By A.J. Kaufman, Managing Editor
Wayne Porter has worked in the real estate industry for five years and became president of the 1,700-member Northeast Tennessee Association of REALTORS ® (NETAR) earlier this year. With his 39 years of experience and expertise in corporate sales, the Business Journal picked his brain as peak homebuying season commenced.
Looking at the first quarter, Porter says sales have retreated to their pre-pandemic levels and price growth rate has slowed to a level slightly above the 30-year average appreciation rate.
“Our market had a rocky first quarter compared to its performance of the past several years,” the realtor with Town & Country Realty told the Business Journal. “Structurally, the market is sound, with a foreclosure and delinquency rate well below the region’s historical average.”
He says the region currently rates among the U.S. housing markets that are least vulnerable to a downturn.
“That’s driven by a high equity position homeowners gained during the post pandemic market years,” Porter explained. “Currently, inventory is slowly increasing, and consumer demand has waned as consumers and builders are playing a waiting game to see how the confusing economic situation plays out.”
He says the second quarter should be stronger, “but almost all the top economists and market watchers have scaled back their outlooks” and we should see a sellers’ market for the rest of this year. The outlook for a market like the Appalachian Highlands is an annual price increase in the 3-4% range and a sale level at or just below pre-pandemic levels.
The NETAR head also had advice for purchasing a home, whether as a first-time buyer or a newcomer to the area. He advises that working with an experienced Realtor can make the process smoother and less overwhelming.
“A skilled Realtor familiar with the local market can help you navigate the neighborhood options, understanding the nuances of each area based on your preferences, such as proximity to medical facilities, shopping, work or recreational spaces,” Porter said. “Realtors will also provide tours of cities, communities or things of interest. They can also provide valuable insights into the current real estate trends, pricing, potential for future appreciation, and upcoming housing developments within the region. Their expertise can help you avoid common pitfalls, saving both time and money, and ultimately helping you find the right home that fits your needs.”
For those preparing to sell in the coming months, he recommendations de-cluttering and painting, if necessary, while addressing any minor repairs and creating curb appeal.
“The first impression a buyer has of your home can set the tone of the entire showing and the buyers next step,” Porter added. “Realtors will also help stage your home, market it to a wide audience through various channels, and handle negotiations with potential buyers. Their expertise ensures that paperwork is completed accurately and on time, minimizing legal risks.”
Barring dramatic changes, Porter expects the region to add another 900 to 1,000 households this year.
Lastly, Porter shared some important information about how Hurricane Helene affected the region’s home supply in terms of lost housing units. He said 300 is the number most often used for homes lost, since a precise number is unavailable. The 300 number comes from the FEMA data about the number of households (totaling 367) that received federal housing assistance due to hurricane damage.
