It’s 2021 and things have changed dramatically in the last year. Of those changes, two major examples are the real estate market trends in Knoxville, and how buyers are viewing properties. The pandemic has affected many aspects of our lives, but it seems at though the housing market is one of the lucky aspects being positively affected.
The Trends:
Take a look at the Knoxville housing market, courtesy of Fortunebuilders.com…
- Median Home Value: $218,101
- 1-Year Appreciation Rate: +10.0%
- Median Home Value (1-Year Forecast): +10.6%
- Median Rent Price: $1,250
- Price-To-Rent Ratio: 14.54
- Unemployment Rate: 4.3% (latest estimate by the Bureau Of Labor Statistics)
- Population: 187,500 (latest estimate by the U.S. Census Bureau)
- Median Household Income: $37,703 (latest estimate by the U.S. Census Bureau)
- Percentage Of Vacant Homes: 9.58%
- Foreclosure Rate: 1 in every 8,816 (1.1%)
Since the pandemic began, cleanliness has become more strict, people are staying home more, and masks are being worn- all of these are restricting how buyers can look at potential new homes. That is where real estate videos come in. Being a local real estate photographer, and photographing for over seven years, I never really dipped my toe in video. But, as 2020 continued, and lockdowns lasting longer than expected, I realized something: one of the only ways buyers can see houses is through video. Imagine buying a house sight-unseen- scary, isn’t it? Sure, the photos show you the property; you can see the high ceilings, paint color, kitchen layout, and amenities, but the flow of the home is not obvious. Real estate video walkthroughs are important for that reason alone. These walkthroughs bring the buyer into the home, virtually, without ever having to leave their home.
Of the 366 homes I photographed last year, 90% sold in 30 days or less. Almost 1/3 of the sales were from out of state buyers, and half of them never saw the home in person until closing day. It sounds crazy, but they were able to do so because the video walkthroughs helped them feel at home, plan their furniture placement, and feel the flow of the house, all while a few hundred miles away.
The digital world is growing every day. Sometimes it feels like you may never get on top of it, that’s why hiring a professional is so important. Real estate photographers specialize in creating perfect images of homes, emphasizing the most important details, and, now, being able to capture the entire home in one video for buyers to watch online.
Interested in taking your listing to the next level, reaching even more potential buyers? Fill out this form, and take a look at some examples of my real estate video walkthroughs: https://www.hardyhomesphoto.com/video/