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.


Many Agents Join Keller Williams

The Keller Williams Market Center, under the leadership of Jay Craig and Jennie Brockman, has added an unprecedented number of new agents to the rosters of the East Brainerd, Hixson and Ooltewah offices in the first half of 2018.   Some agents are just beginning their careers and there are agents that have decided to join Keller Williams from other companies in town. ... (click for more)

CDOT Announces Extended Road Closure On W 3rd Street

The closure on W 3rd Street between Market Street and Broad Street has been extended until Aug.15 due to weather delays. W 3rd will be closed daily between 9 a.m. and 3 p.m. until Aug 15 for storm drain pipe installations. View CDOT's map of event and road closures for full details of projects underway in the public space.   (click for more)

Female Inmate Dies At Bradley County Jail Monday

A female inmate was found unresponsive at the Bradley County Jail on Monday afternoon. Correctional officers and on-site medical personnel performed life saving measures, but she was later declared dead after Bradley County EMS arrived.  The inmate was 54-year-old Fawn Zanette Brandham. Correctional officers contacted the 12th Judicial District Attorney's office, ... (click for more)

Federal Appeals Court Rules In Favor Of Family With Down Syndrome Child Who Sued County Schools

The Sixth Circuit Court of Appeals has ruled in favor of a couple with a Down syndrome child who sued the county schools. The parents of Luka Hyde objected when the county schools tried to move him from his zoned school to a segregated school. The ruling says under federal law that students with disabilities are supposed to be placed in the least restrictive ... (click for more)

Use Purse Building For Chattanooga Museum Of History And Industry

I was caught off-guard and pleasantly stoked by Eric Atkins' editorial on Chattanoogan.com last week suggesting that one of the soon-to-be surplused city buildings could be turned into a history museum.   I didn't think anyone other than myself that I didn't know cared, or at least would turn their thoughts into the topic of an editorial.  I believe that most of the ... (click for more)

Roy Exum: One Person Every Hour

After the first weekend in August, the United States was shaken to its core as every major media outlet reported that 67 people had been shot in Chicago, 12 of them dead in the senseless carnage. Chicago mayor Rahm Emanuel pleaded for calm and announced an additional 600 police officers would join other law enforcement in the five most troubled districts. This past weekend, which ... (click for more)