Get the Latest Chattanooga Real Estate News Right Here

 

Nov. 6, 2018

How to Sell a Home and Make Money

Below are some simple tips for How to Sell a Home and Make Money.

  1. Make the house move-in-ready. Home buyers today either do not have the time or the money to remodel your house.  They would rather buy a house that needs minimal immediate work.  Make sure the siding is painted. Give the interior a fresh coat of neutral colored paint.   Take down the outdated wallpaper.  Make the kitchen and baths looked updated.
  2. Get rid of clutter and odors.  You do not want people tripping over toys in order to look at your house.  You also do not want them to open a closet and everything spill out on top of them.  Get as many of the non-essential things out of your house in order to make the space in your house look bigger.  Piling all that stuff in the garage scream, "Home with no storage," so get a storage unit while you sell your house.  You also have to get all of the pet smells out of the home.  Odors can turn off a home buyer.  Dirty dippers can have the same negative effect.
  3. Replace Grandma's quilt.  Make sure your bedspreads and pillows look modern.  You don't want a 1980's flowery bedspread on top of the centerpiece of your bedroom. Make it look appealing to today's home buyer.  
  4. Give the house good curb appeal. Be sure the yard looks good, the flower beds are mulched, and plant bushes in front of the foundation.  Newly painted shutters and doors can also give a house curb appeal.
  5. Have your Realtor prepare a net sheet for you on any offers, so you will completely understand all of the terms & costs of the offer.  Be willing to give on some terms but still get your highest and best price on the house. 
  6. Have your Realtor leave a "helpful packet of information" for the buyer's appraiser to be sure the house appraises for the great sales price that you get on your house. Realtors aren't doing this, but they should.
  7. Hire a Seller's Representative Specialist (SRS).  You want your Realtor to be an SRS who is the most trained to sell your home and take care of you.  Nathan Walldorf is the Chattanooga area SRS, so give him a call at 423-544-7700.
Posted in Selling Your Home
Oct. 26, 2018

See How Easily You Can Own a Home

See How Easily You Can Own a Home.

The 16 Steps From Shopping to Closing on a House


1.  Find a Realtor who is an Accredited Buyer’s Representative (ABR) to look out for your best interests as you buy a home. The agent with the sign in the yard is trying to get the home sold and does not represent you. Get your own Realtor to represent you during your home purchase.
2. Get pre-approved. Ask your ABR Realtor which lenders he recommends. After you are pre-approved, you will know what you can spend on buying a home.
3. Make sure that your monthly payment is not more than 1/3 of what you earn per month.
4. Pick out an area where you would like to live and where you can afford a home. Does the area have good schools? Is the area safe? Is the house on a busy road? How large of a house do you want? How many bedrooms? How many bathrooms? What square footage are you looking for? Think about re-sale. 3 bedrooms sells better than 2 bedrooms.
5. Have your ABR Realtor send you homes via e-mail, pick some homes out that you want to see, and go look at homes. If you see homes that interest you and are for sale by owner, give the contact information to your Realtor BEFORE you call to inquire, they will call the home owners for you, to ensure you always have representation & don’t go into a transaction with only the sellers calling all the shots.
6. Once you’ve picked out a home, you will want to take your pre-approval letter from your lender and meet with your ABR Realtor to write up an offer on forms that your Realtor has.
7. Your next step after your offer is accepted is to have a home inspection. Your ABR Realtors should have a list of recommended home inspectors. Choose one of them. The home inspector will find out more than you want to know about the home. Some of the things that the home inspector will find will be small items that aren’t worth negotiating over. Look for big problems like foundation issues, heat and air problems, roof problems, plumbing & electrical problems, rot on the exterior of the house, etc. Your ABR Realtor will help you identify problems found during the inspection that should be fixed by the seller.
8.  Right after your offer is accepted, your lender will ask you to approve the”Loan Estimate” (LE), so be sure that you approve
9. The buyer will have the termite inspection done. You will find out if there are termites, and that is usually only a major problem if the termites have eaten through a main support of the house.  Your Realtor will help you identify a qualified termite inspector.
10. Your lender will send out the appraiser, so you don’t need to worry about that. You will have to pay your lender for the appraiser ahead of time. Some appraisers require repairs by the seller (FHA loans & VA loans). Mostly the appraiser is looking for the value of the home to be equal to -or greater than- what you are paying for it.
11.  Your lender may ask for forms here and there, so get those to the lender quickly. You don’t want to delay the closing on your house over a bank statement that took you a while to deliver. Be sure to check with your lender periodically to see if they have everything they need from you and keep them on task.
12. Be sure to have the utilities changed into your name. Start the process with time, but be sure it’s not effective until the day of closing.  You don’t want to pay for their water, electric, and gas usage.
13. 3 days before the closing, you should get a closing disclosure/closing statement.  That document will tell you how much money you will have to bring to closing.
14.  The day of or the day before closing on your home purchase, you will do a final inspection to make sure that the repairs that you asked for were completed, to make sure the home is in the same if not better condition, and to make sure that no new damage has occurred to the home. When the lender is done and the title checked by the title company to see if it is clear, you are ready to close.
15. You will go to a title company with a copy of your driver’s license, and close the loan. . You’ll have to get a cashier’s check from the bank to pay for your closing costs, so do that ahead of time.  Soon, you’ll be a proud homeowner!
16. Enjoy your new home!


