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Wallace Luxury Spotlight | 5419 Cove Island Road Knoxville, TN 37919
Fall in Love with this Exquisite Home by Jones Bros.
Prepare to be captivated by this stunning property, masterfully crafted by the renowned Jones Bros. Nestled on a large corner lot with mature trees and ample space for outdoor activities, this home offers a perfect blend of elegance, comfort, and functionality. Whether you’re an avid entertainer or someone who appreciates fine craftsmanship, this home is sure to exceed your expectations.
The heart of this home is the updated kitchen, a true masterpiece with white quartz countertops that exude modern sophistication. Equipped with new, top-of-the-line appliances and a spacious walk-in pantry, this kitchen is designed for both cooking and entertaining. The adjoining breakfast area is bathed in natural light, providing a cheerful space to start your day.
The main floor is an entertainer’s dream, offering a variety of spaces to suit any occasion. Enjoy formal gatherings in the elegant dining room, or transform the formal living room into a stylish office. The spacious den features a cozy wood-burning fireplace with a gas starter, perfect for relaxing evenings at home. Just in time for fall, step out onto the massive screened-in porch off the kitchen—a perfect spot for enjoying crisp autumn air or hosting a gathering with friends and family.
Upstairs, you’ll find four generously sized bedrooms, each designed with comfort in mind. The primary suite offers a serene retreat with ample space and an ensuite bathroom. Two additional full baths and a large bonus/flex room provide plenty of room for everyone to enjoy their own space.
But the possibilities don’t end there! The unfinished third floor, currently used for storage, offers incredible potential to create your dream space. Whether you envision a media room, home gym, playroom, or craft room, this area is a blank canvas waiting for your personal touch.
This home is not just about beauty and comfort—it also offers practical features that enhance everyday living. The 3-car garage comes equipped with an EV charger, making it easy to power your electric vehicle. An irrigation system keeps the lawn lush and green, while the tall crawl space provides additional storage options.
Don’t miss the opportunity to make this extraordinary property your own. With its perfect blend of luxury, functionality, and charm, this home is ready to welcome you. Schedule your showing today and fall in love with all that this Jones Bros. masterpiece has to offer!
Listed by Jennine Smith – Wallace Real Estate West Office – Click here for more info!
Navigating the July 2024 Real Estate Market: A Snapshot
July 2024 East Tennessee Real Estate Market Update: A Steady, Resilient Market
As we reach the height of summer, the East Tennessee real estate market continues to demonstrate its resilience and adaptability. With the July statistics now in, we can see how the market is evolving in response to current conditions.
Here’s a closer look at the key trends and what they mean for both buyers and sellers in our region.
New Listings: Seller Confidence Returns
July saw a notable increase in new listings compared to the same time last year, bringing us back in line with 2022’s activity levels. This uptick suggests that sellers are gaining confidence despite higher interest rates. The “lock-in” effect, where homeowners were reluctant to sell due to previously secured low-interest rates, seems to be loosening. As sellers acclimate to the new normal, they are taking action and listing their homes, contributing to a more balanced market.
Active Listings: A Welcome Boost for Buyers
The number of active listings continues to rise, offering more choices for buyers. While we haven’t yet reached the inventory levels of 2019, which many consider the last “normal” year, the increase in available homes is a positive sign. For buyers, this means more options and potentially less competition than in recent years, creating a more favorable environment for making purchasing decisions.
Sales Pending: Steady Momentum
In July, we saw a slight increase in homes going under contract compared to the same period last year. This is reminiscent of the bustling market of 2022, even if the pace feels slower compared to the Covid years, when the market was extraordinarily active. The steady momentum in pending sales indicates that buyer demand remains strong, even as the market normalizes.
Closed Units: Transactions Continue Despite Rate Challenges
The number of closed transactions also exceeded last July’s figures, showing that despite the challenges posed by higher interest rates, the need for real estate transactions persists. Last year, there was hope that rates might drop, causing some buyers to hesitate. However, with no significant rate relief in sight, life moves forward, and buyers are proceeding with their plans.
