One of those challenges is the availability of houses. As more people are moving to the area, there are less homes available and builders cannot keep up with the demand.
“What we are starting to see inventory overall year-over-year is down 48%,” Julia Hurley owner of the Just Homes Group, said. “That is a 48% decrease in available listings for sale, meaning that’s a decrease in available home to buy.”
Affordability is another challenge buyers are facing. Realtor Angie Cody said that local buyers are struggling to compete with buyers who are moving in from out of state.
“The local buyers are usually financing,” Cody said. “It’s hard to compete with a lot of these people that are moving in from out of state that have sold their house at a higher price point and then they have the cash to purchase here.”
Rent prices have skyrocketed as well in Knoxville. “Knoxville just got ranked the most expensive rental rate increase in the entire United States of America, so our rent rates are skyrocketing,” Hurley said.
Hurley encourages people not to let the challenges deter you from buying a house.
“Marry the house, date the rate,” Hurley said. “If the rates fall, re-finance, but at this point if you need housing, we need to find you some housing.”
If you are selling, Cody advises to price your home realistically. “You still need to be realistic on your pricing,” Cody said. “It comes down to location, condition and pricing your property.”