WASHINGTON COUNTY, Tenn. (WJHL)- One sector of business that is actually seeing some positive trends even during an on-going pandemic happens to be the local housing market in the Tri-Cities region.
Hurd Realty agent, Ana Fernandez, said before COVID-19 the real estate market in the Tri-Cities was doing pretty well and the pandemic hasn’t really slowed down.
Fernandez said there’s a low inventory of homes for sale and a lot more buyers in the area which drives prices up.
Johnson City is one of the driving forces of the housing market increase because it’s one of the largest cities in the area.
There are a lot more people interested in buying at this time because the interest rates are so low.
Fernandez says the foreclosure rate in the area is around 2.5%, but because of different deferment programs due to COVID 19, those numbers aren’t necessarily reliable.
“As time passes, if people do not go back to work or have economic problems they may be facing that so its a big question,” said Fernandez, “Into the future will we be seeing more foreclosures, but at the moment they are low.”
“It’s a great time to be buying and again, it’s a great time to be selling because you’re getting top dollar for your home,” said Fernandez. However, this was not the case just a few months ago.
“With the stay at home orders, there were fewer people out looking. People were truly sheltering at home,” said Lauren Clemson, a realtor with Property Executives.
Since those stay at home orders have been lifted across the country, real estate agents are getting plenty of calls.
“Right around June there’s been a complete turnaround and our numbers are way up,” said Clemson, “they’re actually up 27 present as of August over last year.”
Clemson said a lot of the calls shes been getting are from people out of the area,
“I would encourage buyers just to be patient. These homes are going quickly once they hit the market.”
Though prices have gone up on homes, this is not stopping buyers. “The median home price in March was 188 thousand in the Tri-Cities areas and already it’s at 205 thousand,” said Fernandez, “So it has been continuously increasing.”
Though the pandemic has had somewhat of a positive impact on the housing market, COVID-19 has changed the way people view homes.
“I try to encourage people to just let me be the person who turns on the lights and opens the doors,” said Clemson, “Some clients would prefer that you do virtual showings. A lot of realtors are doing those.”