who knows?" I'm half tempted to agree with his assessment.

So what's with the pattern of lowered/lowering housing prices? A second drop in the market due to weather/flooding/infestation by angry chipmunks?

[bevridge]

As usual in the real estate the answer is "It Depends." It depends on location, seller's situation, etc.