What does this mean for sellers and buyers? Oftentimes in today’s market potential buyers are offering unrealistic bids and engaging in a bidding processes that end with no accepted offer when dealing with sellers whose properties are not distressed and in good condition. Potential buyers need to understand that while housing prices are down, non-distressed properties are generally not in “fire-sale” mode.
Regarding property condition, the recent study also shows how the condition of the Knoxville property directly impacts the price of distressed real estate in Knoxville. If a distressed property can be maintained as average or better, the price discount as compared to market value will be significantly less than would be the case for properties considered in the bottom 1 percent. This information applies to non-distressed properties as well. Which shows whether a property is distressed or not, keeping it in good shape will ultimately bring you a higher sales price.
Interested in buying or selling a distressed or non-distressed property in Knoxville? Contact Troy Stavros today to sit down and talk about your goals and see how we can formulate a plan to bring them to fruition.