The housing market in Knoxville is a question that I am often asked about and "just how" the  market is affecting me.  Last year at this time, there were nearly 600 more closings during the first 5 months of 2007 as compared to the market thus far in 2008.  That's a lot of closings that we're missing!!!  I am feeling the crunch, yet I can't figure out one thing.  The buyers that are looking, the ones that are already approved and ready to roll, WHY are so many sitting on the fence??  From what I've read, the housing market, at least for Knoxville, TN won't take much more of a nose dive, I think we're at our "worst" and reports indicate that housing is going to start going back up. There are deals out there to be had, that is no secret, but keep in mind that sellers are not willing to give their homes away, they are just deciding to stay put rather than take a loss. So, if you want it, go for it before the market changes and there is less "play" in prices.

My parents wanted to downsize and I helped them find a condo that was "in their price range" and honestly, it was a step down rather than at the least, a side step, it was a step down.  I couldn't not only picture them in that condo, but they were going to be paying more for something smaller, much smaller.  My mother is a praying woman (not to say that I'm not, but you could not compare my faith to hers, not yet) and she just turned it over to God and "didn't worry about it."  Time went on and on and on, showings came and went -- they had those insulting offers and then finally realized that they were stepping down, that they were going to pay more for less and why??  They not only would be "losing" on space and financially losing, but they would lose their peace.  A peace that they created in their home now.   They have a haven on their property now, so peaceful and green and beautiful, 2 acres of land v/s having a neighbor literally 4 feet from you (through walls) at any given time and they decided to stay put.  My point in this story is that they nor any other seller is willing to lose on what they've built for their entire lives.  They fit into that group of "sellers' in which they don't really "have to" sell, they just want to and the value that the house gave them was much more than buyers, who saw it as a commodity and an investment, rather than a house at that point, just didn't bring to the table what they wanted. 

However, if you have to sell, if you have to move on, your home is going to have to be priced appropriately or it will just take a LONG time sell.  Average time on the market now is 90-180 days and even at that, as we all know, the longer your home is on the market, the more value it loses in a buyers eyes. 

If you have to sell, price it right from the begining.  Don't build in a "cushion" to bargain with, have your curb appeal in place (make them WANT to come into your house) and have the inside in shape.  The market is "soft" but not desperate and I can only see it going up.  Buyers:  You have so many options, so much to choose from, stop riding the fence, "deals" are awaiting you and honestly, now is the time to buy.