Months of Supply: Demand Remains Strong
The months of supply in July reached a peak for the year, yet we remain below the six-month mark that indicates a balanced market. With less than five months of supply, it’s clear that demand for homes is both organic and steady. Homes continue to sell quickly, underscoring the ongoing vitality of the East Tennessee market.
Median Sales Price: Record-Breaking Year
As demand holds strong, median sales prices continue to set new records month over month. So far, 2024 is on track to be the year with the highest median sales price in MLS history. This trend highlights the sustained value of real estate in East Tennessee, making it a robust investment for both current and prospective homeowners.
Average Days on Market: A Return to Normalcy
The average days on market (DOM) sits comfortably in the middle of the spectrum. While homes aren’t selling within hours as they did during the peak years of 2021 and 2022, the pace is only slightly slower than last year. With a bit more inventory available, buyers have more time to make informed decisions, contributing to a healthier market dynamic.
Conclusion: A Market to Watch
Overall, the July 2024 market statistics reflect a resilient East Tennessee real estate market that is adjusting to current conditions with poise. For agents, these trends offer a wealth of opportunities to guide clients through the buying and selling process with confidence. Whether you’re working with first-time buyers, seasoned investors, or homeowners looking to make a move, this market continues to present valuable opportunities for all.
As always, staying informed about these trends allows us to provide the best possible service to our clients. Let’s keep the momentum going as we move through the second half of the year!
Benefits of Working with a Buyer’s Agent
Purchasing a home is one of the most significant investments you’ll ever make, and having the right support can make all the difference. At Wallace Real Estate, we believe that working with a buyer’s agent is crucial to ensuring a smooth and successful home-buying experience.
Here are the top 10 benefits of having a buyer’s agent by your side.
1. Professional Guidance: A buyer’s agent provides expert guidance throughout the buying process. They help you understand each step, from viewing properties to closing the deal, ensuring you make informed decisions.
2. Access to Qualified Listings: Buyer’s agents have access to a wider range of property listings, including those that may not be publicly advertised. This gives you a better chance of finding the perfect home that meets your criteria.
3. Expert Negotiation Skills: Negotiating a home purchase can be challenging, especially in a competitive market. Buyer’s agents are skilled negotiators who work to get you the best possible deal, handling all communication with the seller’s agent and ensuring your interests are protected.
4. Efficient Process Management: A buyer’s agent coordinates the various aspects of the transaction, such as scheduling inspections, appraisals, and handling paperwork. Their experience ensures that these tasks are managed efficiently, reducing delays and complications.
5. In-Depth Market Knowledge: Buyer’s agents provide valuable insights into market conditions and property values, helping you make competitive and informed offers. They ensure you understand the true worth of a property and avoid overpaying.
6. Stress Reduction: The home-buying process can be stressful. A buyer’s agent takes on many of the responsibilities and challenges, allowing you to focus on finding your dream home without being overwhelmed by the details.
7. Legal and Contractual Expertise: Buyer’s agents ensure that all legal and contractual obligations are met. They help you navigate complex paperwork and compliance issues, minimizing the risk of legal problems down the line.
8. Network of Professionals: Agents have established relationships with a network of professionals, including inspectors, appraisers, and contractors. This network can be invaluable in addressing any issues that arise during the home-buying process quickly and efficiently.
9. Objective Evaluation: A buyer’s agent provides an objective perspective when evaluating properties. They help you see the potential and pitfalls of each property, ensuring you make a well-informed decision based on facts rather than emotions.
10. Personalized Service: Buyer’s agents are dedicated to understanding your unique needs and preferences. They work exclusively for you, tailoring their services to help you find a home that perfectly matches your requirements and lifestyle.
In conclusion, working with a buyer’s agent offers numerous advantages that can greatly enhance your home-buying experience. At Wallace Real Estate, we are committed to providing you with the expert support and guidance you need to find and purchase your dream home. If you’re ready to start your home search, let’s connect!
