Knoxville Housing Market: A Snapshot
The real estate market in Knoxville currently has 845 foreclosed homes and houses for sale at its real estate listings auctions in the imminent weeks. The seized homes carry a median quoted price of an unbelievably low $89,694. A snapshot of the Knoxville housing market further reveals that there are also 3,557 other FSBO {for sale by owner} and MLS {multi listing service} homes on sale commanding the median asking price of $188,900. Hence, it is obvious that the foreclosed homes can be picked up at less than half the prevailing rates for other houses on sale. The crowds of eager aspiring homebuyers at the foreclosure auctions in Knoxville are, therefore, quite to have been expected. Michael Walker, Lee Burch, Bill Keck, Robert W. Bedwell and Kerry Sprouse are among the prominent agents active in Knoxville. If you wish to secure your financial interests in the labyrinthine maze of property auctions, you ought to seek expert guidance from a seasoned agent.
The city of Knoxville is the county seat of Knox County in the US state of Tennessee. It is the third largest city in Tennessee State, next only to Memphis and Nashville. Knoxville is the hub city of the Knoxville MSA {metropolitan statistical area} and is a part of the Knoxville-Sevierville-La Follette CSA {combined statistical area}.
Knoxville has the city of Farragut in its proximity. Additionally, Knoxville’s suburbs include the unincorporated communities of Gibbs, Ball Camp, Hardin Valley, Bearden, Halls Crossroads, Bluegrass, Heiskell, Byington, Inskip, Carter, Karns, Cedar Bluff, Mascot, Concord, Mt Olive, Corryton, Kimberlin Heights, Solway, Norwood, Strawberry Plains, Pedigo, Thorn Grove, Powell, Vestal, Ramsey, Skaggston and Ritta.
Inevitable Popularity of Foreclosure Auctions
There is as much of a surge of aspiring homebuyers at the ongoing foreclosure auctions in Knoxville as there are in all other US towns and cities. The reasons for the buyers flocking to the foreclosure auctions in eager anticipation of marvelous homes at a fraction of their real prices can be stated easily. Firstly, the peculiar economics of the auction of the seized homes causes them to sell at tempting discounts of up to half their typical market prices. Other than their lowered pricing, the foreclosed homes represent a safe investment. The auctioneers are such reputed agencies as VA, HUD, Fannie Mae, Freddie Mac or banks, and are trusted to hand over clear properties with proper documentation.
In addition, the auction procedure involves only a few simple steps, and can be easily mastered even by a first-time real estate investor. The auction process is also transparent and fair. Further, there is easy home finance available under diverse schemes from a plethora of mortgage companies, who are in the fray to reap a killing from the numerous property deals occurring at the real estate listings auctions. Finally, there is the incentive of reaping substantial bonanza by flipping the bought home once the real estate market prices start shooting up with time.
