Home sales in light of Goodyear plant closing

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Reporter - Jason Hibbs
Photojournalist - Terry Snell

OBION COUNTY, Tenn. — Nearly 2,000 people out of a job, the area's largest employer gone for good and some local people are already leaving town. That's not a good combination for folks trying to sell their homes.

People trying to sell homes in and near Union City, Tennessee, worry if their houses will ever sell as more and more "for sale" signs pop up.

Right now, realtors are working with a company that Goodyear hired to help their transfer employees get out of Union City and into another plant as soon as possible.

Realtor Tim Moore said he has 60 days to sell the homes, which may be discounted by up to 10 percent or more.

He knows many others may have to leave town to find work and said there's growing pressure on sellers to lower the price.

Drive around Union City and it's not hard to find a for sale sign.

"Trying to sell a house right now ain't gonna go over too good," Obion County resident Chase Taylor said.

He has a for sale sign in front of his house. He said they seem to be everywhere and serious buyers are hard to find.

But whom do you blame? Taylor said Goodyear.

"Sudden shut down, that kind of surprised me. I figured maybe I'd have a little bit more time (to leave town)," Taylor said.

Overton Real Estate owner Tim Moore said it's simple supply and demand causing local homes to sell for less.

"Any time you have a growing inventory, it has the potential to put a downward pressure on prices," Moore said.

He fears the effects of the plant closing may go beyond Union City and make sales sluggish for folks like Karen Greer in Martin, Tennessee.

As bad luck would have it, Greer said her house went up for sale the same day Goodyear announced they were closing. Since then, many of her neighbors have followed suit.

"Everyone is somehow interdependent on Goodyear, somehow some form," Greer said.

Moore said for those who've had homes on the market for months, they may have to do the one thing that no seller wants to do: not be so firm on the price and be willing to take a lower offer.

"Nobody wants to hear that. It's a very difficult thing at any time you're sitting down with a homeowner and you're telling them what the market will bear," Moore said.

But Taylor said he has to sell his house and is willing to do whatever it takes.

Moore said sales are even more sluggish for the more expensive homes. The demand just isn't there anymore

He said lots of people who can afford the bigger houses simply aren't buying them.

Moore said lots of people who can't sell their houses are renting them instead. The demand for rental properties is up. Some folks are holding on to their houses, renting them out for now and hoping in the future, they can put their house on the market again and get good money out of it.

Moore said the silver lining to this cloud is for the buyers. He said purchasing power is at an all-time high.