As snow blankets much of the Volunteer State, icy roads, closed schools and shuttered businesses can cause a slight slowdown—or snowdown—for real-estate activity. But industry leaders say weather’s effects are barely a blip on Tennessee’s upward momentum in transactions of single-family homes and condos.
Seasonal factors notwithstanding, real estate continues to benefit from Tennessee’s economic vitality, fueled in part by attractive fundamentals such as low taxation—specifically the absence of an income tax—a competitive cost of living, a steady influx of new residents from hipsters to retirees, and a blizzard of job growth—such as the announcement that Amazon is adding 400 workers to its Chattanooga operations.
Other good signs: Unemployment remains low, and the inventory of available homes continues to be tight—declining almost 18.5 percent from January 2014 to January 2015. Still, a few days or weeks of inclement conditions can cause a temporary dip in activities such as showings, open houses and closings.
“Call it a snowpocalypse, snowzilla or whatever you want, Realtors® know that the weather can deliver a cold blow to the real-estate industry, but only in the short term,” said Memphis broker Pat Beech, 2015 president of the Tennessee Association of REALTORS® (TAR). <<<See the full release>>>