Market Info • March 2, 2024

February Market Stats – West TN

by Jennifer Knolton

Are you keeping a close eye on the pulse of West Tennessee’s real estate market? Whether you’re a seasoned investor, a prospective homebuyer, or simply curious about the region’s property landscape, staying informed about market trends is crucial.

So far in 2024, the real estate scene in West Tennessee witnessed some intriguing shifts and developments. From fluctuating housing prices to evolving buyer preferences, there’s much to unpack. To help you navigate through the intricate web of data and statistics, we’ve compiled a comprehensive overview of the key trends shaping the region’s real estate market.

In this blog post, we’ll delve into the latest figures and analyses provided by reputable sources. We’ll explore factors such as median home prices, inventory levels, days on market, and emerging patterns in buyer behavior. Whether you’re interested in residential properties, commercial ventures, or investment opportunities, our insights aim to provide valuable perspectives to inform your decisions.

To access the full report and gain deeper insights into the West Tennessee real estate market for February 2024, click here, February 2024 West TN Market Data. Stay ahead of the curve and make well-informed decisions in your real estate endeavors.

Food • February 27, 2024

Best Marinade Ever…

by Jennifer Knolton

1/3 cup soy sauce
1/2 cup olive oil
1/3 cup fresh lemon juice
1/4 cup Worcestershire sauce
1 1/2 tablespoons garlic powder
3 tablespoons dried basil
1 1/2 tablespoons dried parsley flakes
1 teaspoon ground white pepper
1/4 teaspoon hot pepper sauce
1 teaspoon dried minced garlic

Pour marinade over desired type of meat in a zip-lock bag and seal. Refrigerate for up to 8 hours. Remember the lemon juice will act as a tenderizer.

Grill & enjoy!

Food • January 24, 2024

Healthy Chicken & Veggies

by Jennifer Knolton

Feeling a little heavy after eating everything in the house last week? When the first snowflake fell, I started eating and didn’t stop until it was all gone. Yes a whole 7 days of comfort food AND junk food. This is one of my go to recipes for a healthy meal and it is good for the waistline too.

Ingredients

2 medium chicken breasts, chopped
1 cup bell pepper, chopped (any colors you like)
1/2 onion, chopped
1 zucchini, chopped
1 cup broccoli
1/2 cup tomatoes, chopped or plum/grape
2 tablespoons olive oil
1/2 teaspoon salt
1/2 teaspoon black
1 teaspoon Italian seasoning
1/4 teaspoon paprika

Instructions

Preheat oven to 500 degree F.
Chop all the veggies into large pieces. In another cutting board chop the chicken into cubes
Place the chicken and veggies in a large roasting baggie. Add the olive oil, salt and pepper, Italian seasoning, and paprika. Shake the bag to combine.
Bake for 15 minutes or until the veggies are charred and chicken is cooked.

You eat all by it self or serve with rice, pasta or even cauliflower rice. Enjoy!

Market Info • January 8, 2024

December 2023 Market Statistics – West TN

by Jennifer Knolton

December 2023 Market Statistics – West TN

The following overview provides a comprehensive look at real estate activity from January to December 2023. It features data comparisons between December and the previous month, as well as the last three months and December 2022.

Average & Median Sales Price

The median sales price in December 2023 was $210,000, equal to the previous month and 10.53% higher than $190,000 from December 2022. The December 2023median sales price was at its highest level compared to December 2022 and 2021. The average sales price in December 2023 was $227,213, down -6.60% from $243,279 from the previous month and 9.11% higher than $208,243 from December 2022. The December 2023 average sale price was at its highest level compared to December2022 and 2021.

Sales Price / List Price Ratio

The sales price/list price ratio is a metric used to determine the average sale price divided by the average list price for sold properties, measured as a percentage. If the ratio is greater than 100%, it implies that the homes are selling for more than the list price. If it is below 100%, it indicates that homes are selling for less than the list price. As of December 2023, the sales price/list price ratio was 96.57%, the same as the previous month, and up from 95.51% in December 2022.

Number of Properties Sold & Absorption Rate

In December 2023, 172 properties were sold – a decrease of 22.17% from the previous month’s figure of 221, and 13.13% lower than December 2022’s 198. The sales of December 2023 were notably the lowest compared to those of December 2022 and 2021. The absorption rate is calculated by dividing the average number of sales per month by the total number of available properties.

