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Wallace COO Claudia Stallings Shares Market Update with WATE
<section itemprop=”articleBody” class=”e-content”><div class=”blogContentWrapper”><p><img alt=”” class=”featured featured” src=”https://d15zjc2r4e8kr7.cloudfront.net/9302/blog/Wallace%20Real%20Estate%20Market%20Update%20Fall%202023.png” style=”margin: 10px; width: 700px; height: 394px;”></p> <p>Wallace Chief Operating Officer Claudia Stallings recently sat down with Don Dare, of Knoxvile's WATE 6 On Your Side, to share some insights about home sales in 2023 and what we can expect for the housing market moving forward. </p> <p><iframe allow=”autoplay; fullscreen” allowfullscreen=”allowfullscreen” frameborder=”0″ height=”360″ mozallowfullscreen=”” scrolling=”no” 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%3D” webkitallowfullscreen=”” width=”640″></iframe></p> <p>We know much has changed over the past three years regarding home values. Stallings' report outlines the east Tennessee market through the third quarter of 2023, but she notes that “each home's value depends on location and condition.” She advises consumers wanting to check on their property values to reach out to a Wallace Real Estate agent, who can offer a free evaluation that is property specific. </p> <p>Visit <a href=”https://wallacetn.com/our-agents/?fbclid=IwAR3SVKh4rixnS3H-DBrLKdOPovNVxYO1T8PUQV4Y4OfdygJQ5k2BvbBa5Pg” rel=”nofollow noreferrer” role=”link” tabindex=”0″ target=”_blank”>https://wallacetn.com/our-agents/</a> and ask any of our agents for a Real Estate Review!</p> </div><div class=”clearfix”></div><div class=”clearfix”></div></section>
Wallace Luxury Spotlight | 2405 Cunningham Road Knoxville TN 37918
This Wallace Luxury property is a beautiful, custom built, 3730sq ft all brick basement rancher that has been meticulously maintained & is absolutely move-in ready.
Upon entry, you will find the warm and inviting main level living room with many desirable touches….including hardwood flooring, trey ceiling, built in wood display shelves, and fireplace.
The kitchen, which features a breakfast bar and room, modern cabinets, and granite countertops, is convenient to the formal dining room. This will make hosting special holiday meals a breeze.
On the home’s main level you’ll find the private primary ensuite with dual walk-in closets, oversized walk-in tile shower and large dual vanity. Two additional bedrooms and a full bath are also located on the main level of the home as well as the laundry room/mudroom. Also, on the main you can enjoy a 339 sq ft sunroom year-round, with a no-vent fireplace and cooling unit.
There is a side entry, 4 car garage which offers plenty of extra parking and/or extra storage plus a half bath. Downstairs you’ll find a large great room, full kitchen, two additional bedrooms and a full bath. The walk out basement doesn’t feel like your average basement with its tall, finished ceilings.
Also downstairs, you will find a 670 sq ft unfinished storage/utility room with washer and dryer connections, access to the high efficiency HVAC system, water heater, water softener, and PEX manifold water supply system.
This home has a large outdoor entertainment area which includes an above ground pool and a great hideaway area across a quaint bridge. This area is absolutely perfect for cozy nights in front of the built-in outdoor fire pit or entertaining guests. This home offers quite a bit of curb appeal as it sits beautifully on a 0.82 acre lot. Convenient to all that North Knoxville has to offer, such as schools, shopping and recreation. Schedule your appointment today!
Listed by Kevin Wilson – Wallace North Office | Click here for more information.
Wallace Luxury Spotlight | 110 Blue Herron Drive Lenoir City, TN 37772
This Wallace Luxury property is a custom-built 5-year young home in Millers Landing, carefully designed and constructed to take full advantage of its unique setting. The property allows you to enjoy the breathtaking views of the lake from various vantage points throughout the home.
Large energy efficient Pella double pane windows and glass doors add to the bright and airy open-concept design that maximizes the connection with the lake. This home has a spacious deck, patio area with a hot tub complete with custom shades for privacy, a screened porch and an outdoor fire pit area, all perfect for enjoying sunsets.
