Chattanooga Realtors Say the New Year is Prime Time for a New Home – WDEF News 12 Chattanooga
Submitted by Nordia Epps – WDEF News 12
January 2, 2009 – 10:12pm
The New Year may be the prime time to buy a new home. Area realtors say the housing crisis paves the way for some huge deals. It’s the bright side to the troubled housing market.
A four bedroom Hixson house will soon be home to Ken and Ann Harris. Ken Harris, “I plan on closing on a house within 30 days with a very competitive interest rate on my house that’s very favorable to me. It’s almost comparable to what I had before.”
In around 4 months the two sold their home in Huntsville Alabama.
Harris, “I was fortunate enough to get an opportunity to work for Volkswagen.”
And, with help from Crye-Leike realtor Gini Thompson, found just the right deal in Chattanooga. Thompson, “They’re the move up buyers. It’s not their first home but it’s been a while since they did purchase a home.”
Thompson says whether you’re moving up, buying for the first time or investing there are great deals to be had. Thompson, “A lot of people have been sitting on the fence post and I think with the interest rates staying low, below 5 percent even, if you’ve got good credit scores, you’re ready. ”
Plus, she says some sellers offer discounts of anywhere from 10 to 30 thousand dollars in the Chattanooga area.
Thompson, “This market I think is really going to open up. After the first of the year, now, is a really good time for buyers.”
The Chattanooga Association of Realtors reports the median home price for November fell to $123,500. It’s the lowest reported for the year and 10 percent lbelow last November’s.
Harris, “We’ve actually witnessed prices go down as we watched homes so the prices seem to continue to go down as time goes on.”
Thompson says now’s also the time for sellers to put their homes on the market, if they want to increase their chances of getting an offer around March.