Chattanooga, TN Market Update – November 2016

Chattanooga Market Update - Chattanooga mortgage broker

At Platinum Financial Funding, we recognize the significance of consulting with a Chattanooga mortgage lender throughout the process of finding and purchasing your new home.

Deciding to purchase a home is the largest financial decision you will make in your lifetime and the importance of that is not lost on us. We continuously monitor Chattanooga mortgage news and trends to offer our clients the most up to date and educated advice on their home financing decisions.

The local Chattanooga area has seen a slight upward trend where home prices are concerned, which has led to homes staying on the market for a few more days each month.

According to realtor.com, the median listing price of homes in Chattanooga has been increasing at a small but steady rate since January of 2015. The median listing price on the website was recorded at $182,000 for October this year, compared to $178,000 for September and $174,000 in August.

These marginal increases in home prices combined with the usual lull in the real estate market going into the winter season, are apparent in the length of time homes are staying on the market. The homes sold in October were on the market for a median of 72 days, while those homes sold in September and August were on the market a median of 70 and 68 days, respectively.

The GCAR noted that although prices and mortgage rates remain flexible and change often, the down payments made by first-time home buyers in Chattanooga have stayed relatively constant at 6 per cent.

This is great news if you are interested in purchasing a home, especially if you are a first-time buyer.

The market research on Chattanooga mortgage rates that our team at Platinum Financial Funding does each month in combination with the Chattanooga mortgage calculator that we offer to our clients, helps provide our clients with an in depth look at their mortgage options.

Whether you are interested in purchasing a home or refinancing your current mortgage, we are dedicated to finding the perfect mortgage for you.

If you have any questions or would like more information, please call us at (423) 893-8156. Let’s get started calculating your future, today!

Source: www.realtor.com

Source: https://www.gcar.net/

3 Tips To Choosing The Right Mortgage Lender

Getting a mortgage is a big deal, and when it’s time to get one you’re probably going to want to work with someone who can get you the best deal.

There are many benefits to working with a Chattanooga mortgage professional, such as someone from the Platinum Financial team.

We understand that the process can be complex and that you might have a lot of questions to ask before making a selection. No question about it, the mortgage industry is a competitive one. With so many lenders out there who claim to be the best, the process can quickly become overwhelming to the majority of people, especially if you’re going through it for the very first time.

To help ease some stress and give you ideas on what to look for in a mortgage lender, Platinum has compiled a list of 3 Tips To Choosing The Right Mortgage Lender.

1. The lender is licensed

Yes, this one may seem like a given. However, if you’re going to have someone look after something as big and important as a mortgage for you, it’s very important to make sure that the lender is qualified and are who they say they are. It’s extremely important that you do your background work and make sure that the lender you are looking at is a licensed mortgage professional.

Typically, a lender will have their license number listed on the bottom of their website. Look for this!

2. The lender has positive reviews and recommendations

One way to know if a lender is great at their job is by checking to see how many positive reviews and recommendations they have. A good lender will have many positive reviews with people talking about how much the lender helped them get what they needed, how easy it was to work with them, etc. The more recommendations the better!

3. A great first meeting

The initial meeting with a lender should help you come to a decision on if they are a good fit for you or not. In your initial meeting, a lender should take the time to ask you a variety of different questions in order to get an idea of what your financial goals and needs are in addition to who you are as a person. This should certainly feel more like a friendly conversation than an interrogation, however.

A good lender will be an excellent communicator. They’ll keep you informed on everything that they’re doing throughout the entire process and offer complete transparency. If you find that a lender isn’t keeping you up-to-date or are finding they’re hard to get a hold of, that should be cause for concern.

Your first meeting with a lender should be a lengthy one in order for them to fully paint a picture of your situation.

By looking at these three tips when it’s time to choose a Chattanooga mortgage lender, you should be able to successfully identify a solid lender who can help you achieve your financial goals. If you’re looking for a Chattanooga mortgage professional to help guide you through the process, contact someone from our team today and allow us to show you how we can help!

October 2016 Knoxville Market Update

The team at Platinum Financial Funding is made up of Knoxville mortgage professionals who are committed to helping you get the right deal. When we look at the housing market for September there are certainly some things to cheer about.

Sales are up in the area in September 2016 compared to September 2015!

Single-family homes in Knoxville recorded 1,493 sales in September 2016 compared to 1,322 in September 2015. In both years, the most popular type of home sold were the 3-bedroom units, selling 910 units last month and 791 in September of last year.

The average price also increased year-over-year. In September of last year, the average sale price for a single-family home in the area was $189,423 and jumped to $198,685 in September 2016.

While we saw an increase in single-family home sales, the same can’t be said for condominiums. September 2016 saw 150 unit sales for condos after September 2015 recorded 173. Both years saw that condos with 2 or less bedrooms were the most common type sold with September of last year selling 107 units and September 2016 selling 88.

The number of active listings for both single-family homes and condos decreased year-over-year, indicating that there isn’t as much inventory available as in previous years. For single-family homes, the number of active listings went from 9,283 in September 2015 to 7,657 in September 2016. Active listings for condos also dropped, going from 1,010 last year to 730 last month.

If we look a bit closer at the sales for both home types, we see fairly similar trends when looking at September of last year and this past September.

In September 2016, the most active price range for single-family homes was the $200,000 to $249,999 range, accounting for 195 of total sales. The second most active ranges were the $120,000 to $139,999 range and $140,000 to $159,999 range with 155 and 154 sales, respectively. In September 2015, it was the same price ranges that led the way for single family homes with 163, 125 and 119 unit sales in the same order.

For condominiums, the most popular price range last month was the $100,000 to $119,999 range with 21 sales. This was different compared to September 2015 when the most active range was the $120,000 to $139,999 window that saw 25 sales in the month.

Using the information we have, we can see that the Knoxville housing market is certainly making progress. While condo sales took a slight dip year-over-year, single-family units made a nice jump. Active listings are down across the board, indicating that people are less inclined to sell their home meaning there is less inventory on the market for homebuyers.

If purchasing a home or selling one in the area is something you’re interested in, contacting a Knoxville mortgage lender like Platinum Financial Funding is a great way to ensure that you are taken care of.

When it comes to your mortgage there should be no shortcuts. Our team will look after you and make sure you are getting the right deal.

Contact us today and learn how we can help!

Source: https://kaarmls.com/sites/default/files/sept16nar.pdf

Source: https://kaarmls.com/sites/default/files/sept15nar.pdf

To keep our employees safe during the ongoing COVID-19 situation, the majority of the Platinum Financial Funding team will be working remotely; however we remain open during this time to serve borrowers and continue to provide an exceptional home buying experience. We're in this together!
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