You often hear the terms “buyer” and “seller’s” market. As professional home buyers in Farragut, we often get asked what market we are currently in. Of course, the 2021 housing market has experienced a tremendous amount of growth. From low inventory, to high demand, housing has experienced a sharp increase in prices. But, believe it or not, it’s not always a simple answer. Many factors play into how popular your home may be if you are trying to sell it. Just because people assume it is a “seller’s” market, doesn’t mean your house is going to fly off the shelf! Below, we will discuss the state of the market in Farragut.
Property Type And Location Are Everything
Single family homes that are in great locations in Farragut are pending before they ever hit the market. These homes are in huge demand! Although property type and location are key, buyers are often looking for similar traits in a property as well. Is the home in a great neighborhood? Close to shopping and schools? What school district is the home in? How far is the commute to shopping and restaurants from the house? Homes that fit these criteria are often is huge demand for buyers, no matter what the market condition is.
Condos and townhomes tend to be a different story, especially if they are equipped with things that are not currently in demand. Although condos and townhomes are great for rental demand, they aren’t as popular in the buying arena. Single family homes are much more popular. The East Tennessee area has experienced a drop off in demand of these types of properties in recent years.
Homes that can be labeled “investment properties” in Farragut are increasing in demand rapidly. Investors from all over the country are buying homes to fix up and sell. Many of these companies have significant cash on hand to buy these properties. Due to the popularity of Farragut, it has driven demand up on these homes even further. If you currently own a home that needs repairs, you may be sitting on something that many people want!
What About Buyers In Farragut?
Getting a mortgage will always be a major obstacle for buyers in Farragut. This is thanks to the severe restrictions that banks and other mortgage lenders but abide by. Due to these restrictions, buyers need to get ahead of the curve before they want to buy a home. Buying a home with a mortgage slows down your process considerably. If you wait until you find a house to get financing, you run the risk of the seller not accepting your offer. Even with a pre-approval, you are still looking at an average of 45 days to close once you go under contract. Banks require appraisals, inspections, and other things that slow down the buying process.
Final Thoughts On The Farragut Housing Market
As you can see, although the overall market may be labeled as one thing, that doesn’t necessarily mean that applies to every single house. So many factors are dependent on how popular a home will be. If you need to sell your house in Farragut, consider reaching out to us for a quick all cash offer. We buy houses all over Farragut and the entire Knoxville area. Since we pay cash, we eliminate the slow process of waiting on a buyer’s mortgage company. We also buy homes as-is, meaning you can walk away without spending another dime on your house. Repairs are expensive and stressful! So we decided to offer an alternative for home sellers!