Robert Backer: Looking Ahead To Real Estate In 2022

Wednesday, December 8, 2021 - by Robert Backer, president, Greater Chattanooga Realtors

2021 is winding down, and so is my term as Greater Chattanooga Realtors president. Much has changed this year locally and nationally, and I believe that many of these changes will be with us well into the future. But not all of these shifts are bad. For many, these past two years have shown exactly why our area is so appealing and why we love calling Greater Chattanooga home.
 
Chattanooga has been forever changed by the pandemic, more so than other cities. As a result, our jewel of a city is no longer a secret. The advent of work-from-home careers, our powerful broadband and lower cost of living have made our area an attractive alternative to larger, more expensive cities.
 
As far as housing goes, I can honestly say that the market in 2021 has been one for the record books. This market is, by far, the most intense that I have experienced in my more than 25 years as a realtor.

We’ve been experiencing issues in the past few years, such as lower housing inventory and supply-chain issues, both of which really came to a head this year. Each month, when Greater Chattanooga Realtors releases the local market statistics, the median sales price has increased, and sometimes the year-over-year increase is in the double digits.
 
Dr. Lawrence Yun, chief economist for the National Association of Realtors, predicts that the new year will see some return to normalcy, but will still see more increases than in the pre-pandemic market.
 
“There are signs for 2022 that a more normal and predictable market is on the horizon. Home sales have surged over the past year in an uncharacteristic manner, many receiving multiple bids after only being on the market for a short period. However, the housing sector will settle down but at above pre-pandemic levels,” Dr. Yun said.
 
Dr. Yun also projected that mortgage rates, which are currently at 3.0 percent, will see an increase of 3.7 percent in the coming months, a rise he attributes to persistent high inflation. Home prices rose by 12 percent on average in 2020 and 2021, while inflation rose 3 percent.
 
As far as the local market, an increase in housing inventory would help stabilize prices, and allow more people to enter the housing market who might find themselves currently priced out. Whatever the new year might bring, utilizing the expertise of a realtor in your real estate transactions remains your best option to help make sure that you get the most from your investment. Realtors work tirelessly to serve their communities every day, and I’m very proud to be a part of this industry. That’s Who We R.


Rezoning Case Delayed On 53-Acre Site In Lookout Valley

Short Term Vacation Rental On Dogwood Drive At Ware Branch Is Turned Down By Planning Commission

Walmart Neighborhood Market In Brainerd Sells For $9.2 Million


A zoning case on a 53-acre industrial site in Lookout has been delayed for a month. Bill Ramsey is the owner of the property behind Covenant Transport at the Cummings Highway exit of I-24. ... (click for more)

The Planning Commission on Monday turned down a short term vacation rental request on Dogwood Drive after opposition from a number of neighbors, including Rep. Greg Vital. The request was ... (click for more)

The Walmart Neighborhood Market at 1775 N. Moore Road has sold for $9.2 million. The two buildings, constructed in 2016, comprise 41,868 square feet and sit on 6.29 acres. AEC EAT LLC ... (click for more)



Real Estate

Rezoning Case Delayed On 53-Acre Site In Lookout Valley

A zoning case on a 53-acre industrial site in Lookout has been delayed for a month. Bill Ramsey is the owner of the property behind Covenant Transport at the Cummings Highway exit of I-24. Donna Adams Shepherd of A.D. Engineering said there was an issue over whether the zoning needed to be M-4 or the current M-1. She said plans are to remove a section of a hillside and break ... (click for more)

Short Term Vacation Rental On Dogwood Drive At Ware Branch Is Turned Down By Planning Commission

The Planning Commission on Monday turned down a short term vacation rental request on Dogwood Drive after opposition from a number of neighbors, including Rep. Greg Vital. The request was by Tyler and Melissa Hunt of Ooltewah. They said they purchased the five-bedroom house at 5920 Dogwood Dr. as a family retreat and also wanted to rent it out on occasion. Rep. Vital and ... (click for more)

Breaking News

Couple Shot In Hixson As They Lay In Bed Early Thursday Morning

Chattanooga Police said two people were shot early Thursday morning as they lay in bed at their residence in Hixson. At 1:30 a.m., Chattanooga Police responded to a shooting at 4900 Lavender Trail. Police were advised that two people suffering from non-life threatening injuries had driven themselves to a local hospital for treatment. They were a man 22 and a woman 26. ... (click for more)

Biden Administration Announces $25 Million for Wilcox Bridge, $14.6 Milllion To Dunlap For Highway 127 Intersection Improvement

U.S. Secretary of Transportation Pete Buttigieg on Thursday announced that the Biden-Harris Administration has awarded $63 million to support three projects in Tennessee from the Rebuilding American Infrastructure with Sustainability and Equity (RAISE) program to help move forward on projects that modernize roads, bridges, transit, rail, ports, and intermodal transportation and ... (click for more)

Opinion

A City In Search Of A Symbol - And Response

Assurances have been given of a much larger and varied utilization of the 141-acre former Wheland Foundry/U.S. Pipe site, not merely a new stadium for the Chattanooga Lookouts. Discussion of the proposed new stadium for Chattanooga has dominated the use of the dormant site. Additional usages of the property itself as well as “ripple effects” of the development intentionally move ... (click for more)

Roy Exum: The Freaks Of College Football

It has been almost 20 years since Bruce Feldman, a marvelous sportswriter for theathletic.com and Fox Sports, came up with the idea of identifying the “Freaks” of college football. Wait, being called a freak is a good thing, a very good thing, on a football team. It means you are so strong or so fast or so “athletic” that your own teammates and coaches stand in awe, be it in the ... (click for more)