Average Days on Market

The DOM represents the length of time a property remains on the market before it is sold. A rising trend in DOM often signals a shift toward a buyer’s market, whereas a decreasing trend indicates a shift toward a seller’s market. In December 2023, the DOM was 40 days, an increase of 2.56% from the previous month’s 39 days. However, it was 13.04% lower compared to December 2022’s 46 days. When compared to the previous years, December 2023’s DOM level was average.

Average Sales Price per Square Foot

One way to assess the direction of property value is by examining the average sales price per square foot. In December 2023, the sales price per square foot dropped by 3.91% from $128 the previous month, but was still up by 11.82% from $110 in December 2022.

Inventory & MSI

MSI, or months of supply inventory, is a crucial factor to consider when it comes to the real estate market. A lower MSI is advantageous for sellers while a higher MSI is more beneficial for buyers. In December 2023, the MSI reached its highest level compared to the previous two years, standing at 4.45 months.

New Listings

In December 2023, there were only 221 new listings. This indicates a decrease of 18.15% from the previous month’s 270 and an increase of 32.34% compared to December 2022’s 167. The number of listings in December 2023 was moderate compared to those of December 2022 and 2021.

The statistics mentioned are spread across various communities in West Tennessee. If you require more information about a particular area or even a specific home, please don’t hesitate to contact me, and I will gladly provide you with a statistical breakdown.

Based on information from Central West Tennessee Association of REALTORS for the period 01/01/2021 through 12/31/2023. Source data is deemed reliable but not guaranteed. Real estate agents affiliated with Coldwell Banker Realty are independent contractor sales associates, not employees. ©2024 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Realogy Brokerage Group LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.

Community • January 3, 2024

New year, new goals, new homes!

by Jennifer Knolton

As a realtor, I’m always excited to dive into a fresh year with renewed focus and determination. This year, I’m setting some ambitious but achievable goals to help even more clients achieve their real estate dreams. Here are a few I’m particularly excited about:

1. Exceed expectations: Last year was great, but I’m always striving to do better. My goal is to surpass my previous sales numbers and help even more families find their perfect homes.

2. Build deeper relationships: Real estate is about more than just transactions; it’s about building trust and lasting connections with clients. I’m committed to providing exceptional service and becoming a trusted advisor for my clients throughout their real estate journey.

3. Master new skills: The real estate market is constantly evolving, so I’m dedicated to staying ahead of the curve. I’ll be taking courses, attending webinars, and networking with other professionals to hone my skills and offer my clients the best possible advice.

4. Give back to the community: My success wouldn’t be possible without the amazing community I’m part of. This year, I’m passionate about giving back and volunteering my time to organizations that support housing initiatives and make homeownership more accessible.

5. Celebrate every win: Reaching goals is a journey, not a destination. I’ll be sure to celebrate every milestone, big or small, along the way. Because let’s face it, helping people find their dream homes is pretty darn rewarding!

What are your real estate goals for 2024?

#realestategoals #newyearnewme #realtorlife #homeownership #dreamhome

I believe that by setting these goals and working hard to achieve them, I can make a real difference in the lives of my clients and the community. Here’s to a successful and fulfilling year ahead!

Uncategorized • January 2, 2024

New Year, New Home? Real Estate Trends and Resolutions for 2024

by Jennifer Knolton

New Year, New Home? Real Estate Trends and Resolutions for 2024

As the confetti settles and the champagne flutes are put away, a fresh year stretches before us like an unrolled scroll. For many, 2024 brings visions of new beginnings, and what better way to mark a new chapter than by finding a new home?

The real estate market, like the rest of the world, is in a state of flux. But even amidst uncertainty, there are exciting trends and opportunities emerging for both buyers and sellers in 2024. Here’s a glimpse into what the crystal ball holds:

For Buyers:

Shifting sands: The red-hot seller’s market of recent years is cooling down. This means more negotiation power for buyers, and potentially longer days on the market for some sellers. Be patient, do your research, and don’t be afraid to make an offer.
Location, location, location: While urban centers still hold a certain allure, suburbs and exurbs are seeing renewed interest. This is driven by factors like remote work flexibility, the desire for more space, and potentially lower costs.
Green is the new gold: Sustainability is no longer a niche trend; it’s becoming mainstream. Energy-efficient homes, with features like solar panels and smart thermostats, are attracting both eco-conscious buyers and those seeking long-term cost savings.

