Realtors Help Buyers Navigate Tight Market

Thursday, August 9, 2018 - by Geoff Ramsey, president, Greater Chattanooga Realtors
Schools are back in session which means we are inching a little closer to the end of what is typically the busiest time of year in real estate. However, the market in Greater Chattanooga continues to remain competitive and shows no signs of slowing down. Housing inventories are near decade lows which directly puts pressure on home prices. 

Recent data shows there is more demand than supply in the Greater Chattanooga market, which means conditions broadly favor sellers. Meanwhile, buyers are out there looking to purchase homes.
Buyer traffic is 25 percent above a year ago and sellers are often receiving multiple bids. The large millennial population is expected to continue entering the continues to enter the market as buyers, home sales are expected to  

The good news for potential buyers is home construction is rising which helps keep housing affordable and a there is “no housing recession over the horizon” according to Lawrence Yun, Chief Economist for the National Association of REALTORS®.

Despite a competitive market, homeownership remains desirable to many renters who are all feeling the pain of a reported 13.2 percent increase in rental rates in Chattanooga. The benefits of homeownership are still very evident and opportunities for buyers exist. Just because the current market tends to favor sellers doesn’t mean buyers can’t still find their dream home.

Here are a few tips for potential buyers in today’s market. 

Know Your Budget Before Window Shopping. Knowing your budget before falling in love with homes out of your price range will help guide a realistic road to homeownership. Lenders will evaluate your income, savings and credit history to qualify and approve you for a mortgage. 

Identifying Neighborhoods of Interest. Whether you’re a millennial wanting to live in thriving downtown Chattanooga, looking to move into a more desirable school district, or wanting to downsize choosing a few options for where you would like to live is important in aiding a home search. Once you have a good idea about what you’re looking for, it’s easier to know it when you see it. 

Work with a REALTOR®. Most importantly, work with a Realtor. Realtors understand the local markets and can negotiate on your behalf - helping save you time and money. Buying and selling a home is one of life’s biggest decisions and a Realtor can guide you through the process.

Connect with a Realtor to get off on the right foot in your home search. They will provide more tips on how to navigate our housing market and go from a potential buyer to new homeowner. Visit www.gcar.net to find a Realtor today.


Riverview Home With 6,423 Square Feet Sells For $2,225,000

A house with 6,423 square feet of space in Riverview has sold for $2,225,000. The house at 1631 Hillcrest Road has four bedrooms and six baths. The sale was to John Foy Tr, Todd Phillips Tennessee Investment Services Trust from Ann Eliot Hon. A description of the home says, "This impressive Riverview home overlooking the Tennessee River is one of a handful of Neoclassical ... (click for more)

Best Western Heritage Inn Sells For $5.2 Million

The Best Western Heritage Inn on Lee Highway has sold for $5.2 million. The location at 7641 Lee Highway is by Bonny Oaks Drive. The sale was to Mkr Host Llc from Deep C Govan, Kaushalya D Govan. (click for more)

10-Term Congresswoman Marilyn Lloyd Dies

Marilyn Lloyd, who represented the Third District in Congress for 10 terms, has died at the age of 89. Ms. Lloyd got into politics after her husband, TV anchor Mort Lloyd, was killed in a plane crash in 1974. Mort Lloyd had won the Democratic primary to oppose Rep. Lamar Baker. The party chose her to go on the ballot in his place, and she defeated Congressman Baker. She was ... (click for more)

Soddy Daisy Couple Robbed Of Over $56,000 In Items; Believe Facebook Post May Have Tipped Off Thieves

A Soddy Daisy couple reported a theft at their residence netted thieves over $56,000 in items. The couple said the thieves may have picked their residence because they posted on Facebook that they were vacationing in Gatlinburg. Michael Lee Leming, 42, has been arrested in the case. However, only $10,600 of the stolen items were recovered. Leming is from Dunlap, but was ... (click for more)

Arming Teachers With Guns Will Be Too Dangerous - And Response (4)

Arming teachers with guns in the classroom, as Bill Lee proposes, would be the single most dangerous thing to happen to students in Tennessee history. Students and teachers in close proximity to loaded firearms daily? Across this state, in middle schools alone, there are probably hundreds of student/teacher conflicts a day. What if a student got hold of gun in a struggle with ... (click for more)

Roy Exum: Scream ‘Sexual Assault!’

Candace Owens, a communications director for the conservative non-profit “Turning Point,” wasted not a minute’s time as the Democratic debauchery of Supreme Court appointee Brett Kavanaugh raced like a prairie fire across America. There is little doubt that many politicians -- on either side of the aisle -- play a little loose with the truth. But this Eleventh Hour attack on the ... (click for more)