Now is the time to sell!
Home sales took a huge spike in June. Homes pending sale were up by 41.9%! Closed sales were up by 8.7% after people went back to home shopping in May. The number of homes for sale is down by 42%. All of this is happening while mortgage applications for new homes are 15% higher than last year. That means that August, September, and October should be great home sales months. The pend-up demand for homes from the spring will result in good fall home sales. Now really is the time to sell your home if you are thinking about it. The amount of days it is taking to sell are down by 8.9% and home prices are up by 4.7%. As a home buyer, interest rates are ridiculously low and your fixed interest rate is a great hedge against inflation that is coming over the next 3 years after all of the pandemic government stimulus money that the government just spent. I had a home buyer buy their 30 year interest rate down to 2.5% in June.
In July the National Association of Realtor's chief economist, Lawrence Yunn, said that Chattanooga has better job growth than the national average. Every week there have been less and less unemployment claims. Many people from northern state are moving to more affordable southern cities like Chattanooga now that they are working remotely full time. The real estate recovery has been a "V' shaped recovery, while the hotel, food, and entertainment industry is still down.
Please know that a 2nd "stay at home order" could really hurt the economy badly, so please social distance and wear a mask.
Call the Walldorfs to sell your home & to buy a home at 423-544-7700.