Brandi Pearl Thompson: COVID-19 Pressing The Brakes On Real Estate? I Don’t Think So

Wednesday, May 27, 2020 - by Brandi Pearl Thompson, president, Greater Chattanooga Realtors

As I tell my friends and family, real estate is still happening; just in a different way. I love statistics. I enjoy seeing the metrics of home sales. Each week I see the market activity from our Multiple Listing Service, and I compare to the numbers from previous years. Up until COVID-19, I would look at the activity and see the sharp rise in market activity and selling prices.

COVID-19 happened and some things changed, but something else happened. Or rather, it didn’t.

The selling prices continued to increase. Not only that, the available inventory went down, and that meant that the available houses for sell was down. When this pandemic unfolded, homesellers decided to wait to list their property. Many people thought that real estate would suffer on a national and local scale. However, I’m seeing some interesting data from our MLS.

For the week ending May 16, Pending Home Sales increased 31.2 percent to 311. That’s right, homes that were in the process of being sold actually increased by almost a third from this point last year. At this week last year, 237 properties were under contract. This year, 311 properties were under contract. That’s a big jump!

This shows that people are moving into our area, and they’re looking for their next home in the greater Chattanooga area. Looking for more evidence? How about the number of homes currently for sale in our area? This past week showed local housing inventory decreased 26.3 percent to 2,135. This point a year ago, there were nearly 2,900 properties on the market. What does this mean? This means that people are looking for homes to buy, but there are less properties available.

And for those listing their property without a realtor looking to save money? You should think again. In fact, individuals who use a realtor to sell their property get an average of 98.5 percent of their list price. This means that realtors work to get the most for their clients in this highly competitive environment. Realtors work every day to help their clients get the most for their investment. Regardless of the market conditions, we make sure that we represent homebuyers and sellers to make sure that we meet their needs. That’s who we R.



Hannah Muller Named Volunteer Engagement Manager Of Habitat For Humanity Of Greater Chattanooga

Real Estate Transfers For July 2-8

Paula McDaniel Earns Internationally Recognized Designation For Performance In Luxury Real Estate


Hannah Muller has been named volunteer engagement manager of Habitat for Humanity. Ms. Muller relocated from Nashville where she served in a similar capacity. Officials said, "Her appointment ... (click for more)

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding ... (click for more)

Paula McDaniel from Real Estate Partners Chattanooga LLC earned The Institute for Luxury Home Marketing’s Certified Luxury Home Marketing Specialist designation in recognition of experience, ... (click for more)



Real Estate

Hannah Muller Named Volunteer Engagement Manager Of Habitat For Humanity Of Greater Chattanooga

Hannah Muller has been named volunteer engagement manager of Habitat for Humanity. Ms. Muller relocated from Nashville where she served in a similar capacity. Officials said, "Her appointment comes at a time requiring an additional emphasis for the safety of volunteers as they support non-profit organizations." Habitat President and CEO David Butler noted that Ms. Muller ... (click for more)

Real Estate Transfers For July 2-8

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding this report, please call Chattanoogan.com at 423 266-2325. GI numbers, listed when street addresses are not available, refer to the location of transactions (book number and page number) in ... (click for more)

Breaking News

Mackey Pulls Resolution On Discretionary Spending For Now; Says Race Was Injected Into The Issue

County Commissioner Warren Mackey on Wednesday pulled a controversial resolution that would give each commissioner $100,000 per year for doling out to non-profit community groups. Commissioner Mackey said he believed that he had the necessary votes to pass it. However, he said "race has been injected in the issue." He said he was referring to a column in the Chattanooga ... (click for more)

Statue Of Blessed Mother Is Beheaded At St. Stephen Parish In Chattanooga

Catholic Bishop Rick Stika said a statue of the Blessed Mother was beheaded at St. Stephen Parish in Chattanooga. He said, "What a strange time we live in. Over the weekend, an outdoor statue of the Blessed Mother was beheaded. This is occurring at various spots around the U.S." Congressman Chuck Fleischmann, a practicing Roman Catholic, said , “This is a disturbing ... (click for more)

Opinion

HCSO And Justice

There have been a lot of arguments from both sides of the isle over the past few months regarding racism, social justice and other topics in reference to law enforcement. All of this is in an effort to either reform or defund law enforcement. Additionally there have been a host of ideas floated from both sides on what actions should be taken. One of the ideas that has been demanded ... (click for more)

Roy Exum: No! To Selfishness

It was a ‘heavy lift’ some years ago when a “discretionary spending allowance” was lifted away from each of the nine Hamilton County commissioners. It was no more than a “vote for me” ruse in each district. One of the best examples of it is to walk into Orchard Knob Elementary and see this ornate stone bench at the entrance. The name of the commissioner who gave it to the school ... (click for more)