5 Things About the Real Estate Market in East TN
Think you know real estate? Coldwell Banker Wallace & Wallace, Realtors® has been serving the home buying and selling needs of individuals and families in East Tennessee for more than 80 years! In that time, we've learned a thing or two about real estate. Read on and see if you are surprised by anything you learn!
1) Active Listings are WAY DOWN
The number of available homes for sale in East Tennessee is smaller than it has been in some time. Some might say we're in the midst of an inventory crisis. It is predicted that new construction homes will be the thing that helps this listing shortage the most. That means we’ll be selling a lot of new homes over the next few years, once builders get going full blast again. CBWW is the builder's brand. Not only are we a member of the Home Builder's Association of Greater Knoxville, we also offer a special new construction marketing package to help connect builders with buyers in our area.
2) Home Sales
2017 has been a little strange as far as home sales are concerned. We've seen some dramatic ups and downs, but mostly ups. We sold more homes in August than we did in July. Last time we had a similar uptick between these two “sales season” months was in 2013, when we were just waking up from the recession, and people decided that real estate actually was a good investment after all.
3) Supply of Homes
With fewer homes to sell combined with more sales, our supply is down. In fact, we're seeing the lowest months of supply for the entire year. Or in several years. Or ever. This means we're experiencing a seller's market. As a would-be seller, you may have the upper hand. Of course, it still requires the right pricing and positioning to get your home sold, but we can definitely help. Thinking of selling your home to take advantage of the current market climate? Now's a great time.
4) Home Prices
Home prices are holding mostly steady, with just a slight variation over the past three months, which is a safe place to be. It is comfortable now, but if inventory doesn’t increase proportionately to closings, we may see this number continue to rise.
5) Buying Your Next Home
In the current environment, you want to make sure that as a buyer, you play it smart. Get your finances in order, do some research and make sure you work with a real estate professional who can negotiate for you. Hopefully, you'll be settling in your new home sweet home in no time!