Updated: Mar 18, 2021
Nancy Anderson Shopper News Published 6:02 a.m. ET Mar. 11, 2021
“There’s no doubt about it, when it comes to real estate, it’s a seller’s market,” said real estate agent Alisa Pruett, a top producer for Keller Williams Realty Farragut/Hardin Valley Market Center. With houses selling within hours of being on the market, frequently over asking price, buying a house is nearly impossible. Doubly so for young first-time homebuyers. “Unless you are able to purchase in the $200K territory, it’s going to take a while to find a home. There is nothing under $200K, they just aren’t hitting the market. Houses that would have sold for $150K or less just three years ago are being sold well over $200K now. “It’s common for a house to sell the first day it’s on the market, sometimes within hours. There are frequently bidding wars. Houses are more expensive than ever and that includes new builds and resales. There is very little inventory in Knoxville, much less Karns and Hardin Valley.” Home buyers 'from all over' More people are staying put, opting to improve their existing home, and people are moving in from out of town. Pruett said Karns and Hardin Valley are particularly popular right now. “I have buyers from all over the states, particularly California, and there just is no inventory. It’s supply and demand. Even the builders can’t keep up with demand.” Hardin Valley and Karns have several builders including Smithbilt, Ball Homes, and D.R. Knoxville real estate: Homes sell fast in West Knoxville neighborhoods https://www.knoxnews.com/story/shopper-news/karns/2021/03/11/knoxvi... 1 of 2 2021-03-11, 8:57 Horton, that are building houses as rapidly as possible despite objections over infrastructure problems. These houses sell for $350K to $550K in Hardin Valley and $275K to $400K in Karns. They sell immediately when put on the market. According to Knox County Register of Deeds Nick McBride, the value of property transfers is up from $3.765 billion to $4.337 billion, an increase of 15.2 percent. Prices boom, but appraisals may lag Pruett said the price of housing is skyrocketing, but that doesn’t mean it will appraise that high. Banks won’t lend more than the appraisal. “If the house doesn’t appraise high enough, the buyer might have to come up with more cash … and they can forget about getting closing costs or home improvements.” Pruett’s advice to being a successful home buyer is to find an experienced buyer’s agent, be pre-approved by a lender, be willing to go see the house immediately, be prepared to make an offer on the spot, and be flexible on your expectations. She joined Keller Williams Realty in 2008. In 2015, Pruett became an investor in the new Keller Williams Farragut/Hardin Valley Market Center. Pruett is a multiple recipient of the Knoxville Area Association of Realtors Silver Award of Excellence and was named a 2020 Keller Williams Farragut/Hardin Valley Market Center top producer in February.