Chattanooga Real Estate Blog

A little good news to brighten your day—–108 economists, real estate experts, and investment and market strategists predict home prices will begin to see an appreciation next year and return to historic levels of annual appreciation by 2015.

via House Prices Through 2015.

Sorry for the delay in getting May figures out but there has been a lot going on lately which is good news!

We saw a 5% increase in the number of residential home sales in May with 302 and a total volume of $58,854,739.  This represents an increase of 15% in volume.  The average sales price was up as well about 10%.

These number are encouraging.  From what I am seeing June and July are looking to be up as well.

I wish everyone a happy fourth and if you plan to be shooting fireworks be careful!   I put together some links to useless/interesting Independence Day info as well fireworks tips and such that might be fun.  Check out the links below:

The Declaration of Independence

Firework safety tips

Fourth of July fun facts

July 4 in history

Facts about the US flag

Have a wonderful July 4th!!!

Huey Lewis and the News opened Riverbend this year and Kellie Pickler will be the closing act on Saturday before the fireworks show.  Alan Jackson will be headlining tomorrow night so the next two nights are going to be great!  I think everyone I know went to the Bessie Smith Strut this year but me.  Oh well, maybe next year…

Forbes Magazine has posted a list of 9 Reasons to Buy a House Now.   Add these to the ones I posted back in April and the only question I have is “why are you waiting?”.

1.  We are experiencing the lowest housing prices in years

2.  Interest rates are at a 50 year low

3.  Interest rates are expected to go back up

4.  Adjustable rate mortgages are at record lows

5.  Low down payment mortgages are still available for the time being

6.  Lenders have begun to loosen up a little

7.  Some lenders are offering no fee mortgages

8.  Home builders are eager to sell and many are offering nice incentives

9.  Resell homeowners are motivated to sell

Many times we forget the reason for Memorial Day so take a moment today and pay respect to the military service people who gave their lives to protect our freedom.  It’s really their day.

It’s that time again.  The total number and volume of residential sales in Hamilton County fell a little last month.  The number of closings decreased by 6% from 307 in March to 287 in April.  Total volume was off by 11% from $57,285,451 in March to $51,172,034 in April.  North Hamilton County and North Chattanooga areas had the most closings with 42 and 33 which accounted for a full 26% of the total closings.

Chattanooga MLS April 2011 Data

10 counties in Tennessee as well as 16 in Georgia have been declared disaster areas after storms ripped through our area April 25-28.  We are still in shock as we see the devastation tornadoes can and have done to our friends and neighbors.

FEMA issued a release today regarding disaster relief.  Even though it is titled Tennessee Disaster Survivors it is not Tennessee specific.  Anyone in an affected area (TN, GA, AL, etc) will find it useful because there are some questions and answers as well as numbers to get help.

On a personal note, if anyone needs anything, please let me know.  I have been donating to organizations taking up collections and would be more than happy to help get some things directly to you if it’s within my grasp.  My prayers continue to go out for those affected.

Our upward trend in sales continued in March with a big jump from February.  We had 307 sales in March compared to 201 in February.  North Hamilton County continues to lead with the highest number of sales in the area at 44.  The same area had 33 last month.  The dollar volume in sales increased by over 24 million.

Lets hope it continues!

I know everyone is always saying it’s a great time to buy regardless of the market.  And that’s true to an extent.  But if you have been on the fence or you’ve been thinking about it now truly is the time to do it.  One of my favorite blogs has given 4 financial reasons to buy now and they hit it on the mark.

Interest rates are increasing

Rates have gone up almost 3/4 of a point in the last 6 months and are expected to continue to rise.

The 30 year mortgage may disappear

Several experts believe if Fannie Mae and Freddie Mac’s roles are eliminated, or even limited, it may bet the end of the 30 year mortgage.

Qualified mortgage requirements could be more stringent

Proposed changes include:

1.  Elimination of certain mortgage types

2.  Minimum of 20% down payment

3.  Minimum 690 FICO score

4.  Lowering of ratio of income to both the mortgage payment and the overall debt to 28% and 36%

Rents are expected to increase

Supply and demand.  The demand is increasing while the supply is decreasing.

There is a lot of inventory on the market right now.  Jump in before it’s too late or the cost is just too high.