Are Home prices falling in NE TN? 2023 Update
We took local MLS Data, TN state numbers, and national housing data and put together our thoughts on whether we expect home prices to fall in north east Tennessee in 2023. We talk about how the demand has shifted due to the mortgage rate increases and run-up in real estate prices, and how that is affecting our market.
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Here's a list of active listings in the Johnson City area - myre.io/0UmEcRpv4TDb
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Scott & Kim Henninger with The Home Team
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Пікірлер: 18
Very helpful information, thank you.
Great information! Thank you!
@TNVAHomeTeam
Жыл бұрын
Glad it was helpful!
I’m curious how things are now compared to when this was made in January?
I subscribed, I like the Bristol area and want to move there soon.
I'm very interested in moving to Northeast Tennessee, but I don't know where exactly. I'm considering the Knoxville area, and also the Johnson City area. Recently, I have been watching videos of Jonesborough. I hope to come down and spend time looking around. I was thinking of renting for 6 months and exploring the region. Seeing what activities I could get involved in and where I might make friends. In short, where I would be happy to live. One thing I really would like to have is natural gas. I have to find out where that is available. I don't want an electric stove, or a propane tank. I would also prefer a sewer system to a septic tank too. And I need good internet. Is broadcast TV available, or only cable? Many considerations. Thanks for your great videos.
@TNVAHomeTeam
Жыл бұрын
As long as you are in the city limits, you should be good on the sewer & internet. Broadcast TV is available. There are ABC, NBC, and CBS stations in the tri-cities. Natural gas isn't as simple, as it is spread out in different areas, but it is indeed available. Thanks for the kind words.
Looking to move 🎉 possibly to tn
Selling my homes in the north and buying in Tennessee within the next 2 or 3 years.
Very informative video! I had a question for you, I looked up what the mortgage interest rates are predicted at for 2025 (the year I plan to move to NE Tennessee) and they are predicting interest rates to be at 15%!!!!!!! As a realtor, have you heard this, as well, because if it is true moving to NE Tennessee will be out of the question for me, financially. I am deeply saddened by this information and would truly appreciate your input on this regarding whether or not you think that the predicted interest rates are correct. Thank you so much!!
@TNVAHomeTeam
Жыл бұрын
I can't imagine a realistic scenario where rates would be anywhere near that high. The last time 30-year mortgage rates were that high, the Federal Reserve rates were in the high teens also. As long as a slight recession happens this coming year or two, there's no way the feds would raise rates anywhere near that in that range. Everyone is kind of expecting no higher than 5.75% this year, probably lower. Take a look at this article by Forbes - www.forbes.com/advisor/mortgages/mortgage-interest-rates-forecast/
What if any advantage do mortgage-free homeowners have wanting to purchase a different home at this time in the marketplace?
@TNVAHomeTeam
6 ай бұрын
If you're able to pay cash, you might expect a 3% - 5% discount off of the list price, especially on newer listings. Maybe more on homes sitting on the market for awhile. It really depends on the seller's motivation and needs but that's a guideline.
How about rentals, apartments, cottages?
@TNVAHomeTeam
Жыл бұрын
That market is just as tight as the housing market. I've heard that apartment prices had been increasing,, but compared to a lot of other cities I've looked at, our rent is pretty reasonable.
@gemsgems1174
Жыл бұрын
@@TNVAHomeTeam thank you
Guarantee once everyone sees how police are policing TN going fall in 3rd world prices and actions
Y’all’s home and land prices are frigging highway robbery.!