Knoxville, TN Real Estate News

By Jim Lee, Portsmouth NH Realtor, Portsmouth, NH
(RE/MAX Shoreline)
We want to be the first to WELCOME you to Knoxville! My team is the "The Knoxville Area Relocation Experts". We have helped hundreds of families with their move to the Knoxville area. Put our "Knoxville Knowledge" to work for YOU!Search over 15,000 Knoxville area Realtor listings at:www.KnoxvilleMLS.comeMail Jim for more information and a complimentary relocation package.We'll be there for you from start to finish including:Mortgage Assistance, Click "Mortgage Info" at KnoxvilleMLS.com eMail updates of Knoxville area homes for sale Area Orientation Tours Buyer Representation Skilled Contract Negotiations Closing Procedures Advice Utility Transfer Help Rental Assistance if Needed True "One Stop" Home Shopping Call of e mail Jim for a COMPLIMENTARY package of Knoxville area information in...
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By Jim Lee, Portsmouth NH Realtor, Portsmouth, NH
(RE/MAX Shoreline)
Compare 2006 to 2005 sales hereView monthly, quarterly, and annual sales statistics on www.KnoxvilleMLS.com, click "Search Homes" and then "history of home prices"Sales Report Beginning 01/01/2005, Ending 12/31/2005 Single-Family Unit Sales - Residential Other Statistics BedroomsPrice Class2 orLess34 orMoreCondoSoldResidentialActiveCondoActive$0 - $19,999693930230$20,000 - $29,99913464103700$30,000 - $39,9991581421641001$40,000 - $49,99915514433182023$50,000 - $59,999170190292525233$60,000 - $69,999239280336227116$70,000 - $79,9992223885912330413$80,000 - $89,9992075455424330952$90,000 - $99,9991275895911126415$100,000 - $119,999141111914323543755$120,000 - $139,999128142924230356473$140,000 - $159,999661161327241506107$160,000 - $179,9994784627113553774$180,000 - $199,99945683255121386...
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By Jim Lee, Portsmouth NH Realtor, Portsmouth, NH
(RE/MAX Shoreline)
Recently a long simmering, local political pot finally boiled over when the Tennessee Supreme Court ruled that Tennessee counties with a charter form of government could indeed legally vote to limit the number of terms an office holder could serve.In 1994 Knox County voters voted overwhelmingly to limit the number of terms an office holder could serve to not more than 2. The next year the Tennessee Attorney General issued an opinion that vote was invalid. No one bothered to challenge it because, after all, it was the state attorney general and surely his opinion was a good one.In March of 2006  the Tennessee Supreme Court upholds term limits in Shelby County, which, like Knox County, operates under a charter with a term-limits provision. This set the stage for a similar ruling in Knox C...
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By Jim Lee, Portsmouth NH Realtor, Portsmouth, NH
(RE/MAX Shoreline)
Sales Report Beginning 01/01/2006, Ending 12/31/2006 Single-Family Unit Sales - Residential Other Statistics BedroomsPrice Class2 orLess34 orMoreCondoSoldResidentialActiveCondoActive$0 - $19,999453550281$20,000 - $29,99910651120710$30,000 - $39,9991321121561041$40,000 - $49,9991631481641722$50,000 - $59,99920123333132263$60,000 - $69,999226272374423616$70,000 - $79,999260375356726514$80,000 - $89,9992424455612128227$90,000 - $99,9991624465117326026$100,000 - $119,99917198411317945287$120,000 - $139,999142122720933463687$140,000 - $159,999861156252313580152$160,000 - $179,9994992827620767299$180,000 - $199,9994471726421952691$200,000 - $249,999751040540193991162$250,000 - $299,9994150849387808106$300,000 - $399,9993641555369909175$400,000 - $499,999161282812143849$500,000 or Over69838514...
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By Jim Lee, Portsmouth NH Realtor, Portsmouth, NH
(RE/MAX Shoreline)
It's almost time for the "Best 3 weeks of spring in America", Knoxville, Tennessee's annual Dogwood Arts Festival.Each year for about 3 weeks in April Knoxville, Tennessee becomes a 'blooming' fairyland when the Dogwood trees bring forth their beautiful blossoms.Dogwoods are a native tree in east Tennessee so the woods are full of them in addition to their being a very popular residential landscaping tree.Additionally around the same time the Dogwoods are abloom another native flowering tree, the Redbud is in full bloom with their spectacular and colorful purple blossoms (don't ask me why a tree that has purple flowers is called a "Redbud"). ;-)And if that show isn't enough Dogwood blooming season is also when the Tulips, Azaleas, Dafodils, Crocus, and lots of other flowers and shrubs p...
