Housing market expected to boom in Tri-Cities despite pandemic

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KINGSPORT, Tenn. (WJHL) Thee housing market continues to be the strongest component of the local economy.

According to the Northeast Tennessee Association of Realtors (NETAR), October’s existing-home sales were almost 12% better than last October.

“The average sales price for northeast Tennessee is about $209,000,” NETAR president Kristi Bailey said.

Home sales in Northeast Tennessee are experiencing a 15% improvement compared to this time last year.

The Northeast Tennessee Association of Realtors said residential sales averaged an increase of almost $20,000, per sale this year.

“It is a great time to sell but you got to have somewhere to go,” Bailey said.

Bailey stressed the importance of having your ducks in a row before putting your home on the market.

“There’s not a lot of time once you put the listing in to make adjustments so most of the work needs to be done before you list your house. You need to boost the curb appeal, make your repairs, get all that stuff ready before you’re ready to list,” Bailey said.

Houses are on the market for about 57 days, as soon as you put your house on the market, it’s best you start looking your new home if not before.

“We don’t expect that to slow down with the interest rates still at about 2.25% and not enough inventory. We expect the housing market to stay really steady, even through the holidays,” Bailey said.

Kingsport home seller, Renee Roper had four showings just hours after listing her house.

Kingsport home seller Renee Roper said, “We built this house. We have been in this house for 26 years. So, one of our big challenges were that after 26 years, you accumulate a lot of things.”

“It’s not so bad for our buyers either because the interest rates are still really low, so it helps them still to afford a house even though the prices are higher,” Bailey said.

With the pandemic causing many to stay home for longer periods of time, first time home buyer, Alaina Trapp is ready for a new setting.

Homebuyer, Alaina Trapp said, “We’re currently looking for a new home. We have two small boys and they are growing and we are accumulating a lot more stuff and toys, and it’s just getting tight. Our storage is options are getting limited so we’re just looking to upgrade and get something a little bit bigger for them.”

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