This home has an RV parking space, oversized garage for boat storage, poured concrete walls with an enormous unfinished basement, climate controlled safe room, no carpet, engineered hardwood floors, hand-cut wood beams, two stone fireplaces, oversized gutters with Leaf Guard and much more.
The kitchen is a chef’s dream, equipped with high-end appliances, an oversized island, and tons of cabinetry and prep space. This home has tons of custom features, so you’ll simply have to explore it for yourself!
Listed by Debbie Yankey – Wallace Farragut Office | Click here for more information.
Wallace Luxury Spotlight | 4300 Roberts Road Corryton, TN 37721
This Wallace Luxury property allows you to enjoy country-estate style living that is only a short drive from city amenities. Boasting a generous 9,064 SF layout, the home was designed thoughtfully by the current owners in a manner that combines cozy comfortable living with plenty of entertainment and storage space.
Upon approaching the home, you’ll be greeted with southern charm and an overwhelming sense of hospitality, from the wide, welcoming walkway to the roomy porch, which is perfect for enjoying lazy summer afternoons.
The real gem of this home is how it provides such amazing views of the surrounding landscape. High end Pella windows in 6 inch framing are an added bonus to the picturesque atmosphere and expanse of light throughout the space. The peaceful kitchen will be perfect for creating special occasion meals or just everyday dishes for those you love, and the spacious island allows for those kitchen conversations if guests want to hang out while you’re prepping.
High quality materials used in construction of this home and impeccable care over the years are evident in the condition of this ready to move in home. Other special features include Geothermal heating & cooling with closed loop system with separate units for each level.
You must experience it for yourself!
Listed by Tuesday Reynolds & Ed Mathews – Wallace West Office | Click here for more information.
Wallace Luxury Spotlight | 656 Split Rail Lane Knoxville, TN 37934
This Wallace Luxury property allows you to enter a world of luxury. In this remarkable home every element has been meticulously designed to offer a lifestyle of elegance and comfort. This is a place where dreams come to life, where every unique feature adds to the allure of this exceptional property.
The heart of this home is undoubtedly the custom kitchen, a culinary haven that redefines the art of cooking. Featuring a five-burner gas stove and double ovens, it’s a space that promises gourmet perfection. The bright and beautiful quartz countertops are both functional and a visual delight, turning this kitchen into a culinary masterpiece that will inspire your inner chef. The custom kitchen cabinetry is not just a practical element; it’s a work of art, providing both storage and style that’s second to none.
Convenience and comfort come together perfectly on the home’s main level. The primary bedroom is a tranquil retreat, a spacious haven of relaxation, and it’s not alone. An additional bedroom on the main level adds versatility and options for guests or family members. But this home doesn’t stop at just the five bedrooms. With a flex room and a large bonus room, you have space for a home office, a fitness center, or a hobby room, providing flexibility for your unique needs.
Elegance is woven into every corner of this residence, as evidenced by the four well-appointed bathrooms that ensure indulgence and convenience for all.
Outside, a paradise awaits. An in-ground heated saltwater gunite pool is the centerpiece, complete with a captivating waterfall and two mesmerizing fire features. This is not just a pool; it’s an oasis of relaxation and entertainment. The professionally landscaped lawn frames this outdoor haven, offering a serene backdrop to your life of luxury.
But this experience doesn’t stop at your property line. The neighborhood itself offers a pavilion with a fireplace and ample seating, making it the perfect venue for your next social gathering or event.
As you explore the finer details of this property, you’ll find 4-inch plank shutters throughout the home, a beverage center for ease of entertainment, 12-foot high ceilings that exude grandeur, a walk-in pantry, a large laundry room with custom cabinetry for added convenience, an encapsulated crawlspace for peace of mind, and a Trex deck that extends your outdoor living space.
In summary, this property is the epitome of luxury living. From the culinary delights of the custom kitchen to the bright and beautiful quartz countertops, the spacious bedrooms, additional flex rooms, and elegant bathrooms, it has it all. The in-ground heated saltwater pool, with its waterfall and fire features, adds a touch of resort living to your everyday life. The professionally landscaped lawn and the community pavilion complete the picture of luxury. This is not just a house; it’s a lifestyle. Don’t miss the opportunity to make it your own.
