All Forum Posts by: Cory King

Market in a Minute

• East Tennessee home sales increased 5.2% from the previous month, and increased 9.3% from a year ago.
• The median sale price was $374,950 — up 7.13% from the previous year.
• Total housing inventory increased from the previous year – up 43.2% from a year ago.
• Half of the homes sold were under contract in 15 days or less, up from 9 days a year ago.
• 44.61% of homes sold for the asking price or above, with 23.72% selling for more than the asking price. 10.32% sold for at least $10,000 over asking and 4% sold for at least $25,000 over asking.
• The sale-to-list price ratio decreased from last month to 98% – down from 98.6% a year ago.
• New construction represented 13.28% of total home sales.

If you want to nerd out on the market here I'm always happy to chat. Hope this helps keep a finger on the pulse here.

i'm a buyer in the area

What kind of business do you want to have? meaning, do you want to be a traditional real estate business representing retail buyers/sellers? only work on your own investments? a hybrid?

Welcome to the wild world of real estate. Getting your license is a solid move for sure as it opens up more doors and opportunities. 

@Shane O'Neill happy to share some insights, I'm local as an agent/investor in Knoxville. The whole area of Knoxville has seen tremendous change. We've done a few new builds over on the east side and it's an area w/ long term upside. Same how east austin was at one point. The investments going into the community are strong and a large section of it is in an opportunity zone which has some added tax benefits. Talk w/ your cpa/financial advisors about those. 

My thoughts was more of a blended approach. Diversify and maybe sell in batches. Keep a few a use cost segregation studies to offset any added taxes. I'm not a CPA so just my 2 cents as far as strategy. I would agree with the above points on the long term outlook of the REIT and have considered doing it with some of my rentals. Working with a client right now who's liquidating some multi family and into a DST. What's the biggest downside of holding onto some of the rentals? Knoxville has had some of the strongest growth in the country and I don't see anything changing for the next 5-10 years.

Buy it at a strong enough deal. Add 10% to costs for misc items to come up. They will. Work with consistent contractors. Pay for labor only per job and cover the material cost yourself. Bonus, get the points from Lowes or HomeDepot. Offer a bonus to contractors or GC to stay on time/budget. Have lending/title lined up for the exit or refi. 

Market in a Minute

• East Tennessee home sales declined 18.9% from the previous month, and decreased 9% from a year ago.
• The median sale price was $375,000 — up 7.58% from the previous year.
• Total housing inventory increased from the previous year – up 41% from a year ago. Super needed.
• Half of the homes sold were under contract in 13 days or less, up from 7 days a year ago.
• 46.11% of homes sold for the asking price or above, with 23.4% selling for more than the asking price. 12.3% sold for at least $10,000 over asking and 4.04% sold for at least $25,000 over asking.
• The sale-to-list price ratio decreased from last month to 98.2% – down from 99% a year ago.
• Knoxville having the fastest-rising property prices in the country over the last five years, with median home listing prices rising 83%.
• New construction represented 13.6% of total home sales.
• With an increase in units over the past year we have seen the occupancy rate moderate at 95.9% down from the high of 98.9% in 2022.

If you want to dive deeper into specific areas I'm happy to nerd out. 

100% there's always those who've gone before and will look out for those coming up. Mentors are key. Ask for help and ask great questions, I've found many people are willing to help. 

@Kenji Van Thuyne you've started with some good ones already. I always recommend Profit First (know how to structure your income), Never Split The Difference (good for negotiation tips) & Exactly What To Say (more sales, negotiation tips).