Knoxville real estate market, how is it? (Farragut: for sale, foreclosures)

[slg8080]

Finally sold my home in FL and moving to Knoxville within 3 months. My home was difficult to sell due to the amount of inventory and foreclosers listed, but even though FL is in a housing slump I managed to find a buyer.

Tell me about the Knoxville market? Wondering if it's a buyers market or sellers market? Is things going to get better or worse in your opinion?

Im looking in the Hardin Valley, Farragut, or somewhere in between if this helps to answer my question above, thanks.

[Barking Spider]

I don't think there is any place in the country where its a sellers market.
Huge inventory. While houses are selling here, some of them have been on the market a very long time.
That said, I have inspected several that just came on the market.

[hiknapster]

I would think that buying before spring would give you a bit of an advantage. However, I'd rent for a bit just so you can get the lay of the land. When we moved from Florida we rented for quite awhile. I can honestly say that I found my favorite area within a couple of months though, just by driving around.

Anyway, the market here is much, much better than Florida's. A lot of times a house sits because it is not correctly priced. I use to be an agent and we all know homeowners and agents with delusions of grandeur.

So don't expect the enormous deals you can get in Florida. Of course that depends on where you lived in Florida. Cape Coral is now actually having bidding wars. Just expect a fair price.

[LSLBlues]

We bought in Farragut in July. We found houses that were in good shape and priced right, sold quickly. We actually had a couple houses that we were interested in but sold before we made an offer. That being said we have 2 houses on our street that have been for sale for almost a year. One is overpriced and the other has a horrible back yard.

We have friends who live up in Hardin Valley. Very nice area. Farragut is as well. For Farragut make sure to look out west.

[oldmanbob]

Hey sig8080, Congrats on your locating to Knoxville. Yes it is a buyers market for now and probably will be for another maybe year of so. The Short sales and foreclosures are takings its toll and that helps in keeping purchase prices down. Most experts will say you can find homes at about the price of the mid 2005 prices, before everything went up. Lost of lenders will even finance the short sales and or foreclosures, with extra funding built in, to do some repairs to bring it up to better standards. Good luck and happy hunting!