Real estate experts say housing market is booming despite pandemic

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KNOXVILLE, Tenn. (WATE) — We hear about all of the things that have been negatively impacted due to the pandemic, but there is one industry that’s actually thriving right now — the housing market.

Knoxville area realtors association president Shannon Foster-Boline says now is the best time to buy or sell a house.

“The housing market has been historically strong this year, driven really by a lack of inventory and low interest rates combined,” Foster-Boline said.

Real estate agents say there’s also a rise in people from out of state who are choosing Knoxville to call their new home.

“People are migrating from the larger cities and out of states and the word is out on Knoxville. I mean they found out about our beautiful city and they’re moving. They’re getting away from higher priced taxes and higher insurance and just the craziness of the city,” said Knoxville realtor, Dustin Fisher.

Experts say they don’t see this trend falling off going into the new year, but that also means, if you’re looking to buy a new home, you need to act fast.

“I can tell you as an agent who is practicing regularly, every deal that I’m writing is multiple offers. If we don’t have a multiple offer situation it’s really kind of a miracle because there’s so much competition,” Foster-Boline said.

“Average days on the market is 24 right now which is really quick so if you’re looking to buy, you got to move fast and you got to be ready to go.” Fisher said.

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