High Demand and Low Supply: Navigating the Current Real Estate Market in the Tri-Cities | WJHL
KINGSPORT, Tennessee (WJHL) – There were a number of concerns for the housing market when the pandemic hit, but a year later the market is actually booming, especially for those selling their homes .
“This weekend, one of our announcements just received 28 offers,” said Blue Ridge Properties Real estate agent Val George.
George said that several offers on a house with the early days were not uncommon these days. He said the low interest rates currently offered are encouraging people to buy new homes. Although low supply, high demand, and higher prices may not seem the most attractive, he said. Kelly Grosfield of News Channel 11 now is a better time than ever to get in on the action.
“If you want to buy a house now, I would say now is the time. If you are thinking about selling your home, now is the time. You’re going to make more money than you could possibly possibly get before, ”said George.
He said he especially noticed the Kingsport boom and attributed the desire to relocate to the area to the scenic views, great schools and an even better community.
While buying a home right now can be hectic, George recommends meeting with a mortgage lender to lock in these low rates, as it’s unclear when they’ll go up. He also recommends meeting with a real estate agent, making sure the right one for you, and carefully weighing your options in finding a home.
When it comes to the home buying process, some are more fortunate than others. Peyton Brondos said he and his wife have been looking for a home since the pandemic began last year.
He said they were under contract for a house in Carter County, but following a reduced bank loan when the pandemic hit, they lost it, forcing them to start this process again.
“The process has been quite difficult, there is always something new to do and another hoop to go through to get it,” said Brondos.
He also said he was having trouble with homes virtually off the market before he and his wife could even see them. “We’ll watch them and my wife and I will think ‘oh man, this looks like the perfect little place’ and a few minutes later they’ll be contingent, they’ll be under contract, it wows our agent’s mind real estate and our minds and we’re just shocked, ”he said.
Lori Lively also ran into this issue: “Everything we liked almost on the same day had an offer on it,” she said.
Lively and her husband wanted to move to Kingsport from Louisville, Kentucky, as Kingsport is her husband’s hometown. She said it was a pretty quick process. They started the search in December, but came across offers already placed on homes they liked, so they looked at all of the home buying options.
“We’ve looked at everything from complete gut work to move-in, turnkey, to even build from new. We had to look at all of the options because there just weren’t a lot of options to choose from.
She said the lower interest rates were also very attractive, which also encouraged them to move during this time. Fortunately, they found a home in Kingsport and moved in a few weeks ago. She said they had slightly exceeded the asking price in order to make their offer more attractive.
According to Kristi Bailey, the Northeastern Tennessee Real Estate Association president, she said that’s exactly what you need to do now.
“The best thing you can do is be ready with your best offer when you walk in and don’t wait, don’t think you’ll be able to negotiate. You’ll have to be able to come in with your highest dollar early on because you don’t stand a chance if you think you’re going to get something less than what they’re asking for, ”Bailey said.
She went on to say that not only is this process difficult for buyers right now, but also for sellers. While houses can attract multiple offers from day one of posting, the job doesn’t end until the deal is done.
“It’s hard to make a decision because you’re always afraid of making the wrong one. It’s just a tough market for everyone and it really stresses everyone, buyers and sellers, ”Bailey said.
With historically low interest rates and a competitive market, loan officer Nolan Jenkins recommends getting pre-approved. He said it would help you place your bid on a house with multiple bids.
“Mortgage lenders and realtors, we’re working together to make sure you can find what you’re looking for and of course get closed as quickly as possible,” Jenkins said.
He said his office has been quiet since the COVID hit, with many people choosing to do things virtually, but he said nothing beats a real conversation with a loan officer whose goal is to help them. customers to close a house.
Jenkins also said that in addition to buying and selling homes, he has also seen an increase in home refinancing during the brunt of the pandemic so people can save money without having to buy a new one. House.
He said a few tips when buying are knowing what you can afford when you start buying, talking to people, and asking as many questions as you can to get the answers you need.
After going through the process, Lively advises people not to settle down. She said don’t rush the process even if you feel the need to jump on an offer. While she said they were lucky, she said she felt everyone’s dream home was somewhere.