The greater Chattanooga market is beginning to show a shift in housing. We’re starting to see a slight increase in available inventory. However, the average days on market is less than three weeks. Also, the sold price is holding at 99% of the list price, this is mirroring what we’ve seen for the last few months. This is a sign that there is still way more demand than supply.
Rate Hikes – While rates continue to be historically low the rate on a 30 year fixed mortgage continues to inch up and as of 4/11/2022 the rate is 5.09% according to bankrate.com. The average 15 year rate is 4.21%.
Bottom Line – Because rates are now moving up, it’s starting to have an impact on potential buyers. It looks like rates will continue to stay historically low but the fed has signaled they could continue to have increases to help curb inflation. Our market continues to be very hot and it looks like this will continue even with rate increases. If you’re considering a buying a home and rate increases are a concern now is the best time to start looking to avoid a higher mortgage payment. If you’re selling a home it’s a great time to maximize your returns!
Please contact us if you’re considering buying or selling, we’re here to help. 423-821-5551
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