Home Sales in Hamilton Co. Improve Year to Year – Reported by Chattanooga WDEF News 12

Submitted by Bill Mitchell on December 23, 2009 – 5:16pm.

 

The Chattanooga Board of Realtors this week released figures for November showing some improvement in the housing market.

 

Is it time for you to buy or sell?

 

If you’re planning to buy a home in 2010, you’ll pay about 8-thousand more than last yea. The median price of a home in the Chattanooga-Hamilton county are has jumped from 121-thousand to 129-thousand.

 

But if you factor in the extended 8-thousand dollar federal tax credit, and the 4-to-5 percent mortgage rate, 2010 may be your year.

 

KATHY TUCKER, PRES. Of MLS “You know there’s a consumer confidence problem out there with unemployment as high as it is and so forth, but I really and truly believe once we’re through the holidays that it’s a perfect time for a first time home-buyer.”

 

MLS is the multiple listing service which compiles figures for the Association of Realtors. MS. Tucker is an agent at Crye-Leike. She and other local professionals are pleased that builders are picking up their pace, and that a house doesn’t stay on the market as long as it did a year ago.

 

KATHY TUCKER “Our average days on the market has dropped from about 130 to 115..which tells us that the inventory is selling now.”

 

Home selection is not a problem…there are more than 4000 units on the market at present, but realtors say that will shrink as the community deals with the impact of the new Volkswagen plant So far most of those who have come to the area are renting.

 

KATHY TUCKER “Most of the buyers will be here the latter part of 2010..lot of those will be of course will be with Volkswagen, but a lot of them will be suppliers.

 

Where does the Tennessee valley stand..compared to most of the country?

 

KATHY TUCKER “We’ve really increased 43% over this time last year..Chattanooga is very lucky that we’ve got the stable market that we have.”

 

Four-hundred-99 homes were sold in November…down 7% from October…but that figure is up 43% from 2008.