Market Updates

May 2, 2024

Luxury Home Price Growth Outpaces Other Homes

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 ...

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Posted in Market Updates
March 1, 2024

Pending Sales Jumped 8.3%

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 ...

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Posted in Market Updates
Jan. 24, 2024

What's in store for Chattanooga Real Estate 2024

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 ...

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Dec. 13, 2023

December Home Sales Activity is Up

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 ...

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Posted in Market Updates
Nov. 16, 2023

The Real Estate Market Has Hit Bottom

The real estate market has already hit the bottom in 2023.  My prediction along with many other bankers and now also the (National Association of Realtors) NAR Chief Economist is that we have already reached the peak in terms of interest rates. Every banker that I speak to ...

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Posted in Market Updates
Oct. 30, 2023

Home Buyers Frighten Easily in Today's Real Estate Market

Home buyers frighten easily in today's real estate market, a tale of three contracts.

As a home seller, you need to understand the environment that home buyers are in.  Home buyers are watching the Federal Reserve continually raise interest rates, and they are watching Israel and Ukraine at ...

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Posted in Market Updates
Oct. 11, 2023

What’s Happening with Interest Rates?

What’s Happening with Interest Rates?

I have good news concerning future interest rates.  After the last federal reserve meeting, the Fed announced that they would probably do one more rate hike before the end of the year.  The residential mortgage interest rates responded by raising right after that ...

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Posted in Market Updates
Sept. 29, 2023

5 Real Estate Transactions Impacted by a Government Shutdown

5 Real Estate Transactions Impacted by a Government Shutdown

1. FHA will not make commit to new loans in the Multi-family Program during the shutdown. There may be some delays with FHA processing.  
2. Fannie Mae and Freddie Mac are not reliant on appropriated federal fund and should operate ...

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Posted in Market Updates
Aug. 10, 2023

The National Association of Realtor Real Estate Forecast

The National Association of Realtor Real Estate Forecast

You may not know, but the housing industry was in a recession from 1st quarter of 2021 until the 1st quarter of 2023.  The number of home sales went down a good bit (due to home inventory shortages and then later ...

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July 31, 2023

Summer Home Sales & What Is to Come

Summer Home Sales & What Is to Come

This summer was a bit of a slower real estate market as rates were high and the inventory of homes for sale was low.  In June, Chattanooga closed home sales were down by 19.7% but the Chattanooga median home sales ...

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Posted in Market Updates