The Chattanooga real estate market was great in 2020 and should continue to be great in 2021. The Walldorfs sold $9,754,397 in real estate in 2020, so we were very busy. Despite the pandemic, Chattanooga real estate sold very well. People from many different areas of the country moved to Chattanooga in 2020 because of our high speed internet, our start-up friendly environment, and our low housing prices. Freddie Mac commented on the 2020 housing market saying, "Even though the overall economic recovery is uneven, the housing market has made a remarkable comeback. The surge in home sales has put pressure on housing inventory and resulted in an acceleration in house price growth."
The trend of people moving to Chattanooga in 2020 is continuing in 2021. In 2021 we will see 5 things happening in the real estate market. 1)Home prices will continue rising in most US cities. 2) The housing market inventory will remain tight. 3) Home sales will remain steady. 4) Mortgage rates will stay around 3%+/-. 5) It will be another big year for refinancing your mortgage.
With the low inventory of homes on the market you 1) have to see the homes that interest you right away. If you wait a day or 2, the house may be under contract. 2) If you are an out of town buyer, ask your Realtor to do a FaceTime showing for you. 3) Write your contract light on contingencies. 4) If you own a home, try to buy a home without a contingency on your home selling. Homes are selling too quickly for that strategy to work. 5) Make sure your financing is in order or a home seller may pass on your offer to purchase their home and take another one. 6) Do not make low offers. Your offer will get beat out by other, higher offers.
Call Nathan Walldorf to buy your next home. 423-544-7700