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.”

The Pet Placement Center Teams Up With Coldwell Banker Real Estate And Adopt-a-Pet.com For “Homes for Dogs National Pet Adoption Weekend”

The Pet Placement Center is teaming up with Coldwell Banker Real Estate and Adopt-a-Pet.com, North America’s largest non-profit pet adoption web site, this weekend for the first-ever Homes for Dogs National Pet Adoption Weekend. This nationwide event is part of the “Homes for Dogs Project,” a national campaign hosted by Adopt-a-Pet.com and Coldwell Banker, which aims to find homes ... (click for more)

Boynton Terrace, Tower 2, Residents Must Move Out For Remodeling, Including Woman, 100

Chattanooga Housing Authority officials said Tuesday that all residents of Boynton Terrace, Tower 2, must move out prior to the start of a major upgrade of the public housing facility on Cameron Hill in early January. Naveed Minhas, development director, said on earlier high-rise projects the work was done several floors at a time. But he said it appears CHA can save as much ... (click for more)

County Taking First Step Toward Replacing County Jail Downtown With Workhouse Addition At Silverdale

County officials are taking the first step toward replacing the long-criticized county jail downtown with an addition at the workhouse at Silverdale. The County Commission is set to approve next Wednesday a $150,000 contract for the PFM government financial consulting firm to begin working out the details. County Mayor Jim Coppinger said he believes the move will save the ... (click for more)

Chattanooga Man Who Declared He Was "An Innocent Man" On Child Pornography Charges Gets Conviction, 24-Year Sentence Overturned

The Federal Sixth Circuit Court of Appeals has reversed the conviction of a Chattanooga man who claimed at his trial and sentencing that he was wrongfully convicted by a jury of possession and distribution of child pornography. James Paul Lowe had been sentenced in May to serve 24 years in federal prison. After the sentencing, he had bid his family goodbye and told them to ... (click for more)

Chattanooga Strong

The hearts, minds and prayers of Tennesseans, and of the entire nation, have been turned toward Chattanooga this month.  We are sickened and saddened by the senseless tragedy, and we grieve for the families of the five service members who were killed, Gunnery Sgt. Thomas J. Sullivan, Sgt. Carson A. Holmquist, Lance Cpl. Squire “Skip” K. Wells, Staff Sgt. David A. Wyatt and ... (click for more)

Roy Exum: Could Obama Win Again?

When President Barack Obama spoke to the African Union yesterday in Addis Ababa, Ethiopia, he made a pretty brash statement: “I actually think I’m a pretty good president,” he told the African leaders. “I think if I ran, I could win. But I can’t.” While everyone is entitled to their opinion, I don’t think that’s true. Obviously, term limits keep Obama from running, but as I sit ... (click for more)