WHAT DO THESE STATISTICS MEAN TO YOU?
Last week we gave you a summary analysis of the market report for the year ahead in 2024. Now, we’re breaking it down and getting to the practical details.
Chattanooga home buyers. We advise you to purchase during this period of price stability: lock in your equity now and watch it rise when prices climb. Granted, you’ll be paying a high monthly interest cost but this situation will be temporary. Monitor the rates and refinance when they drop into the 5% range, lowering your monthly payments for good while preserving your increased equity. As our favorite lender always quips: “Marry the price; date the rate!”.
We recommend sticking to 1) proven neighborhoods with reliable histories of sustained growth, or 2) up-and-coming communities with significant growth in the forecast. We zero in on opportunities where the seller/builder is situationally more negotiable than they have been; and more negotiable than they will be when rates drop! You’ll want to lower your monthly interest cost by getting the seller/builder to cover a rate buydown. Get your lender to commit to a reduced fee when you do return to refinance in 18-24 months. We leverage these and many other tactics to protect and advance your home-buying position.
Chattanooga home sellers. Our goal is to help position you in the top 10% of the market so that you sell quickly and for top dollar. This means confident pricing, street-smart negotiating, and world-class marketing to “package” your home in a premium class of its own. Our job is not just to attract any buyer but to target and attract the right buyer who will be willing and able to pay a premium for the benefit of acquiring your home.
Whatever happens, if you own a home in or near Chattanooga, we must build your strategy on the confidence that you own an appreciating asset in a nationally renowned city with an extraordinarily bright forecast for the years to come. Many common industry mistakes can undermine the worth of your asset and cause it to undersell. Our commitment is to shed light on these pitfalls and help you avoid them!
In summary, all indicators point to the market entering 2024 on solid footing, suggesting neither recession nor overheating but sustained stability in the months ahead. High interest rates are acting like a much needed tether to home prices, keeping them from soaring in the face of strong economic tailwinds. When the Fed cuts rates this tether will be cut, releasing home prices to climb.
Don’t wait. Grab hold – before the tether is cut and Chattanooga real estate balloons again.
Check out our full-length Market Report here for more data and details.
If you’d like someone to join you in the journey, please reach out to our team. We’re ready to build all of this information into practical plans with you.
- The Lea Team