Chattanooga Market Summary – October

Home prices are beginning to show signs of cooling as some buyers have pulled back due to mortgage rates doubling this year, which is starting to convince sellers to lower their sales price.

However, the overall housing supply remains limited as those who purchased homes in recent years at low mortgage rates are staying put. Additionally, many sellers are waiting for interest rates to drop to have a better chance of getting the price they want.

Because of the shifting market, and continued low housing supply we’ve not seen the steep reduction in prices that other areas of the country are experiencing. As long as we have more buyers than sellers prices should remain fairly stable. Also, with the latest inflation numbers just being released mortgage rates have dropped. This should help bring some buyers back to the market and will keep our inventory of available homes low.

Bottom Line – If you’re in the market to purchase a home, you can take more time and not be as concerned about multiple offers (although we’re still seeing some of this) and trying to time the market is hard to do as our economy wades through this period of uncertainty. We’ve recently seen buyers purchasing now with the intent of refinancing when rates come down in the future.

If you’re considering buying or selling a home, please give us a call, we’re here to help. 423-821-5551