Written by Nathan Walldorf with The Group Real Estate Brokerage. Chattanooga, TN. 423-544-7700 or nwalldorf@walldorf.com

Posted in Buying a Home
Oct. 12, 2018

Why now is the time to sell your Chattanooga home

If you don't sell your house now, you'll hate yourself later.

Here is why...

The inventory of homes for sale in the Chattanooga area is low.  The supply of homes that Chattanooga has for sale is enough to last 3.5 months.  In other words, if no new listing come on the market between now and 3.5 months from now, then Chattanooga would have no more homes to sell.  A healthy market typically has 5 months worth of inventory.  For a home seller, that means that there are less homes for sale to compete with your Chattanooga home.  For a home buyer, it is hard to not have as many option, but it is a perfect storm for a home seller.

 

The median sale price for homes in Chattanooga is up.  The median home sale price in August of 2018 was up by 3.9% to $187,000.  When the supply of homes is down, home prices go up.  Right now we are experiencing peaking home prices.  In a year from now, as interest rates keep rising, home prices will either slow down or the consumer will want to buy homes for less money.  That pressure by consumers could either make home prices stagnate for a period of time or drop in price for a period of time.

 

Right now home prices keep going up and the time it is taking homes to sell is going down.  Chattanooga's average days on the market went down by 25% to only 42 days in August.

 

Nathan Walldorf and his father, Charlie Walldorf, have the most experience in real estate in Chattanooga.  The Walldorfs have been selling real estate in Chattanooga since 1926.  We have tons of experience but also some of the nation's best technology to help us promote your home better than anyone else.  You not only want to get your home noticed, but you want the best advocate on your side when you negotiate a contract to sell your homeWe promise to give you service and guidance that is centered on what's best for you.  Call Nathan Walldorf to get started selling your home, so you don't regret missing the perfect time to sell your home and make the biggest return on your investment. 423-544-7700.  

Posted in Selling Your Home
Sept. 27, 2018

Chattanooga Events September 28th

Chattanooga Events September 28th

Take a look at what's happening this weekend.

Movie in Miller Park @ Miller Park. Friday 7:30 PM. Playing the movie Far Out!
Enchanted Maize @ Blowing springs Farm opens this weekend. Corn maze at the foot of Lookout Mountain.  Friday 10 AM - 7 PM.
Dread Hollow @  321 Browns Ferry Road. Ruby Falls haunted house.  Friday & Saturday 7 - 10 PM.
The Newsies @ Chattanooga Theatre Center (various showings this weekend)
The Breakfast Club @ Songbird's. 80's music. Friday 9 PM.
Cosmic Charlie @ Songbird's. Jam band like the Grateful Dead Saturday at 9 PM.
Ironman Sunday starting at 7 AM from Ross's Landing.

