According to Realtor.com, "The total US for-sale inventory of single family homes, condos, townhomes and co-ops remained at historic lows, with 1.8 million units for sale in September 2012, down -17.77% compared to a year ago."
This is true in Chattanooga as much as the rest of the country, as reflected in these numbers from August and September. Chattanooga is ranked at 119th for home searches in the US. Prices are good, but the number of homes on the market is still down. Time spent on the market is steadily reducing. Confidence is returning to the housing market, but the shadow market persists, filled with homes that sellers have yet to list in hopes of recouping an investment or getting closer to pre-2008 prices.
What does this mean for Chattanooga home buyers and sellers? The Chattanooga housing market has many great options available for buyers, and mortgage rates are at an all time low. It's a great time to buy, and will only get better as inventory grows. For sellers, news is good and getting better. For those with a flexible time table, now may be a good time to put your home on the market. It will have ample opportunity to sell as the market steadily improves. While the fall home buying season is winding down for the holidays, in spring the economy may be even more favorable if this upward trend continues. By putting your home on the market now, you can take advantage of the last of the fall season, and take advantage of the first spring traffic increases.
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