Archive for the ‘Chattanooga Real Estate’ Category

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Real Estate Update for Chattanooga Home Sellers and Buyers

Tuesday, March 16th, 2010

2009 was a rough stretch for many Chattanooga home sellers and buyers, but new reports hint at possible stabilization in the housing market that may prove beneficial for everyone. As 2009 rolled to a close and 2010 opened into a new year, economic and real estate reports poured out good news, but bad news wasn’t far behind. For each positive note, there is always that unavoidable “but”:

  • Mortgage rates are holding steady below 5%, thanks to government intervention. Thanks to the low rates, more people are buying and refinancing. However, the downside is that banks are more reluctant to refinance or loan. This leaves many, who want to buy a Chattanooga home, with the inability to do so. Ironic that, in a buyer’s market, it’s the banks with all the selling power.

The other “but” is that the Federal Reserve program providing the low mortgage rates is set to expire in March. Rates could very well double shortly after, which is highly likely to drop the number of interested buyers. A drop in buyer numbers will only further shift the supply/demand ratio.

  • As of December 10, 2009, the number of foreclosures in a month had dropped 16%, nationwide. The home buyer tax credit expansion, foreclosure prevention programs and loan modification programs have helped, as well as state mandated financing programs. As great as that is, there were still over 300,000 foreclosures in November, 2009, which is 18% higher than November, 2008.
  • Home prices are “firming,” showing improvement over five consecutive months. Although the rise is considered mild, fewer homeowners are underwater, where they owe more mortgage than their house is worth. Because housing prices are improving, home sellers are more confident in the listing prices they’ve set.

However, many – who are currently unemployed – have ARM mortgages that will be resetting shortly. While they can afford their current mortgages, many won’t be able to afford a higher one. This could bring another round of foreclosures and another drop in housing prices.

What does all this mean for Chattanooga home buyers and sellers? As Ben Franklin put it, “nothing in this world is certain, except death and taxes.” However, there is also the famous “nothing ventured, nothing gained.” 2010 could be rocky, but, if you’re careful and do your research, you’ll find smooth sailing ahead.

If you’re trying to buy or sell a home, I can help. Call me at 423-488-1882 or email me at travis@travisclosehomes.com for more information.

Keyword/Tag:  Chattanooga home

Links:

Federal Reserve program providing the low mortgage rates

http://www.denverpost.com/money/ci_13406176#ixzz0ZgwC4xj6

number of foreclosures in a month

http://money.cnn.com/2009/12/10/real_estate/Novermber_foreclosure_report/index.htm

Fewer homeowners are underwater

http://money.cnn.com/2009/11/06/real_estate/underwater_mortgages_decrease/index.htm?postversion=2009110910

es’ <s@</ will be a real estate recovery in 2010.

If you’re struggling to sell your home, I can help. Call me at 423-488-1882 or email me at travis@travisclosehomes.com for more information.

Keyword/Tag:  Signal Mountain real estate

Links:

Realty Check

http://www.cnbc.com/id/34110130

Existing home sales

http://www.realtor.org/press_room/news_releases/2009/11/hopeful_leading

Housing Predictor

http://www.housingpredictor.com/better.html

=MsoNo< ig@</yle=’font-size:12.0pt;font-family:”Times New Roman”,”serif”; mso-bidi-font-family:Calibri’>http://articles.moneycentral.msn.com/CollegeAndFamily/MoneyInYour20s/9waysToBuildAKillerCreditScore.aspx

Improve your credit score:

http://www.myfico.com/CreditEducation/ImproveYourScore.aspx

Credit-to-debt ratio:

http://michaelbluejay.com/house/debt-ratio.html

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Green Building Still Running High for Chattanooga Homes

Wednesday, March 3rd, 2010

At the beginning of 2008, it was predicted that green national and Chattanooga homes would not only become a steady trend, but would also become the nationwide norm. As the home building industry struggled with economic upheaval, the building of green homes was one sector that kept growing.

Energy Star Designations

As of December, 2009, over 1 million homes have received the Energy Star designation since the program’s inception in 1995. Despite the many foreclosures, the glutted housing market and drowning homeowners, 75,000 more homes gained the Energy Star designation in 2009, raising the numbers to 1,024,200.

In 2007, 12% of single-family homes in the U.S. were Energy Star homes. In 2008, the numbers had reached 17%. Although the reports have yet to come in for 2009, there’s no doubt the numbers are increasing.

Two Other Green Home Certifications

Energy Star isn’t the only one with a green program; the U.S. Green Building Council (USGBC) also has a green home certification program. The number of participating homes is small (3,050 by the end of ’09), but noteworthy.