For Sellers:

Presentation is key: In a slightly more competitive market, it’s more important than ever to make your property shine. Invest in decluttering, staging, and high-quality photos to make your listing stand out.
Price it right: Overpricing can lead to your property languishing on the market. Work with a realtor to determine a competitive price that attracts buyers without leaving money on the table.
Embrace technology: Virtual tours and 3D walkthroughs can give potential buyers a realistic sense of your property without them even having to step foot inside. This can be especially helpful if you’re targeting out-of-town buyers.

Resolution Revolution:

Whether you’re buying, selling, or simply dreaming of a new abode, the new year is a perfect time to set some real estate-related resolutions. Here are a few ideas:

Boost your credit score: A good credit score can save you thousands on a mortgage. Make timely payments, reduce your debt, and check your credit report for errors.
Save for a down payment: Aim to save at least 20% of the purchase price for a down payment. This will give you a better interest rate and reduce your monthly mortgage payments.
Declutter your life: Not only will this make your home more appealing if you’re selling, but it can also reduce stress and create a more peaceful living environment.

The Bottom Line:

The real estate market in 2024 promises to be dynamic and exciting. By staying informed, being strategic, and setting clear goals, you can make your real estate dreams a reality in the new year. So, pop the bubbly, raise a toast to new beginnings, and start your real estate journey in 2024!

Bonus Tip: Remember, a good real estate agent can be your invaluable guide and ally in navigating the market. Choose someone you trust, who understands your needs, and who will be your champion throughout the process.

Happy house hunting!

I hope this blog post gives you a helpful overview of the 2024 real estate landscape and inspires you to take action on your housing goals. Remember, the key is to be informed, be strategic, and be optimistic. The perfect home awaits you in 2024!

Food • December 17, 2023

Cherry Delight

by Jennifer Knolton

Ingredients

1 cup all-purpose flour
1 cup chopped pecans
1/2 cup packed brown sugar
1/2 cup butter, softened
2 packages (8 ounces each) cream cheese, softened
1/2 cup confectioners’ sugar
1 teaspoon vanilla extract
1 carton (12 ounces) frozen whipped topping, thawed
2 cans (21 ounces each) cherry pie filling

Directions

Preheat oven to 350°. In a small bowl, combine the flour, pecans and brown sugar. Stir in butter until crumbly. Lightly pat into an ungreased 13-in. x 9-in. baking dish. Bake until golden brown, 18-20 minutes. Cool completely.
For filling, in a large bowl, beat the cream cheese, confectioners’ sugar and vanilla until smooth. Fold in whipped topping. Carefully spread filling over crust. Top with pie filling. Cover and refrigerate for at least 2 hours.

Market Info • December 5, 2023

November 2023 Market Statistics

by Jennifer Knolton

Average & Median Sales Price

In November 2023, the median sales price was $210,000, a decrease of -2.33% from the previous month’s $215,000, but up 7.69% from November 2022’s $195,000. The average sales price in November 2023 was $244,242, a decrease of -2.68% from the previous month’s $250,965, but an increase of 8.56% from November 2022’s $224,980. Both median and average sales prices in November 2023 were at their highest levels compared to November 2022 and 2021.

Sales Price / List Price Ratio

The sales price/list price ratio is the average sale price divided by the average list price. If above 100%, homes are selling for more than the list price; if below 100%, homes are selling for less. In November 2023, the ratio was 96.11%, down from the previous month and the same period the previous year.

Number of Properties Sold & Absorption Rate

The number of properties sold in November 2023 was 207, which is a -10% decrease from the previous month and an -8% decrease compared to November 2022. The absorption rate is the average number of sales per month divided by the total number of available properties.

Average Days on Market

The average days on market (DOM) for a property indicates whether it is a buyer’s or seller’s market. The DOM for November 2023 was 39 days, the same as the previous month, but 21.88% higher than November 2022. This indicates a trend towards a buyer’s market, and November 2023 had the highest DOM compared to November 2022 and 2021.

Average Sales Price per Square Foot

In November 2023, the sales price per square foot was $128, which remained the same as the previous month and was 4.92% higher than the price of $122 in November 2022. This indicator is useful for understanding property value trends.

