We are nearing the end of the year and I have begun to create my Market Study for Tellico Village, Loudon, Tennessee. I have found this study to be valuable to my work and my neighbors all look forward to receiving the update at the beginning of the year.
The current mortgage crisis and economy has without a doubt had an effect on 2008 sales in Tellico Village. In 2007 we showed 155 single family homes sold with an average sales price of $395,221. As of this writing, December 2, 2008 we have had 88 single family closings with an average sales price of $366,622. It is taking an average of 154 days to sell a home based on the data that I have researched, which is approximately 60 days longer than Knoxville.
I believe the decrease in sales has a lot to do with the hard hit real estate markets like Florida, Michigan, Ohio etcetra.
I have spoken with numerous potential Villager's and the same comment is repeated over and over. "I have to sell my home in Florida (or wherever) before I can relocate to Tellico Village" or "I need to recover from the recent market crash".
I ask myself, so why not market to our local homeowners in Lenoir City, West Knox and surrounding communities and let them know what we have available in Tellico Village? I know that I have had interesting conversations with individuals that assumed Tellico Village only had very high priced homes. Once I educate them on what we really have and all the amenities to go with it they are shocked. I have actually sold property to a Maryville couple who had believed this myth. So let's get the word out and let our neighboring communities know what we have to offer. Until next time....Catrina Foster
Wednesday, December 3, 2008
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