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

Pending sales jumped 8.3% in December from the previous month, marking the largest gain since June 2020.   Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023. In the Chattanooga area new listing and the inventory of homes for sale are both up.  You should have more buying opportunities this year.  The median home sales price in Chattanooga increased by 10.4%.  If you are waiting for home prices to go down, tha ..read more

In 2024 the Walldorfs will have some great new homes coming on the market that we are excited to sell in North Chattanooga, in Riverview, and on Lookout Mountain. 2024 will be the year of lower interest rates.  The 8% interest rate in October/November is behind us. In 2024, we should have rates between 6.5% to 6%. Home buyers and sellers will enter the market with more force this year.  As rates go down, home sellers will be more interested in selling and home buyers will be more interested in buying,  It will be more affordable for both buyers and sellers to buy homes.  Fo ..read more

Tips on How to Clean up After a Snow Storm I was showing homes after a snow storm and most of the home sellers had not even cleared the walkway to the door, so here are tips on cleaning up your home after a snow storm (especially if you are selling a house). 1. Wait for the Snow to Stop: Ensure that the snowfall has ceased before you start cleaning up. 2. Clear Pathways: Begin by clearing pathways and sidewalks. Use a snow shovel to remove the snow, making sure to create a safe and accessible path. 3. Remove Snow from Driveways and Parking Areas: If you have a driveway or parking area, clear i ..read more

The MBS Highway National Housing Index was up in December from a November low.  The improvement was driven by a 7 point rebound in home buyer activity.   The 1% drop in 30 year mortgage rates in the last six weeks brought some buyers back into the market.  In late October/early November, I did not know what I would be selling in December in the Chattanooga area, but I will end December selling 3 properties.  I am very thankful that interest rates have declined over the past 6 weeks.  The inventory of homes for sale is still tight, so home prices are not going down.&nbs ..read more

A past clients asked me about the National Association of Realtors (NAR) loosing a lawsuit over conspiring to keep commission costs artificially high.  The case said that NAR rules and corporate practices lead to set pricing.  The crazy thing is that NAR internally in their conferences and meetings never talks about a set commission amount.  That would be a violation of anti-trust, so Realtors, as a policy, don’t talk about that in their conferences and classes.   When you list a home for sale, the documentation gives a total commission to be paid, and then says that 1/2 of ..read more