Andy Hodes

Categories: Chattanooga Real Estate News, For Home Buyers, Mortgage and Finance

By Kacey Sides, Realtor, Buyer Specialist with Andy Hodes & The Scenic City Team

Need a home loan? Not long ago, that was the easy part of the home buying process. It seemed if you had a pulse, you were approved for a home loan . . . Not anymore! After the recent surge of foreclosures, alot has recently changed in the morgtage industry. Thus making who you choose as your lender that much more important!

A lender, educated in their constantly-changing industry, will keep more money in your pocket. There are still tons of great programs available for people with qualifying jobs and/or income. A lender that is aware of all the various programs for which you qualify can potentially save you thousands of dollars at closing and over the term of the loan! Ask your Realtor for a list of the most-qualified lenders in your area.

Before you lock in your rate, shop your rate! Meet with a few lenders so you know your options. Not all lenders have the same programs, or the same APR. The APR includes the rate you are paying plus all the lender required closing costs and can be the real kicker. The APR plays a large factor in what you ultimately really pay. If you find a lower rate or APR, and you have built a relationship with a specific lender, give them the opportunity to meet or beat it; you'll be glad you did.

Many of the underwriting requirements have changed in the past few years, even in the past few months. So whether you've gone through the loan process before or not, going through the steps and potential up's and down's help eliminate last minute surprises.

If you are curious as to how mortgage rates are set, what affects them and the analyst's outlook on where mortgage rates are going, please check out the Daily Mortgage Commentary on Moving.com. There's a link on the right sidebar of our blog under the "Finance" heading. This commentary is a great summary of what's happening that affects the rate you'll pay.

Keeping the lines of communication open between you, your lender, and your Realtor can make the road to owning your home a little less bumpy, and a nice place to park your car!

By David Israel, Business Manager - Andy Hodes & The Scenic City Team

When I first came to visit Andy in Chattanooga, one of the first places our families visited was the Chattanooga Market at the First Tennessee Pavilion. We were so enamored with the open air market (that is actually under shelter), and the variety of artists, produce vendors and other great activities that were going on. I will be honest, back in 2003 it was pretty small, but the past couple years have been incredible. All this enthusiasm was almost dead and buried when it was announced last week that the Chattanooga Market was not going to re open for 2008 because it was not turning a big enough profit.

The next day, it was sold to Chris Thomas, founder of Palo Duro Records based in Ooltewah, TN. Now Mr. Thomas has set up a non-profit organization to run the market. He told the Chattanooga Times Free Press that he will have limited involvement, it will be a stand-alone operation with a separate board. He wants to keep the 2008 market as close to what was happening in 2007.

“This my friends is exciting news!”

Last year’s market was a huge success in the eyes of the community. It is a place to spend an hour or two looking at local artists (some who actually demonstrate their work at the market), farm direct produce vendors from all over the area come to sell their plants and later their crops, live music, baked goods, Chef demos and many more great special events. My favorite happens to be the lady who makes homemade jams and salsa.

After speaking to several people about the market remaining open, they all concur that it was a great move by Mr. Thomas to save this great Sunday activity from death.

The 2008 Chattanooga Market is scheduled to open on April 27th, I for one will be there at noon to enjoy another great Sunday of shopping, music and food. It is a MUST SEE on Sundays through December. Some of the activities last year were: Big Band Day, Ice Cream Sunday (all ice cream vendors sell samples $5 donation and you get to taste them all), Chattanooga Auto Show, Oktoberfest and Comcast Kids Day.

If you live in the Chattanooga area or are just visiting, this is one stop you must make. You won’t be dissapointed.

By Andy Hodes, Realtor, Andy Hodes & The Scenic City Team

Recent statistics from the Chattanooga Multiple Listing Service (MLS) continues to show weaker sales and median home values clearly pointing to the fact that we continue to operate in a “buyer’s market” where pricing and terms are much more favorable to buyers than sellers. A buyer’s market is typically defined as having more than seven months of inventory available.

In February 468 housing units closed, a 15.2% decline from the 552 units that closed in February 2007. In the last six months (September 2007 thru February 2008) we averaged 481 closed units a month, a 21% decline from the average of 609 monthly closed units for all of 2007. It was reported that from January 2007 the median home price (the amount at which half the homes sold for more and half sold for less) slipped from $135,700 to $127,000 at the end of January 2008, a 6.4% decrease. These statistics were reported by the Chattanooga MLS.

In Chattanooga affordability is key with our median price of $127,000 being significantly less than the national median home price of $201,100, as reported by the National Association of Realtors.

Even though our median values slipped during 2007, my primary concern is the imbalance of supply and demand. At the end of February the MLS showed 5,593 active listings on the MLS. Using 481 as the average number of closed transactions for the last six months, that’s 11.6 months of housing inventory if no new homes were listed for sale. In February 2008, the MLS reported that over 1,100 homes were newly listed for sale. This imbalance will not correct in the near future even if buyer transactions return to 2006 and early 2007 levels.

Homes that sold in February 2008 sold for 96.58% of the list price and were on the market for an average of 122 days. Homes that haven’t sold have been on the market for an average of 156 days. With homes selling for nearly 97% of the list price, it clearly shows that only those homes priced correctly have a chance of selling; bargains are found in the list price. In the last six months only 8% of homes listed have sold in any given month - 92% do not sell. Motivated sellers need to take a hard look at what price it will take to sell in this market.

On the other hand this market is an ideal opportunity for buyers with lower prices, great interest rates and plenty of homes available. Don’t wait - interest rates are expected to increase which will make your purchase more expensive every month you pay your mortgage. As well we don’t know when the real estate market will shift with prices increasing a lot faster than the have fallen in recent months.

So, the bottom line for Sellers is to focus on pricing and making sure that your home is in tip top condition. Buyers need to move forward to take advantage of the great opportunities that are available right now.

Publix - "Where Shopping is a Pleasure" - Not just a slogan!

Categories: Chattanooga Real Estate News, Flavors of Chattanooga, Things to Do in Chattanooga

By David Israel, Business Manager - Andy Hodes and The Scenic City Team

Several months ago Publix Supermarkets came to East Brainerd, TN, and they certainly have made a mark in the Chattanooga market.

Growing up in South Florida, Publix was the norm for my family. I can remember getting my driver's license and volunteering to go to Publix to pick up items for my mom. I am old enough to even remember when Publix was closed on Sundays. There was a Publix in every town, sometimes several locations in one city. There were other supermarkets, but none that trained their employees to take ownership of their jobs.

When my family moved to Chattanooga several years ago, the only thing that we missed was the grocery shopping experience we had come to love, enjoy and depend on, Publix! We traveled to Cartersville, GA on a regular basis, 71 miles round trip, to grocery shop. I can tell you it was not a fun drive, but we needed to get items that other supermarkets here in Chattanooga didn't carry.

Today, we finally have what we missed, a great deli, bakery, produce section and much more. The store is always busy and clean, the employees are always helpful and the experience is second to none. This year Publix will be opening two additional locations, one in Hixson, TN and the other in Ooltewah, TN.

When shopping, you can hear the buzz from other customers, saying "we are so happy Publix is finally here, and we can't wait for the store to open in Hixon or Ooltewah".