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May 1, 2020

What Chattanooga Parks Are Open?

What Chattanooga Parks Are Open?

May 1, 2020

TN State Parks are open.
All City of Chattanooga parks are open.
Brown Acres and Brainerd golf courses are open.
National Parks are closed.

Closed City Park Property:
Indoor facilities, except for restrooms.
Coolidge Park Carousel
Water features
Picnic areas and picnic shelters
Playing courts and fields
Playgrounds
Pavilions
Dog parks

Chattown Skatepark

Posted in Events
April 24, 2020

How's the Market?

People ask me all the time what is happening in real estate, so I try to be prepared for that answer.  I know that God has provided a bunch of sales for me coming into the Shelter in Place Order, but there are many Realtors who have not been so lucky.  Today, I am going to tell you what the Realtor’s Chief economist is saying about the economy’s recovery after Sheltering in Place and what several other economists are saying.

Mid March had opportunity to be on a NAR Leadership call with the NAR chief Economist Lawrence Yun. Yun said, “The economic declines will be sharp but the rebound will be strong when people get back to work.
Realtors may not get back some of the lost sales from home buyers who wanted to buy before school starts but delayed their purchases.
Home prices should remain stable, because we had housing shortage before crisis and still have it now.”

Bank of America recently released a report on housing that echoed what Lawrence Yun said; “The market was well positioned heading into this recession. Inventory of existing homes was lean and builders were cautious about adding supply.”  B of A had 2 other reasons that they do not think this particular recession will be like 2008 was for the housing with large house price drops. “Lending standards have been tight with high credit scores and reasonable down payments, reducing the risk of foreclosures.” and “Government policies – most notably the forbearance programs – should keep people in their homes and avoid forced sales”

B of A also predicted a 37% drop in existing home sales from the February peek and a 50% drop in new construction sales.  “According to Zillow, new listed homes were down 19% from March 1 to early April this year, while in normal time they typically rise about 50%.  The sharp drop in new listings on the market for sale will help to prevent an otherwise larger imbalance in the market given the collapse in demand. This will mitigate some of the downward pressure on home prices.”

One bright spot is that Inman news recently reported that Zillow is reporting that “Traffic to listings on the portal has “rebounded sharply” to levels “that are actually slightly higher than a year ago.” Overall, for the entire U.S. web traffic was up 13 percent year-over-year for the seven-day period ending on April 13.
“It could be coming from optimistic buyers hoping to get an early jump on their plans as soon as restrictions are lifted, or simply from aspirational viewers stuck at home and seeking an escape through real estate,” the report explains. However, Zillow also said in a statement Wednesday that the findings in the report show “renewed interest in the housing market as Americans adapt to this temporary normal.”
Goldman Sachs, for example, is predicting an “unprecedented” recovery in the second half of the year, once businesses start to reopen.

The chief of the San Francisco Federal Reserve Bank, meanwhile, says she’s expecting a much more gradual return to positive economic growth.

“The consensus amongst economist is that we will have a rebound in the third and fourth quarters of 2020 and it should be a ‘V’ shaped recovery” -Wharton school of business

The fundamentals of the real estate market are good, and we should see a good real estate market recovery.  Please contact me with any questions that you have.

 

Posted in Market Updates
Jan. 21, 2020

How the 2019 Housing Market Ended in Chattanooga

How the 2019 Housing Market Ended in Chattanooga
The 2019 housing market in the Chattanooga area ended with a bang. Closed sales were up by 29% in December. The Walldorfs just sold a $900,000 home in December. It is more common to have a slow down in sales in December than a surge in sale. Pending home sales were up 11.6%, meaning that a bunch of homes are closing in January. The median sale price was up 10.3%. Lower mortgage rates offset price gains to keep home buying more affordable. We finished 2019 with only 2.6 months of inventory, which is really low.  A balanced real estate market has 5 months of inventory. The Greater Chattanooga Realtors reported, "Buyer demand continues to be strong but with tepid seller activity still in many locations, total sales are lower than they would be in a more balanced market."  We need your homes on the market if you are thinking about selling.  Call the Walldorfs so we can help you sell your home. 423-544-7700.  We have professionals lined up to help you get your home ready to sell.

 

Posted in Market Updates
Dec. 29, 2019

Chattanooga Real Estate in 2020

Chattanooga Real Estate in 2020

Chattanooga job growth has been 7%.

Economic growth in 2020 will be lower than in the past few years, but there will be no recession in 2020 as the Federal Reserve has reversed their course on raising interest rates quickly.

Interest rates will still be lower in 2020 & unemployment is very low. 

Today, home owners have a reasonable percentage of their incomes in their homes rather than what they had in their homes before the great recession creating the housing bubble of 2008.

Economists say 2020 should be a strong economic year and the housing market should be good as well.

