Added: Alexi Rayner - Date: 27.07.2021 08:04 - Views: 13543 - Clicks: 7989
Home buying in Knoxville was a competitive sport inaccording to data from the Knoxville Area Association of Realtors. With a record low housing inventory and a high demand, the Knoxville residential real estate market is more tight and more expensive than it was a year ago.
A lack of available housing and rising sale prices could create barriers to growing the workforce and maintaining an affordable community, said Hancen Sale, KAAR's governmental affairs and policy director. He knows the competitive nature of the market firsthand; he's been searching for the right home for about five months.
If you really want a home right now, he said, you've got to go in with an offer over asking price and expect competition. The real estate market has not behaved as it has in past years of economic downturn, Sale said, despite a dip at the beginning of the COVID pandemic. People are accepting higher prices and they just want to buy a home.
Knoxville is ranked No. The U. This growth reflects a national pattern: across the country, home sales in November were up He attributed the increase to low interest rates, a craving for more space in the midst of the pandemic and high-income households, the largest segment of homebuyers right now, using diverted travel and dining funds to upsize homes. Supply is a continuing challenge. Sale said the housing supply has lagged for a decade, partially as a result of the housing crisis. Across the country, the start of the pandemic changed some home buying habits.
Buyers who bought a home after March were more likely to purchase a multi-generational home. Fifty-seven percent of buyers who purchased during the pandemic selected a suburban location.
And buyers were in a hurry: They pivoted from looking online to working with an agent after just two weeks, down from three prior to the pandemic. The reasons for selling during the pandemic changed, too; prior to April, the top reason for sellers was to be closer to friends and family. But post-March, sellers were more likely to report they were selling because their homes were too small.
Business reporter Brenna McDermott can be reached at brenna.
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Pending home sales rising in Knoxville area and nationwide