The National Association of Home Builders Research Center (NAHB) provides the National Green Building Certification, with over 500 participants.

The need for green national and Chattanooga homes is, admittedly, consumer driven. Homebuyers want energy efficient homes – whether those homes are newly constructed or remodeled – and are willing to pay for them. Yes, the cost is higher, but most expect to make back the money spent on the house through future energy savings.

As we move forward in 2010, keep green in mind because energy efficient [city] homes are in high demand. If you’re trying to sell your home and can’t get it off the market, consider renovation towards a greener world.

If you’re trying to sell your home or find a green home to buy, I can help. Call me today at 423-488-1882 or email me at travis@travisclosehomes.com for more information.

Keyword/Tag:  Chattanooga GREEN homes

Links:

Energy Star designation

http://www.energystar.gov/index.cfm?c=home_improvement.hm_improvement_hpwes

Green home certification program

http://www.usgbc.org/DisplayPage.aspx?CMSPageID=147

Energy efficient homes

http://www.green-energy-efficient-homes.com/

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Top Chattanooga REALTORS

Friday, February 26th, 2010

Congratulations to all REALTORS in Chattanooga to a great start to 2010. The list below is a list of the top 20 residential REALTORS from 1/1/2010-2/24/2010.

1. Travis Close

2. Doug Lawrence

3. Linda Brock

4. Diane Voss-Wilkins

5. Sue Roberts-Parks

6. Paula McDaniel

7. Linda Moore

8. Gina Ragon

9. Holly Benton

10. Daniel Harkleroad

11. Mark Blazek

12. Grace Edrington

13. Susan Jensen

14. Janine Garland

15. Lynda Perry

16. Judy Ekiss

17. Jan Spencer

18. Pam Gilbertson

19. Laray Gardner

20. Jacque Lyons

This informations is based on Residential sale 1-1-10 – 2-24-10 based on either side and volume. Date pulled from Chattanooga MLS

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Can Your Chattanooga Home for Sale Beat the Rising Competition?

Tuesday, February 16th, 2010

Any time supply is bigger than demand, businesses start looking for a way to set themselves apart from the competition.  If you have a Chattanooga home for sale, you’re probably doing the same thing. What is the competition like, though? Are you looking for similar houses, similar neighborhoods – or is the competition nation wide? By paying attention to homes that are selling nationwide, you can find out a lot about what buyers want.

Once again, CNN Money published their “Top 100 Best Places to Live” for 2009. If your Chattanooga home for sale is in a place similar to the Top 10, you just might have a much better chance at selling, especially if you market those positive attributes. Here are just a few of the things these places have in common:

  • Small towns: Whether a place is small or not is always relative. For instance, someone who lives in a town with less than 3,000 people would think Bryant, Arizona, with a population of almost 15,000 was a big place. However, the Top 100 list points the way; the population numbers range from 8,000 to 50,000. If your home is in a low population area, this could be a great selling point.
  • Robust, needed industries: High-tech industries, energy services and health care are just a few sectors that haven’t been hit as hard by the recession. These industries will be needed for years to come, and the demand for trained workers is higher in areas with these industrial sectors than in others. If your home is located in an area with lower than average unemployment, brag about it!
  • Low crime rates: For most, if not all of the top 100 places, crime is low, if not almost nonexistent. For instance, Papillion, New England has around 22,000 people. They also have less than one personal crime per 1,000 people. If you aren’t sure what the crime rate is around your home, check! Low crime rates are an excellent selling point; one that you could be missing out on.
  • Education: Education has always been important to most people – a fact that is clear with the Top 100 list. The list averages 20 universities or professional schools within 30 miles, and over 71% of the population per place has had some college. Do you have great universities? Do you live in a highly educated community? It may not seem like a big deal to you, but it will to the buyer.

From population demographics to the number of recreational activities available, everything goes into making your Chattanooga home for sale attractive to buyers. Do the research and find out what makes your area special.

If you’re trying to find your home’s selling points, I can help. Call me at 423-488-1882 or email me at tclose@realtycenter.com for more information.

