Melissa Lutz from the National Association of Realtors (NAR) spoke to home builder and Realtors last week.
One key thing she pointed out was that First time home buyers have more opportunities to buy a home right now compared to the past 6 months or even the past year. In the past year, first time home buyers were competing with cash buyer or home buyers from out of state who could outbid them. Home buyers with the types of loans that require the appraiser to require certain repairs were not being accepted. Now home sellers have fewer people looking at their homes and 1st time buyer loans are being considered again. In March of this year, there were only 600 homes on the market in the Chattanooga area. At the end of August there are 1,766 homes for sale in the Chattanooga MLS. There are far more homes to choose from right now than 6 months ago. Closed home sales were down by 18% in July in Chattanooga, so the competition is not as fierce either. Interest rates have now leveled off as home lenders are feeling more comfortable with the Fed getting inflation in check. If you took a break from looking for a home, now is a good time to get back in the market.
Call Nathan Walldorf to find your home. 423-544-7700.