Wednesday, July 24, 2024
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UC Realty Market Most Affected By Lack Of Inventory

Upper Cumberland realtors say the biggest thing affecting the housing market right now is a lack of inventory.

Realtor Darren Wilson said that the influx of people moving to Cookeville and almost 300 homes destroyed by the 2020 tornado have contributed to the issue.

“And so the builders are having a hard time not only getting caught up with the new construction but then you’re also dealing with supply chain issues,” Wilson said. “Getting windows, and lumber and certain things in to keep ahead of the curve for the demand for new homes.”

Wilson said that while purchasing homes in the Upper Cumberland may slow due to lack of inventory, he does not predict the housing bubble will pop. He said that’s because people are still interested in moving to the area and interested in what it has to offer.

Wilson said that the current interest rate will affect the market to some degree. He and Realtor Donnita Hill said that the interest rate will affect what a buyer can afford to purchase at this point.

“So therefore they have to look more closely at what they will be spending because it makes a difference,” Hill said. “$100 a month will make a huge difference for a first-time home buyer. And we see a lot of those folks that are trying to get out of the rental market and into owning, they have to be much more cautious.”

Wilson said that lenders currently predict no drastic changes to the interest rates for up to two years.

Wilson said that from a buyer’s standpoint, his best advice is that if you find something you like in your price range go ahead and buy it because there are other people looking for the same thing as you.