These stats are pulled from the 37421 & 37363 ZIP codes
All active listings as of 11/5/09: 720
Pending or contingent listings (under contract) as of 11/5/09: 155
Residential listings closed (sold) during October 2009: 76
Number of months to sell current actives at October's sales pace: 9.5
Active, residential listings: 29
Pending or contingent listings: 9
Residential listings closed during October 2009: 7
Number of months to sell current actives at October's sales pace: 4.1
Active, residential listings: 266
Pending or contingent listings: 77
Residential listings closed during October 2009: 43
Number of months to sell current actives at October's sales pace: 6.2
Active, residential listings: 315
Pending or contingent listings: 60
Residential listings closed during October 2009: 23
Number of months to sell current actives at October's sales pace: 13.7
Active, residential listings: 110
Pending or contingent listings: 9
Residential listings closed during October 2009: 3
Number of months to sell current actives at October's sales pace: 36.7
What does all of this mean? It's been pretty hard to find anything for less than about $125k in this area for a while now and that shows in the 4.1 month supply of homes for under $100k. When something comes on the market it gets scooped up pretty quickly. Even going up to $200k, there's still only a 6 month supply. Of course, there's a disproportionate number of upscale and luxury homes in this area so you would expect it to be a little depressed given the state of the luxury real estate market in Chattanooga/Hamilton County. The upper end here is actually faring a little better than the rest of the area with a 37 month supply. Not great, but hey, I'm a glass half full kinda gal.
Yep, I'm still a real estate geek
All active listings as of 11/5/09: 2,705 Pending or contingent listings (under contract) as of 11/5/09: 464 Residential listings closed (sold) during October 2009: 305 Number of months to sell current actives at October's sales pace: 8.9
Active, residential listings: 591 Pending or contingent listings: 113 Residential listings closed during October 2009: 85 Number of months to sell current actives at October's sales pace: 6.9
Active, residential listings: 1,004 Pending or contingent listings: 222 Residential listings closed during October 2009: 150
Number of months to sell current actives at October's sales pace: 6.7
Active, residential listings: 749 Pending or contingent listings: 102 Residential listings closed during October 2009: 63
Number of months to sell current actives at October's sales pace: 11.9
Active, residential listings: 361 Pending or contingent listings: 27 Residential listings closed during October 2009: 7 Number of months to sell current actives at October's sales pace: 51.6
What does all of this mean? Another very small drop (~50) in inventory for October but the exact same number of sales as in September (couldn't do that again if we tried). The under $200k market remains in reasonably good shape for the most part. No real change in the numbers for either under $100k or $100-200k. $200-400k is pretty much unchanged as well. The luxury market? Well, unfortunately it hasn't changed much either. Sales fell but pendings went up more than sales fell so that could just be an indication that it's taking a little longer to close these than expected. If you've got a house in this range, prepare to wait out the market or reduce your price significantly. The good news? If you're looking to buy at this end of the Chattanooga real estate market, you might be in for some good deals.
The gourd looks pretty good too.
Nothing like carving a pumpkin with a kid who has no idea why you are doing it
Ignore the facial expression, there's no way that you could avoid enjoying something like carving punkins!
I think he was just disappointed that it wasn't going to turn into pumpkin bread.
His grandmother has spoiled him that way.
We're hearing a lot about first time buyers these days given the soon-to-expire tax credit but what about those of us who already have a house?
Would you like another one? A bigger one? A fancier-schmancier one? Do you have two teenagers? Do you therefore long for a house with 3 bathrooms instead of the constantly clogged 2 you now have?
Well, wait no more my friends! What would you say if I told you that you could move up into a bigger, nicer home for not too much more than you are paying now?
What, what WHAAAA?? How can that be, Jules?
Take a little gander at my last market report for Hamilton County. Go on, click over there, I'll wait 'til you get back.
Well, did you notice anything? Like maybe that houses in the price range you'd sell yours for are moving. Not like the proverbial hotcakes, but moving nonetheless. Did you also notice that homes in the price range you'd be looking for are sitting, moving more like the proverbial molasses? And maybe you've been looking at the interest rate that shows up every month on your mortgage statement. And maybe you've even been thinking about refinancing down from that 7.5% you're paying now. Because there are SCREAMING deals on interest rates these days (think high 4's, low 5's, seriously, this is not something I would joke about).
So here's what you should do (in my ever so humble opinion). Sell that house of yours. Are you going to get what it would have sold for 2-3 years ago? No, probably not. But if it's in the under $150,000 range, and it's reasonably updated and fairly priced you've got a good shot at selling it pretty quickly for not too much less than 2006 prices. The lower to mid range of the Chattanooga real estate market hasn't really taken much of a beating. At least not anything like you're hearing on the national news. You're going to take that equity from the house you are selling (you do have some equity, right?) and put it down on that new, bigger, fancier-schmancier house. You know, the one with the value that has fallen a good bit more than yours has just by virtue of it being more expensive and out of that first time buyer range. And you are going to get it at a lower interest rate and therefore you might just end up spending not that much more than you are paying now.
Are you a numbers kinda person? Here's how it all pans out: You paid and financed $125k for your house in 2000, it was worth about $150k in 2006; now we think it might sell quickly for a net of about $130k. You are paying $874/mo on a current loan balance of $108k at 7.5%. You take the $22k in equity you have and put it down on a house selling for $225k (that would have sold for $275k in 2006) and your new payment is $1074/mo on a balance of $203k at 4.875%. Did you 'lose' $20k in equity since 2006? Yes. But you also 'gained' $50k in equity on your new place.
Because I'm a realist I like to point out the downsides to all my nefarious schemes. Contrary to my detail oriented self, I'm painting with a broad brush here. So take the total cost of ownership into account before you hit the sell button.
My other disclaimer? The home values I used above are gut feeling numbers that I can't back up with hard statistics. In real estate, the hard numbers are always averages and a single, unique home can't be valued on an average. Just sayin'.
Click here to see Chattanooga metro area homes for sale for $130,000, and here to see what kind of real estate you can get for $225,000.
We've all seen the rotted-deck-fell-off-door-to-nowhere right?
Oh, you haven't?
Well, it's really not that uncommon unfortunately. What I have rarely seen is this particular crime against gravity.
The second-floor-door-to-nowhere-for-no-reason.
No, I have no idea what the big black chute is for. Disposing of the body?
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