Knoxville TN Seeing 4-Year Record Home Sales in First Quarter 2012

Knoxville TN Seeing 4-Year Record Home Sales in First Quarter 2012

The Knoxville, TN real estate market is showing positive signs of growth during the first quarter of 2012, reports KnoxNews.com. Using Knoxville Area Association of Realtors data to observe the progress,

KnoxNews.com reports 2012 first quarter numbers showed record highs in single-family homes and condos sold over sales numbers from the last four years.

While the number of single-family homes and condos for the first quarter of 2012 was 2,313, this does not indicate a return to the Knoxville, TN real estate market’s high before the recession. The median sale price of a three-bedroom home is still $8,500 lower than March, 2006. In spite of that fact, the news of buying activity is welcome to everyone in light of current economic challenges.

There has even been recent news of sellers receiving multiple offers and full-price offers.

Knoxville is showing other progress and signs of growth generally throughout the building industry, reports local research firm The Market Edge. The 218 Knox County building permits issued in the first quarter of 2012 reflect a 25 percent increase over the number of building permits issued in first quarter 2011.
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Stunned Home Buyers Find the Bidding Wars Are Back: Bidding Wars Catch Buyers Off-Guard
Home buyers are unexpectedly finding more competition this spring in landing their dream home. Bidding wars are increasingly being reported in the Knoxville Metro real estate market, JustListedKnoxville.com reports.
"It's a little surprising because we thought bidding wars were done with," Buyers says they have been outbid on a homes, even though they offer to pay above the listing price and also waive inspections and other closing conditions.
Home buyers are frustrated and caught off-guard about the bidding wars re-emerging, real estate professionals report.
"We're writing a record number of offers, Why are things getting so competitive? The Knoxville housing markets are seeing a drastic decrease in the number of homes listed for-sale, leaving home buyers with fewer options and more bidding on the same house.
Housing analysts say the shortage in supply is from sellers unwilling to take much less for their home than what they originally paid for it and pulling their homes off the market. Also, a surge in investors has made the market more competitive, as investors snatch up homes in bulk in all-cash deals. 
“The bidding wars caused by tight inventory provide the latest evidence that housing demand is starting to pick.
Source: http://realtormag.realtor.org/daily-news/2012/04/30/bidding-wars-catch-buyers-guard DAILY REAL ESTATE NEWS | MONDAY, APRIL 30, 2012