The July Real Estate Market Buzz
The Case-Shiller home price index is up higher than expected. Inventory is tight with people in the resale home market not wanting to sell their home and give up their low interest rate unless they have to. That has helped new home sales, which has surged by 12.2% month-over-month. New home sales are the highest that they have been in 1.5 years.
Mortgage applications are up by 3%. Purchase applications increased for the third consecutive week to the highest level since early May. That is good news for the real estate market. It means that people are still seeking to buy homes.
It is still a great time to sell a home if you need to sell your home right now. The inventory is low and the days that homes stay on the market is still low, so you should be able to sell for a good price and in a reasonable amount of time. One thing I would tell home sellers is to always keep an eye on your competition, and make adjustments if you need to get your home to sell. Get a Realtor who will help you adjust to the market as needed to sell you home like we just did for a 3,000 sq ft home in North Chattanooga. Home buyers need to get a Realtor who will turn over every leaf to help them find a home like I just did for a friend of mine and found him an off market home on Lookout Mountain, TN where there are only 2 active listing during the 1st week of July.Call Realtor Nathan Walldorf at 423-544-7700 to buy a home or sell a home in the Chattanooga area.
Call Nathan Walldorf for any of your real estate needs at 423-544-7700