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Discussion in 'Tennessee Flyway Forum' started by Canyoncrosser, Apr 1, 2021.
I’m contemplating a second home purchase, i’m curious how overinflated this market might be...
Changes are a comin’
This was posted from the guy who handled my refi. It’s not some copy+paste schlock.
Well crap, I have to 1031 in the next 45 days
It’s not getting any cheaper. The people buying in the area may be coming to that part of TN for political reasons and want to be in a safe, income tax free state and will declare this home to be permanent residence ; or want a second home and love the amenities ; or have a good idea of how strong the rental market is for condo and cabins and homes ; or just want a place near the mountains.
The rental market in that area is so strong right now that I know people who are buying about anything reasonably well built and attractive for rental and they are getting “ huge” annual returns compared to other real estate options. A relative bought a nice place and it has been rented every week of the year except the ones he blocked for his own use , and he has raised the rent twice in last year due to demand being so strong. Another friend formed an investment group and has bought twenty properties to push in a rental pool. How long this lasts IDK but last 18 months have been insane demand.
And many many people are coming to TN generally from the north and really all over the country. No income tax nor estate tax. Conservative politics outside the metro areas.
The demand for homes around east TN generally is such that homes in the 250-400 thousand range are selling about immediately and often for more than asking /listing price. They are not coming for the duck hunting.
When I started looking for new states to live in, I had a list of requirements:
- Good gun laws
- Good hunting laws (no BS like requiring a minimum age for big game hunting)
- Good homeschool laws
- Good duck hunting (relative to Louisville KY)
- No income tax, or at least no tax on pensions.
Tennessee fit the bill, along with very few other states. Now with Constitutional carry being signed, gun laws are even better. We love it here.
Glad you like it. For everyone else There.is.no.ST filled our quota for new residents for the next seven years.
The housing market is going apesheet right now all over the south. It’s insane.
We no longer allow out of state transfers.
Have no fear, I probably wouldn’t see it but once every few years...