The housing market from $600,000 and up has slowed more than some other price ranges in the Chattanooga area. Not as many of the luxury homes are selling as quickly as they used to. People are simply not moving to the “bigger and better” house as easily. There have been a few exceptions: in September 2009 three homes ranging from $1.1 to $1.4 million changed hands rather quickly on Lookout Mountain and, as a result, the median home sale price for that month was $700,000.

The slower luxury home market actually creates a good opportunity for luxury home buyers. Your current home may be worth less than it was worth a few years ago, but so is the house that was out of your price range when you last purchased a home.

Now you can buy “more home for your money” and you can afford the house that better suits your personal & family’s needs. Take 212 Fairy Trail on Lookout Mountain, Tn., as an example. This home is on the brow with a 225’ bluff line, it has five bedrooms and 5.5 bathrooms, it has a nice sized & fairly level yard, it has 5,550 square feet of remodeled living space, and it is on the market for only $899,000. A few years ago, the same house would have sold for over $1,000,000.

Yes, your current home may sell for less today, but you will be able to buy another home for less also if it is financially feasible for your family.

212 Fairy Trail will be open on Sunday from 2-4 (weather permitting), so come see its fabulous views at this remarkable price. You can also sneak a peak of the house at www.SearchChattanoogaArea.com.

Another nice perk for buying a home right now is the $6,500 tax credit for those home buyers who have lived in their current house for 5 years or more, and place another house under contract by April 30th, 2010 to be their permanent residence. This tax credit works for homes priced up to $800,000, but there are plenty of homes to choose from under $800,000. The tax credit, the reduced home prices, and the all-time low interest rates create an unmatched opportunity for home buyers today.

The real estate market has already hit bottom in the Chattanooga area, and home prices will start to rise again soon. Be sure to act on these unique & favorable advantages in the current real estate market, before you miss your chance.