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Monday, July 4, 2022

Despite low inventory, EastTenn Real Estate finds that local offerings continue to draw out-of-state buyers

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The real estate market holding strong – EastTenn Real Estate has found that local market provides increased value and offers property types that may not be widely available to buyers in other locales such as California, noting that the vast majority of its transactions over the last year have closed with west-coast buyers.

KNOXVILLE, Tenn., May 22, 2022 /PRNewswire-PRWeb/ — It is widely recognized that nearly all real estate markets from coast-to-coast have been on an incredible rise over the past few years due to a variety of influences. In East Tennessee, more specifically the greater Knoxville and Chattanooga areas, it seems that much of the demand has been sustained by lower inventory and a dramatically increased demand from out-of-state buyers moving from places like California, New York and Florida. EastTenn Real Estate, founded by David Anderson – a former Californian, has noticed this trend, “Virtually all buyers that we’ve worked with in this past year have been from out-of-state. A few have come from New York, Washington and Florida but the overwhelming majority are coming from California.”

What’s drawing buyers out of California and other regions in favor of East Tennessee living is multi-faceted with reasons as plentiful as there are people relocating but, according to Anderson, there are some clear distinctions on what people tend to be looking for when they come. “I’m not really in a position to dissect why people have chosen to leave California” he said, “but it’s clear that – even in this inflated market – the value of what your dollar can purchase is significantly greater by comparison. Additionally, there are just properties here that are, at best, scarce in those markets.” Anderson cites, as an example, a property that his firm has recently renovated and is now on the market in Cleveland, TN, a town comfortably situated between Chattanooga and Knoxville. “137 Joel Dr SW, Cleveland is a beautifully renovated 5 bedroom, 3 bath home with two ponds with koi and game fish, all sitting on 6.8 acres of unrestricted land. We’re currently marketing 3.8 of those acres with the home, workshop and larger of the two ponds for $589,500 but would sell the entire property for not much more. I grew up in Southern California and would be hard pressed to tell you where to find a property like this. If you could find it, though, it would likely be in the millions.” Andersons firm has included this property as a spotlight on its website, which you can find at spotlight.east-tenn.com.

As for the future of the East Tennessee market, Anderson of EastTenn Real Estate clarifies that there are no crystal balls in the real estate business but states, “it’s commonly acknowledged that East Tennessee real estate has been disproportionately below market for a very long time and recent increases to the housing prices are at least partly due to a correction in the market That factor along with a continuing increase in high-paying jobs and the influx of new residents realizing the splendor of living in this area is believed to provide security in housing values into the future.

EastTenn Real Estate, a wholly owned subsidiary of EastTenn Enterprises, LLC a Tennessee limited liability company and its principal broker, David Sinclair Anderson, are licensed by Tennessee Real Estate Commission. Firm license # 265086. Broker license# 359396.

Social Media

Facebook: https://www.facebook.com/easttennre

LinkedIn: https://linkedin.com/company/easttennre

Website: http://spotlight.east-tenn.com

EastTenn Enterprises, LLC

9111 Cross Park Dr. Ste D200

Knoxville, TN 37934

(865) 999-8181

info@east-tenn.com

Media Contact

Gracie Kaye, EastTenn Real Estate, +1 8659998181, info@east-tenn.com

 

SOURCE EastTenn Real Estate

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