The Truth About Tennessee's Housing Market (Are Prices Going to Fall?)
HTML-код
- Опубликовано: 28 сен 2024
- Thinking of moving to Tennessee or Virginia? We're specialists in helping people relocating from out of the area. Feel free to reach out to us for our thoughts and/or more information. We want you to make the decision that's best for you.
Click on this link to schedule either a phone or video consultation with us:
calendly.com/s...
If you'd like a copy of our relocation guide, simply click here & we'll get it to you instantly!
forms.scotthen...
Here's a list of active listings in the Johnson City area - myre.io/0UmEcR...
Reach out to us if we can answer any questions or help.
Scott & Kim Henninger with The Home Team
(423) 295-8009 (Cell)
Brokered by exp Realty
Licensed in TN and the Commonwealth of Virginia
Office - 888-519-5113 ext 384 - TN
Office - 703-665-3362 - VA
It's sad that kids who grew up in Knoxville and surrounding counties who are now young adults can't afford to purchase anything. All because folks are moving here in droves, bringing money and lots of equity, and driving the prices up. Sad times.
Between housing appreciation and interest rates, it's tough out there; especially for first time buyers. I feel for them.
Everyone has the same chance to make money what do they do for a living 😂 everyone thinks their kids are special. Makes you wonder where all the ordinary adults come from
@John Judging aren't we?! My son spent 4 years in the Marines, currently finishing his 2nd year in college. My daughter is an RN in pediatrics. We work hard. The salaries in Knoxville do not match the housing market.
And I work for the Oak Ridge National Laboratory and hear this from new hires who relocated here all the time.
Go pick on someone else.
@@kristiseal4491 all paychecks all slaves to the tax system good choices
@@kristiseal4491 working hard is the 1st problem relying on a company is the second and the third is don't work for money. Make money work for you
In 2017 i was leaving highschool and did the math on how i could live off of my 14 an hour job as a forklift operator and be in a house by the age of 21. Well im past 21, I got my CDL and became a heavy equipment operator during the day and a subway sandwich maker by night and i don't know if ill ever have enough to buy a house in the place i grew up. Im over worked and underpaid and my rent just keeps increasing.
Its all because peoples rights are being taken away and they are over taxed and over regulated so blame the democrats its their states the people are fleeing that caused this problem.
Preach!
This was at least 9 months ago... I'm looking to buy a home in NE Tennessee for retirement, and I've seen prices falling each month. The larger more expensive 700K+ are still overpriced, so I'll wait longer to buy. I noticed some sellers paid half of what they are asking with only four years in the home... I won't pay a 50% profit for anyone especially when its overpriced anyway. I hope the prices get better soon.
My family wants a 3bdrm for 150k like East Tennessee had everywhere just few years ago, same homes going for 250k now, ridiculous and many can’t afford it on terrible local pay…… nice for the people moving from their wealthy cities to here, terrible for the locals…
Im curious if you have any thoughts on the plausibility of my assessment regarding this situation.
[Important notes]
With the recent development of the casinos, a significant increase in travelers is expected to continually occupy the area on a regular basis.
The demographics of the area are mostly older retired individuals with a minimal activity rating. The financial distribution of this retirement class of citizens isn't spent on entertainment, deployment of new businesses, or any other area that would be of value to the economic growth and health of a region. The other portion of the population aren't exactly ideal consumers for the casino, but still offer a significantly important place within the community serving other roles. Overall the behavioral data gathered from the current population is remarkably constant and predictable, any strategist or civil engineer would drool over these individuals and label them irreplaceable.
There is a housing development explosion currently taking place, with thousands of new homes being built closed together to reduce travel time and increase engagement by surrounding them with buisnesses.
[My theory]
I think the intentions and shared interests are to ensure current home owners don't sell, so that the region can catch as many visitors in their net as possible during their repeated visits. Conditions will change so that the area will be as appealing as possible to their targeted demographics. People who will purchase these homes, vacant buisness spaces, and overal economic engagement. Until this is achieved current homeowners would be pressured into not selling so that the new homes are occupied. Then shortly after all goals are meet and the existing population is no longer needed as much, they will be encouraged to sell and move so that the new wave can purchase the old houses and likely demolishing them so new houses can be built in concentrated areas.
I just bought 4+ acres near Newport to build my retirement home. The market doest seem to slow down. The two lots next to mine sold in the same week.
I agree with what you're saying---spot on.
If the FED does what they are signaling and have already said the housing market has no where to go but down. If their goal is 2% inflation we are gonna need interest rates around 10% and an unemployment rate that mirrors that. I see tough times this year and 2024. If you are wanting to buy now but can wait you probably should. Just look at the Nashville and Knoxville markets. Prices in these locals are way to high historically speaking.
