Tuesday, August 2, 2022 / by Randy Durham
The last few months I've been able to speak with a lot of potential buyers who found their way to my site. Some are ready to go, others love to look but are hesitant with worry and fear that this is not the right time to buy. They hear the news from national media about the looming housing crisis and tell me now is not the time.
I'm here to give you my own reflection on the Chattanooga market, not the US market and will use the data provided below to show that just because home prices are plummeting in major cities like San Francisco and New York, it doesn't mean locally we have experienced or will experience a significant drop in prices in the next year.
But don't take my word for it. Let's look at our first item below.
If you are having a hard time viewing this, know that Hamilton County and all the surrounding counties analysis by Fortune are believed to withstand the current collapse in the coastal markets. There are many reasons we can go into about why this is but just kn. ...
Friday, June 25, 2021 / by Randy Durham
The Federal Housing Administration announced updates last week on modifications to its student loan monthly payment calculations to provide more access to single-family loans. Previously, FHA used 1% of your loan balance to calculate your monthly student loan obligation, without factoring in that many borrowers are on income-based repayment plans. The new FHA policy bases the monthly payment calculated into your debt to income ratio based on your actual payment. For example, if are on an income-based repayment plan and you owe $30,000 total but only pay $175 a month, FHA will use that number for your monthly payment, instead of 1% of $30,000 (or $300 a month).
This is great news for creditworthy individuals who don’t qualify for a conventional mortgage. This new adjustment also helps many more first-time homebuyers achieve homeownership. You can read more about the new policy on the Department of Housing & Urban Development her. ...
Thursday, June 17, 2021 / by Randy Durham
Anyone familiar with the history of Chattanooga knows that downtown was notorious for flooding. While this city was developing, the rocky bluffs by the Tennessee river provided high ground that protected wealthy residents from the flooding and disease outbreaks plaguing the town. Today, this area is known as Battery Place, adjacent to the popular Bluff View Art District, and scores high for anyone seeking a walkable neighborhood. The Tennessee Riverwalk runs through this area and connects pedestrians and cyclists to even more areas of Chattanooga. Many of the historic homes are nestled away from the tourists and local traffic, often offering a gorgeous waterfront view of the North Shore. Like the Southside, many big box stores will often require a short drive to neighboring areas of the city. Battery Place is conveniently located near Riverside Drive, which connects to Amnicola Highway that leads to Hixson for more amenities. If a large historic estate (often racking up . ...
Wednesday, April 21, 2021 / by Randy Durham
Chattanooga has reinvented its reputation from being one of the dirtiest cities in the U.S. to being an innovator in urban sustainability. In recent years, energy efficiency and sustainability in residential properties have been major priorities in housing policy. In recent news, Freddie Mac reports that energy-efficient homes are selling for more money than those without. Also, homes that are marketed as "energy-efficient" tend to sell faster. Aside from the usual headaches of home selling, investing money into renovations of a home destined for resale is risky. However, the cost vs value of green renovations is above common upgrades, such as kitchens or bathrooms. So how can you make your home stand out in today's market? Going the green route is one option, and is surprisingly variable in the range of options available to homeowners.
What is the Difference between Sustainable & Energy-Efficient?&n ...
Friday, April 16, 2021 / by Randy Durham
Money talks if you are a serious buyer. This is why the pre-approval process is highly recommended in the very first stages of your home search. Knowing how much you can afford makes your home process more efficient and gives you a higher negotiating power once you make your first offer. To get a pre-approval letter, you will need several documents. These include proof of income, a credit report, and employment verification.
1. Proof of Income: You must provide W-2 wage statements from the past two years, and recent pay stubs to show income and the number of your earnings for the current year. If you have any additional income like alimony or bonuses, you will need to provide your lender with these statements. Also, you need to provide tax returns from the past two years.
2. Proof of Assets: There are several hidden costs of buying a home. If you are using a down payment, paying for closing costs, or requiring Private Mortgage Insur! ...