Brian R Kelly

Tag: Chattanooga Homes

  • What Are Home Buyers In Chattanooga TN Looking For?

    What Are Home Buyers In Chattanooga TN Looking For?
    Chattanooga TN Home Buyers
    What are home buyers in Chattanooga TN looking for? Home shoppers I am serving have unique stories. There are similar themes across the board. The buyer clients are looking for the following:

    1. Saving time – less commute, more family time
    2. Preserve capital – Conservative purchase, not “house poor”
    3. Newer and updated – (One exception category)

    Saving Time – Several clients bought to cut the drive time. The primary motivation is not to cut the car gas bill. It was to have more time at home. Patterns of school and work shift with age. Time is the most precious commodity to many. Amenities and square footage are starting to diminish. Location to work, and community amenities is gaining momentum. One North Shore is a perfect example of this.

    Preserving Capital – Chattanooga real estate from 1990-2006 (for the most part) performed a steady 3%-4% value increase year to year. The last 7 years proved that is not always the case. Real estate buyers want a “good deal”. Even young buyers are being careful not to max out their loan capability. My experience is that Chattanooga home buyers are thinking about paying loans quicker and paying more cash down. Several buyers paid all cash for smaller homes to be debt free.

    Newer and Updated – Strong buyers want to purchase new or already updated decors. The one exception to this is younger purchasers. I served three first time home buyers that purchased distressed properties and spent significant sweat equity and remodel money. All three bought to live as owners. All three bought well under retail value and made wise purchases.

    My experience and market analysis shows that if you are a patient Chattanooga, TN home buyer, then you can do well, especially if you are looking at $325,000 and above.

    If you are a Chattanooga, TN house seller, in a property older than 6-8 years old, please consider paint, carpet and a few cosmetic upgrades. You will be much better positioned for today’s buyer.

    What are home buyers in Chattanooga TN looking for? My buyers are looking to save time, money and weekends free of home makeovers.

  • People Connection Drives Real Estate Technology Change

    People Connection Drives Real Estate Technology Change
    Palm Pilot Wind Chime
    People connection drives real estate technology change. The devices are faster, brighter, and upgrades rain down faster than a summer shower. All the rain is washing into creeks of social media, tablets, smartphones, and laptops. The river of technology is wide and moving pretty quickly. All of the waters of tech flow straight into the open mouths of people insatiable in their thirst to connect. The demand to tell their story, connect with their tribe, family, loved ones, and express themselves in visual art, music, words, and dance.

    The picture of the Palm Pilot reminded me of a cool tool that I used to own. A creative artist is using an old Palm Pilot as a wind chime. I took the picture for the benefit of a friend that actually has a working Palm Pilot. In her defense she uses it as a device to open Supra Lock Boxes for her real estate business. Real estate is all about people and properties. The Palm Pilot held an amazing amount of people and could sync your email contacts with your database. A portable private phone book. I loved my ability to carry thousands of people with me. (metaphorically of course)

    Fast forward to 2013. I showed a home this afternoon. Parents are walking around holding an iPhone and Face Time showing their daughter the view. Giving a limited experience to their loved one who was 2 states away. Connection..

    Last night we were eating dinner and someone remembered the cartoon dog character named Smedley. Some could not recall the character. My daughter had no frame of reference. Smartphone to the rescue. A few seconds later we were all watching a clip from Chilly Willy on Youtube. ( I would not necessarily recommend taking the time to watch it. Muttley has a better dog laugh)… We connected a memory and brought a story from the past into the present connecting generational stories.

    If you are on Facebook, how many “friends” have you connected with that you have not seen in years. Perhaps decades! Connection… We crave it, we need it. We simply need to encourage, reach out, tell stories, laugh, cry and inspire.

    Real estate needs connection. It demands it. We can share the experience of looking at a new home. We watch videos, listen to stories and read the words.

    Real property has a place. The axiom is Location, Location, Location. So true. People have connection. The real estate business is about connection, connection, connection.

    People connection drives real estate technology change.

