KINGSPORT — Inventory is low. Prices are high.
Kingsport Realtors say those are the two main trends affecting the current housing market.
“There’s no relief in sight,” said Conservus Real Estate Group Realtor Joe Begley, who is also a homebuilder. “Building material is astronomically high. It’s running with shortages. We’re getting to the point that we can’t get a lot of material.”
Begley said it’s going to get worse before it gets better, with more deals being all cash. Interest rates have been as low as under 3%.
With a shortage of listings, everyone is competing for the same house, said Town & Country Realtor Sharon Duncan.
“(People are bidding) $40,000 over (the) asking (price). When listings go on, you’ve got to be ready to hit…