Chattanooga homes sales and Chattanooga pending home sales were down in August 2022. Funny enough, the Chattanooga median sale price was still up 11% despite lower home sale sales. Housing becoming more expensive due to rising interest rates and low inventory is why home prices are still rising. Those rising interest rates are also slowing down the real estate market as some people are opting out of buying a home right now or can't afford to buy a home right now. One bit of good news is that there are now 1,800 homes for sale instead of 600 homes, as there were in March of 2022, in the Chattanooga area. That is still a long way from the 3,000 to 5,000 homes that we could use to have a balanced real estate market in Chattanooga.
The market is still slightly tilted towards Chattanooga home sellers. Sellers do have to realize that their homes probably will not go under contract immediately like in the past two years. Now it is taking a bit more time. Chattanooga home sellers have more competition at the moment. The people moving right now are the people who have to move instead of the people who want to move. Chattanooga home sellers will have to give more concessions and really have to price their homes right.
Chattanooga home buyers have more options and opportunities right now. You have to look at the inventory in the price range and in the area where you want to buy. Those two factors may make you have to make more aggressive offers or they may give you an opportunity to negotiate. Overall, Chattanooga Realtors are seeing home buyers have more opportunities to ask for concessions and to negotiate on the price.
Call Chattanooga Realtor, Nathan Walldorf, to guide you through your home purchase or sale. 423-544-7700
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