Listed by Jaime Blanton – Wallace West Office | Click here for more information.
Falling for Organization: 7 Tips to Tidy Up Your Home
<section itemprop=”articleBody” class=”e-content”><div class=”blogContentWrapper”><p><img alt=”” src=”https://d15zjc2r4e8kr7.cloudfront.net/9302/blog/Getting%20Your%20Home%20Ready%20for%20Fall%20Wallace%20Real%20Estate%20(1).png” style=”width: 700px; height: 389px;” class=”featured”></p> <p>As the leaves change colors and the air gets crisper, there's no better time to cozy up your space than in the fall. Whether you're preparing for the upcoming holiday season or just want to create a more peaceful living environment, these tips will help you get your home organized and ready for the autumn season.</p> <p>1. Declutter Before You Decorate</p> <p>Before you break out the fall decor, take some time to declutter. Go through your closets, drawers, and storage spaces. Donate or toss items you no longer need or use. A clutter-free home creates a better canvas for seasonal decorations.</p> <p>2. Embrace the Seasonal Swap</p> <p>As the temperature drops, it's time to swap out your summer wardrobe for cozy fall attire. Store away your swimsuits and sundresses and bring out your sweaters and scarves. This not only saves space but also makes your daily routine more efficient.</p> <p>3. Create a Cozy Nook</p> <p>Fall is all about comfort, so create a cozy reading nook or relaxation corner. Add soft throws, plush pillows, and a warm blanket to make it inviting. It's the perfect spot to curl up with a good book on a chilly evening.</p> <p>4. Kitchen Cleanout</p> <p>Fall is time for soups and stews, and to create these delicious comfort foods, you'll want to get your kitchen ready for some serious cooking. Organize your pantry, toss expired items, and make a list of essential fall ingredients like spices, canned pumpkin, and hearty soups.</p> <p>5. Tackle Seasonal Decor Storage</p> <p>If you love decorating for the fall, organize your seasonal decorations. Use clear storage totes to keep your pumpkins, wreaths, and autumn-themed items neatly organized. Label the containers for easy access next year.</p> <p>6. Coats and Boots Station</p> <p>Create a designated area for your fall and winter outerwear. Install hooks for coats and a boot tray to keep wet, muddy boots from tracking dirt throughout your home. It's a small change that can make a big difference in keeping your entryway tidy.</p> <p>7. Fall Cleaning Checklist</p> <p>Before you close the door on fall organization, create a cleaning checklist. Focus on tasks like cleaning out gutters, raking leaves, and checking your heating system. A clean and well-maintained home is the best way to enjoy the season without worry.</p> <p>Remember, organization isn't just about aesthetics; it's about creating a comfortable and stress-free environment where you can fully enjoy the beauty of fall. So, put on your coziest sweater, grab a pumpkin spice latte, and let's get organizing! Happy fall, everyone!</p> </div><div class=”clearfix”></div><div class=”clearfix”></div></section>
Halloween Safety Tips for Your Family
Halloween is right around the corner, and safety is always a concern. As a homeowner, you can do your part to make sure the kids get home safe and sound this year. A quick inspection of your property is all it takes to make sure your house is a safe stop for this years trick or treaters. Here’s a few tips.
Leave The Lights On- Keep the exterior lights on for trick or treaters and your party guests. Always make sure there’s enough light for the whole trip from the street or driveway to your door. You can also add some light fixtures with ground stakes to clearly mark the path to your door.
Remove Obstacles- Pick up your garden tools, roll up your hose, and put the gnomes in the garage. Make sure there’s nothing to trip your guests.
Jack-o-lanterns- Lit candles are always a safety concern, especially when kids are involved. Battery powered illumination in your pumpkins is a safe alternative to burning candles. If you do use an open flame, keep an eye on it and keep flammables out of reach.