Keyword/Tag:  Chattanooga home for sale

Links:

Top 100 Best Places to Live

http://money.cnn.com/magazines/moneymag/bplive/2009/top100/

your home is in a low population area

http://www.city-data.com/

crime rate is around your home

http://www.clrsearch.com/RSS/DidYouMeanSearch.jsp?type=community

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How to Improve the Insulation of Your Chattanooga Home

Sunday, January 10th, 2010

We’re all looking for ways to cut costs in our Chattanooga homes.  One of the most efficient ways to save money is to insulate.  There are two simple ways to insulate your home that you may not have thought of before.  Here is the low down on each of them:

Add Weatherstripping

You may be familiar with weatherstripping on your car, but have you ever thought about weather-stripping your house?  It comes in many different sizes, so you can easily choose the right kind for your Chattanooga homes.  Pre-weather stripped doors are now sold in many home improvement stores.

When choosing which weather stripping to buy, consider the amount of friction that it will need to stand up to.  It would be better to use vinyl weatherstripping in high traffic areas. You could use felt weather stripping to protect areas that don’t get a lot of wear and tear.

Clean and dry the area before applying the weatherstripping in one long strip.  When installing the weatherstripping to doors, make sure that the edges compress slightly when closing the door.  Install around each of the windows and doors to your house.  It will keep the cold air out, and help improve the energy efficiency of your home.

Insulate Your Water Heater

Another way to conserve energy is to insulate your water heater.  A water heater jacket is one of the most inexpensive ways to protect from heat loss.  Look for an insulating jacket that has a rating of at least R-8.  You can buy them pre-cut for easy installation.  Most water heater jackets are held in place with belts provided in the installation kit.

Check the manufacturer’s instructions before you set the temperature on the water heater.  A temperature setting that’s too high can cause the wiring to overheat.

These insulation tips are easy to do in your spare time.  You can save a lot of money on your utility bills by preventing energy loss and insulating your Chattanooga homes.

Want to buy a well-insulated, energy-efficient home?  I can help.  Call me today at 423-488-1882 or email me at tclose@realtycenter.com .

Keyword/Tag: Chattanooga homes

Links:

Weatherstripping: http://www.energysavers.gov/your_home/insulation_airsealing/index.cfm/mytopic=11280

Vinyl weatherstripping:

http://www.hometips.com/diy-how-to/weatherstripping-tubular-vinyl.html

Water heater jacket:

http://www.lowes.com/lowes/lkn?action=howTo&p=Improve/HomeEnergyEfficient.html

Chattanooga insulation Unlimited:

http://www.insulationunlimited.com/

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Costs for Newly Constructed Homes for Sale in Chattanooga Area May Rise

Thursday, January 7th, 2010

Not too long ago the “Greening of America” was just an idea.  Now, it’s a government mandate.  The latest requirements for new construction may just cause the cost of new homes for sale in the Chattanooga area and around the nation to rise.

 

In December, the Environmental Protection Agency (EPA) announced new stormwater management requirements for new construction.  These new requirements have the National Home Builder’s Association (NAHB) up in arms. In a news release posted on the NAHB website, the Chairman said the new housing regulations are unrealistic.

 

It all comes down to stormwater. When it rains, water hits the ground and seeps into it. In most cases, that water is absorbed and filtered by the ground, and then replenishes the world’s water supply. Not so in developed areas, where pavement and roofing, among other man-made surfaces, prevent the water from being absorbed.

 

The remaining water becomes runoff, which, according to the EPA, damages the infrastructure of surrounding development, causes downstream flooding and bank erosion. In addition, the water carries pollutants, which are carried into streams and water supplies. The new regulations have a strict limit on pollutants in stormwater, as well as requiring that the stormwater has little to no soil or sediment in it.

 

While less pollution is a fantastic idea, NAHB says something is missing – such as understanding soil differences. Certain types of soil absorb water better, reducing the amount of run off, while other types of soil produce a naturally high amount of sediment. The cost for homebuilders to meet these regulations can be expensive – an expense that will be passed on to those looking for newly built homes for sale in Chattanooga.

 

The EPA has done some wonderful things for environmental protection, such as the Clean Air Act (CAA) and the Resource Conservation and Recovery Act (RCRA), that already affect construction costs. However, for newly built homes for sale in Chattanooga, this new stormwater requirement may end up not only being impossible to keep but impossible to pay for.

 

If you’re looking for new home construction that meets all necessary requirements, I can help. Call me today at 423-488-1882 or email me at travis@travisclosehomes.com  for more information.

