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.