Whether you are buying or selling a home in 2023, you’ll benefit from knowing the conditions of the Knoxville housing market. The conditions of the market will influence the outcome of your real estate transaction in every way, from the price you pay or receive to how long it takes before you can sign on the dotted line.
Armed with knowledge about the Knoxville housing market, you can confidently buy or sell a home without any surprises.
However, because the Knoxville housing market fluctuates, it is crucial to have up-to-date information. Here we explore the conditions of the Knoxville housing market and teach you what you need to know about how the market will impact you.
What’s a Buyer’s Market Versus a Seller’s Market in the Knoxville Housing Market?
In a buyer’s market, the housing market favors the homebuyer. This means that the supply of homes for sale is high and demand is low. Having lots of options for homes to buy means that homes sell less quickly and for more competitive prices than in a seller’s market. A buyer’s market also means that the homebuyer will have the greatest advantage in negotiating price and terms.
A seller’s market, on the other hand, is the opposite – it favors the home seller. This means that the demand for homes for sale is high and the supply is low. The homes that are available for sale tend to sell quickly and for a higher price than in a buyer’s market. A home seller will have the upper hand in negotiating price and terms, such as which party will be responsible for repairs.
Is Knoxville a Buyer’s Market or a Seller’s Market?
At the end of 2022, Knoxville was a seller’s market. As we move into the beginning of 2023, the housing market will continue to be a seller’s market.
So what does that mean for you if you are buying or selling a home? You can expect the number of homes for sale to remain low while demand is high. As a home seller, you will have greater flexibility to negotiate and your home will likely sell quickly near your asking price.
Home buyers can also be successful in a seller’s market. By working with an expert realtor, you can get insider information on the hottest properties as they become available so you can be first in line to put in an offer. A realtor can also use their years of negotiating experience to ensure that you get the best deal possible.
Regardless of whether you are a homebuyer or a home seller, the expert realtors at Tracy King, Your Home Sold Guaranteed Realty can help your real estate transaction be a success!
Buying or Selling a House in Knoxville
If you are buying or selling a house in Knoxville, our expert realtors have intimate knowledge of the local market and contacts throughout the real estate industry that make buying or selling a home a breeze. Our experience and know-how helps to protect your interests in an adverse market or maximize your advantage in a favorable market.
Whatever your real estate needs, Tracy King, Your Home Sold Guaranteed Realty is here to help! Simply give us a call at 865-830-3908 or complete the form below for more information. Don’t wait for the market to change again – act now!