NASHVILLE, Tenn. (WTVF) — It was an unexpected finding: Tennessee's real estate market is on the upswing despite COVID-19.
“If you decide to sell your home currently, I mean, it looks like it’s the time to do that,” said Middle Tennessee State University's director of Business and Economic Research Center, Dr. Murat Arik.
In a new report by Middle Tennessee State University, the state's third quarter real-estate market was on the upswing. “Everything looks positive and in fact a lot better than last year the same quarter," said Arik.
Take for example single family home permits- Arik said those numbers have jumped compared to last year.
“If it weren’t for the new construction there honestly wouldn’t be much inventory, period, on the market,” said CEO of simpliHŌM, Sean Miku. As the year rounds out, he said the trend is still continuing. “Normally through the winter we get a bit of slow down in real-estate and it is not taking place”.
Miku adds the cost of living, coupled with low interest rates, continues to draw in buyers from afar. “I think more and more people are getting fed up in places like California, New York Illinois, etcetera and so people are going to continue to leave in large numbers.”
While Miku foresees the trend continuing into 2021, Arik says he is not as confident unless the federal moratorium on foreclosures is extended, “and if actually some of those folks behind they’re payment schedule, if they do not get some sort of help- either restructuring their mortgage or some sort of help- then we may actually expect to see some undesirable out come out there.”