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Johnnie Creel & The Creel Group

865.694.5904 - 865.936.4116

This Month in Real Estate – March 2014

Real Estate: The Numbers – The pace of home sales was at an annual pace of 4.6 million with a median home price of $189,000. Home prices are down 4.5% from last month, but up nearly 11% from the same month last year. Nationally, the average rate for a 30-year mortgage is currently at 4.33%

What does a market shift mean for buyers?
Inventory is currently at the lowest supply since 2005, which mean the market is shifting for many areas throughout the country from a buyer’s market to a seller’s market. Here is what this means to a home buyer in the current market:

1) Expect Competition – Multiple offer situations are coming back!
2) Be Ready – It is more important than EVER to be pre-qualified!
3) Prioritize – Clearly establish your wants and needs!

With questions about the Knoxville real estate market, call Johnnie Creel and The Creel Group today! 865.313.5100 or 865.694.5904 or email us at: info@creelgroupknoxville.com.

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