Knoxville real estate agents on paying over budget to buy a home 2021
Knoxville home prices are going higher and higher, leaving buyers with several serious questions.
Is it ever OK to break your budget? If you pay over asking price, will the value stick? What makes a winning bid? In the end, is it all worth it?
Each buyer is different, but there are some sure things about buying in Knoxville’s real estate market right now.
There is a housing shortage and high demand, which drives up prices. In fact, the median home sale price in May was $265,000, up 10.6% this year and an increase of 23.3% from 2020, according to the Knoxville Area Association of Realtors.
Homes are selling at record prices and speeds. The Knoxville Area Association of Realtors reports more than 68% of homes sold in May went for list price or above with almost 10% going for $25,000 or more over asking. In the same month, half of the homes sold were under contract in three days…