After muliple years of a booming real estate market with hugh increases in home values I keep hearing concerns from clients that this can not continue and many keep waiting for the market to crash. However, what I am seeing as 2022 get started is another strong year in real estate.
In January I have already wrote several offers that have been in multiple offer siturations and recieved full price, or over, offers on my listings. The number one reason we are still in this strong sellers market is the inventory is very low. As of today, we are very low in inventory with only 323 listings in Knox County, 21 listings in Union County, 50 listings in Anderson County, 55 listings in Claiborne County and 109 listings in Blount County. So why are we still so low in inventory?
From one article I read in Keeping Current Matters
Here are three reasons why the number of active listings didn’t increase as expected:
1. There hasn’t been a surge of foreclosures as the forbearance program comes to an end.
2. New construction slowed considerably because of supply chain challenges.
3. Many believed more sellers would put their houses on the market once the concerns about the pandemic began to ease. However, those concerns have not yet disappeared. A recent article published by com explains:
“Before the omicron variant of COVID-19 appeared on the scene, the 2021 housing market was rebounding healthily from previous waves of the pandemic and turned downright bullish as the end of the year approached. . . . And then the new omicron strain hit in November, followed by a December dip in new listings. Was this sudden drop due to omicron, or just the typical holiday season lull?”
No one knows for sure, but it does seem possible.
Even though many experts believe we will see a slow down in the increase in home values in 2022 we are still going strong and are still low in inventory. If you have been thinking about selling, now may be the time.
To discuss the market and get a CMA on your property to find the current market value, give me a call/text. Direct cell 865-256-3805.