Buyers looking for homes for sale in Knoxville, TN have been met with new challenges this year as the number of listings locally has dropped to historic lows. However, having a high number of available buyers is good news for those wanting to sell their Knoxville home. Less supply and more demand helps maintain current home values and allows homes to sell quickly, but unfortunately a lot of Knoxville homeowners are staying out of the market.
Why are sellers waiting?
In a recent survey of home sellers by Qualtrics, 87% of respondents said they were concerned their home won’t sell because of the pandemic and resulting economic recession. Of the respondents, 51% said they are “seriously worried.” That concern seems reasonable considering the current condition of the economy. The data, however, is showing that home purchasers are still very active despite the disruptions American families have experienced this year.
The latest Existing Home Sales Report published by the National Association of Realtors (NAR) revealed that 340,000 single-family homes sold in this country last month. NAR’s most recent Pending Sales Report (homes going into contract) surpassed last month’s number by over 44%, which far exceeded analysts’ projections of 15%. ShowingTime reported that appointments to see homes (both virtually and in-person) have increased in every region of the country and are up 21.4% nationwide over the same time last year.
While buyer activity is surging, the number of listings has fallen to an all-time low. Zelman Associates, in their latest residential real estate report, revealed that housing inventory as a percentage of households has fallen to 1.2%, which is half of the long-term average and lower than any other time in our history.
Bidding Wars Heating Up Again
“On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).”
Bidding wars guarantee houses sell quickly at a price near or even slightly over the listing price.
If you’re thinking of selling your Knoxville, TN home, don’t be concerned about putting your house on the market right now. There’s no better time to sell an item than when demand for it is high and supply is low. The team of agents at the Billy Houston Group would love to help you negotiate the best possible deal for your house. Call us today at 865.577.SOLD to schedule a free, no obligation home valuation and discuss your homeownership goals.
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