When 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.
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).
“There are a lot of factors that go into real-estate transactions,” Beech said, noting that this late winter’s especially snowy weather is an anomaly.
“Businesses are growing, people are starting families, and new opportunities are always right around the corner. At least we know that spring is coming soon, and Tennessee’s market is ripe with plentiful possibilities for the savvy consumer.”
Chattanooga broker Randy Durham, TAR president-elect, said, “The deep snow we’ve experienced has made it challenging to get around town and to keep up with the many rescheduled showings and open houses. But we are taking creative steps to meet the needs of buyers and sellers. Having to overcome less-than-ideal conditions in the process just makes it all the more satisfying when we sit down to close another mutually beneficial transaction.”
In the end, a few inches of snow and ice on the ground might pose a challenge, but it could be much worse.
Beech commented, “Tennessee home buyers are ready to shed the heavy coat of winter and enjoy the renewal of spring. But then again, at least we’re not in Boston, where it’s almost impossible to make it to a home’s front door, much less inside for a closer look.”