Real Estate market in East TN (RE market, foreclosure, sales, realty)

[VMH2507]

I have a friend who is interested in moving back to the Oneida TN area where she and her husband grew up and still have family. They are retired so are not concerned about employment. What is the real estate market like in that area? She is looking to pay no more than around $150K. Just wondering if houses are selling well in that area or if they have had a slowdown.

[shellytc]

VMH, you will probably get more response if you can post this on that states forum.

Shelly

[VMH2507]

Posted on the Tennessee board as well, but no response.

[shellytc]

Darn!! Sorry. I don't know the market you are asking about.

[Beretta]

East Tennessee is experiencing a slow down as well. However, the price point you mentioned seems to be moving along better than higher priced homes.

[CouponJack]

Originally Posted by VMH2507

I have a friend who is interested in moving back to the Oneida TN area where she and her husband grew up and still have family. They are retired so are not concerned about employment. What is the real estate market like in that area? She is looking to pay no more than around $150K. Just wondering if houses are selling well in that area or if they have had a slowdown.

Its very simple. Do a google on knoxville, tn real estate market and you should find local info....heres a couple links. East TN inventory is way way up from last year and '05 and their # of units sold are down also YOY. Its funny, most realtors in that area will boast "home prices are rising", however they fail to mention that this is meaningless because of all the higher end homes built. They are nothing but snake oil salesmen for promoting lies. They give honest realtors a bad name for doing this.

Again, if you look at the hard data. Inventory is way up and # of units sold are way down YOY.

Knoxville Real Estate Talk

Sales Report: 08/01/2006 - 08/31/2006

Sales Report: 08/01/2007 - 08/31/2007

[goodbyehollywood]

East TN, like most areas, is a city of neighborhoods. The more desirable areas aren't down as much as the the less desirables areas. Sales have slowed in all areas and inventory is high. It's a buyer's market, but there is demand on the sidelines. The tiptop homes don't linger long. But if you're willing to take a cosmetic fixer and do some work, you can probably get a great deal!

[VMH2507]

Thank you for the information regarding the sites to look at the Knoxville market. It had some very interesting information for that area. Unfortunately the area that my friend is interested in is a good distance away from Knoxville (too far to commute)- much more rural - and a good distance from any interstates. It is probably at least an hour maybe 1.5 hours away from Knoxville, in fact is probably closer to some cities in Kentucky than Knoxville. I guess that is my question - how does a rural market compare with the cities? I know that there has been a lot of discussion of people moving from FL to east TN mountains to get away from high taxes, insurance and hurricanes, but not sure if that has come to a screeching halt because of the problems with real estate in FL.

[VMH2507]

I used a site called RealtyTimes.com that was recommended by someone in another post to find a couple of rural towns (Fairview and Jamestown) in fairly close proximity to Oneida. One of the listings mentioned that RE market problems in the midwest and FL were having the affect of slowing (2 or 3 on a 1-5 scale) the market in their area of TN, but both said that prices were still rising (at a 4 on a 1-5 scale).
As a comparison I also looked at some places in the Atlanta area on the same site and they were at 1 or 2 on the price scale and the slowing scale.

[CouponJack]

Originally Posted by VMH2507

I used a site called RealtyTimes.com that was recommended by someone in another post to find a couple of rural towns (Fairview and Jamestown) in fairly close proximity to Oneida. One of the listings mentioned that RE market problems in the midwest and FL were having the affect of slowing (2 or 3 on a 1-5 scale) the market in their area of TN, but both said that prices were still rising (at a 4 on a 1-5 scale).
As a comparison I also looked at some places in the Atlanta area on the same site and they were at 1 or 2 on the price scale and the slowing scale.

Just be careful about realtor's who tell you "prices are rising" in certain markets. This is an argument promoted by the NAR to give the appearance certain markets are doing better than they really are.

When you examine a certain market ALWAYS check out YOY trends in inventory, # of sales, & foreclosure rates. These are way more important than "price trends" because as an example, Charlotte area inventory #'s are way up and # of units sold are way down, however "prices are stable" only because higher end homes are mainly being built which skews the #'s.

I did not make this up. This advice was given to me from a trusted reatlor in the business who does drink the kool-aid of the NAR.