  • Chattanooga TN Home Sales Require Full Seller Disclosure

    Chattanooga TN Home Sales Require Full Seller Disclosure
    Picture of First Page of TN Home Disclosure
    Chattanooga TN home sales require full seller disclosure. Full disclosure of defects and known problems is Tennessee law and applies to anyone selling residential property. This became law April 8, 1998. An outline provided by the state is located at this link. Most laws have exceptions. One of the most commonly used exceptions to this law is a absentee owner or builder. The spirit of the law is that you must have been living in the dwelling recently to be able to disclose “known” issues.

    This law helps keep sellers more honest in their dealings, but there are gray areas that cause pain. One of the gray areas pertains to repairs of problems. Technically, you do not need to list a defect if you repaired the issue. The problem becomes when the “repaired” problem not listed on the disclosure becomes a problem after the sale. Common issues in Chattanooga area are wet basements, and faulty septic systems. Owners may have the problems supposedly repaired in good faith. The new buyer finds out a year later that the issue has returned. Tempers may flare over perceived deception and cover up.

    The best way to avoid problems is to disclose the repairs and provide receipts of the work done to correct problems. That way the seller is not only fully disclosing the issue but also providing contact information about the contractor providing services. This advice was given to me from an attorney who represents clients regarding waste water problems.

    Ask your Realtor about exceptions to the disclosure. If you are exempt it is best to sign a document explaining how and why you are exempt from providing full disclosure. The spirit of the law is to protect consumers purchasing and selling a home.

    The form is several pages in length and covers many areas of your property. Every residential property in Tennessee is covered. Chattanooga TN Home Sales Require Full Seller Disclosure.

  • Hamilton County TN Home Inventory Low Below $325,000

    Hamilton County TN Home Inventory Low Below $325,000
    Marketing Home for Sale
    Hamilton County TN Home Inventory Low Below $325,000. Judging by last 6 months sales, Chattanooga real estate market is good for sellers IF you have a home priced for sale below $325,000. Months of inventory is in single digits for all homes below $325,000. What is months of inventory? The time in theory that it would take to sell all the existing homes for sale if no others entered the competition. Months of inventory is simply a barometer of the Chattanooga home market health. The market measured in this chart shows only Hamilton County, TN. You may wonder why inventory levels of lower price homes is not higher. I have written in earlier posts that the lower priced homes have not been selling as well. The fact is that fewer homes priced under $100,000 have sold in 2013, but the inventory levels remain low relative to the existing sales. My observation is that fewer foreclosures are selling and investor activity is slowing. Chattanooga homes are selling quite well, especially homes that are younger or have been rehabbed.

    If you have a house for sell that happens to be in a price range that extends into double digits, don’t panic. The chart is for the entire county. Not your subdivision or area of town. We need to dig a bit more for your neighborhood.

    Do you have a house for sell that is in a short bar, but it is not attracting an offer? Then my suggestion is to make your property more attractive, lower the price, or increase marketing to attract more potential buyers. (or perhaps all three)

    Selling a house is simple. Turning loose of home is difficult.

    Hamilton County TN Home Inventory Low Below $325,000. Perhaps it is time to consider a move!

    Hamilton County TN Home Inventory Low Below $325,000

  • North Chattanooga Leads Area Real Estate Sales Volume 2013

    North Chattanooga Leads Area Real Estate Sales Volume 2013
    North Chattanooga and Walnut Street Walking Bridge (Picture by Klobetime from Flickr Creative Commons)

    North Chattanooga Leads Area Real Estate Sales Volume 2013.  The neighborhoods with double digit sales in the first 8 months are One North Shore, Heritage Landing and Horse Creek Farms.  Downtown Chattanooga is a place to be after hours and weekends.  The story of downtown being revitalized is really pulling development closer in.  For the purposes of this story I am only looking at homes selling $200,000 and greater.  Theses homes enjoyed a 22% increase in sales from 2012 to 2013.

    One North Shore is a condominium development.  Heritage Landing is a gated riverfront community with amenities.  Horse Creek Farms is a more traditional neighborhood with a few sections of housing styles at the base of Signal Mountain.  Here is the table of areas and sales (that are homes sold $200,000 first 8 months of 2013).

    [table id=3 /]

    This data table is pulled from the Chattanooga MLS.  These are Realtor assisted sales only and do not represent all transactions.  The data is deemed reliable but not guaranteed.