Wallace Luxury Spotlight | 505 Wilder Avenue Monterey, TN 38574
Welcome to your dream property, featuring a spacious 3-bedroom, 2.5-bathroom home nestled on 8+ picturesque acres. This unique property offers a blend of comfortable living and exceptional amenities, including a newly built 30×60 shop that’s perfect for any hobbyist.
The main house exudes charm and comfort with hardwood and tile flooring throughout, a beautifully renovated kitchen with refinished cabinets, a modern faucet, and above-cabinet lighting. The living areas and bedrooms have been freshly painted, creating a bright and inviting atmosphere.
The poly-sealed garage and hot tub room floors add to the home’s functionality, while the recently resealed deck provides a fresh and inviting outdoor space, perfect for gatherings around the cozy fire pit. For added convenience, there is a hidden ironing station, ensuring that household chores are easily managed.
Recent updates to the home include new plumbing valves and access panels in both bathrooms & new fans, new plastic and insulation installed under the primary bedroom, closet, and bath, and interior outlets equipped with insulators for added efficiency.
The newly built 30×60 shop is a standout feature, equipped with two street-side roll-up doors and an additional roll-up door near the guest house. The shop’s interior is designed for versatility, with spray foam insulation in the walls, blow-in insulation in the ceiling, five opening windows, and in the floor power outlets approximately every six feet. The shop has two locations to provide industrial air supply with the source of the air being located in a separate attached lockable room to reduce nuisance noise within the shop. Metal-finished walls minimize damage, and a roll-up door separates the finished side from the open-framed side. The shop is also equipped with 240-volt power to accommodate a welder, gutters with underground piping to direct water away from the building, and two 50-amp RV plug-ins. There is ample RV parking along the north side and in front of the shop.
The guest house features a half bath and additional sink in the main area, a recently resealed deck, freshly repainted interior, and lower siding that matches the shop, providing a cohesive look. The property’s exterior features include fruit trees (apple, pear, peach) and a dedicated garden area, blending nature with functionality.
Behind the house, the pond, complete with a dam at the far end for easy maintenance, is stocked with bass and sunfish, making it an ideal spot for leisurely fishing or enjoying the serene surroundings. For added security, the property is equipped with cameras around the exterior of the house, ready to be utilized.
Conveniently located, this property is perfectly situated near many larger cities, with Cookeville just 20 minutes away and Crossville 24 minutes away. Additionally, it is only 1 hour and 15 minutes from the Nashville International Airport, making travel easy and accessible. This property offers an exceptional blend of comfort, convenience, and functionality.
Whether you’re looking for a serene country retreat or a versatile space to pursue your passions, this home has it all. Schedule a showing today and experience the endless possibilities this unique property has to offer!
Wallace Real Estate Named 2024 Top Workplaces Winner
<section itemprop=”articleBody” class=”e-content”><div class=”blogContentWrapper”><p paraeid=”{fa37e56a-a6f4-466d-8bde-292a5148c0c3}{161}” paraid=”114189576″><img alt=”” src=”https://d15zjc2r4e8kr7.cloudfront.net/9302/blog/0730240913.jpg” style=”margin: 10px; width: 550px; height: 412px;” class=”featured”></p> <p paraeid=”{fa37e56a-a6f4-466d-8bde-292a5148c0c3}{161}” paraid=”114189576″>Knoxville, Tennessee, Aug. 6, 2024 – Wallace Real Estate has been awarded a 2024 Top Workplaces Winner in the Midsize category. </p> <p paraeid=”{fa37e56a-a6f4-466d-8bde-292a5148c0c3}{205}” paraid=”166367776″>This list is based solely on <a href=”https://www.energage.com/survey/” rel=”noreferrer noopener” target=”_blank”>employee feedback</a> gathered through a third-party survey administered by employee engagement technology partner <a href=”https://www.energage.com/” rel=”noreferrer noopener” target=”_blank”>Energage</a> LLC. The confidential survey uniquely measures the employee experience and its component themes, including employees feeling Respected & Supported, Enabled to Grow, and Empowered to Execute, to name a few. </p> <p paraeid=”{fa37e56a-a6f4-466d-8bde-292a5148c0c3}{229}” paraid=”641886751″>“Wallace Real Estate is thrilled to receive this honor,” said Chief Development Officer Andrew McGranaghan. “What truly sets our brokerage apart is our commitment to providing unparalleled support to our agents. </p> <p paraeid=”{fa37e56a-a6f4-466d-8bde-292a5148c0c3}{253}” paraid=”1629511971″>With nearly 40 staff members dedicated to learning, marketing, accounting, guidance and growth, Wallace offers more support per agent than our largest competitors. This means Wallace Real Estate agents can deliver exceptional service to their clients with the confidence that they have a strong team backing them up. </p> <p paraeid=”{bb1dcc8e-7415-4bb8-a9a4-2a35105644cc}{24}” paraid=”1516658942″><img alt=”” src=”https://d15zjc2r4e8kr7.cloudfront.net/9302/blog/Top%20Workplaces%20(6%20x%204%20in).png” style=”margin: 10px; width: 300px; height: 200px; float: left;”>“Wallace Real Estate has earned the trust of generations of homebuyers and sellers since 1936,” said Chief Operating Officer Claudia Stallings. “No other brokerage in our market can say that, and we are so grateful to our amazing team for making this possible. We're proud to be a part of the East Tennessee community and to continue our tradition of excellence.” </p> <p paraeid=”{bb1dcc8e-7415-4bb8-a9a4-2a35105644cc}{40}” paraid=”1635976622″>“Earning a Top Workplaces award is a badge of honor for companies, especially because it comes authentically from their employees,” said Eric Rubino, Energage CEO. “That's something to be proud of. In today's market, leaders must ensure they’re allowing employees to have a voice and be heard. That's paramount. Top Workplaces do this, and it pays dividends.” </p> <p paraeid=”{bb1dcc8e-7415-4bb8-a9a4-2a35105644cc}{64}” paraid=”1006183252″><em><strong> ABOUT </strong></em></p> <p paraeid=”{bb1dcc8e-7415-4bb8-a9a4-2a35105644cc}{76}” paraid=”752266434″>Wallace Real Estate was founded in 1936 with one office on Gay Street in Downtown Knoxville. It has grown to be an industry leader with six area offices and more than 420 sales associates. In the brokerage’s nearly 90-year history, three generations of the Wallace family have provided buyers and sellers in the region — including Knox, Anderson, Blount, Loudon, Roane and Sevier counties — with a real estate experience that remains unmatched. </p> <p paraeid=”{bb1dcc8e-7415-4bb8-a9a4-2a35105644cc}{94}” paraid=”1463962361″>The number one independent firm in East Tennessee, Wallace offers a one-stop shop for residential and commercial real estate services. </p> <p paraeid=”{bb1dcc8e-7415-4bb8-a9a4-2a35105644cc}{110}” paraid=”183895754″>COMPANY CONTACT </p> <p paraeid=”{bb1dcc8e-7415-4bb8-a9a4-2a35105644cc}{122}” paraid=”301323990″>Wallace Real Estate </p> <p paraeid=”{bb1dcc8e-7415-4bb8-a9a4-2a35105644cc}{122}” paraid=”301323990″><a href=”mailto:cstallings@wallacetn.com” rel=”noreferrer noopener” target=”_blank”>cstallings@wallacetn.com</a></p> <p paraeid=”{bb1dcc8e-7415-4bb8-a9a4-2a35105644cc}{128}” paraid=”675916278″>8655844000 </p> <p paraeid=”{bb1dcc8e-7415-4bb8-a9a4-2a35105644cc}{137}” paraid=”1875466344″><a href=”https://wallacetn.com/” rel=”noreferrer noopener” target=”_blank”>https://wallacetn.com</a> </p> <p paraeid=”{bb1dcc8e-7415-4bb8-a9a4-2a35105644cc}{144}” paraid=”738692707″> </p> </div><div class=”clearfix”></div><div class=”clearfix”></div></section>
Wallace Luxury Spotlight | 6901 Alden Glen Way Knoxville, TN 37919
