More good news about home values in the Greater Chattanooga housing market! Last week the Greater Chattanooga Association of realtors announced that the median price of homes sold in December 2010 had RISEN when compared to the same month last year. As a follow up to this good news, at the Association's office on Wednesday of this week, it was announced that overall median prices declined less than 1% for the market in all of 2010. This represents a strong performance in comparison to many markets around the country.
In an article dated 1/21/11, Forbes.com, listed Chattanooga, TN as one of the 10 cities they predict home values will increase in 2011. Forbes.com projects a 1% increase for the 12 months period and 2% over the next 3 years-annualized. What this means for a prospective home buyer is NOW is a good time to buy as prices in the Chattanooga Market have stabilized. Interest rates are expected to rise over the course of 2011, so Spring 2011 is your time to get serious about your next home
What this means for a seller is that we are at the bottom of the cycle. While we will not see rapid appreciation, the worst of the declines is behind us! We can expect job growth in our market this year as Volkswagen adds an additional 700-800 employees and Amazon.com hires up to 1200 permanent workers for their new facility at Enterprise South.
For the full story see http://www.forbes.com/2011/01/21/best-cities-home-values-prices-personal-finance-best_slide.html