Knox housing market REALLY slow? (Knoxville: cul-de-sac, foreclosure, to rent)

[mjb62676]

I should also add that as far as selling houses, all I can go on is my experience...I've bought one by owner, sold one by owner, and have NEVER had one sit on the market more than 3 months. That happens when you don't wanna sell bad enough. (yes, I sold one this year).

Now, I'm a little concerned about my neighborhood hurting me, but I've got 4 years for it to build out...and I think it will be fine.

[ShellsNJam]

Well, I am extremely excited about moving to the area where there are actually things to do - parks, museums, nature all jsut waiting to be explored!

I have lived in 6 different places in the past 10 years and all have there down sides, but it is what you make of it. I live in an area that has virtually nothing to do, but I always find something to keep me occupied.

My house has been on the market for 1 month on no one has even looked at it, so there are far worse housing markets the Knoxville.

Happy Friday, soon to be neighbors!

[Pam& Bill]

Last year on 12/01/06, we put money down on our dream house in Coryton. The price we all agreed on was higher then I was comfortable with, but it was the market at the time. Well things didn't turn out like we wanted for various reasons and we lost our down payment. But we learned it was really a blessing in disguise.
Looking at the many houses available on the market today, with much lower price tags tells us that a buyers market is a better market to be in. Some houses we looked at last year that were so overpriced and needed so much work, had us running out of the door as fast as we could.Makes me wonder if some sellers haven't yet adjusted to the market leveling out? Just some of my personal observations regarding the Knox housing market.
Pam

[Bones]

Originally Posted by Pam& Bill

Last year on 12/01/06, we put money down on our dream house in Coryton. The price we all agreed on was higher then I was comfortable with, but it was the market at the time. Well things didn't turn out like we wanted for various reasons and we lost our down payment. But we learned it was really a blessing in disguise.
Looking at the many houses available on the market today, with much lower price tags tells us that a buyers market is a better market to be in. Some houses we looked at last year that were so overpriced and needed so much work, had us running out of the door as fast as we could.Makes me wonder if some sellers haven't yet adjusted to the market leveling out? Just some of my personal observations regarding the Knox housing market.
Pam

There are a lot of sellers everywhere that have not adjusted to the present market. Thus, they will sit....

[mesoholy]

Sellers are very much like Realtors in the sense that their brains are hard-wired to believe that the real estate market will always go up. When the opposite happens, they are shocked into oblivion and so they just sit there waiting for a miracle to happen. Not this time!

[inave]

We don't have our heads in the sand. I do believe the econony is self-correcting. Fortunately, DH and I don't have to sell our house at all. We have a contingency on a condo, which I would really love to follow through on but, if our house doesn't sell by next spring, we simply take it off the market and wait until another time.

I do have one observation, however. I admit I'm not real savvy when it comes to the finer points of financial things. But, in all the blame-game going on, I haven't seen anyone blame the homeowner who really couldn't afford to BE a homeowner unless they ran out and got one of those balloon or interest-only mortgages or the like. Or, as stated earlier, ones who bought a new house before selling their old one and are now stuck with two mortgages. I'm sorry, but my common sense tells me buy what you can afford and never count on "ifs".

Ted Kennedy, a great senator??? Surely, you were joking?!!

[mbmouse]

I just received this article and even though it is focused on Kingsport it covers more than that. I thought of this thread as soon as I read it and thought I would pass it on to y'all.

Kingsport ranks 32nd in national house price appreciation

While the national picture has been grim, regional metros fared well in house price appreciation:

#9 Asheville, NC
#17 Charlotte, NC
#23 Raleigh, NC
#28 Knoxville, TN
#29 Nashville, TN
#31 Huntsville, AL
#32 Kingsport, TN
#35 Columbia, SC
#38 Greenville, SC
#41 Richmond, VA
#49 Roanoke, VA
#51 Chattanooga, TN
#52 Huntington, WV
#55 Charleston, WV
#64 Wilmington, NC
#94 Spartanburg, SC
#108 Charlottesville, VA
#112 Memphis, TN
#123 Blacksburg, VA
#136 Louisville, KY
#138 Winston-Salem, NC
#139 Atlanta, GA
#146 Lexington, KY
#158 Greensboro, NC
#181 Cincinnati, OH
#196 Columbus, OH

U.S. housing prices dipped into negative territory in the third quarter for the first time in 13 years, according to the Office of Federal Housing Enterprise Oversight.

Of 287 metro areas, however, 147 recorded decreases in house prices during the quarter, the OFHEO reported today. More than 80 recorded year-over-year decreases in prices. But over a five-year period, only one metro area -- Detroit -- shows a decrease in prices.

Nationwide, prices were down 0.4% compared with the second quarter, the OFHEO said, and up 1.8% from the third quarter of 2006 -- exactly the rate of inflation over the past year.

The OFHEO data is gathered from a wider sampling than most other gauges of housing activity and focuses primarily on properties financed with conventional 30-year home loans.

