RE/MAX Brokers Name Top Chattanooga Housing Trends

Monday, February 10, 2014
Based on current market conditions, RE/MAX of Tennessee's top brokers have named the top Chattanooga housing trends to watch in 2014.

1.     Home inventory will remain tight. RE/MAX brokers anticipate that the inventory of homes for sale in Chattanooga

will remain lower than the demand for homes. Many homeowners have recouped some equity in their homes, which puts them in a more favorable position to consider selling.

It is unlikely, however, that the market will see a large shift in available inventory. Overall sales should go up, but in 2014, it will likely remain a seller’s market.


2.     Housing market will remain competitive. Some buyers who began looking for a home in 2013 have still not purchased. These leftover buyers, together with buyers who are just beginning to search in 2014, will keep the competition brisk for existing home sales.

3.     New Qualified Mortgage rules take effect, limiting loan options for many buyers. New government rules took effect on January 10, 2014, intent to revamp the mortgage industry. From this point forward, new mortgages must only be 30 years or less, a fixed-rate or an adjustable rate. Borrowers must also pass a point/fee test in order to qualify, resulting in more stringent lending.

4.     Boomerang buyers will enter the market. Recent revisions to Federal Housing Administration guidelines will make it possible for homeowners who lost their home to foreclosure to reenter the housing market as buyers. In some cases, the traditional seven-year waiting period has been revised to just one year. RE/MAX of Tennessee brokers expect that this new market of homebuyers will begin to emerge this year and continue for the next several years.  

5.     Home prices will continue to rise. The average price for all homes sold in the Chattanooga area was $138,500 in December 2013, a 3% increase over November 2013. In Chattanooga, the average number of days on the market for all homes sold in December 2013 increased by 2% compared to December 2012. As Chattanooga’s economy continues to recover, RE/MAX brokers expect that home prices will continue to rise.

“The housing market in Chattanooga showed marked improvement in 2013,” said Senior Vice President of Broker and Agent Development Jeanette Schneider. “We are quite optimistic about 2014 and we expect this upward trend to continue. Our real estate professionals are ready to work with Chattanooga residents to help them achieve their real estate goals in 2014 so that the numbers continue to improve.”


Developers Sought For Former Coats American Property In Walker County

The Walker County Development Authority (WCDA) moved forward with plans this week to put the former Coats American property in Rossville on the market. The WCDA issued a Request for Proposals (RFP) from area business leaders and others to purchase the eight acre site. In addition to submitting a monetary offer, potential buyers should describe their plans for the property, ... (click for more)

Chattanooga's Compass Auction Featured In Magazine For Handling 2 Big Auctions

Chattanooga-based Compass Auctions & Real Estate was featured in Auctioneer magazine for handling two big auctions successfully in 2017. The article says, "Despite two very different sellers with extremely different assets, NAA Pro Paige Holt and her team at Compass Auctions & Real Estate, a Chattanooga, Tn.-based auction and real estate company, accomplished two massive ... (click for more)

Hamilton County Sheriff's Deputy In Officer-Involved Shooting At Lakesite

A Hamilton County Sheriff's Office deputy was involved in an officer involved shooting in the Lakesite area on Friday morning.   Authorities said it happened around 9:35 a.m. near the 1900 block of Wilkes Avenue.   Deputies were called on "an unwanted party."   There was a confrontation with deputies and a man at the mobile home was shot.   ... (click for more)

EPB Video As Percentage Of Fiber Customers Going Down, But That's Fine With Management

With more and more video customers turning to streaming options, EPB's video is dropping as a percentage of overall fiber customers. But that's fine with EPB management, knowing that all that video streaming needs a wide fiber pipeline to go through. EPB is positioned with the best "gig" service. Greg Eaves, chief financial officer, said 65 percent of EPB fiber customers now ... (click for more)

DACA Or Amnesty To Become The Majority?

As we have the political drama that we see in D.C. let’s be honest about what DACA is all about. We understand as the liberal policies of abortion, dependency on the government and an anti-American globalist / progressive agenda that many have come to realize these policies no longer represent their core beliefs and have left a certain party. Without an influx of new dependency ... (click for more)

Roy Exum: This Is Not A Drill

Last Saturday morning in paradise, at 8:07 to be precise, an alert appeared on every cell phone that read: “BALLISTIC MISSILE THREAT INBOUND TO HAWAII. SEEK IMMEDIATE SHELTER. THIS IS NOT A DRILL.” I can envision no greater horror than having to ask myself how much time do I have, and what is the wisest way to spend it? It was a long and dreadful 38 minutes until the correction ... (click for more)