Home Sales Off To Sluggish Start In 2014

Friday, February 21, 2014

If there were any indications as to what the real estate market would be like in January, it would be the weather. Cold temperatures and wintry mixes kept most homebuyers (and many realtors for that matter) indoors. Nearly all key indicators for the month of January saw slight decreases compared to last year.

Closed Sales dropped by 7.9 percent, ending with 429 homes sold. New Listings in the Chattanooga region decreased 3.

0 percent to 931. Inventory levels shrank 4.8 percent to 4,624 units.

Prices marched higher. The Median Sales Price increased 6.5 percent to $138,500. Days on Market were up 16.2 percent to 136 days, and Absorption Rates improved as Months’ Supply of Inventory was down 4.8 percent to 8.0 months.

GCAR President Vicki Trapp said that many of the changes in financial trends have had buyers and sellers alike questioning what the future will hold, not just for the real estate market, but for the entire fiscal picture. She said, “While most business owners are preparing their year-end taxes throughout the first quarter, they’ll also continue to keep a close eye on where the nation’s economy stands."

“As mid-term elections draw closer, many consumers are still struggling in a sluggish economy, and will be asking tough financial questions to those seeking office. While interest rates remain attractive and should remain below their long-term average, we will be closely following the direction that the new Chairman of the Federal Reserve will set,” Ms. Trapp said.

She added, “The same factors that catalyzed widespread market recovery in 2012 and 2013 are likely to continue in 2014, though perhaps at a more moderate pace, since the market appears to be returning to a stable, healthy state. Potential trends to watch for in 2014 include increased seller activity, more new construction and fewer foreclosures on the market. Inventory is another metric to watch this year.”

 


Tom Graves Votes To Expand Access To Mortgages, Home Ownership

Representative Tom Graves voted on Tuesday for the Preserving Access to Manufactured Housing Act (H.R. 650) and the Mortgage Choice Act (H.R. 685), legislation that will make it easier for low- and middle- income families to qualify for a mortgage and purchase a home.  “The dream of home ownership is rightfully engrained in American life,” said Rep. Graves. “After all, ... (click for more)

Chattanooga Collaborative Senior Housing Seeks More Investors/Owners

Chattanooga Collaborative Senior Housing, an eight-unit development being created on Washington Street on the Southside, is for those retiring or thinking of retiring who want options other than assisted living and institutional care.  The units are designed to share some spaces in a condo-like setting, while maintaining privacy and independence.   "There are many people ... (click for more)

Prominent Business, Civic Leader, And Philanthropist Scotty Probasco Dies At 86

Prominent Chattanooga business, civic leader and philanthropist Scotty Probasco has died at the age of 86. Scotty, as he was affectionately greeted by most of Chattanooga, was known for his modesty, generosity, dependability, and unswerving loyalty. “Great work” was always on the tip of his tongue – a manifestation of his joyous humility. He was a man of high ideals, of kind ... (click for more)

Chemical Odor In Lookout Valley Traced To Chattanooga Tank Wash

Chattanooga firefighters in Lookout Valley were sent out Friday night to investigate reports of a strange odor in the area. The firefighters searched the area, but never found the source of the odor.  John Schultz, an investigator with the Air Pollution Control Bureau, was also out Friday night and eventually tracked the source of the odor to a business, the Chattanooga ... (click for more)

Proud Of Hometown Boy Turned Global Leader, Bob Corker

Time Magazine has it right.  Not only is Chattanooga’s own U.S. Senator Bob Corker one of the “100 Most Influential People in the World,” but he is probably now the most prominent leader in the history of our city.   At a time of extreme frustration with Washington and Congress in general, Bob continues to rise above the division and rancor to build consensus and solve ... (click for more)

Roy Exum: Great Work, Ol’ Pro!

Years ago I was lucky enough to be the seatmate of Scotty Probasco on an airplane bound for somewhere and he taught me a word that has helped me be a much better person than I ever thought I could. We were already swell friends, since he’d watched me grow up at First Presbyterian Church every Sunday with his kids, and he liked some of the stuff I tried to write back then. So ... (click for more)