From an outside perspective, Knoxville’s real estate market is booming.
People from across the country are relocating to live and work in East Tennessee, and homes are sold within days of listing. It looks like an opportune time for builders, sellers and real estate agents to cash in.
But imbalanced supply and demand has insiders worried.
“I’ve seen sellers’ markets and buyers’ markets, but nothing where it seems like it’s both the perfect opportunity for all parties and, at the same time, the worst time to be trying to do anything,” said Kanika White, a local real estate agent and board member of Knoxville’s Community Development Corp.
Let’s break down why the market is on a wild ride and what to expect in the months ahead.
The supply and demand debacle
The basics of business – supply and demand – are sending shockwaves of anxiety through the real estate world. The coronavirus pandemic and even the Great Recession from…