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.


Chattanooga's Million Dollar Homes

Single-Family Subdivision Planned On Over 8 Acres At 8000 Block Of White Cypress Trail

9-Lot Subdivision Planned At 7503 Igou Gap Road


Chattanooga's Million Dollar homes, reflected in recent transactions, include: 2309 East Brow Road 5 bedrooms, 5 baths, 5,477 square feet on a 2.05 acre lot. The sale was to William Frederick ... (click for more)

A single-family subdivision is planned on over eight acres at the 8000 block of White Cypress Trail. The project is by Yuri Lyradhrvskiy of Comfort Home Builders, of Ooltewah. The property ... (click for more)

A nine-lot subdivision is planned at 7503 Igou Gap Road. The site is 1.83 acres. The project is by Craig Smith of Woodbridge LLC. The site is currently a vacant lot. (click for more)



Real Estate

Chattanooga's Million Dollar Homes

Chattanooga's Million Dollar homes, reflected in recent transactions, include: 2309 East Brow Road 5 bedrooms, 5 baths, 5,477 square feet on a 2.05 acre lot. The sale was to William Frederick Collani, Sarah Michalsky from Dixie L Billingsley $1,150,000 36 South Crest Road 5 bedrooms, 4.5+ baths, 6,226 square feet on a 1.9 acre lot. The sale was to Phillip M Huddleston, ... (click for more)

Single-Family Subdivision Planned On Over 8 Acres At 8000 Block Of White Cypress Trail

A single-family subdivision is planned on over eight acres at the 8000 block of White Cypress Trail. The project is by Yuri Lyradhrvskiy of Comfort Home Builders, of Ooltewah. The property is currently undeveloped. (click for more)

Breaking News

Riverbend Festival Announces Lineup For 2022; Headliners Include Brothers Osborne, Cage The Elephant & Jason Isbell And The 400 Unit

Riverbend Festival, Chattanooga’s original music festival, announced their entire lineup for this year’s festival. With performances scheduled for the Coca-Cola, Bud Light and Chevrolet stages, this year’s lineup features over 20 acts from local fan favorites to legendary performers. Country duo Brothers Osborne will kick off the festival on June 3. The duo recently won ‘Best ... (click for more)

County Schools To Give Stipends To Staff Who Work Extra Due To Lack Of Subs; Child Care Pay Going Up Along With Charges For Child Care Services

The county schools is improving pay for staff members who put in extra time helping students while there is a dire shortage of substitute teachers. The school system is also improving pay for child care workers and will begin charging more for child care service. Officials said, "Hamilton County Schools recognizes the sacrifices our employees make when teaching vacancies remain ... (click for more)

Opinion

I Remember Chattanooga’s First March For Life

This Saturday, Jan. 22, 2022, Greater Chattanooga Right to Life will hold its March for Life assembling at 10:30 a.m. at the Coolidge Park Pavilion. I hope you will attend. I remember the first March for Life in Chattanooga held 35 years ago on Jan. 22, 1987. The march consisted of 14 people: Dan Martino, Doyle Ratterree and his wife who was carrying their infant daughter in ... (click for more)

My Family Is Afraid And So Am I, A Tale Of American Healthcare

My father fears what I’m about to say will make me unable to find a job in the future. He may be right. My whole family worries about my health, as do I, and we have good reason to do so. I feel now more than ever that I must speak up regardless of consequence or retribution because to remain silent about this truly and uniquely American experience would be wrong. I did all the ... (click for more)