Forbes says Chattanooga will be the#1 place for jobs in 2020, and Realtor.com predicts that Chattanooga will be the #4 top housing market of 2020.

Posted in Market Updates
Dec. 13, 2019

Chattanooga Christmas Events

Are you looking for something to get you in the holiday spirit the week of December 13th?

Here is a list of tons of fun event this weekend. 

Friday, December 13th
*The Nutcracker @ The Tivoli Theatre, 7:30 PM.
* David Barnes, A Very Merry Christmas @ The Walker Theatre, 8 PM.
*Santa's Elf Workshop @ The Read House, 5-8 PM. $15.
* Mary Poppins @ The Theatre Center, 8 PM.
*Enchanted Garden of Lights @ Rock City. 6-9 PM.
*North Pole Limited @ the TN Valley Railroad
*Ice on the Landing @ the Choo Choo. 2 - 9 PM.
*Christmas Underground @ Ruby Falls.
*Christmas Lights @ the Zoo, 5:30 - 8 PM.


Saturday, December 14th
*Breakfast with Santa @ The Read House, 9-10:30 AM & 11 AM -12:30 PM.
*The Polar Express @ IMAX Theater, 9:30 AM & 11:45 AM.
*The Nutcracker @ The Tivoli Theatre, 2 & 6:30 PM.
*Ice on the Landing @ the Choo Choo. 10 AM - 11 PM.
*Chattanooga Holiday Market @ Chattanooga Convention Center. 10 AM - 5 PM. FREE.
* Mary Poppins @ The Theatre Center, 8 PM.
*Enchanted Garden of Lights @ Rock City. 6-9 PM.
*North Pole Limited @ the TN Valley Railroad
*Santa Pub Crawl 3 PM.
*Christmas Underground @ Ruby Falls.
*Christmas Lights @ the Zoo, 5:30 - 8 PM.

Sunday, December 15th
*The Polar Express @ IMAX Theater, 9:30 AM & 11:45 AM.
*The Nutcracker @ The Tivoli Theatre, 2 PM.
*Robert Earl Keen, Countdown to Christmas @ The Walker Theatre, 8 PM.
* Mary Poppins @ The Theatre Center, 2:30 PM.
*Ice on the Landing @ the Choo Choo. noon to 9 PM.
*Chattanooga Holiday Market @ Chattanooga Convention Center. 11 AM - 5 PM. FREE.
*Enchanted Garden of Lights @ Rock City. 6-9 PM.
*North Pole Limited @ the TN Valley Railroad
*Christmas Underground @ Ruby Falls.

Posted in Events
Nov. 21, 2019

11 Reasons Why the Walldorfs Should Sell Your Chattanooga Home?

11 Reasons Why the Walldorfs Should Sell Your Chattanooga Home?


    1.    The Walldorf family has been selling homes in Chattanooga since 1926.  Nathan started selling homes in Chattanooga in 2005.  Nathan has years of home selling experience and a track record of sold homes to prove his success.
    2.    The Walldorfs Guarantees their work.  If you don’t like the service you are getting, they sever their agreement with you and allow you to list your home with another Realtor.
    3.    The Walldorfs help you get your home ready to sell. It is hard to make your home look its best to put it on the market, so the Walldorfs put you in touch with people who can do the work that you need to do in order to get your home sold for top $.
    4.    The Walldorfs put your home where home buyers are looking most.  90% of people look for home on the internet, so the Walldorfs make sure that your home is found on the internet by leveraging several different technologies and several different professionals.
    5.    The Walldorfs networks your home to be sure that potential buyers and their agents know about your home.
    6.    The Walldorf negotiate to get you top $ for your home. After making your home sparkle in front of home buyers, we seal the deal.  The Walldorfs don’t give away your negotiating  position.  Another Realtor once said to me, “Here is my seller’s counter offer, but they will take $10,000 less than that.”  Do you want someone saying that “on your behalf?”
    7.    Nathan manages your transaction from start to finish in order to make everything go smoothly.
    8.    Nathan and Charlie Walldorf lead the real estate industry.  Nathan was the 2016 Greater Chattanooga Realtor’s President. Charlie Walldorf is also a past Greater Chattanooga Realtor’s President.  Both Nathan and Charlie Walldorf will be helping to sell your home as they list all of their homes together.  That covers several different generations of potential home  buyers between the two of them.
    9.    Nathan invests to protect the American Dream.  He doesn’t just sell your a home, but he also makes sure that local, state, and national legislatures know the impact of laws they are thinking about passing on your home and on your investment in your home. He does this through RPAC and through involvement in the Greater Chattanooga Realtor's Governmental Affairs Committee.
    10.    The Walldorfs know what they are doing.  As the Chattanooga area real estate market is full of so many people who just received a real estate license, you want Realtors who have been in the business for years and who have thoroughly educated themselves to ensure that they give you only the best service.
    11.   Don’t cut yourself short. People who sold their home themselves reported the following to be their greatest challenges:
Getting the right price: 17%
Understanding and performing paperwork: 12%
Selling within the planned length of time: 5%
Preparing/fixing up home for sale: 8%
Having enough time to devote to all aspects of the sale: 3%*

Also, the “we buy houses” people including Open Door, Zillow, and Redfin only want to pay you pennies on the dollar for your home.