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By Jim Lee, Portsmouth NH Realtor, Portsmouth, NH
(RE/MAX Shoreline)
Let me shamelessly suggest www.KnoxvilleMLS.com, my flagship website developed, improved, remodeled, tweaked, and positioned over the past 9 years. When I stated building this site I wanted it to be the best it could be (and who doesn't) so I was always asking people that were using it what could I do to make it better, faster, easier, and more user friendly. Today's version is the result of listening to those comments and advice. At www.KnoxvilleMLS.com you can:View all of the Greater Knoxville area's Realtor listings from the Knoxville Area Association of Realtors.Get a daily update of new listings that meet your criteria.See all the home sales stats for the past 8 years. Get information and compare local schoolsFind lots of home selling tips including my complimentary 52 page eBook "...
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By Jim Lee, Portsmouth NH Realtor, Portsmouth, NH
(RE/MAX Shoreline)
The newest 'meme' challenge is to name 5 reasons why your hometown is a great place to live and to buy a house. There are so many reasons for Knoxville it's going to be tough limiting them to just 5 but that's the format so without further ado:You get a lot of house for your dollar in Knoxville. Our 3rd quarter 2006 median price for a 3 bedroom, 2 bath, resale home was $149,900 compared to the national median of $211,000.Diverse economy translates to a stable economy with historically low unemployment and slow but steady home price appreciation; ours has averaged 3-5% annually for the past 15 years.Culturally diverse population increases knowledge and understanding of the shrinking globe (plus we have lots of great ethnic restaurants) ;-) University of Tennessee & nearby Oak Ridge Natio...
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By Jim Lee, Portsmouth NH Realtor, Portsmouth, NH
(RE/MAX Shoreline)
At the current Internet edition of Fortune magazine they're predicting the top 100 real estate markets for 2007."What will happen to the value of your home next year? We asked Moody's Economy.com and Fiserv Lending Solutions to crunch the numbers for the top 100 markets in the United States."Nashville, Knoxville, and Memphis are picked numbers 12, 15, & 16 respectively. What marvelous news; I knew our market was still pretty good but I'm delighted to see we're predicted to be number 15 of the 100 hottest US real estate markets in 2007!Knoxville home prices are expected to rise a modest 3.5% in 07 which is right in line with our rate of appreciation for the past 10-15 years.While the South is projected to be "strong" overall the West's predictions are titled "Chill on the Coast".The Midw...
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By Jim Lee, Portsmouth NH Realtor, Portsmouth, NH
(RE/MAX Shoreline)
OK, so you bought a $4.95 sign at Wal-Mart, stuck it in the front yard, and right away the nicest young couple stop by and say your house is perfect for them."We want to buy it", they say."Wow, that was easy", you're no doubt thinking. You get out your Office Depot contract form, you all sign it, and now all you have to do is wait for the check to get here.A couple of weeks later your 'buyers' strangely become incommunicado after numerous trips to your house to measure for new blinds, show it to friends and relatives, and talking about what they're going to do after.....................Could trouble be brewing on the horizon??? Chapter IV of my "Knoxville FSBO Handbook" covers this situation and how to prevent it.In case you missed them here's Chapters I, II & III. Chapter I Chapter IIC...
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By Jim Lee, Portsmouth NH Realtor, Portsmouth, NH
(RE/MAX Shoreline)
After looking at our latests available sales sales statistics, the 3rd quarter, it appears as if the greater Knoxville, Tennessee area is not experiencing any sort of bubble or price declines. 3rd Qtr. 2004  3 BR Solds  2,390  Avg. Price  $145,000  Days to Sold  803rd Qtr. 2005  3 BR Solds  2,747  Avg. Price  $157,400  Days to Sold  653rd Qtr. 2006  3 BR Solds  2,491  Avg. Price  $169,300  Days to Sold  78For about 6 months in 2005 I believe we were in a fairly brief seller's market which accounts for the spike in units sold; that tide has since turned and we're back into a buyer's market with a good supply of inventory but no fire sales in sight.The new home market in the area is off right now; I got an e mail from one builder last week offering a $5,000 cash bonus to any selling agent...
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By Jim Lee, Portsmouth NH Realtor, Portsmouth, NH
(RE/MAX Shoreline)
I was reviewing the sales statistics for the 3rd quarter of 2006 versus the same time period in 2004 & 2005 to see how we are doing in spite of all the "doom & gloom" news coming daily in both print and TV.                                 Total Units  3 BR Median Price     Days On Market 3rd Quarter 2004        4,219           $129,900                       803rd Quarter 2005        5,018           $139,900                       653rd Quarter 2006        4,645           $149,900                       78The numbers look good to me. Number of units sold and closed in the 3rd quarter of 2006 are lower than the same time period in 2005 but above the same numbers in 2004; nothing to be alarmed about there.The 3 bedroom home median price shows a slow and steady increase over the past 3 years....
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By Jim Lee, Portsmouth NH Realtor, Portsmouth, NH
(RE/MAX Shoreline)
For those of you who own or manage rental properties, evicting a non-paying or disruptive tenant is a very time consuming and dollar intensive process. One quick & easy potential solution to your dilemma could be to make a "keys for cash" offer to the tenant to move immediately. On the few foreclosure properties I've been involved with most of the owners will authorize me to negotiate with the current tenants and offer them a smaller sum initially, up to a couple of thousand dollars to turn over the keys to the property and move within a week or two. The benefits to the owner are enormous.You get the property back much sooner than going the eviction route/You save potentially thousands of dollars in lost rental and legal fees that you have little chance of recouping from your former ten...
