Due to the pandemic, a renewed focus on homeownership changed the perspective of a population that would normally rent. Therefore, Knoxville real estate investors should be aware of the fact that this driving force is now cooling and adjust their investment strategy accordingly. Here’s what buyers and sellers in Knoxville can expect in 2023. Please note that this article is for informational purposes, not financial or legal advice.
Tax Laws
New laws will affect real estate buyers and sellers in Knoxville. A surtax on net investment income, based on your income and marital status, has been added to capital gains taxes and like-kind exchanges. In order to take advantage of the 2023 changes to the tax laws, locally trusted homebuyers like those at East Tennessee Home Buyers LLC dedicate themselves to staying on top of the market to assist with buying or selling real estate.
Interest Rates
The real estate market in Knoxville will undergo changes in interest rates in 2023, which is likely to discourage many buyers from entering the market. Experts may provide differing perspectives on what investors can expect from the real estate market in 2023. Having a cash buyer investor from East Tennessee Home Buyers LLC on your side is likely to provide you with a guaranteed closing date if you are considering selling before interest rates increase.
Supply and Demand
Knoxville real estate buyers and sellers can expect the overall lack of supply to meet the demands for available housing to continue. However, there is no time like the present. If you’re a seller, you should talk to the hybrid real estate agents from East Tennessee Home Buyers LLC who will compare what you’d profit by listing vs. their offer to buy your home directly, acting as a professional investor. In addition, hybrid agent investors like those at East Tennessee Home Buyers LLC provide you with line-by-line details to understand your out-of-pocket expenses should you list and the expenses and risk your hybrid agent investor would take on by buying your home directly. Our hybrid agent investors at East Tennessee Home Buyers LLC give you the facts to make an educated decision on the best way to sell, given your current circumstances. At East Tennessee Home Buyers LLC, we are your neighbors here in Knoxville and want you to feel good about the deal made with us long after closing.
Housing Costs
Investors can expect a slow but steady rise in housing costs in many markets, even if sales growth slows down and some markets experience a slight drop in housing costs. On the other hand, some markets may not show any change in value, and very few may decline. Additionally, selling directly to East Tennessee Home Buyers LLC saves you time and money because sellers don’t have to pay commissions or closing fees.
Buyer Pool
Real estate market changes in 2023 Knoxville will have an impact on the speed at which homes will sell and the ability of buyers to lock in a loan at current rates. It is important for sellers to consider the decreasing number of buyers who can afford to purchase as housing prices continue to rise and sell as soon as possible. If you are on the fence about buying, you should consider jumping into the market before interest rates or home values push you out. If you want to buy a house fast, or if the house needs work, or if you don’t want to go through the conventional listing process, or contact the investors who buys houses as-is for cash at East Tennessee Home Buyers LLC..
Technology
In 2023, real estate buyers in Knoxville will be primarily millennials, and technology will become more prominent in the sales process. Before making a real estate purchase, this buyer pool uses the internet to research and narrow their options, and sellers must follow suit by using the internet and online technology.
East Tennessee Home Buyers LLC knows what Knoxville real estate buyers and sellers can expect in 2023. So why not talk to the locally trusted cash buyers at East Tennessee Home Buyers LLC about your plans for buying or selling and ask any questions you may have? We’re happy to help calm your concerns, and you’re under no obligation whatsoever. Our policy at East Tennessee Home Buyers LLC is to keep the lines of communication open so that you won’t feel ignored and our full-service in-house team of industry specialists can answer any questions you might have. Call East Tennessee Home Buyers LLC at (865) 935-8680.