Chattanooga Real Estate Blog

For the week ending August 21, New Listings in the Chattanooga region were down 3.1 percent since the same week last year as 252 properties came onto the market.

Buyer activity remained above 2009 levels, as it has for 29 out of the 33 full weeks this year. There were 146 purchase agreements signed last week, representing a whopping 36.4 percent increase over 2009.

This helped to keep inventory levels lower than last year for the eighth consecutive week. The number of Active Listings for Sale was down 3.6 percent to 6,559 properties. This marks the largest inventory decline in over a year (56 weeks to be exact).

Based on July figures, sellers received an average of 90.6 percent of their original list price after about 114 days on the market. Median Sales Price stands at $130,000, and the Months Supply of Inventory metric remains fairly elevated at 12.8 months.

For the week ending August 14, New Listings in the Chattanooga region were down 16.7 percent in year-over-year comparisons as 250 properties new came on the market.

Buyer activity remained above 2009 levels with 128 contracts written last week, representing a 7.6 percent increase.

This helped to keep inventory levels lower than last year for the seventh consecutive week. The number of Active Listings for Sale was down 3.5 percent to 6,553 properties.

Based on July figures, those sellers who are still waiting for an offer could expect to receive 90.8 percent of their list price and a market time of 114 days, though this number has been coming down in recent months. Median Sales Price remained at $132,000 taking into consideration overall market activity.

Great starter or investment home in Red Bank just minutes to downtown Chattanooga.
2 bed 1 bath with huge kitchen. All appliances will be staying. Approximately half the yard is fenced and you’ll find a great covered deck off the kitchen.

Priced to sell quickly at $54,900. Homes in this price range and in this shape aren’t lasting long so call today to schedule your viewing!

First time on market and in move in condition! Nicely renovated home on double lot. 2 bed 1 bath with formal dining room. Updated electrical panel, plumbing and lighting fixtures. New H&A, fresh paint, refinished hardwoods, new cabinets and counter tops. Fireplace in living room is non functional. Park your car in the 2 car carport and store your lawn equipment in the storage building. Call today for your viewing.

Paul Atkinson has put together a great list of Twitter feeds for homeowner DIY ideas.

Some DIY because they’re control freaks, others do it because they’re on a budget. Whatever your reason, fixing or building something yourself has a rewarding feeling that doesn’t come with writing a check. That said, there’s a right and wrong way to go about a DIY and these Twitter feeds will lead you to the right blogs, websites and companies to make any DIY job easier for homeowners.

Check out the complete list here.

The Federal Housing Administration, or FHA, insures loans through its diverse programs for borrowers seeking to purchase a new home, renovate a fixer-upper, refinance their current mortgage, or make their current home more green. The flexibility offered by the program combined with its low interest rates and low cash investment makes FHA loan programs one of the easiest for borrowers to be approved for.

These have long been a favorite of first-time buyers and those with low- to middle-incomes.

Is FHA still beneficial if I’m purchasing a more expensive home?

The FHA uses a system of loan limits that vary by county. The average loan limit is $271,050 for a single-family home and $521,250 for a four-family home. But for more high-end real estate markets, such as those found around major cities, the loan limit can reach as high as $729,750 for a single-family home to $1,403,400 for a four-family home. Even for borrowers wishing to purchase a more expensive home, a FHA loan is still one of the most rewarding loan programs available. With a FHA loan, eligible borrowers will find benefits they would rarely receive with a conventional loan such as:

-Competitive interest rates

-A down payment of only 3.5%

-Regulated closing costs

-Lenient debt to income ratios

What are basic Tennessee FHA loan requirements?

Many borrowers find FHA loans are easier to obtain than conventional loans. They also come with competitive rates. While the FHA insures a portion of each loan, it doesn’t actually issue them. Borrowers will have to meet the conditions and requirements of their lender as well as those set forth by the FHA. In general, the program expects:

-2 years of steady employment without income decreasing

-a minimum credit score of 620

-a clean credit report two years after a foreclosure or after filing for bankruptcy

What other options do I have for financing?

When a borrower wishes to purchase a home for greater than the FHA loan limit in their area, they  have the option to use the FHA loan in conjunction with other financing options.

Contributed by:  Michael Blumreich

I hope everyone has a great holiday weekend. 

If you are looking for a place to go see fireworks there are plenty around the area:

Affordable condo great for first time buyers and students!  Fresh paint, tile and you pick your new carpet!

Great new listing in Red Bank.  Excellent condition and ready for new owners!

Arched doorways, hardwood floors, updated wiring, architectural shingles, fenced level yard and more!

Frank and Suzette Gantz moved to Chattanooga a few months ago and are now getting a chance to really explore and see what Chattanooga has to offer.  He’s put together a list of 10 things to do in Chattanooga and I think it’s a pretty good start.  Take a look at his list and tell me what you like to do in and around Chattanooga.

1. Visit the Ruby Falls
2. Visit the Incline
3. Have a meal at The Original Blue Orleans Creole Restaurant
4. Visit the Tennessee Valley Railroad Museum
5. Sug’s BBQ
6. Visit the Tennessee Aquarium
7. Take in a Lookouts game
8. Go to a Chattanooga Football Club game
9. Chattanooga Beast Feast BBQ Festival-May 29th and 30th at First TN Pavilion-Paul will be happy to see this made the list!
10. Visit the Hunter Museum of American Art