Knoxville is a city in the U.S. state of Tennessee, and the county seat of Knox County. The city had an estimated population of 186,239 in 2016 and a population of 178,874 as of the 2010 census, making it the state's third largest city after Nashville and Memphis. Knoxville is the principal city of the Knoxville Metropolitan Statistical Area, which, in 2016, was 868,546, up 0.9 percent, or 7,377 people, from to 2015. The KMSA is, in turn, the central component of the Knoxville-Sevierville-La Follette Combined Statistical Area, which, in 2013, had a population of 1,096,961.
First settled in 1786, Knoxville was the first capital of Tennessee. The city struggled with geographic isolation throughout the early 19th century. The arrival of the railroad in 1855 led to an economic boom. During the Civil War, the city was bitterly divided over the secession issue, and was occupied alternately by both Confederate and Union armies. Following the war, Knoxville grew rapidly as a major wholesaling and manufacturing center. The city's economy stagnated after the 1920s as the manufacturing sector collapsed, the downtown area declined and city leaders became entrenched in highly partisan political fights. Hosting the 1982 World's Fair helped reinvigorate the city, and revitalization initiatives by city leaders and private developers have had major successes in spurring growth in the city, especially the downtown area.
Knoxville is the home of the flagship campus of the University of Tennessee, whose sports teams, called the "Volunteers" or "Vols", are extremely popular in the surrounding area. Knoxville is also home to the headquarters of the Tennessee Valley Authority, the Tennessee Supreme Court's courthouse for East Tennessee and the corporate headquarters of several national and regional companies. As one of the largest cities in the Appalachian region, Knoxville has positioned itself in recent years as a repository of Appalachian culture and is one of the gateways to the Great Smoky Mountains National Park.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Knoxville, Tennessee. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!
The national average total real estate commission in 2015 was 5.26% *
In Knoxville, Tennessee, you will find the following real estate commissions charged*:
Typical Asking Commission: 6.0%
Competitive Commission: 5.0%-5.5%%
Very Competitive Commission: 4.5%-4.99%
The median existing single-family home price in the South rose 6.7%, to $229,400, in the second quarter of 2017 compared to the the second quarter of 2016. Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:
In the State of Tennessee, median home prices are as follows*:
|Metro Area||Median Sales Price||% of Annual Change|
Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home. In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).
In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent. Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”. This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client. This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).
When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.
At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business. These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm. This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in Tennessee.
Sellers who are also buying a home in the same local market have a volume discount advantage. ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home. Be sure to check the box that you are also buying a home locally to receive these better rates.
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As of the census of 2010, the population of Knoxville was 178,874, a 2.9% increase from 2000. The median age was 32.7, with 19.1% of the population under the age of 18, and 12.6% over the age of 65. The population was 48% male and 52% female. The population density was 1,815 persons per square mile.
The racial and ethnic composition of the city was 76.1% white, 17.1% black, 0.4% Native American, 1.6% Asian, and 0.2% Pacific Islander. Hispanic or Latino of any race were 4.6% of the population. People reporting more than one race comprised 2.5% of the population.
Data collected by the Census from 2005 to 2009 reported 83,151 households in Knoxville, with an average of 2.07 persons per household. The home ownership rate was 51%, and 74.7% of residents had been living in the same house for more than one year. The median household income was $32,609, and the per capita income was $21,528. High school graduates comprised 83.8% of persons 25 and older, and 28.3% had earned a bachelor's degree or higher. The city's poverty rate was 25%, compared with 16.1% in Tennessee and 15.1% nationwide.
According to the opinion of the Economic Research Institute in a 2006 study, Knoxville was identified as the most affordable U.S. city for new college graduates, based on the ratio of typical salary to cost of living. In 2014, Forbes ranked Knoxville one of the top five most affordable cities in the United States.
After the arrival of the railroads in the 1850s, Knoxville grew to become a major wholesaling and manufacturing center. Following the collapse of the city's textile industry in the 1950s, Knoxville's economy grew more diversified. In 2011, 15.9% of the Knoxville Metropolitan Statistical Area's (MSA) work force was employed by government entities, while 14.1% were employed in the professional service sector, 14% worked in education or health care, 12.7% were employed in the retail sector, 10.5% worked in leisure and hospitality, and 8.9% worked in the manufacturing sector. The region had an unemployment rate of 7.9% in 2011.
In the 2010 ACCRA Cost of Living Index, Knoxville was rated 89.6 (the national average was 100). Kiplinger ranked Knoxville at #5 in its list of Best Value Cities 2011 citing "college sports, the Smoky Mountains and an entrepreneurial spirit." In April 2008, Forbes magazine named Knoxville among the Top 10 Metropolitan Hotspots in the United States, and within Forbes' Top 5 for Business & Careers, just behind cities like New York and Los Angeles.
In 2007, there were over 19,000 registered businesses in Knoxville. The city's businesses are served by the 2,100-member Knoxville Area Chamber Partnership. The Knoxville Chamber is one of six partners in the Knoxville-Oak Ridge Innovation Valley, which promotes economic development in Knox and surrounding counties.