    North Chattanooga leads area real estate sales volume in 2013.  Downtown Chattanooga is drawing development and home buyers into a new style of living.

    Creative Commons License
    This work is licensed under a Creative Commons Attribution-ShareAlike 2.0 Generic License.

  • Chattanooga Foreclosure Home Sales Down 2013

    Chattanooga Foreclosure Home Sales Down 2013
    Chattanooga Foreclosure Home Market 2013

    Chattanooga Foreclosure Home Sales Down 2013. 2013 brought large shifts in Hamilton County, TN real estate. The number of foreclosure and short sales in the overall Chattanooga MLS area dropped 40% when comparing June-August 2012 to same months 2013. The other interesting note is that, while the overall number of home sales dropped slightly, there are much larger shifts in price ranges. The market above $200,000 saw a 17% jump in sales in this same 3 month period comparing 2012 to 2013. The homes selling for $100,000 and less dropped 24%.  (Note: based on entire Chattanooga MLS, North GA and surrounding TN counties)

    Real estate agents focusing on newer expensive construction are doing well. Rehabbers and flippers working with REO and foreclosures are finding work more challenging.

    The real estate market is good in Chattanooga, TN. You may have to exercise a bit more patience to find a deal out there. There are 2,646 homes for sale in Hamilton County, TN this morning. 140 (5%) of them are REO, foreclosure, or potential short sale listings.

    Here is a list of the current foreclosure listings priced $200,000 and greater in Hamilton County.

    [table id=2 /]

    Chattanooga Foreclosure Home Sales Down 2013, but there are still great deals out there to be made for the smart home shoppers!

  • Recently Sold Homes Chattanooga TN 37421

    Recently Sold Homes Chattanooga TN 37421
    Sold Homes

    Recently Sold Homes Chattanooga TN 37421

    In August of 2013 there were 18 homes sold over $200,000.  Many of the homes are young.  The solds are as follows:

    [table id=1 /]

     

    14 of the 18 sales are homes built in the last 13 years.  Newer homes are selling well.  So how is the market overall?  Well there are 165 homes for sale priced $200,000 or greater in 37421.  The average number of sales per month since January is 19.  So by dividing 165 by 19 we get just about 9  months of inventory.  This is a good market.  If the months of inventory were 6 or 7, then that would mean a stronger market.  Stronger markets invite builders and developers.  When the numbers start to go over 10-12 months that is a caution.

    If you are thinking about selling your home in 37421 then this is a decent market overall.  You need to ask your real estate agent several things.

    1.  How many homes are selling in the price range value of my home per month?

    2. How many homes am I competing with?

    3. What do I need to do to be the next home to win?

    If you are thinking of buying a home in 37421 then consider the lifestyle, amenities, location, and condition of the property.  There are many great neighborhoods in this area to choose from.  Subdivisions that sold 2 homes or more in August were Belleau Woods, Emerald Valley, Mountain Shadows, and The Lakes at Standifer.

    Recently Sold Homes Chattanooga TN 37421 shows August 2013 a solid month of sales.

  • Chattanooga Hamilton County TN One Million Dollar Home Sales Since 2006

    Chattanooga Hamilton County TN One Million Dollar Home Sales Since 2006
    Hamilton County TN One Million Dollar Home Sales

    Chattanooga Hamilton County TN One Million Dollar Home Sales Since 2006. Hamilton County TN consistently produces annual double digit Realtor assisted sales of homes selling for more than $1,000,000. 138 homes have sold for more than $1,000,000 since January 1, 2006. Let’s take a look at the areas of Hamilton County and the neighborhoods that make up the sales.

    1. Lookout Mountain, TN 28
    2. Riverview 26
    3. Museum Bluffs (condos) 9
    4. The Enclave 7
    5. Horizons 6
    6. Hill Pointe 4

     

    Museum Bluffs, Riverview, Horizons, Hill Pointe, Lookout Mountain, The Enclave

    The sales price as calculated by price per square foot can be grossly misleading. When I average these numbers we are not considering the acreage, views, waterfront, etc. But dang, if they aren’t fun to make quick comparisons. Besides, who doesn’t like a ranking?