Pets- Keep the safety of your fluffy friends as well as your party guests and trick or treaters in mind. Often Halloween can be stressful for pets because they don’t understand why it’s suddenly okay for strangers to come into your yard or on your porch. Halloween candy can also be toxic for your animals so make sure they don’t get their paws on any. Halloween is also a time when pranksters come out to play. Keep your pets inside where they’ll be safe.
Candy- Stick to packaged standards like the big bags available at pretty much every retailer leading up to the season. You can also have candy on hand without peanuts in case your trick or treaters have allergies. Check out the Teal Pumpkin project for more info about offering options for kids with allergies. And be sure to inspect your own kids’ candy before they eat it.
Spooky decorations- If you’re going to put a seven foot tall space monster in the yard, do it safely. Make sure it is secure. You don’t want anything to fall over on a tiny Elsa or Darth Vader. Check your decorations for sharp edges or points that might pose a threat to a seven year old dashing through your yard after some candy. Make sure power cords are in proper working order and are secure to avoid tripping or electrical hazards.
Take precautions and you’ll have a fun and safe Halloween this year!
Wallace Luxury Spotlight | 2726 W Gallaher Ferry Road Knoxville, TN 37932 Copy
This Wallace Luxury property offers an incredible opportunity to live on the water in West Knox County. This Spacious lakefront home allows for spectacular mountain views.
With plenty of space to spread out on a 1.98 acre wooded lot, this charming lakefront home is ready for its next owner to bring it to its full potential.
There’s even Plumbing and electricity for basement kitchen.
Bring a daily dose of peaceful nature to your life. This prime location is in sought after Hardin Valley, ten minutes from Pellissippi Parkway and the Interstate. *Being sold as is.
Listed by Ron Uphoff – Wallace West Office | Click here for more information.
Wallace Luxury Spotlight | 198 Elk Lake Lane Jacksboro, TN 37757
This Wallace Luxury property offers a once-in-a-lifetime opportunity to own your very own private estate! 198 Elk Lake Ln is a stunning custom-built brick rancher, boasting awe-inspiring mountain vistas that will leave you breathless.
As you approach via the secluded wrap-around driveway, you’ll immediately appreciate the grandeur of this nearly 7 acre estate, perfectly situated to provide you with panoramic views of the majestic Cumberland Mountains. Step inside this thoughtfully designed home and experience pure elegance, bathed in natural light and coupled with tall ceilings, it creates an inviting and open atmosphere.
The spacious living room offers a cozy gas fireplace, perfect for those chilly evenings. As you glide through a set of elegant French doors, you’ll be greeted by the beautifully appointed kitchen, complete with beautiful cabinetry and a stainless-steel gas stove. The formal dining room exudes grace and charm, complemented by its bay windows that allow the natural light to flood the space, gracefully illuminating gorgeous hardwood floors. But the true gem of this home is the primary bedroom and ensuite. This generously sized retreat features bay windows that frame the breathtaking mountain views, infusing the space with serenity and light. Stepping into the expansive ensuite, you’ll discover not one, but two showers, and a luxurious soaking tub.
In addition to all this, there’s a cozy den that overlooks the spacious covered back porch, offering a perfect spot to unwind. Continuing down the hall from the kitchen, you’ll find a guest bathroom and a conveniently located laundry room. This home also offers a spacious 3-car garage with ample parking outside.
Also, the home has a brand-new roof installed only a few short months ago. The outdoor amenities of this property are simply unmatched. A workshop with a concrete floor, a huge open shed ideal for equipment, or even space for horses on this vast acreage. A small creek gently runs through the front of the property, adding to the charm. Located within the city limits of Caryville, you’ll enjoy the convenience of city services. Speaking of convenience, the location of this home is exceptional. You’re within minutes of Norris Lake, Cove Lake State Park, and within 30 minutes of Knoxville. This property is making its debut on the market for the very first time. Don’t let this chance slip through your fingers – schedule a private today!
Listed by Gage Dople – Wallace North Office | Click here for more information.