Inventory & MSI

In November 2023, the number of properties for sale was 767, which was the same as the previous month and 4.35% higher than November 2022. The higher inventory level was more favorable for buyers than sellers, as reflected in the Market Sales Index (MSI) of 3.71 months, which was the highest compared to November 2022 and 2021.

New Listings

In November 2023, there were 255 new listings, a 24.33% decrease from the previous month, and a 1.59% increase from November 2022. The number of listings was average compared to November 2022 and 2021.

Community • December 4, 2023

Deck the Halls (and List Your Walls): 5 Tips for Selling Your Home This Holiday Season

by Jennifer Knolton

The holidays are a time for joy, family, and…selling your house? Believe it or not, December can be a surprisingly good time to list your property. With twinkling lights, festive decorations, and a general sense of goodwill in the air, buyers can be more receptive to cozy homes and warm vibes.

If you’re thinking of making a move this merry season, here are 5 tips to help you deck the halls and list your walls for a successful sale:

Highlight the holiday charm. Embrace the festive spirit! Decorate your home with tasteful holiday touches, but avoid going overboard. Think fresh greenery, twinkling lights, and a centerpiece that smells like cinnamon and pine.
Warm up the welcome. Let potential buyers envision themselves cozying up by the fireplace with a cup of hot cocoa. Stage your home for winter with plush throws, warm blankets, and scented candles.
Open house with a holiday twist. Instead of your standard open house, host a holiday cookie decorating party or a festive wreath-making workshop. This will attract more potential buyers and create a memorable experience.
Get creative with your marketing. Use festive language in your listing descriptions and social media posts. Highlight the “après-ski” potential of a sunroom or the “snow day-ready” movie theater in the basement.
Be flexible with showings. People are busy during the holidays, so be willing to accommodate showings at odd hours or even on weekends.

Remember, the holidays are a time for miracles. So go ahead, put your best foot (and your most festive doormat) forward, and watch your “For Sale” sign turn into a “Sold!” banner.

Market Info • November 8, 2023

Strategic Pricing

by Jennifer Knolton

Strategic pricing in real estate is the process of setting a price for a property that maximizes the seller’s profits and minimizes the time it takes to sell. It is important because it can have a significant impact on the outcome of a real estate transaction.

Here are some of the key benefits of strategic pricing in real estate:

Attracts more buyers: A well-priced property is more likely to attract attention from potential buyers. This is because buyers are constantly searching for homes that fit their budget and criteria, and they are more likely to find properties that are priced competitively.
Generates multiple offers: A well-priced property is also more likely to generate multiple offers from buyers. This is because buyers are more likely to place offers on properties that they believe have substantial value. When there are multiple offers on a property, the seller is in a stronger negotiating position and can often sell the property for above asking price.
Sells the property quickly: A well-priced property is more likely to sell quickly. This is because buyers are more likely to purchase properties that they believe are a good deal. When a property is on the market for a long time, buyers may start to wonder what is wrong with it, which can make it more difficult to sell.

In addition to these benefits, strategic pricing can also help sellers to:

Avoid overpricing their property: Overpricing a property can lead to a number of problems, including a longer time on the market, multiple price reductions, and ultimately a lower sales price.
Avoid underpricing their property: Underpricing a property can also lead to problems, such as losing out on potential profits and selling the property for less than it is worth.
Get the best possible price for their property: By strategically pricing their property, sellers can increase their chances of getting the best possible price for it.

Overall, strategic pricing is an essential part of any successful real estate transaction. By carefully considering all of the factors that affect the value of their property, sellers can set a price that maximizes their profits and minimizes the time it takes to sell.

Here are some tips for strategically pricing your real estate property:

Get a comparative market analysis (CMA) from ME! A CMA will show you how your property compares to other similar properties that have recently sold in your area. This information can help you to set a realistic and competitive price.
Consider the current market conditions. The real estate market can fluctuate over time, so it is important to consider the current market conditions when pricing your property. For example, if the market is hot, you may be able to price your property slightly above market value. However, if the market is slow, you may need to price your property below market value to attract buyers.
Be realistic about your expectations. It is important to be realistic about your expectations when pricing your property. If you price your property too high, it is likely to sit on the market for a long time. If you price your property too low, you may lose out on potential profits.
Work with a qualified real estate agent. A qualified real estate agent can help you to strategically price your property and market it to potential buyers.
By following these tips, you can increase your chances of selling your real estate property quickly and for the best possible price.