Rent and housing prices continue to soar and could continue to increase
CHATTANOOGA, Tennessee (WDEF) – Finding a reasonably affordable place to live continues to be a struggle for many Americans as rents and home prices continue to rise.
“I jokingly say even offering your first child’s naming rights just as a joke,” said Ethan White with Heritage Homes & Lands.
Anyone looking for a house right now knows the housing market is red hot.
” last week I wrote an offer for some clients. There were 21 offers we offer 30,000 over the asking price and still lost. There is a massive increase in people moving here, people trying to buy a house, people trying to rent because they have nowhere to go when they sell their house,” said White.
Chattanooga is trying to keep the supply up with the demand with 19,000 new housing units being built in the last 10 years, but there 35,000 new jobs added in that same time period according to apartment list dot com.
Realtors and buyers are needing to get creative to be able to afford a house in this market.
“I’ve grown up literally in the real estate industry. You have to be very creative to be competitive in this market. Not just making an offer. But when you write an offer you’ve got to get creative and the terms the price. I don’t wanna tell all the secrets because obviously I need to keep those in my back pocket,” said White.
Its projected rent will continue to increase as the renters market fallows the housing and inflation market.
“Prices are going to be really determined based on inflation. So I see rent going up in the near future as inflation goes rent will follow with it. As there’s a housing crisis and there’s more demand on rent obviously with supply and demand rent is going to go up. Not only do we have a housing shortage trying to find a place to rent right now is also pretty crazy because I’ve seen some crazy numbers,” said White.
White strongly recommends not waiving your house inspection rights.