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The Season of Giving... But Don't Get Scammed The holidays bring out the best in people—generosity, warmth, and community spirit. But unfortunately, this season of giving also attracts those looking to take advantage of trusting homeowners. As Northeast Tennessee Realtors Association President Wayne Porter warns, the region's remodeling boom has created fertile ground for scammers to operate. Our local housing market tells an important story. The average existing home sold in Northeast Tennessee is roughly 44 years old, significantly older than the national median of 36 years. These aging homes need updates, and with limited housing inventory pushing more residents toward remodeling instead of moving, demand for contractors has never been higher. When projects range from $100,000 to $200,000 or more, scammers take notice. The consequences are real. Local cases like the conviction of Joe Wood of Wood Construction and Remodeling, who received 10 months of electronically monitored home detention contingent on full restitution to his victims, demonstrate how devastating contractor fraud can be for families. (For more details, visit https://www.wjhl.com/news/local/wood-construction-owner-gets-10-months-home-detention/ ) Stories of unfinished projects, shoddy workmanship, and broken promises are becoming all too common. Protect yourself by watching for these red flags: No physical office or vague business addresses Refusal to provide licensing or insurance proof Demands for large upfront deposits beyond state limits Unsolicited "discounts" or claims of leftover materials Contractor-arranged financing (often predatory) Suspicious online reviews that seem manufactured No detailed written contract provided Pressure to approve incomplete work While the Tri-Cities area has many reputable, skilled contractors who take pride in their craft, the surge in remodeling demand has attracted less-qualified operators making promises they can't keep. Older homes present unique challenges—outdated wiring, aging plumbing, structural surprises—that require genuine expertise and proper permits. Your best defense is diligence. Take time to verify credentials, check references thoroughly, obtain multiple bids, and read every contract carefully. Don't let holiday excitement or contractor pressure rush you into poor decisions. The National Association of Realtors offers valuable consumer resources at Houselogic.com, including guides on screening contractors and managing renovation projects. Visit https://lookforther.realtor/remodel/ for expert remodeling advice. This season, give yourself the gift of due diligence. A little research now can save you from turning your dream project into a financial nightmare.

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Understanding the Shift in Northeast Tennessee's Home Equity Landscape Recent data from ATTOM reveals a subtle but significant shift in Northeast Tennessee's real estate market. According to Don Fenley at Core Data, the number of equity-rich properties in the Tri-Cities declined by 3.6% during the third quarter, while seriously underwater mortgages increased by 0.4%. While these changes may seem modest, they signal an important transition that could affect local homeowners, buyers, and the broader market. What Does "Underwater" Really Mean? A seriously underwater mortgage occurs when a homeowner owes at least 25% more than their property's current market value—a loan-to-value ratio of 125% or higher. Across the Tri-Cities' 86,923 mortgaged properties, certain areas show higher vulnerability. Abingdon's 24210 zip code leads the region with 4.8% of mortgages seriously underwater, followed by nearby 24202 Bristol at 4.7% and 24211 Abingdon at 4.0%. Meanwhile, communities like Elizabethton maintain stronger equity positions, with 60.6% of properties equity-rich. Market Stabilization After Years of Growth Rob Barber, CEO of ATTOM, notes that "after several years of strong equity growth that peaked in 2022, homeowner equity levels appear to be stabilizing." For Northeast Tennessee, this means the rapid appreciation that benefited many homeowners is moderating. The modest fluctuations suggest our housing market is finding balance rather than experiencing crisis. However, this stabilization presents challenges for specific groups. Homeowners who purchased near market peaks or in areas experiencing slower appreciation may find themselves with limited options. Selling becomes difficult when proceeds won't cover the outstanding loan balance. Refinancing to lower interest rates or access cash becomes nearly impossible when underwater. This constraint keeps inventory tight and may prevent families from relocating for job opportunities or life changes. Implications for Buyers and Sellers For prospective buyers, understanding equity distribution across zip codes provides valuable insight. Areas with higher percentages of underwater mortgages may see fewer listings as constrained sellers wait for values to recover. Conversely, communities like Johnson City's 37604, where 59.5% of properties are equity-rich, may offer more inventory as homeowners have flexibility to sell. Current sellers with strong equity positions—the majority in most Tri-Cities communities—remain well-positioned to make moves. However, anyone who purchased in the past two years should carefully evaluate their equity situation before listing. Looking Ahead The increase in underwater mortgages, though still relatively small compared to national trends, warrants attention. Real estate professionals must help clients navigate this evolving landscape with realistic expectations about pricing and timing. The market isn't in distress, but the era of guaranteed rapid appreciation has given way to a more measured environment where location, condition, and pricing strategy matter more than ever.

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The recent federal government shutdown has created significant uncertainty in real estate markets nationwide, and East Tennessee is no exception. While our region's housing market has shown remarkable resilience, the ripple effects of a prolonged shutdown could touch local homebuyers, sellers, and the broader economy in ways many residents might not expect. Flood Insurance: An Immediate Concern The most immediate impact stems from the National Flood Insurance Program (NFIP), which lost its authority to issue new policies when the shutdown began on October 1. This program is critical for East Tennessee, where properties near rivers, creeks, and in flood-prone areas require flood insurance to complete transactions. With an estimated 1,400 property transactions threatened nationwide each day, local buyers and sellers in affected areas could face significant delays or even lost deals. While existing NFIP policies remain valid for 30 days and can be transferred to new owners, the growing uncertainty creates stress for families trying to close on their homes. The longer the lapse continues, the more precarious these situations become. Broader Market Disruptions Beyond flood insurance, government shutdowns typically trigger a cascade of delays that slow the entire real estate process. IRS income verification—essential for mortgage approval—can grind to a halt. FHA and VA loan processing, which many first-time homebuyers and veterans in our region rely on, faces significant backlogs. Federal housing program funding may freeze, affecting affordable housing initiatives in communities throughout East Tennessee. These disruptions hit particularly hard in a market already grappling with affordability challenges and limited inventory. East Tennessee has experienced strong demand and rising home prices in recent years, and any additional friction in the transaction process could sideline buyers who are already stretching their budgets. Economic Impact The stakes extend beyond individual transactions. According to the National Association of Realtors, the NFIP alone supports roughly half a million home sales annually, generating 1 million jobs and contributing $70 billion to the U.S. economy. Housing represents nearly 20% of the national economy, meaning prolonged shutdowns affect not just real estate professionals but contractors, home inspectors, title companies, and countless other businesses that depend on a healthy housing market. For East Tennessee's growing economy, a stable real estate market is essential. Local realtors continue advocating for swift congressional action to reauthorize the NFIP and end the shutdown, ensuring families and businesses can move forward with confidence.

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