There are so many changes this time of year – school is back in session, the leaves are changing, and events around town seem to be slowing down. One thing that’s not slowing down, however, is the real estate market.
In Chattanooga, housing inventories are the lowest they’ve been in nearly a decade, which in turn puts direct pressure on home prices.
Despite a competitive market, homeownership remains desirable to many renters who are all feeling the pain of a reported 13.2 percent increase in rental rates in Chattanooga. The benefits of homeownership are still very evident and opportunities for buyers exist. Just because the current market tends to favor sellers doesn’t mean buyers can’t still find their dream home.
Here are a few tips for potential buyers in today’s market.
- Know Your Budget.
Knowing your budget before falling in love with a home out of your price range will help guide a realistic road to homeownership. Lenders will evaluate your income, savings and credit history to qualify and approve you for a mortgage.
- Identify Your Dream Neighborhood.
Whether you’re a millennial wanting to live in the hustle and bustle of downtown Chattanooga, looking to move into a more desirable school district, or wanting to downsize, deciding where you would like to live is important in a home search. Once you have a good idea about what area you can see yourself in, it’s easier to know the right house when you see it.
- Work with a Realtor.
Realtors understand the local markets and can negotiate on your behalf – saving you time and money. Buying and selling a home is one of life’s biggest decisions and a realtor can guide you through the process.
Give the Robinson Team a call. Let us assist you in selling your home, as well as finding your next one. No matter the season, The Robinson Team sells homes!