    1. Museum Bluffs $455
    2. Riverview $279
    3. Horizons $259
    4. Hill Pointe $235
    5. Lookout Mtn. $201
    6. The Enclave $193

    Lookout Mountain homes feature a historic area and many have brow views. The oldest home sold since January 2006 over $1 Million was built in 1890. Riverview is a community close to Chattanooga Golf and Country Club and downtown Chattanooga. The oldest home in Riverview sold in this time was built in 1900. Museum Bluffs is a downtown riverfront condominium. Museum Bluffs was constructed in 2006. The Enclave is located between Hixson Pike and some lots are on the Tennessee River just south of Lupton City in 37415. Horizons is a newer home community in Ooltewah. It is located off East Brainerd Road past Ooltewah-Ringgold intersection. The oldest home was built in 2001. Hill Pointe is a new development in Red Bank. The oldest home was built in 2007 that sold in this time frame. Both Horizons and Hill Pointe enjoy nice views with decent elevation.

    Chattanooga Hamilton County TN one million dollar home sales since 2006 are steady. The market inventory is all together a different matter. There are currently 59 active properties for sale in Hamilton County priced $1,000,000 or greater. The sales are pacing 1.5 per month. So there is over 3 years of inventory currently. The lesson is that newer homes sell and location matters greatly.

  • Top 5 Home Selling Neighborhoods Hamilton County TN 2013

    Top 5 Home Selling Neighborhoods in Hamilton County TN 2013
    Top 5 Home Selling Neighborhoods

    Top 5 Home Selling Neighborhoods Hamilton County TN 2013.  The time period of sales is first 8 months of 2013.  I am writing this September 4, 2013.   The top 5 in number of homes (no age or price involved) sold are as follows:

    1. Hamilton on Hunter  58  (25 of those are Hamilton on Hunter North)

    2. One North Shore  34  (this is a condominium complex)

    3. Black Creek  23

    4. Stonewall Farms  22

    5.  Windstone 20 (10 are Windstone at Whisper Creek)

     

    Bell Development has two of the Top 5 Home Selling Neighborhoods Hamilton County TN 2013

    The number one winner is Bell Development’s Hamilton on Hunter.  Hamilton on Hunter is located off Hunter Road in Ooltewah.  The neighborhood is 26 years old and covers roughly 640 acres.  The newer Hamilton on Hunter North is approximately 275 acres.  The 58 home sales in 2013 range from $75,000 – $241,500.  The price per square foot ranged from $44 – $120.  Hamilton on Hunter North is zoned for Wallace A. Smith Elementary School, Hunter Middle, and Central High School.  Hamilton on Hunter enjoys newer construction and proximity to jobs at Volkswagen and Amazon.

    The number two winner is a great story for Chattanooga.  It is a condominium complex.  There are 34 condo sales so far this year at One North Shore.  The 2013 sales saw a low of $149,500 and a high of $374,000.The average price per square foot is $217.  I shared a few insights in this former article about One North Shore.  I was really impressed with the level of services and amenities One North Shore offers its owners.  One North Shore enjoys location near downtown and it’s adjacent to parks, retail and grocery.

    The third place finisher is Black Creek Mountain.  Black Creek Mountain is a golf course community in Lookout Valley.  Lookout Valley is less than 10 minutes from downtown Chattanooga.  New homes are under construction as a new developer makes their way up Aetna Mountain.  The neighborhood is 13 years old and is home to Black Creek Golf.  Club house expansion, varied price points and styles, combined with location near downtown are all continued draws to this community.  The 2013 price range is from $114,000 condo to $655,000 single family home.

    Fourth place goes to Stonewall Farms.  Stonewall Farms is another Bell Development.  It is located in Hixson.  Stonewall Farms is a more traditional neighborhood with home prices from $179,900 to $334,000 for 2013 sales.   Stonewall Farms is 10 years old.  Half of the home sales in 2013 were new home sales.  New homes in Stonewall Farms are selling on average at $119 per square foot.

    Fifth place goes to Windstone.  Windstone is a golf course community located in Ooltewah. (Important Note: Windstone is also in Catoosa County, GA or Ringgold , GA.  If we included all of Windstone there would be 30 sales year to date.  But this story is about Hamilton County only).  I wrote this article about homes at Whisper Creek in Windstone.   The 2013 sales ranged in price from $200,000 to $422,000.  Newer construction in Whisper Creek is averaging $140 per square foot.

