Two months of data isn’t exactly solid ground for trend identification, but it offers some insights into how the pre-prime season Tri-Cities housing market is performing. 

Petroleum prices hikes because of the Iran war have tapped the brakes on some of the enthusiasm about lower mortgage rates boosting this year’s market. Although rates dipped below 6% the relief was short-lived. Last week the average for a 30-year mortgage was 6.11%. 

Despite the geopolitical headwinds, local market conditions for the first two months of the year are pretty good. Sales of homes in the affordable market are up 18% from the first two months of last year. Sales in the move-up market are up 12%. The luxury market stumbled with a 10.4% decline. 

Year-to-date sales are up 9.2% from last year, and the median sales price is up 0.7%. The average year-to-date price is down 1.7%. That’s a result of the softness of the luxury market in contrast with the increases in the rest of the market. 

There have already been several outlook reductions for sales and prices on the national level. We’ll be watching the March market performance extra close for a better feel of where the local market is heading. 

Meanwhile, we’re still in a seller’s market and the competition is stiffest in the $200K-$249,999 and the $300K-$399,999 price ranges.  

Savvy sellers and their agents are adopting marketing strategies that are turning away from the “this is how it is, take or leave it” conditions common during past years. One of those strategies is how a property presents from the street. It’s a prime example of one way to put a better edge on a marketing plan. 

Your home’s curb appeal is the first chance to impress potential buyers. Whether buyers are wowed by a well-maintained yard or are repelled by dirty exterior walls can significantly affect your home’s sales price.  

When buyers pull up to a house, they want to picture themselves coming home to it. Dead grass and chipped paint are a turnoff. Some buyers can get past it, others can’t.   

Here are a few tips from the Northeast Tennessee Association of Realtors® (NETAR) and the National Association of Realtors® (NAR) to make sure your curb appeal is making the best impression on potential buyers:  

• Clean your house. It’s not only the inside of your home that needs to be kept clean of dirt and grime. The outside of your home should be just as spotless. Clean your outer walls with soapy water and wash your windows inside and out. It can add $10,000 to $15,000 to the sale price.  
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• A new coat of paint. After you’ve cleaned your home’s exterior, the next step is to apply a fresh coat of paint if needed. But don’t make a color statement. If your home is a wildly different color from the other homes in your neighborhood, it could negatively affect your home’s appraisal.  
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• A well-manicured yard. Your front yard creates your home’s first impression, so make sure that your lawn is trimmed and your shrubs and flower beds are well-tended.  

• Repair the roof. If your roof is damaged, dirty, or missing shingles, it can have a negative impact on the value of your home. If your neighbors’ roofs are well maintained or have been recently replaced, it will make yours look especially ragged. Sometimes a good cleaning is all you need to make your roof look like new. However, that isn’t a project you will want to take on yourself without the proper equipment; hire a professional with the right tools and training who will be able to clean your roof without damaging it.  

Studies show that curb appeal improves marketing by increasing a home’s value by an average of 7% to 14% and significantly speeding up sales. A well-maintained exterior creates a strong first impression, with 70% of agents reporting that poor curb appeal causes buyers to skip properties. 

A quick reference for key curb appeal items from NAR® can be found at https://www.nar.realtor/blogs/styled-staged-sold/5-ways-to-freshen-up-that-homes-curb-appeal