Chattanooga Real Estate Blog

The local real estate market witnessed a slight, drop in December in the number of homes sold, according to data released by the Multiple Listing Service (MLS) of the Chattanooga Association of REALTORS®. In December of 2009, Southeast Tennessee and the Northwest Georgia area saw the sale of 474 residential units, a 6.5% decrease compared to the previous month’s sales, but a marked improvement over 2008, showing a 9.7% increase over the same monthly period of a year ago.

For the month of December, the local median home price was $128,250. That represents a decrease of 5.2% from the same period one year earlier and a small decrease of 1.3% from the median price reported the previous month. REALTORS® are quick to point out that it continues to represent a continuing trend of real affordability, and that price sensitive buyers should strongly consider purchasing now, and avoiding the inevitable increases in an improving market.

The average number of days on the market showed a slight increase, attributed to the busy period of
any holiday season. From recent highs (above 130 days), the average is now showing 126 days, which
has not been interpreted as showing any significant trend.

FHA has now announced more tightening of underwriting guidelines.

• Up front mortgage insurance premium increased to 2.25
• 10% down payment for buyers with a FICO of less than 580.
• Seller concessions reduced from 6% to 3%

No specific date on when these changes go into effect, just sometime in the spring.  Stay tuned!

November 23 , 2009 – The local real estate market recovered ground, with a modest uptick in October in both number of homes sold and median price, according to data released by the Multiple Listing Service (MLS) of the Chattanooga Association of REALTORS®. In October of this year, Southeast Tennessee and the Northwest Georgia area saw the sale of 533 residential units, a 4.1% increase compared to the previous month’s sales, and a 7.9% growth over the same period in 2008.

For the month of October, the local median home price was $127,000. That represents a decrease of 9.3% from the same period one year earlier and a small decrease of 2.2% from the median price reported the previous month.  However, it continues to represent a continuing trend of real affordability, and the adjusted median price remains one of the more attractive for U.S. regions of this size.

In terms of the number of average days on the local market, October 2009 saw a negligible increase over figures from the same month in 2008, and a pronounced drop from the previous month of September, 2009. Many economists attribute this pattern to a continuingly slow easing of pressures in the financial markets, returning to their previous averages and are now confident of more consistency over the next few quarters.

Year to date number of homes sold and a three year comparison:

Hug a veteran today or just tell them “Thanks”.  They and all that came before them are the reason we have our freedom.

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.

I love this time of year!  There are so many fun things going on around town during the Holiday Season. 

Be sure to check out some of these activities with your family this weekend–

Don’t forget to ‘fall back’ at 2 am.

Be sure to watch out for little ghosts and goblins tonight–

The $8,000 tax credit for first-time home buyers would be extended and some people who already own residences could claim a benefit under a proposal by Senate Democrats.

An agreement reached and passed by the Senate would let homeowners who buy a new home qualify for a $6,500 credit if they have lived in their prior residence for five years.

A quick summary of some of the highlights include:

— The tax credit would be $8,000 for first-time home buyers and $6,500 for move-up buyers (from December 1, 2009 to April 30, 2010).

— Move-up buyers will be eligible, so long as the home they are leaving has been used as their principal residence for 5 years or more.

— The tax credit would sunset on April 30, 2010. However, there would a binding contract rule that will permit those with contracts as of April 30th to qualify for the credit as long as they complete the transaction within 60 days.

A House Democratic aide said House leaders would likely adopt whatever language the Senate approves.

The local real estate market remained inconsistent, with underperformance as its only constant, according to statistics released today, in both number of homes sold and median price, according to data released by the Multiple Listing Service (MLS) of the Chattanooga Association of REALTORS®. In September of this year, Southeast Tennessee and the Northwest Georgia area saw the sale of 507 residential units, a 4% decrease compared to the previous month’s sales, in a retrenchment from previous growth trends observed this year. Earlier statistics had shown three consecutive months – May, June, and July – of small, yet steady, gains in the market.

Year to date number of homes sold:

Three year comparison:

For the month of September, the local median home price was $129,900. That represents a decrease of 6.2% from the same period one year earlier and a statistically negligible decrease from the median price reported the previous month. However, it continues to represent a continuing trend of real affordability, the adjusted median price remains one of the more attractive for U.S. regions of this size.

With the population aging and fewer young people to take the place of baby boomers, the demand for housing may slow for years to come, keeping home values from increasing as they have done since World War II, according to at least one well-known national expert.

In terms of the number of average days on the local market, September 2009 saw a small increase over figures from the same month in 2008, and from the previous month of August 2009. Many economists attribute this pattern to a continuingly slow easing of pressures in the financial markets, returning to their previous averages and are hopeful of more consistency over the next few quarters.