Craig Harding On Chattanooga WDEF News Channel 12.mp4

OOLTEWAH, TN February 8, 2011 Over the past few years there has been a seemingly endless cycle of talk about "buyer's markets" and low interest rates as well as the housing industry's relentless response that "real estate is local". All of this is true but let's explore some interesting facts about the local market. Some Ooltewah area price ranges show shockingly good market conditions while others show extended marketing times and falling prices. Let's take a look and see if we can unlock some secrets brought to light by the 2010 real estate market.

When considering a "seller's market" we look for areas that have 6 months or less supply of available homes on the market. An area with less than 8 month's supply of homes is considered close to a "balanced market". In the fast growing Ooltewah area, 14 out of 36 price ranges would fall into these two categories.

Even though these statistics are great news for sellers, there is still this "buyer's market syndrome" to contend with. Misinformed buyers are still searching for homes "out of their range" and plunging into making offers, expecting sellers to be desperate and willing to take almost any offer. It's time that buyers start seeking out homes within the price range they can afford. The fact is, that for buyers wanting to get a "real deal" they may need to be able to move up or down by a small amount in order to find a price range that is crowded with seller's needing to sell rather than trying to compete in a price range where there are fewer sellers than buyers. It's Economics 101 with supply and demand!

Sellers need to take a good look at the number of homes available in their price bracket. If they are in a crowded price range it might be a good idea to drop the price just enough to fall into a more highly sought after price range. For example, see the $190,000-$200,000 price range and the $180,000 -189,900 price range on attached chart. If you are a seller, do the math! Where do you want to be? It will likely make the difference between selling and waiting.
Call Craig Harding REMAX Renaissance Realtors 423-648-8200

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News & Politics

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• REMAX Renaissance Realtors
• Craig Harding
• Craig Harding Team
• Ooltewah Tn Home Sales
• Ooltewah Homes Sales 2010
• WDEF
• News Channel 12
• Amanda Odom
• Economics