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.”

Realtors See Some Positives In June Sales Figures

Officials of the Chattanooga Association of Realtors said they see some positives in June sales figures. Officials said, "Upon first review of our June residential market statistics, housing seemed to have had a slow start in the spring selling season. But don’t let appearances deceive. As you dig into that spring soil, you begin to unearth differences in individual areas and ... (click for more)

Commissioners Chide Augusta Developer For Not Talking With Lincoln Park Residents

Some Planning Commission members on Monday chided an Augusta, Ga., developer for not talking with Lincoln Park residents about a proposal to construct 387 multi-family residential units on a 17.7-acre former manufacturing site on Riverside Drive. The location is across from the Boathouse Restaurant. However, Commissioner Don Moon said he might have done the same thing. He said ... (click for more)

DA Looking Into Issue Of County Commission Candidate's Campaign Sending Filled-Out Requests For Absentee Ballot To Elderly Voters

The District Attorney's Office has been provided with documents that a County Commission candidate's campaign sent filled-out requests for absentee ballots to elderly voters. Kerry Steelman, election administrator, said there have been four instances in which such requests came from the Elect John Brooks campaign. He said state law says in Section 2-6-202:  (3) A person ... (click for more)

Graham Says County School-City Lawsuit Settlement "Stinks," But County Commission Approves It

The County Commission on Wednesday approved a settlement of a lawsuit brought by the Hamilton County Schools against the city of Chattanooga, though several commissioners said they were not happy with the deal and Commissioner Joe Graham said it "stinks." Commissioner Graham was the lone no vote. He was joined by Commissioner Tim Boyd in a failed effort to defer it a week. ... (click for more)

The Truth From Weston’s Sister - And Response (4)

I try not to read the negative articles and opinions about my older brother. Growing up around politics, I learned a long time ago that thick skin is not only necessary, it’s paramount. But this time, the lies and the rumors and the inaccurate information has gone too far. It’s too ridiculous for me to ignore. So let’s clear a few things up: Weston and I do not “come ... (click for more)

Roy Exum: Say It Ain't So, Larry Joe!

Larry Joe Wheelon, the tainted horse trainer who was charged with 18 counts of aggravated animal cruelty when his barn was raided in April of 2013 and some animals were sored so badly that they could barely walk, finally went to a court hearing in Blount County on Wednesday and his steps toward Judge Tammy Harrington’s bench were decidedly heavy. My goodness, yours would have been ... (click for more)