    In summary, all of the Top 5 Home Selling Neighborhoods Hamilton County TN 2013 enjoy a decent amount of newer construction.  There are new homes being built in 4 of them.  One North Shore is only 5 years old and it is enjoying growth of downtown living with a strong dose of amenities and an excellent marketing campaign.  Top 5 Home Selling Neighborhoods Hamilton County TN 2013 list was compiled using the Multiple Listing System (MLS of Chattanooga Association of Realtors).  Only Realtor assisted sales were considered in the data.

     

  • Working on About Me Brian R. Kelly

    Working on About Me Brian R. Kelly. My current About Me Page is like many. It expresses the victories and accomplishments of what is mostly a successful real estate career path. (can you say Resume?) But if you really want to know About Me, then I need to tell some additional stories.Brian

    A biography of my life would read like home town kid done good. At least up until 2007. The circumstance of the real estate market changed. My decisions became more challenging and I made multiple bad personal, money and real estate decisions. A stupid decision was to enter into credit card debt to pay bills in the short term. Instead of being realistic about my current situation I turned to my entrepreneur heart and started businesses outside my acquired skill sets. More poor decision making. That lead to $140,000 in un-secured debt.

    My best decision was re-dedicating my life to God and surrendering my prideful spirit. I left arrogance and my selfish spirit at the foot of the cross. God was able to start using me again to help others.  Real estate is a fairly deep skill set for me, so I  started Liberty Commercial Real Estate Company with a partner in 2008.  I started Liberty Homes Chattanooga in 2012.

    I have been able to serve home sellers and buyers recently. The unsecured debt of $140,000 is down to $80,000 and falling. God is very good!

    Why do I work? What am I passionate about?

    I love challenges. I am creative. I love thinking about the vision of a better future. I love encouraging people and families. Leaving good things behind for future generations gets me excited. I love research.  So helping people market their house to sell and helping folks dig to find their new home is something I enjoy.

    I believe that marketing and advertising is changing dramatically.  In order to best serve serve my clients and customers, I am creating massive content.  Exposure to smart phones is quickly becoming the “game” for maximum marketing punch.  Too often I am seeing owners really wondering “Why” are they spending so much money on real estate agents.  Realtors are comfortable in patterns.  We all are.  But let’s face it, the way we find information about homes is changing Quickly!

    I really believe God challenged me to write a blog post for 45 days straight. He built me, so He knows how to lead me where I can help others.

    A few childhood stories so you know my spirit.

    Failure event in life: I failed to make the second cut on my Junior High basketball team. Coach Hawkins, of the Signal Mountain Eagles, came back to me in science class two weeks later and offered me a spot on the team because some folks left team. I told him no. Basically, with the attitude you didn’t want me then, can’t have these mad basketball skills now. Bad decision – ruined a great NBA career.

    Success event in life: I made the cut for the Chattanooga Youth Symphony as a trumpet player. I remember the first time walking into the practice hall and hearing the strings play Christmas music. I thought I was in a living recording (a record – for the older than iTunes generation).

    Failure event in life: First day on the job clearing trees with a Stihl chain saw. I failed to understand that standing 4 feet in the air on a partially felled tree while cutting a tree above my head was a bad idea. (Visions of Wiley Coyote are appropriate here) I wondered why Hercules (honest – his Mama named him, and trust me he was most likely a very large child) stopped work to watch me cut a simple tree. A few seconds later I realized he was watching mostly for entertainment value. Fortunately for me I still have all my appendages and all that I lost that day was the wind in my lungs and my pride. (Wish pride had stayed there…reference story above).

    Success event in life: Senior class beauty of Red Bank High School 1981, Mary Dee, asked yours truly to the Sadie Hawkins Dance. Saying “Yes” changed my life forever for the better.

    I am approaching 5 decades of life. Failures and successes are behind me. I will wake up Lord willing tomorrow. I am excited about the possibilities and so hopeful about the younger generation coming up. I will surrender my will and report for duty and my orders. I will still be working on About Me Brian R. Kelly.