KNOXVILLE, Tenn. — Spring is the prime home-buying season. However, demand and prices in Knoxville are at an all-time high and listings are at a record low.
From 2019 to 2021, active listings in Knox County fell from more than 1,300 to 324, according to the 2022 State of Housing report from the Knoxville Area Association of Realtors.
Monthly new listings in the county fell to record lows by the end of the year. However, there is typically around a 30% increase in inventory during the spring, meaning more listings are likely on the way.
Finding a home you love may be tough, but it can still be done, president of the Knoxville Area Association of Realtors Marian Epps explained.
Epps has been in real estate for more than 20 years. She said she has never seen this high of demand in Knoxville.
In this market, Epps said, cash is king. That means making sure you have your finances in order and are ready to overbid.
"I think if they're looking for the spring, you can find it, you just have to be aggressive," Epps said. "A lot of people are asking family members if they can help them pay cash right now because we're competing. I just had one we were competing for, and we're one of 31 offers. And so you really have to stand out."
Epps also said patience is key, but when the time comes, be prepared to make quick decisions.
"When it hits the market, you got to go right away and then be ready to make a decision because it's probably not going to be there tomorrow. So the sleeping on it, I'll call you in the morning is kind of gone away," Epps said.
Epps also stressed the importance of working with a strong team of realtors.
She suggests interviewing several different agents before deciding which one to work with.
She recommends asking questions about their availability, how they handle multiple offers and their experience in the market.