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By Jim Lee, Portsmouth NH Realtor, Portsmouth, NH
(RE/MAX Shoreline)
Our local newspaper has a columinist named Sam Venable who writes some of the funniest stuff you've ever read.This mornings Halloween column was funnier than usual though.*** WARNING *** Don't be sipping on any sort of beverage when you get to the end unless you want to clean off your screen. Click here to read all about The candy corn flip "It was about 10 o'clock and the few trick-or-treaters had trailed off," Harold recalled. "Ada went to the laundry room to run a load of wash. She told me to listen for the door and give out candy." Sure enough, the bell rang. Basket in hand, Harold walked to the door and opened it. Outside stood a lone visitor, clad in a long coat and a paper bag mask." And of course tonight is Halloween so be ready for all the little ghosts and goblins that will be...
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By Jim Lee, Portsmouth NH Realtor, Portsmouth, NH
(RE/MAX Shoreline)
In my part of the country we have a lot of rock formations close to the surface of the earth which creates a haven for Radon gas. For those of you that may not have had any direct experience or heard much about it; Radon is a colorless, odorless, gas that occurs during the natural breakdown of uranium which is in most all of the United States.According to the Environmental Protection Agency (EPA), Radon is the second leading cause of lung cancer in the US ranking just behind smoking as a killer.Here's a link to the EPA website where you can learn more than you ever intended to know about Radon gas.Again based on EPA data the safest level of Radon in a home that does not require mitigation is 4 Picocuries per Liter of air or less, commonly written as pCi/L. I have no idea how much a Pico...
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By Jim Lee, Portsmouth NH Realtor, Portsmouth, NH
(RE/MAX Shoreline)
I got a call earlier this afternoon from a local television station looking for some input on a story they were doing on why housing sales were down so much. Locally our sale are not down and in fact have been pretty good all year long so I agreed to be interviewed. My 15 seconds of fame"The prices are going up, but market time is staying about the same," Lee saidSo, if you want to avoid the price slump, take this advice:"If you've got a house for sale and you get an offer now... you need to look very kindly at that offer, no matter what it is, and try to make that work," Lee said."The whole interview lasted about 15 minutes and I had bunches of data from our local association as well as some stuff from NAR but the video portion got edited down to 3, 5 second sound bites. I watched the ...
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By Jim Lee, Portsmouth NH Realtor, Portsmouth, NH
(RE/MAX Shoreline)
Do you try to help Mr. & Mrs. FSBO in your real estate practice???According to the latest NAR stats FSBOs are in more need of our help now than ever before.http://www.realtor.org/press_room/news_releases/2006/hmbuyersellersurvey06.html"Only 13 percent of sellers conducted transactions without the assistance of a real estate professional in 2005, and 39 percent of those FSBO transactions were "closely held" between parties who knew each other in advance, up from 32 percent in 2004. The FSBO market share was at 14 percent in both 2003 and 2004. NAR began tracking the FSBO market in 1981; the record was 20 percent in 1987."I offer a FSBO listing service on my website which is designed to make me Mr. Nice Guy to Mr. & Mrs. FSBO and give me 'top of mind' awareness when they come to the reali...
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By Jim Lee, Portsmouth NH Realtor, Portsmouth, NH
(RE/MAX Shoreline)
The current issue of "Where to Retire" magaine lists “8 low cost towns with great home buys”.Not surprisingly my city of Knoxville, Tennessee is one of them; in fact one of the few things below average around here are home prices.The National Association of Realtors lists $143,000 as the median price of homes in the area with the average cost of a new, 4 bedroom home at $175,520.No state income tax, low cost of living, lots of things to do, and temperate weather with four distinct seasons of year were all factors in selecting Knoxville as one of the eight low cost towns.If you're approching or considering where to retire Knoxville, Tennessee has a lot to offer you.
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By Jim Lee, Portsmouth NH Realtor, Portsmouth, NH
(RE/MAX Shoreline)
Using video technology Tennessee's Tourism bureau doctored some scenes from an early Elvis Presley movie and replaced the original actress riding with Elvis in a red convertable with Dolly Parton in a 'made for the www' commercial promoting tourism in Tennessee. http://elvis.com/graceland/special/video_elvis-dolly.aspThanks mainly to ads like this one a Google search of the word "vacation" now returns http://www.tnvacation.com/ , the Tennessee Tourism Department's "vacation in Tennessee" website in the top 10 results out of 335 million plus websites for that word.Speaking at a Knoxville luncheon recently State Tourism Commission Susan Whitaker talked about the importance of the internet as a marketing tool and said her commission had shifted a million dollars of their budget from other ...
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