 

Keyword/Tag:  Homes for sale in Chattanooga area

 

Links:

New storm water management requirements for new construction

http://www.epa.gov/oaintrnt/stormwater/index.htm

 

new housing regulations are unrealistic

http://www.nahb.org/news_details.aspx?sectionID=148&newsID=10074

 

Resource Conservation and Recovery Act

http://www.epa.gov/lawsregs/laws/rcra.html

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FHA On Solid Ground: Hope for Chattanooga Real Estate Owners

Wednesday, December 30th, 2009

A recent interview with FHA commissioner David Stevens on CNBC gives hope to Chattanooga real estate owners with FHA loans. The Federal Housing Administration now covers at least 30% of new home loans, so when Stevens announced that it might not make its 2% capital reserve, people were understandably nervous. For no reason, Stevens says in the CNBC interview.

 

Instead of immediate risk management in the form of strict guidelines that might make it harder on potential Chattanooga real estate owners, such as those Fannie Mae and Freddie Mac have put on condo mortgages, the FHA is going for some changes. The changes include hiring a chief risk officer and requiring higher capital standards for loan originators.

 

Once it was out that the FHA wouldn’t meet its 2% (please note that the FHA itself is the one who broke the news), news portals, blogs and other websites spread the news that the FHA was a train wreck. However, the CNBC interview with Stevens cleared the air a bit.

 

It appears that the FHA, put in place for instances like this when people can’t afford other loans, actually has two capital accounts. According to Stevens, the FHA has “lots of capital in primary reserve to cover expected defaults.” Combined, FHA capital is over $30 billion dollars.

 

At the present, says Stevens, the FHA isn’t considering a minimum credit score, and they may not have to. Looking at their portfolio, the average credit score has gone up 60 points, from 630 to 690, pointing to a higher quality of borrowers.

 

So, when thinking about buying Chattanooga real estate and looking at mortgage companies, don’t forget to look at the FHA. If Fannie Mae and Freddie Mac are lending, the FHA is – and it’s going strong!

 

You can watch the CNBC video for the full interview.

 

If you’re looking for a beautiful home, I can help. Call me now at 423-488-1882 or email me at travis@travisclosehomes.com for more information.

 

Keyword/Tag:  Chattanooga  real estate

 

Links:

Might not make its 2% capital reserve

http://portal.hud.gov/portal/page/portal/HUD/federal_housing_administration/docs/FHA%20Actuarial%20Review%20Briefing.pdf

 

FHA

http://www.hud.gov/offices/hsg/fhahistory.cfm

 

CNBC interview

http://www.cnbc.com/id/15840232?video=1274114504&play=1

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Sprucing Up Your Home for Sale in Chattanooga? Pay Attention to the Permits

Wednesday, December 30th, 2009

A lot of owners who have their homes for sale in Chattanooga are taking advantage of the remodeling sales going on around the nation.  From tools and building supplies to the remodeling agencies themselves, they’re finding they can save money.

 

Unfortunately, a lot of homeowners are also choosing to forego the legal building permit process, trying to further save money.

 

Every building, occupied or unoccupied, has a set of building codes. Any changes that you make to your home must comply with those building codes, which means most home improvements, whether done by you or by a professional you hire, needs a permit. Depending on your locality, the home improvement that requires a permit could be as simple as installing a water heater.

 

Hire Someone to Get the Permit

The National Association of the Remodeling Industry (NARI) says hiring a contractor can actually save you money and time, even if all they do is handle the permit process. They also warn that a contractor that expects you to handle the permits is a contractor you don’t want to use.

 

Get the Permit Yourself

So how do you get a home improvement permit if you’re doing your own remodeling for your home for sale in Chattanooga? Submit a building plan for big projects or a description of the work for smaller projects. The plans are approved for a fee (if they comply with building codes). Building inspectors will look over the job while it’s in progress, after it’s finished or both, and make sure you used the right materials and techniques.

 

Cost of Not Getting a Permit

It may sound like a lot of trouble to go through, but the cost of not getting a permit can be a lot worse. For instance, if a potential buyer hires a home inspector to look over your property, the home inspector may see signs of your remodeling. They might then look for the permit record. Without one, you could lose the deal.

 

As well, home appraisers may look for permit records to see if a remodel changed the property value. If the work wasn’t covered by a permit, there’s a very real possibility of the escrow not going through.

 

If illegal home improvement is found, you might end up paying hefty fees for further inspections. You might even have to tear down sheet rock inside the house so framing, insulation and other interior work can be seen. In addition, you might have to tear out what you’ve done just so you can legalize the work and sell the home.

 

If you have a home for sale in Chattanooga and are thinking about sprucing it up to attract more buyers, a word of caution. Don’t skimp on the permits!

 

If you’re ready to sell your home, I can help. Call me now at 423-488-1882 or email me at travis@travisclosehomes.com  for more information.

