Why It’s a Good Time to Sell Your House in Knoxville, Tennessee
As the first capital of Tennessee, Knoxville continued to be recognized as the state’s central city. It is the third-largest city by population next to Nashville and Memphis. As one of the biggest cities in the state, it is expected that it consists of a significant number of residential and commercial spaces. In addition, it is the home of the University of Tennessee, a public land-grant research university well-known within the United States.
Selling your home in Knoxville can either go up or downhill, which heavily depends on what factors you will consider before making your sale. Nonetheless, if you have no time to fully accommodate and tend to your home’s needs before selling it, “We Buy Houses For Cash” will buy property in any condition. On the other hand, if you wish to know why it is an excellent time to sell your house, here are some elements to consider.
Be Month Specific
Knowing the months when Knoxville is at its peak in real estate can help you market your home at a higher value. Tennessee is in season around May to June. These months are often the most common to achieve the highest sale premium price (SPP) at an earlier duration. As for Knoxville, November is its frequent peak. An estimate of $14,000 SPP in November within the city proves significantly higher than any other given month. The Sale Price Premium (SPP) indicates how much of a difference is the median home sale price on a given month to the overall annual median sale price.
Earlier Closing Deal
Selling your home during mid-season or November can provide you a reasonable probability of earning a decent amount of profit with an earlier duration. During peak seasons, you can sell your home 3-7 days earlier than the annual average DOM in Tennessee. This timeframe enables you to close on a deal in less than two months of your house being on the market. The DOM is vital in determining whether your home is going to be sold or not. Often, places with prolonged exposure to the market (~3 months and above) promote lower chances of a sale.
The Sale-to-List Ratio
A Sale-to-List ratio is the last price your home can offer divided by its original listing price. A 100% ratio means that your sale is more than your initial price, illustrating profit gain. On the contrary, a ratio below 100% means your home sale gained less than your listing price.
Around November, there is a flat 98% sale-to-list ratio compared to the average annual sale-to-list ratio of 98.13%. Although not as higher as May to July, you can expect a higher sale probability during these months.
Finding the best time to sell your house that aligns with your state and city can be complex if approached from just one perspective. Your job as a seller is to know the factors necessary to create the most optimal sale possible. This knowledge will benefit you as the producer and the consumer or the next owner of your humble home.