The stock market is tumbling, and the fed has cut its rates again. Many economists have theorized we would have a market correction in 2020 and, with the election this year, there remain many unknowns.
One thing we know for sure is rates have dropped to some of the lowest we have seen in the last five years. While the supply of homes is very tight, interest rates dropping to under 3.5% gives buyers more purchasing power.
Observing the market, we can see that the median home price has increased $25,000 compared to January 2019 ($180,000 to $205,000). While prices have increased, this cut in rates can help propel the market and allow buyers to buy in a slightly higher price point and have almost the same payment.
If you’ve considered selling and are concerned you won’t be able to find a home, now is the time to contact a Realtor. Realtors network with agents, past clients and builders, and might know someone who would sell. Their home could be your home, even though it isn’t currently for sale.
We’re always looking for new ways to serve our clients and community. That’s Who We R.
Greater Chattanooga Realtors is The Voice of Real Estate in Greater Chattanooga. A regional organization with more than 2,000 members, Greater Chattanooga Realtors is one of some 1,300 local boards and associations of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors services Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade and Walker counties in northwest Georgia. For more information, visit www.gcar.net or call 423 698-8001.