Wine Walk @ Lula Lake on Sunday 4:30-7:30 PM.

3 Sisters Festival @ the Ross's Landing. Next weekend.  October 5th 6:30-11:00 PM, October 6th noon - 10:30 PM. Click for full schedule.

Wanna' buy or sell you Chattanooga home?

Contact Realtor, Nathan Walldorf, at 423-544-7700.

Posted in Events
Sept. 26, 2018

Chattanooga August Real Estate Market Update

Chattanooga August Real Estate Market Update


Closed home sales were down slightly (-2.5%) in August.  Constrained inventory has slowed home sales, because some consumers are not finding what they want.  Lawrence Yun (the NAR Cheif Economist) has stated that the consumer may get to a point where he/she will not be willing to pay the prices that home sellers are asking with home price inflation (+6) outpacing wage growth (+2.6%).  The Great Chattanooga Realtors states, "That kind of gap [between wage growth and home prices] will eventually create fewer sales due to affordability concerns ."

The good news for home buyers is that the inventory of homes for sale rose 11.7%.  Nice/saleable homes are staying on the market longer than 1 week now, so you have a better shot at getting the home that you want.

Home prices rose in August by 6.2%.

Is another recession coming?
"While some are starting to look for recessionary signs like fewer sales, dropping prices and even foreclosures, others are taking a more cautious and research-based approached to their predictions. The fact remains that the trends do not yet support a dramatic shift away from what has been experienced over the last several years. Housing starts are performing admirably if not excitingly, prices are still inching upward, supply remains low and consumers are optimistic. The U.S. economy is under scrutiny but certainly not deteriorating" (Greater Chattanooga Realtors).

Posted in Market Updates
Sept. 17, 2018

3203 New York Ave Chattanooga TN

Wholesale home in Chattanooga, TN.3203 New York Ave

3203 New York Ave

Chattanooga, TN 37406

Only $32,000.

3 bedrooms, 1 bathroom

60'X150' lot

$253 property taxes per year

Built in 1948

These home sellers are ready to sell.  Bring us an offer!

3203 New York Ave Kitchen

3203 NY Ave BathroomNew York Ave Living Room

Call Nathan Walldorf 423-544-7700

Posted in home for sale
Sept. 14, 2018

Chattanooga Events This Weekend

Coolidge Park Opening: Friday, September 14th

Hive Theory at 6:15 PM

Ogya World Music at 7:15 PM

The Power Players at 8:30 PM

 

Chocolate Festival @ the ​The Discovery Museum. Saturday noon-4:00 PM. 

 

​St Jude Rodeo @ Doug Yates Farm in Ringgold, GA. Saturday 6-10 PM.

 

​​Sam Bush @ ​Walker Theatre Saturday 8- 10 PM. ​

 

 

Posted in Events
Aug. 31, 2018

Chattanooga Labor Day Weekend Events

Chattanooga Labor Day Weekend Events

August 31st

Noah Guthrie: ?@ Songbirds, 7 PM.???
Andy Frasco and the U.N.? Funk & jazz. LAST Nightfall, ?starts at 7 PM.

Jimmy Eat World ??The Signal. 8;30 PM. $29

 

September 1st:
Scenic City Mud Run: ?Greenway Farm in Hixson, ?7 AM-2PM.

5K for FCA: Chattanooga State Community College along the Riverwalk. 6:30 - 11:00 AM, $35.
Opening of the Adventure Center: ?@ ?
?Camp Jordan, ??$19.99, ?1-6 PM.

Artillery Demonstration: @ Point Park on the 1st & 2nd from 10:30 AM - 3:30 PM.

 

September 3rd:

Labor Day at The Post: Fort Oglethorpe's original family festival. Arts & Crafts, Kid's Play Zone, Chalk Art Festival, Food and Live Music. Band at 2 PM. 11 AM-5 PM. Free.

