Wall Street's Woes Impact the Chattanooga Area Real Estate Market

Another rocky day Wednesday on Wall Street as the continued crisis of confidence pushed stock prices to uncomfortable lows.
The turmoil takes a toll on the local real estate market.. as the October 1st deadline to end some helpful incentives looms.
Still the news isn't all bad.

Charlotte Mabry, Keller Williams Realty says, "We are very busy right now."

Believe it or not local realtors say it's the right time to buy a house in the Chattanooga area.

Mabry, "There's never been a better time there's so many things to choose from and sellers are very motivated right now."

On the local housing market, that's the good news, along with lower interest rates.
But there's plenty of bad news.
Starting with Wall Street's woes.

Sherry Dahrling, Crye Leike Realtors, "I have some buyers who were planning on buying expensive houses and they're, you know, having second thoughts until they see what the market is doing because that's very frightening for all of us."

And buyers still willing to take the plunge run into growing challenges from constant changes.

Mabry, "We have had folks get pre-qualified in one scenario and find out a couple of weeks later that that actual loan program is no longer offered. With monies now being set aside to help those folks that are struggling and facing foreclosure, money has to come from somewhere and so the money is taken off of the table for folks who might have needed it to buy their first home."

Add an October 1st end to some down payment assistance programs to the mix.

Dahrling, "When people are starting out especially for their first house a lot of times they just don't have the money for a down payment or they need it for something else."

But there's still help for buyers who purchase homes in certain areas of Chattanooga like this neighborhood off Main Street. And more good news,the V-W factor.

Dahrling, "We're very excited. Things are starting to pick up a little bit. The attitude is changing."

According to the Chattanooga Realtors Association the real estate sales slipped 14 percent from around this time last year.
Sales are down 5 percent from this June.