Here in west tn the property taxes just doubled. Im paying twice as much in taxes just to live in my own house.
Affordability? If you only have so much to spend, it doesn't really matter what the available inventory is.
You are mistaken, you cannot compare the current current conditions. Never has the USD been rejected as reserve currency. Inflation will skyrocket the only cure is to raise interest rates. You are about to see collapse beyond reason and value of USD will require more dollars to buy false amount required to purchase
Do you cover markets in the Gate City, VA area as well, or is that outside of your range?
We sure do!
your sound is on. good
Y’all’s prices are frigging crazy high.! I seen one listing that said it had 11 acres but only one buildable acre, the rest of the 10 acres went into a lake .! Wtf is up with that.! I also seen property with a trailer with only 3 acres going for $500,000..! Also wtf is up with that.? Please explain those prices.
Shew! Where were they exactly?
It's all going to crash its inevitable
I was just in NE Tennessee looking at properties from Zillow. I wanted to find a house on 10+ usable acres in Bristol, TN. There is only a handful and they all have severe problems and very expensive. I'm not in a hurry so I'll wait and see if it gets any better.
@BJ Reacher do yourself a favor and contact Scott. He helped us buy our home in NE Tennessee. Can’t say enough good things about Scott and Kim.
you are correct about the prices, without a house on the land anything over $1k/acre is over priced...
Thanks for giving a very accurate assessment of the East Tennessee real estate market.
I am 77, and I have participated as a real estate investor since I was 21 years old. During that 56 year period, I have bought and sold dozens of homes in East Tennessee, and I never lost a dime. In fact, I made the most during the big decline from 2008 to 2019. Prices will continue to fall until we have a change in the Presidential Administration. However, single family homes priced under $300,000 will only be slightly affected. The higher the home. The more it will be subject to price decline.
People like this have blown up the prices, but didn't realize the market of tn. Here comes the pop! And the people of Tn are grateful. Bring it! Make better investment decisions next time. Any research would have shown Tn cannot afford housing under these conditions. Zillow?!! No thanks!
Geez, I’m 4 minutes in and you’re still talking about the PAST…too little quality information and taking too long! I’m out.
Thank you for keeping us informed and keeping with the stats.
How many new housing developments are coming to Knoxville area?
Can the new condo construction put the single family homes in a bind?
Don't we want to keep a higher demand than supply?
A couple of my brothers just bought homes in North GA and were able to get a lot more house there than they could get in East TN. I moved up here in 2016 and was hoping to get the whole family up here but maybe I’ll give up and go back to North GA. Lots to like about East TN though. I’ll probably keep my house up here and just rent it out. I don’t know.
Get to the point.
Right now (Feb 2023), in Memphis, TN, it's actually cheaper to build than to buy. Been looking. Found a house for 200K that literally had no floor and no subfloor, just open holes over dirt. Sad.
A contractor built us a house in Knoxville. Sold it this past April for a good price.
Since the inventory is low that same contractor wants him and me both to start bldg more houses in East TN. The problem is finding land that's not too expensive and doesn't require a lot of work. Thanks for your channel Keep us posted on East TN
Thanks
Best video I've seen in a long time, Keep up the good work.
Hello! Love your channel! We are in Colorado and looking for a slower paced life. Originally from Texas, over 40 years here near Denver. Tennessee sounds like the perfect place so thanks for sharing!
Our pleasure!
This is from 4 months ago...old news
But fast forward to today it is factual
First off, I would like to say I really enjoy your content and love NE, TN. This said I am looking to relocate, not from California but not far from there, Nevada. I have cast my net far and wide. I look at videos from realtors Bellingham WA, Tampa FL, Raleigh NC, Apex NC, Bentonville AR, and Coeur d'Alene ID. Without exception all say that while there may be a correction for the rest of the US it will be different in their area as everyone wants to live there and as a result will be protected.
Thanks for the kind words! I don't know this for a fact, but I bet you won't see many agents from Phoenix or LA talking about their markets right now in a positive light. They're getting hammered. I hope I'm right and of course time is going to tell. Thanks again.
@@TNVAHomeTeam Agreed and don't forget Boise.
Contact Scott and he will find you a home. We are from California and closed on our house in June last year without ever seeing it in person.
Exactly.
@@TNVAHomeTeam His point is that you may be like all the rest. Everywhere on his list is getting hammered right now.
Tennessee prices will be going up for another 30 years wait till the rates click down lol way way up