New home market may stay tight for a long time

CHATTANOOGA (WDEF) – Buying a house can stir up a lot of emotions. To include excitement and stress.

But if you’re in the market right now to buy, get ready to fork over a “pretty penny.”

And some believe that’s not going to change. Ever!

As News 12’s Dave Staley explains, It might be time to get used to a new reality!

Ryan King has been a success in the real estate business for almost 20 years. He’s seen it all. Almost. Because he’s never seen the market as it is right now.

With demand far exceeding supply. That means prices in Chattanooga, in North Georgia, our surrounding area, in our nation, everywhere, going up. Underline UP!

Changes in appraisals, inspections, even seven to ten bids on a single home for sale. A different world!!

RYAN KING, REAL ESTATE AGENT;
“I’ve seen good markets and challenging markets. Now, the values have gone up considerably. We don’t have the supply, so it’s forcing prices up!”

The inventory shortage is real. King says last year, there were roughly 15-hundred homes on the market in our area. Now, there are about 11-12 hundred. Just recently, there were only about 200 homes on the market in Hamilton County.

DAVE STALEY, NEWS12 NOW;
“Most real estate agents say it’s a unique situation. And there will be a ceiling in the future. But most, including Ryan King, say you need to get ready for a new norm!!”

RYAN KING, REAL ESTATE AGENT;
“Inventory is going up. More homes are making their way to the market. People keep talking about this drastic fallout. When prices go down, I’ll buy in the future. Well, they’re not going down. I truly believe this is the new norm.”

King says there are multiple reasons for the shortage of available homes for sale. Consider: if you sell, you might not have anywhere to go.
And also, the pandemic, as people are staying put and remodeling and renovating, instead of moving across town to a new home.
Dave Staley, News 12 Now” thumb=”https://redirect.field59.com/video/thumb/CHATTANOOGA (WDEF) – Buying a house can stir up a lot of emotions. To include excitement and stress.

But if you’re in the market right now to buy, get ready to fork over a “pretty penny.”

And some believe that’s not going to change. Ever!

As News 12’s Dave Staley explains, It might be time to get used to a new reality!

Ryan King has been a success in the real estate business for almost 20 years. He’s seen it all. Almost. Because he’s never seen the market as it is right now.

With demand far exceeding supply. That means prices in Chattanooga, in North Georgia, our surrounding area, in our nation, everywhere, going up. Underline UP!

Changes in appraisals, inspections, even seven to ten bids on a single home for sale. A different world!!

RYAN KING, REAL ESTATE AGENT;
“I’ve seen good markets and challenging markets. Now, the values have gone up considerably. We don’t have the supply, so it’s forcing prices up!”

The inventory shortage is real. King says last year, there were roughly 15-hundred homes on the market in our area. Now, there are about 11-12 hundred. Just recently, there were only about 200 homes on the market in Hamilton County.

DAVE STALEY, NEWS12 NOW;
“Most real estate agents say it’s a unique situation. And there will be a ceiling in the future. But most, including Ryan King, say you need to get ready for a new norm!!”

RYAN KING, REAL ESTATE AGENT;
“Inventory is going up. More homes are making their way to the market. People keep talking about this drastic fallout. When prices go down, I’ll buy in the future. Well, they’re not going down. I truly believe this is the new norm.”

King says there are multiple reasons for the shortage of available homes for sale. Consider: if you sell, you might not have anywhere to go.
And also, the pandemic, as people are staying put and remodeling and renovating, instead of moving across town to a new home.
Dave Staley, News 12 Now”]

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