The current headlines about home sales and prices are eye-popping, though customers have become wary.
Firstly, the data set in which we use to calculate statistics is not national; it is derived from a combination of local markets. By combining a variety of market data, we can more easily see the big picture. Oftentimes, the big picture can give indications as to what our local market can look like, however, it is not wholly reliable.
Secondly, the data sets collected from larger cities-Nashville, Knoxville, or Austin, for example-are accurate and represent the areas well. However, because our data is collected from the Tri-Cities, local context is important to consider as each city is different.
Data reports vary within small areas.
For example, a national pending sales report cited a year-over-year increase of 20.2% in October-which is great. However, NETAR’s pending sales were up 44%. That being said, it is important to contextualize statistics and data.
Location is paramount in real estate. When it comes to NETAR, we should focus on locality. Local, local, local.
Real estate is hyperlocal. In North East Tennessee real estate data varies by neighborhood. NETAR’s has three monthly market reports that keep track of this data.
NETAR is the voice for real estate in Northeast Tennessee. It’s the largest trade association in the Northeast Tennessee -Southwest Virginia region representing over 1,400 members and 100 affiliates involved in all aspects of the residential and commercial real estate industries. Pending sales, monthly Trends Reports, and the regional market analytics can be found on the NETAR websites at https://netar.us/voice-real-estate-northeast-tennessee .
2020 NETAR President