Very rarely is it a great time to buy and sell. A seller’s market means you will get more for the sale of your home but the home you purchase could also be more. Right now in Knoxville the market is hot! According to Zillow, “37922 home values have gone up 6.8% over the past year.” Because of this we’d love to say it’s a seller’s market, but mortgage interest rates are at almost an all-time low, although our friends at Keystone Mortgage have said they are starting to rise a little over the last week, which means it’s also a prime time to secure a mortgage. Matt Padgett of Keystone Mortgage says, “We are definitely making dreams come true today!” And we believe it! The average days on market have been very low for The Tiffany Dorn Group, in fact, we are starting to see houses go under contract before they hit the market. We just sold one home in Bearden in under four days. The market is so hot we are starting to feature homes as “Coming Soon” on our website and on Zillow.
So what about the financial market? Mortgage rates loosely follow the movement in the 10 year treasury bond. Over the past few weeks, the yield on the 10 year bond has dropped significantly. “It’s a great time to get pre-qualified to buy a home and we’re seeing many families take advantage of these lower interest rates”, says Matt. It takes less than 15 minutes to get pre-qualified for a mortgage so give Matt a call at 865-909-0211. And if you’re thinking of taking advantage of the healthy real estate market and listing your home for sale we’d love to talk details.