Signs of High Home Buyer Activity The Mortgage Banker's Association reported that mortgage applications were up by 33% last week. The applications for new loans is up from last year at this time by 22%. 2 mortgage brokers told me in the past week that have been fielding a large amount of mortgage applications, which is a great indicator for home buying activity to come. February is always a great time to put your home on the market just ahead of the spring real estate market. Spring is typically the time of year when the largest number of homes sells for the year. Ask the Walldorfs about ..read more

Economists are predicting a gradual decline in mortgage interest rates in 2025, though rates are expected to remain elevated, likely exceeding 6% for much of the year. This forecast is shaped by several key factors, including Federal Reserve policy adjustments, market dynamics, and broader economic conditions. Federal Reserve Policies The Federal Reserve has been pursuing a cautious approach to monetary policy, implementing incremental reductions to the federal funds rate, which currently stands between 4.25% and 4.5%. Further rate cuts are anticipated in 2025, conditional on trends in inflati ..read more

Pending home sales have reached a 21-month high, signaling a significant rebound in the housing market. After hitting a low point over the summer, the market appears to be steadily improving, aligning with economists’ optimistic forecasts for 2025.                                                                                According to the National Association of REALTORS® (NAR), pending home s ..read more

BOSTON (November 8, 2024) – NAR Chief Economist Lawrence Yun shared a positive outlook for the U.S. housing market at the 2024 NAR NXT conference. He highlighted that the worst of the housing shortage is over, mortgage rates are stabilizing, and job growth continues.

Yun noted that homeowners have seen a significant increase in wealth, with a median net worth of $415,000 compared to just $10,000 for renters. He encouraged people to enter the housing market to build wealth, especially younger buyers struggling to purchase homes.

Yun also pointed to strong job growth, which supports homebuying ..read more

Redfin recently released a survey showing that 1/4th of home buyers are delaying their purchase until after the election.  People are curious what policies may come up and change the home buying landscape.  My question is, why would we wait? Either way you need a home.  That will not change no matter who is our next president.  Studies show that prices and home buying activity goes up after elections.  Right now, you have negotiating power if you buy a home when everyone else is waiting.  After the election, people will get back into the real estate market and com ..read more

The Inventory of Chattanooga Homes for Sale Keeps Growing The big story this week is how the inventory of Chattanooga homes for sale keeps growing. As of July, there were 56% more homes on the market than July of 2023.  The number of homes for sale has grown by another 7% up to August 22nd.  The median home sales price has stayed pretty steady, but the rise inventory will impact home price growth.  I could see home prices leveling off until we sell more homes.  A wave of home buying is probably coming as interest rates start to go down in the coming month.  There was ..read more

As a home seller, you have various options for listing and selling your property. REALTORS® are trusted professionals who can guide you through the complexities of this process and help you make the best decisions. The recent National Association of Realtors (NAR) settlement introduces several changes related to broker commissions that benefit sellers. Here’s what you need to know: Key Changes for Home Sellers: Compensation Options: You can still offer compensation to buyer brokers, which can help market your home and make your listing more appealing to potential buyers. Disclosure Require ..read more

Buying a home is often one of the largest financial decisions you'll ever make. REALTORS® are trusted advisors, guiding you through the complexities of the homebuying process and helping you make informed choices. The recent National Association of Realtors (NAR) settlement brings significant changes designed to benefit homebuyers. Here’s what you need to know: Key Changes for Home Buyers: Written Agreements Required: Before touring a home, you’ll need to sign a written agreement with your agent. This document should clearly outline the terms you’ve negotiated, including the servi ..read more

Around the country, you have probably heard that home sales are down a little.  The crazy thing is that home sales are not down in Chattanooga.  We continue to have a strong home buyer demand as home buyers are waiting in the wings for homes to come on the market.  Home sales were up in May by 28.4% in Chattanooga.  Home prices in Chattanooga are also still going up.  Prices were up in May by 7.2%.  For home sellers, you know that you home should sell quickly.   The good news for home buyers is that 1) interest rates have eased a bit and are now below 7%. 2 ..read more

Luxury home price growth is outpacing non-luxury home price growth according to a study performed by Redfin.  Luxury pricing has skyrocketed with the lack of good luxury inventory in the Chattanooga area.  Nationally, the luxury home inventory is up by 13% this year.  Every day homes are also still selling despite rising interest rates, but prices of those homes are not growing like luxury home prices are.  Luxury home prices increased the first quarter of 2024 by 9% year over year.  That makes the luxury home price growth be twice the price growth of non-luxury homes ..read more