Findings of the report include:

Florida, California and Michigan are bearing the brunt of the current declines. All of the 20 worst-performing markets over the past year are in those states. Prices in the Merced, Calif., area have fallen 13% over the past four quarters, worst of any metro area.
Prices are still rising in many areas. Texas, North Carolina, Washington and Utah put four cities from each state making the 20 best-performers list.
City rankings are listed by metropolitan areas. The OFHEO's House Price Index is published on a quarterly basis and tracks average house-price changes in repeat sales or refinancings of the same single-family properties. The index is based on analysis of data obtained from Fannie Mae and Freddie Mac from more than 30 million repeat transactions over the past 30 years.


Source: Home prices by city - MSN Money

[JMT]

Originally Posted by mbmouse

I just received this article and even though it is focused on Kingsport it covers more than that. I thought of this thread as soon as I read it and thought I would pass it on to y'all.

Kingsport ranks 32nd in national house price appreciation

While the national picture has been grim, regional metros fared well in house price appreciation:

#9 Asheville, NC
#17 Charlotte, NC
#23 Raleigh, NC
#28 Knoxville, TN
#29 Nashville, TN
#31 Huntsville, AL
#32 Kingsport, TN
#35 Columbia, SC
#38 Greenville, SC
#41 Richmond, VA
#49 Roanoke, VA
#51 Chattanooga, TN
#52 Huntington, WV
#55 Charleston, WV
#64 Wilmington, NC
#94 Spartanburg, SC
#108 Charlottesville, VA
#112 Memphis, TN
#123 Blacksburg, VA
#136 Louisville, KY
#138 Winston-Salem, NC
#139 Atlanta, GA
#146 Lexington, KY
#158 Greensboro, NC
#181 Cincinnati, OH
#196 Columbus, OH

U.S. housing prices dipped into negative territory in the third quarter for the first time in 13 years, according to the Office of Federal Housing Enterprise Oversight.

Of 287 metro areas, however, 147 recorded decreases in house prices during the quarter, the OFHEO reported today. More than 80 recorded year-over-year decreases in prices. But over a five-year period, only one metro area -- Detroit -- shows a decrease in prices.

Nationwide, prices were down 0.4% compared with the second quarter, the OFHEO said, and up 1.8% from the third quarter of 2006 -- exactly the rate of inflation over the past year.

The OFHEO data is gathered from a wider sampling than most other gauges of housing activity and focuses primarily on properties financed with conventional 30-year home loans.

Findings of the report include:

Florida, California and Michigan are bearing the brunt of the current declines. All of the 20 worst-performing markets over the past year are in those states. Prices in the Merced, Calif., area have fallen 13% over the past four quarters, worst of any metro area.
Prices are still rising in many areas. Texas, North Carolina, Washington and Utah put four cities from each state making the 20 best-performers list.
City rankings are listed by metropolitan areas. The OFHEO's House Price Index is published on a quarterly basis and tracks average house-price changes in repeat sales or refinancings of the same single-family properties. The index is based on analysis of data obtained from Fannie Mae and Freddie Mac from more than 30 million repeat transactions over the past 30 years.


Source: Home prices by city - MSN Money

Thanks for posting this mbmouse!

What I think is interesting is the 5-year gain posted by every metropolitan area except Detroit. Look at Tidewater (Norfolk) Virginia: in the last 5 years, the average price of homes there increased by 92%. In Los Angeles, it increased 107%. In Miami, 115%. Even in Knoxville there was a 40% increase. Dumpy New Orleans saw an increase of 47%. There is absolutely no way that our country could've sustained such an outrageous increase in real estate prices in such a short period of time.

Clearly, the real estate market needs a correction. While some people are going to have to eat their shorts because they can't flip houses for huge profits anymore, a dip in housing prices, or at least a slowing of the increase, should be welcomed news for those who want to be homeowners but haven't yet been able to afford one.

In related news, today's Atlanta Journal-Constitution has an article about how Europeans and Latin Americans are now buying homes in the US, particularly in Florida, because of the weak dollar and the slumping US residential real estate market. Brits used to buy summer homes in Southern France and Spain, but now they're headed to Miami and Tampa.

[Monicaabc]

[quote=hiknapster;2126635]

But I moved here, and I hated it. That fake "southern" thing drove us nuts.


Just curious what 'fake southern thing' you're talking about??? I just moved here from Florida.

[Monicaabc]

Originally Posted by ShellsNJam

Well, I am extremely excited about moving to the area where there are actually things to do - parks, museums, nature all jsut waiting to be explored!

I have lived in 6 different places in the past 10 years and all have there down sides, but it is what you make of it. I live in an area that has virtually nothing to do, but I always find something to keep me occupied.

My house has been on the market for 1 month on no one has even looked at it, so there are far worse housing markets the Knoxville.

Happy Friday, soon to be neighbors!

A newcomer to a little town passed by a man at the city gate. The newcomer said "Hello, What is your city like? Are the people in this city nice? Is there a lot to do in this city?". The old man asked, "what was it like where you came from?" "The people were wonderful, there was so much to do, we loved our neighbors." The old man replied, "I think you'll find the same in this city." Moments later another newcomer entered the city. He said to the old man, "Hello, What is your city like? Are the people in this city nice? Is there a lot to do in this city?" The old man asked, "What was it like where you came from?" The newcomer said, "I hated that place! My neighbors were horrible, the people were rude & nasty & there was nothing to do." The old man said, "I think you'll find the same in this city."