Special offer

Farragut TN- Home Owners that are priced $200,000 and under are in a Sellers Market

By
Real Estate Agent with Great Life RE 313389

The other day I showed a potential buyer a home located in Farragut TN, which is a western suburb of Knoxville.  The home was listed at $199,900 - a low to average price for Farragut.  It was an older home with many updates including new windows, new siding, newer heat pump, newer roof, remodeled kitchen, new flooring, new fixtures, very clean and very well maintained.  I myself was very impressed with it's condition and the property was obviously not distressed. The potential buyer liked the home very much and asked me to get some additional information about the home.  I talked to the other agent, did my research and relayed the information to the potential buyer.  The buyer has a mindset, not unlike many buyers in "this market" and commented repeatedly about wanting to get a "good deal" in "this market" and sellers would be lucky to get any type of offer in "this market" and so on.  I mentioned that homes in Farragut are still selling well and sellers were still getting 94-96% of their asking price.  After all of the information was provided, my buyer proceeded to tell me that their offer would be $150,000 if they decided to buy it and that in "this market" that's really all a seller could expect.

That evening I prepared some market statistics on recent sales and closings in the Farragut area to present to my buyer the next day.  I wanted to help paint an accurate picture of "this market" to them in hopes of a more realistic outcome and be able to present an offer that would end up accepted, not shredded.  To my surprise this is what I discovered:

In the Farragut and Northshore / Choto area it is actually a Sellers market for homes that are priced under $200,000. 

  • Currently there are only 14 homes for sale that are priced at $200,000 or under
  • In the past 2 months alone there have been 15 closings in this price range.
  • The current Absorption Rate in Farragut Homes priced $200,000 or less is only 2 months

Therefore, if you have a home in Farragut, TN that would be price at $200,000 or less and are thinking of selling there has been no better time as there is less than 2 months of inventory on the market.

This is a unique opportunity for people wishing to sell their Farragut home in this price range as it is currently very much a Sellers market.  If you live in Farragut and are interested in Selling your home visit our Sellers Page and contact us to for a free no obligation CMA.

 

knoxville green realtor

Instantly search all properties for sale in the Knoxville TN and surrounding areas now!
www.HomesForSaleKnoxville.com

Visit Christine McInerney and Jennifer Halinkowski with Keller Williams Realty on-line at:
www.HomesForSaleKnoxville.com and www.KnoxvilleReal-Estate.com

Office: (865) 694-5904
Christine (865) 237-5289 and Jennifer (865) 621-3658
Mail to: McIn-Kowski@HomesForSaleKnoxville.com

Knoxville TN EcoBroker           Green REALTOR in Knoxville TN         Knoxville TN ePro

Instantly Search For All Knoxville, TN Homes , Condos , and land For Sale!!

 Knoxville TN Realtor

Comments (2)

Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Interesting how "this market" varies greatly from city to city and neighborhood to neighborhood - I hope you were able to educate your potential buyer about "this market"! 

Jul 29, 2009 04:38 PM
Stanton Homes
Stanton Homes - New Home Builder - Raleigh, NC
Design/Build Custom Home Builder in North Carolina

Wow, less than 2 month supply, that's incredible.  Please do update us on how the offer goes! 

Jul 29, 2009 11:16 PM