In this Knoxville Insider Issue…

🌤️ Real Estate Edition - Knoxville Area Market Update
 

Knoxville Area Market Update

In our area, home sales experienced a decline, dropping 18.9% from May through June which was a decrease of 9% compared to the same period in 2023. Despite the decline in volume, the average sale price of homes increased, reaching $375,000, which is a 7.58% rise from 2023.

The total housing inventory saw growth, with an increase of 41% from the previous year, indicating more homes available on the market. This rise in inventory has been accompanied by the length of time homes spend on the market. Currently, half of the homes sold were under contract in 13 days or less, compared to just 7 days a year ago. 

Despite a decline in home sales across East Tennessee in June, we are experiencing a continued rise in housing inventory, with a 9% increase from June to July. This uptick in listings is happening in all counties within the East Tennessee REALTORS area, with Monroe, Union, and Blount counties seeing the most significant monthly increases in inventory.

The growing inventory suggests a shift in the market, offering more options for potential buyers. As housing availability expands, it may provide a little relief for buyers who have faced a competitive market with few choices. 

As the market adjusts to these changes, it will be important to monitor how the increased supply influences home prices and sales in the coming months. The expansion of inventory could potentially lead to more balanced market conditions, offering opportunities for both buyers and sellers in East Tennessee.

With rates below 7% (as of Friday, August 2), it’s still an excellent time to buy or sell! Please feel free to reach out if I can assist you in any way.

Ask a Realtor😀 

^{Unbeknownst to a buyer, a home inspector missed a huge electrical/ wiring issue. The home owner did not disclose the problem. The issue only became known after the purchase. The home needed to be rewired at a cost of $15K. What is the recourse for the buyer?}

The process of determining responsibility for an electrical issue in a home can be complex. It's often difficult to prove whether the seller knew about an electrical issue before selling the home. Many homeowners are unaware of underlying problems if everything appears to be functioning correctly.

A thorough home inspection is critical when purchasing a home. The inspector should check all light switches, outlets, junction boxes, and the electrical panel. If any inconsistencies or issues are found, they should be noted in the inspection report with a recommendation for further evaluation by a licensed electrician.

If a buyer encounters electrical issues after purchase, below may be a few actions to consider:

1. Review the Inspection Report: Check if the issue was mentioned in the inspection report. If it was, and the buyer chose not to address it before purchase, they may be responsible for the repair.

2. Contact the Inspector: If the issue was missed during the inspection, the buyer might have recourse through the inspector’s liability insurance, depending on the terms of the inspection contract.

3. Seller Disclosure: Review the seller’s disclosure statement to see if the issue was mentioned. If the seller failed to disclose a known problem, there could be grounds for legal action.

_{How do you deal with persistent rural squatters?}

Squatters have very few rights in TN. House Bill 1259 (effective July 1, 2024) established and expedited the removal process of squatters. This bill removes most of burden from Tennessee property owners by clarifying a process for law enforcement to restore possession. The law can expedite the removal of illegal occupants in just a matter of 72 hours and says the sheriff may arrest trespassers.

I would recommend inspecting your property regularly. Make sure you have no trespassing signs visible. I also have solar flood lights strategically placed around my property to alert me to movement. Install fencing if possible and get to know your neighbors and ask that they alert you if they see anyone camping/living in your buildings. And call the county sheriff if needed!

This Real Estate Edition Issue brought to you by Barbara Newton

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