KINGSPORT, Tenn. -
A new report is showing that house sale prices in Northeast Tennessee are at a nine year record high. Realtors say that now is a good time to consider selling.
Prices on houses in Northeast Tennessee are up an average of $14,000 from last year. It's the highest they've been since the 2008 recession.
The Northeast Tennessee Association of Realtors just released a report showing the region is shifting from a buyer's market to a seller's market. This means while buyers used to have the advantage, sellers now have it.
"The seller has more the upper hand, and they can hold out for top offer," Remax Results owner and realtor Paulette Byrd said.
She also said people who haven't been able to afford selling now might be able to jump into the market more easily.
“What it means to a seller is that if you've been holding off putting your house on the market because you owe more on it than you can afford to sell it in the market we've been in it's getting closer or may be up to the point that you can afford to sell,” said Byrd.
It looks like the trend will continue upward. Since there are fewer houses up for sale, prices will continue to rise.
"We have four and a half months of inventory right now,” Northeast Tennessee Association of Realtors President Eric Kistner said. “So that means it takes four and a half months to sell out all of our inventory. Six months is considered a normal market, so over the next few months, you'll see that tightening and tightening, leading to more of an increase in pricing."
As prices rise, buying a house now or soon could be financially advantageous.
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