Chattanooga Real Estate Blog » Buyers

Did It Cost You Money To Wait on Prices to Bottom Out?

Karen Rhodes — Wed, 16 Feb 2011 01:39:04 +0000

Still waiting to buy till prices ‘hit bottom’? Doing that is actually costing you money. The folks over at KCM put it in pretty simple terms

Prices have remained stable but interest rates have risen dramatically in the last 90 days.

The price is the same, it just costs more.

Waiting just 90 days to purchase that $170,000 home has already cost you $89.44 per month, $1,073.28 per year or $32,198.40 over the life of a 30 year mortgage.

Yee Ha!!

Karen Rhodes — Fri, 06 Nov 2009 19:28:57 +0000

Home buyers tax credit extended and expanded to include current home owners. Lets go!!!!

The House voted 403-12 Thursday to extend and expand the tax credit to include many buyers who already own homes. The Senate approved the measure Wednesday, and the White House said President Barack Obama would sign it Friday.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

HUD: Tax Credit Can Be Used on Closing Costs

Karen Rhodes — Tue, 02 Jun 2009 17:46:14 +0000

FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Get the full article here.

Still a Good Time to Buy in Chattanooga

Karen Rhodes — Tue, 14 Aug 2007 01:39:16 +0000

Unfortunately all we hear about is how bad the market is. Everything isn’t terrible, in fact it’s a great time to be a buyer.
A few reasons:

1. Plenty to choose from

There are more homes on the market now than there has been in ages so you have a huge selection to choose from.

2. Rates are still good

While rates have inched up a little they are still pretty good if you have decent credit.

3. Favorable negotiations can be had

Sellers are offering incentives to buyers, reducing prices, and leaving appliances. I know of one seller in Chattanooga who is offering a 2008 automobile to the person who buys their home!

Home Inspection-Yes? No? Absolutely!

Karen Rhodes — Wed, 01 Aug 2007 23:29:50 +0000

Barry Schwartz at Cartoon Barry Blog is in the process of buying a home. He just had his home inspection done and has made a post on how invaluable it was and that a home inspection is a must.

His inspector was with House Master. Most people who know me know that House Master is also one of the companies I recommend. Just thought his post was a great testimonial and that I would share it with you.

2006 NAR Profile of Home Buyers and Sellers

Karen Rhodes — Fri, 13 Apr 2007 01:30:22 +0000

The National Association of REALTORS® sent out 129,500 surveys to consumers who purchased or sold a home between July 2005 and June 2006. The survey results were compiled and a profile of recent home buyers and sellers was formed. Just over 7500 responses were returned. Some of the noted characteristics of buyers are listed below:

The typical home buyer was 41 years old.
Among first-time buyers, the median age was 32.
More than one-quarter of buyers reported a 2005 household income of at least $100,000.
Sixty-one percent of recent home buyers were married.
For repeat buyers, the most important reason for their purchase was a desire for a larger home.

One in five homes purchased by recent buyers was newly built.
Three-quarters of homes purchased were detached single-family homes.
Neighborhood quality was the most important factor for buyers in selecting a location.
The typical buyer purchased a home that was slightly more than 1,800 square feet in size.

Eighty-five percent of home buyers used a real estate agent during their search for a home.
Nearly three-quarters of buyers viewed the Internet as a very useful tool in their home search.
A majority of buyers reported that they drove by a home viewed online.
Typical buyers searched for eight weeks before finding the home they purchased.

Today’s Buyers have More Loan Choices

Karen Rhodes — Sun, 01 Apr 2007 13:38:34 +0000

In the old days, your home-buying power depended strictly on how much money you made, how much cash you had for the deal and how much debt you carried. A strict formula would knock you out of the homeownership game if you couldn’t follow the stringent guidelines:

No debt over 36% of your income.

No monthly payment beyond 2.5 times your monthly income.

A 20% down payment is required to buy.

With the maturing of the financial industry came new and improved home loans that have changed these requirements. Some programs allow 40% debt-to-income ratios. Some lenders now offer 3%, even 0% down payment programs. Today, two buyers with the exact same financial profile could qualify for substantially different homes, depending on what loan program they select. If you’re in the market to buy, check with your lender or give me a call to find out more about low and no down-payment plans that could help you qualify for a larger home for less cash.

Southside Tour of Urban Living 1-4 pm Today

Karen Rhodes — Sun, 25 Feb 2007 15:03:24 +0000

You get a great opportunity today. If you have been thinking of moving to the Southside or if you are just curious about what’s been going on there feel free to tour one of the 45 residences that are open today. Several restaurants and shops will also be participating in the tour.

Start your tour at 1405 Cowart St at the Southside condo building. Here you can pick up tour maps, information and refreshments. The tour will include Clark Centre, The Southside condos, 1800 Cowart, 1900 Cowart, Tower Place, 563 E 18th St, 1518 Mitchell Ave, Courtyards on the Southside and Soho Condominiums. Be sure to register for door prizes at each location.

The Association of Visual Artists in association with The Lyndhurst Foundation, is offering grants of $15,000 to artists who move into certain Southside and M. L. King areas. Since the program began in May 16 artists have taken advantage of it and have already moved in or will be soon. This is a huge incentive.

Watching this area come alive over the last few years has been exciting for me because I remember when you couldn’t walk in these areas after dark and feel safe. It’s only going to get better as more people and businesses move into the area.

If you are interested in any of these properties (and aren’t working with someone else), you know how to reach me but be sure to tell the agents on duty that you already have an agent

Open Houses on Baker Street

Karen Rhodes — Sun, 11 Feb 2007 01:14:12 +0000

Tomorrow the agents who have listings on Baker Street in North Chattanooga are going to be holding them open from 2 pm to 5 pm. Be sure to stop by because each of us will be having drawings for door prizes. I’m going to be at my listing at 213 Baker and will have a drawing for a $50 American Express Gift Card.

213 Baker is a great 2 bedroom 2 bath home that was built in 2004. The sellers are motivated so stop by, take a look and make an offer!!

The Space House is Available

Karen Rhodes — Sun, 04 Feb 2007 19:53:25 +0000

A while back I wrote a post about Signal Mountain’s "Space House". According to an article in the Times Free Press it’s on the market with a list price of $184,900. The HGTV show "What’s With That House" was here last week filming it for an upcoming episode too. A little free advertising never hurt anyone

Apparently it’s being sold mostly furnished. It needs a little TLC and updating. But how often do you get the opportunity to live in a Space House? If you are interested in seeing it, don’t forget I’m a REALTOR® and can show it to you!