How the Real Estate Market is Different from What You're Hearing
<section itemprop=”articleBody” class=”e-content”><div class=”blogContentWrapper”><p><img alt=”” class=”featured featured” src=”https://d15zjc2r4e8kr7.cloudfront.net/9302/blog/Claudia%20Thought%20Leader%20Blog.png” style=”width: 700px; height: 389px;”></p> <p>The real estate professionals in my company are reporting that they are feeling the market slow down. And from their perspective, it means that there just aren’t as many sales happening as there were last year or the year before. They are assembling fewer offers for buyers, and there are fewer people choosing to put their home on the market.</p> <p>Curious about how this slowdown, after coming off of record high sales compared to the last time we had a slowdown after record high sales, I began digging into the data. Arguably, 2005, 2006 and 2007 show similar market activity to 2020, 2021, and 2022. Lots of sales were happening back then, thanks to a lending environment offering 100% loans, mortgages requiring no financial documentation, the ability to roll in closing costs to the loan so money needed to purchase was less, and what felt like favorable interest rates. </p> <p>But then in 2008 and 2009, we started to feel the beginnings of the market slowdown that ultimately, resulted in the Great Recession.</p> <p>I’m certainly no economist, but I did live through the recession as a real estate professional. When we compare the slowdown of 2008-2009 to the slowdown of 2022-2023, there are some striking differences that need to be recognized. Generally, a slowdown of any kind feels the same from a workload perspective, regardless of its cause, so there is a tendency to assume what’s happening now is the same as what happened then. But let’s take a look at the facts.</p> <p>In data collected from the East Tennessee Realtors Multiple Listing Service with a 12-month snapshot between September 2008 and August 2009 vs. the same months in 2022-2023, I see that the number of new listings entering the market was about 31,000 then, while the number of new listings this past 12 months was about 24,000. That’s a notable difference. Fewer homes are being offered for sale now.</p> <p>And when those new listings entered the market back then, they lingered longer. The average number of time a home spends on the market today from list to sale is 33 days. Back then it was 111. So, by comparison, the pace of sales today is still historically brisk.</p> <p>Here’s an interesting fact from back then…once a house hit the market, and because it hung around longer, it meant that we were carrying an average monthly inventory of about 16,000 homes. Now, that number is just over 5,000.</p> <p>But I think the most significant statistic is the number of homes we sold in our service area between September of 2008 and August of 2009…10,000, which seems like a lot until you compare it to the same months today…19,000 homes sold. Using rounded math, that means that nearly twice the number of homes are selling now as were selling then.</p> <p>The difference is that buyer demand today is fueled by the fact that the Millennials and the Baby Boomers, two of our largest generations are legitimately needing homes. Covid allowed people to choose where they wanted to live vs. where they had to live and east Tennessee was discovered. Back in 2008-2009, buyer demand was, in large part, due to the fact that loans were easy to get with little proof that the buyer could afford the home over time. And when those buyers could no longer pay the mortgage, we saw a flood of foreclosures and short sales. Today, buyers have to go through a rigorous approval process proving they can afford their payments. The Tennessee Department of Labor and Workforce Development shows about an 8 percent unemployment rate between 2008 and 2009, while today, that number is around three percent. Another big difference between then and now.</p> <p>Interest rates back then averaged 5.34 for the 12-month snapshot, and today the average is 6.62, although that number is rising. While this is a meaningful difference, our perspective on this number is likely affected by the speed at which rates have risen in the past year. The information to understand here is that interest rates are always changing, and lenders are developing programs that will allow buyers to refinance if rates go down, or they may qualify for a buy-down loan, which helps relieve the higher cost of borrowing for the first few years of the mortgage. Your Realtor can connect you with lenders that offer these programs.</p> <p>So, compared to the last slowdown, we are selling twice as many homes, buyers have 1/3 of the number of choices they had then which causes competition (and thus home price increases), and homes that are listed are still selling in about a month. Prices are still increasing (although not at the double-digit percentage increase we saw in 2021), or they are holding stable because of the current supply/demand imbalance, with more demand than supply.</p> <p><em>*”Thought Leader” is a blog series that shares insight and expert knowledge from Wallace leadership. This article by Wallace COO Claudia Stallings was originally published in the Knoxville News Sentinel. </em></p> </div><div class=”clearfix”></div><div class=”clearfix”></div></section>