 

Keyword/Tag:  Home for sale in Chattanooga

 

Links:

National Association of the Remodeling Industry

http://www.nari.org/

 

Get a home improvement permit

http://blog.mortgage101.com/2008/04/18/getting-a-home-improvement-permit/

 

Home appraisers

http://www.ehow.com/how_2187046_six-critical-questions-must-ask.html

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What to Consider Before Buying a Chattanooga Condo

Wednesday, December 30th, 2009

If a Chattanooga condo lifestyle sounds interesting to you, here are a few things to consider about living in this type of residence:

 

Ownership

When you purchase a Chattanooga condo, you own the space within your condo’s walls.  The actual walls are co-owned with your neighbor, as well as the common areas like the hallways; building exterior; yard and amenities such as the pool, gym, and walking trails. 

 

Condo Association Fees

Each condo has Association fees that are in addition to the mortgage.  These fees are used for maintenance and repairs of the common areas.  The Association fees also pay for the landscaping and, usually, trash removal.

 

Condo Association Rules

Associations also have rules.  They have regulations about what you can do with your property, including what kind of pets, if any, are allowed.  Most Associations don’t allow making changes to the exterior of the property.  You can paint the walls inside your condominium, but can’t paint the outside.

 

Neighbors

So you’ve found the condominium that works for you.  The next thing to consider is what kind of neighbors you’ll have.  Disruptive and noisy neighbors can ruin even the perfect condominium.  A good thing to do is stop by the condo at different times on different days, so you can get an accurate impression of what living there is really like.  Think about looking at the Association’s board meeting minute.  They’ll list what complaints the other owners have, and by looking at those you can get the big picture of life there. 

 

Don’t let Association fees and close neighbors scare you away from condominium life.  While purchasing a Chattanooga condo is not simpler than buying a single-family home, living in one may be. 

 

Thinking of buying a condo?  I can help.  Call me now at 423-488-1882 or email me at travis@travisclosehomes.com

 

Keyword/Tag:  Chattanooga condo

 

LINKS:

 

Chattanooga Condo

Link to information about local condos on your website or link to:

http://en.wikipedia.org/wiki/Condo

 

Condo association fees

http://ezinearticles.com/?Condominium-Association-Fees—Added-Expense-Or-Benefit&id=1195387

 

Condo association rules

http://www.bobvila.com/HowTo_Library/Considering_a_Condo_Purchase-Home_Buying-A1573.html

 

Chattanooga Condo Info:

http://www.travisclosehomes.com/subpage.php?pageId=418

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Keep Your Chattanooga Home Clean the Green Way

Wednesday, December 30th, 2009

Lots of people think about ways to save the environment in a physical manner such as changing light bulbs from incandescent to florescent and recycling, but many drop the ball when it comes to cleaning their Chattanooga home. Keeping your home clean in a way that is healthy to you, your family, and the environment just takes a little extra thought and soon becomes second nature.

Danger, Danger

Get rid of any products under your sink, in your bathroom, or your cleaning closet that have danger cautions.  If they are bad for you, they are probably bad for the environment too, and why have such hazardous materials in your Chattanooga home?

Labels that have cautions such as poison, hazard, and danger on them are not only bad to have around small children, the toxins leak into the air when you use them causing health problems for your family. They also leech into the environment when you use them and are hazardous for the environment.

Re-usable and Natural

Buy mop heads and sponges made from natural materials that are bio-degradable and replenishable. Check for recycled materials labels on paper towels, toilet paper, and other disposable objects so that you know those products are making the best use of production materials.

Conserve

Use as little water as possible when doing dishes by turning off the faucet while you are washing and only using running water when you are ready to rinse. Don’t just think about conservation when cleaning your home. Turn off the faucet while you are brushing your teeth as well for extra savings. Remove your shoes or put a rug by the entry doors of your home to help cut down the need to wash floors.

Bring in the Green

Bring nature into your Chattanooga home in the form of hanging and potted plants. Plants clean the air around you and take in harmful carbon dioxide in the air.

Want top buy a clean, green home?  Let me help.  Contact me today at 423-488-1882 or email me at travis@travisclosehomes.com

Keyword/Tag:  Chattanooga Green home

LINKS:

Keeping your home clean: http://www.associatedcontent.com/article/278826/how_to_keep_your_house_clean_in_20.html?cat=7

Cleaning your home: http://www.cnn.com/2007/LIVING/homestyle/07/27/wlb.rs.clean.plan/index.html

Hanging and potted plants: http://www.ehow.com/how_16881_grow-hanging-plants.html

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