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.

Geoff Ramsey: September 2018 Residential Market Report

10-Acre Ooltewah Site At Volkswagen Exit Of I-75 Sells For $2.8 Million

Invista Sells Property On Amnicola Highway For $9.6 Million


Some economy observers are pointing to 2018 as the final period in a long string of sentences touting several happy years of buyer demand and sales excitement for the housing industry. Although ... (click for more)

A 10-acre site near the Volkswagen exit of I-75 has sold for $2.8 million. It is located directly in front of the new Fed Ex ground facility off Volkswagen Drive. The sale was ... (click for more)

Invista Sarl has sold property across from Chattanooga State Community College for $9.6 million. The property is at 4500 Amnicola Highway. The sale was to 4500 Amnicola LLC. Invista ... (click for more)


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Geoff Ramsey: September 2018 Residential Market Report

Some economy observers are pointing to 2018 as the final period in a long string of sentences touting several happy years of buyer demand and sales excitement for the housing industry. Although residential real estate should continue along a mostly positive line for the rest of the year, rising prices and interest rates coupled with salary stagnation and a generational trend toward ... (click for more)

10-Acre Ooltewah Site At Volkswagen Exit Of I-75 Sells For $2.8 Million

A 10-acre site near the Volkswagen exit of I-75 has sold for $2.8 million. It is located directly in front of the new Fed Ex ground facility off Volkswagen Drive. The sale was to Big G 3 Llc from Pattillo Construction Co Inc. (click for more)

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