*According to the 2018 National Association of Realtors Profile of Home Buyers and Sellers

 

Call Nathan Walldorf at 423-544-7700.

Posted in Selling Your Home
Nov. 7, 2019

Chattanooga Luxury Home Sales Up in 2019

Luxury home sales in Chattanooga in 2019 are up from 2018 & 2017.  104 homes have sold in Hamilton County for over $800,000 in 2019 so far.  31 homes in 2018 sold for over $800,000 and 85 homes sold in 2017 for over $800,000.  In luxury home areas like Lookout Mountain and Signal Mountain, most of the luxury home sales occurred in the spring.  Lately on Lookout Mountain there has been a spike in luxury homes being sold or going under contract.  In North Chattanooga and in Hamilton County in general, luxury home sales over $800,000 have been fairly steady throughout the year.

Most Realtors around town are reporting that luxury homes are staying on the market longer from summer to late fall.  As we head into 2020, Lawrence Yun (The National Association of Realtors Chief Economist) is predicting slower luxury home sales; "At Affordable prices, it will still be a seller's market, and appreciation will be stronger at the lower price points.  The upper-end price projections-as people digest the deductibility of mortgage interest and state and local taxes, including property taxes-is less optimistic."  In 2020, it should take more time to sell luxury homes.  Luxury homes have always appreciated at lower rates than more affordable housing, which does not surprise me as a luxury home Realtor in Chattanooga. 

The economic picture and the interest rate predictions for 2020 keep looking favorable for housing, but the luxury home market may slow some in 2020. 

Do you have a luxury home that you need to sell?

Call Nathan & Charlie Walldorf.  The Walldorfs have decades of experience selling luxury homes in Chattanooga. 423-544-7700.

Posted in Market Updates
Oct. 21, 2019

8 Property Package in Chattanooga

8 Property Package in Chattanooga

If you have been thinking about owning rental property, this offer will make it easy for you.  Our client has 5 properties in Hixson, 1 property in Soddy Daisy, and 2 properties in Ringgold that are for sale.  All of the properties are leased, and all of the properties have cash flow.  The properties can also be purchased individually.  

The package price is $1,331,600.

Contact Nathan Walldorf for more info at 423-544-7700. 

Posted in home for sale
Oct. 18, 2019

September Chattanooga Real Estate Market

September Chattanooga Real Estate Market

Little by little the average days that houses are on the Chattanooga real estate market has increased from July through September.  In September, the number of days a Chattanooga house is on the market jumped by 19%, which is a pretty large one month change.  In other words, homes are taking a bit longer to sell right now.

Closed Chattanooga home sales were still up in September by 11.5%.  That leads me to believe that lower priced homes are still still selling quickly and for more money, but the more expensive homes are taking more time to sell.


 

In September, Chattanooga home sellers also got an incremental % less (-.5%) of the % of the list price.  

The Chattanooga real estate market is still a good market with good market fundamentals, but the market has slowed some since the spring.  Turmoil in Washington, D.C. may be playing a small role on consumer confidence as well. 

Call Nathan Walldorf at 423-544-7700

Posted in Market Updates
Sept. 27, 2019

Chattanooga Real Estate Is Changing in the Fall

Chattanooga Real Estate Is Changing in the Fall
The spring real estate market was really busy and prices were high (in most areas of town).  As the summer came and people went on vacation, homes started to take a bit longer to sell. The August home sales just came in, and they are also showing that it is taking a bit longer to sell.  We are not facing an extreme change yet, but Realtors cannot simply look at spring pricing to price a home for sale today.  Realtors are having to look at the homes for sale right now as well to be in line with the market.  To sell a home now, you have to price your home in a way that does not put you way above your competition.   
Homes took 2.4% more days to sell in August.
Closed home sale were up 3.6%.
Median home sale prices were also up by 6.4%.
The monthly supply of homes for sale was down 18.4%.

In these stats we see that the rises in both closed home sales and in the median home sale prices are about 1/2 of what they were in the previous month.  The amount that 2019 is outpacing last year is starting to slow down a bit.  The real estate market is still good.  If you are thinking about selling a home, do it now.  You want to sell your home as close to the top of the market as you can, and we are probably close to the top if not slightly below it.

 

Call Nathan Walldorf to sell your home and buy a new one at 423-544-7700

Posted in Market Updates