 

The Jelly Fish are leaving the Chattanooga Aquarium, so see them one last time before they go.

Posted in Events
Aug. 29, 2018

Like Kind Exchange

 

A 1031 exchange is a tax-deferral tool for commercial real estate owners. Section 1031 of the Internal Revenue Code provides the basis for a 1031 exchange. With a 1031 exchange, an owner can defer capital gains taxes by reinvesting the proceeds from the sale of a property in a like-kind property. Key rules for 1031 exchanges include the following:

  • Property must be considered "like-kind." Real properties generally are of like-kind, regardless of whether the properties are improved or unimproved. However, real property in the United States and real property outside the United States are not like-kind properties.*
  • The real estate owner is forbidden from taking funds from the closing. Profit from the property sale must be transferred to a certified exchange agent, who then transfers the funds to the settlement for the replacement property.
  • Within 45 days of selling the original property, the real estate owner must identify in writing the replacement property they plan to purchase for the 1031 exchange.

* Source: https://www.irs.gov/businesses/small-businesses-self-employed/like-kind-exchanges-real- estate-tax-tips

One disadvantages to a 1031 exchange is that it reduces the basis for depreciation on the replacement property.
The second disadvantage is the capital gains are simply deferred until the time that you sell the commercial property.  You will pay taxes on the property, but not until you sell it without exchanging it for another property.  A like kind exchange is a great tool for moving your business into a larger property with less tax expenses.  For that reason Nathan Walldorf and thousands of other Realtors around the country lobbied this year to be sure that our senators and congressmen knew how important the 1031 exchange is to commercial real estate.  We won a great battle in 2018 to preserve the like kind exchange.
Feel free to contact Nathan Walldorf about any questions that you may have about a like kind exchange in Chattanooga, TN.  Nathan would also be happy to help you with a commercial purchase or sale of a property.  Call Nathan at 423-544-7700
Aug. 17, 2018

Why Are Home Sales Leveling Off?

Why Are Home Sales Leveling Off?

For many months the Chattanooga real estate market and the national real estate market have seen the number of home sales be up each month.  During the past few month, those rises in home sales are not as large and less homes have sold some months than the same month in the previous year.  Lawrence Yun, National Association of Realtors (NAR) Chief Economist, spoke at the Chattanooga Convention Center this week and addressed this trend.  He said that pending home sale (properties that are under contract and due to close) have leveled off for the most part.  That leveling off is due to several factors. 

1) Low inventory. There is a low inventory of homes for sale to choose from right now in Chattanooga and across the country.  Fewer homes for sale means fewer homes selling.

2) Weakening affordability.  Home prices keep going up because of the high demand and the lack of supply.  Some home buyers simply keep getting beat to the punch when they find a home or outbid on a home.  You have to make aggressive offers in today's real estate market.  Some home buyers simply can not afford what they want to buy.

3) Low 1st Time Buyer Rate.  Many 1st time home buyers have been forced to rent for more time in order to save money for a down payment on a home.  Their purchases are being delayed at the moment, but they will buy in the future.  Most people surveyed, want to buy in the future.

4) Diminished Optimism for home buying.  People renting homes want to buy homes (other than older/career tenants).  The problem is affordability.  The Gallup poll, Fannie Mae poll, NAR Consumers poll, and the NAR Realtors poll all expect to see home prices continue to rise.  Confidence in the investment of real estate is still high.  The diminished optimism is in finding a home that fits a home buyer's budget. 

If you are thinking about buying a home right now, do not get discouraged.  There are still homes available to buy.  The one thing you can not do in today's real estate market is try to use "flea market bargaining" when buying a home.  Today, you have to make acceptable offers in order to get a home for the best price and in order to not get in a bidding war.  Call Nathan Walldorf to buy or sell a home in today's Chattanooga real estate market.  Chattanooga Realtor, Nathan Walldorf would be happy to help.  423-544-7700.