The Chattanooga market continues to see a shift that’s happening nationwide. Mainly due to interest rate increases, the number of active listings has almost doubled since the beginning of the year.
Currently the average 30 – year fixed rate mortgage has spiked from 3.1% to 5.1%. The rates continue to be historically low but this continues to affect potential home buyers.
Even with the rate increases, the number of buyers continue to outpace the number of sellers. The average new listing is going under contract in less than 3 weeks and the sold price continues to hold at 99% of the list price.
Bottom Line – Our market continues to be very hot and we don’t see this ending anytime soon. Even with more inventory coming available, there will continue to be more buyers than sellers.
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
© 2020 CENTURY 21 Prime South Realty, Inc. All rights reserved. CENTURY 21®, the CENTURY 21 Logo and C21® are registered service marks owned by Century 21 Real Estate LLC. Century 21 Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated.