ALCOA, Tenn. (WATE) – Hundreds of new jobs are coming to East Tennessee next year. While that’s a win for economic development, it will also likely put more people in an already crowded housing market as demand continues to outweigh supply.
Amazon plans to hire 800 full-time workers at a fulfillment center in Alcoa next year. The same year they plan to hire hundreds more at a delivery center in East Knoxville.
Ed Harrison, the H&H team leader with Knoxville Fine Homes Realty, says it’s a great time for those considering cashing in.
“If you’re looking to move out a little bit, if you’re looking to downsize, have a smaller place, today might be the day to do that,” he said.
Harrison recommends those interested in selling know their properties’ market value. He also suggest they ensure they have a place to move before moving forward with any bid. Lastly, whether selling or buying property, Harrison advises you consult a trusted real estate professional.
For buyers, his advice is simple: Be patient and flexible.
“A lot of people come in and they think, here’s what I want. Here’s the area I want. I want a mountain view. I want a lake view, whatever,” he said. “If those are your requirements you’re going to have to wait a while.”
Given the current demand, he said buyers should consider an intermediate buy and hold out for that dream property, which could be a couple years down the road.
In fact, he’s seeing more clients look further outside Knoxville and Alcoa.
“There’s still a lot of things to look at, but sometimes you have to be able to paint that picture of maybe, what it’s going to be in a couple years from now. … Our outlying areas haven’t experienced the boom yet, but it’s coming,” he added.
He credited the boom to an influx of people moving to East Tennessee for the outdoor recreation, and relatively low cost of living and tax rates.
Harrison noted a fairly new housing trend: clients buying empty lots. He estimated half his customers over the last year have picked out where they want to live, bought a lot, with plans to build when construction costs drop.