Foreclosures, Foreclosures, Foreclosures

IT seems this is the only thing the media has to report on. Every newspaper, every news show! And it is always the same: How is the Government going to bail us out? It is obvious to me, that if I am waiting on the government to solve all my problems? im in deep S%!T! So, how do we fix the foreclosure problem? By doing a better job at educating potential home buyers that owning a home is theAmerican Dream, but, buying a home before you are financially & emotionally ready = FORECLOSURE. The "got to have it now" mentality is what starts the problem. Financial institutions prey on this attitude. So, in my opinion, it is just fair that so many of these institutions are in serious financial condition. This is a list of a few considerations the first time homebuyer should consider.
1) Never buy a home that the monthly payment will exceed 25% of your take home
pay! I don't care what the mortagage company tells you.
2) Never buy a home until you have a 20% down payment in savings. Anything less than
20% and you are already starting on the wrong path.
3) Have 3 - 6 months of expenses in savings. Wola! when a hard time hits, you have
expenses covered for a bit.
4) Never fall for gimmick or teaser programs.
5) You only settle for a fair market percentage and a fixed rate.
6) Never fall in love with a home until the deal is done.

You can count on one thing. If you purchase a home and your broke, no savings, adjustable or interest only: Murphy will move in with you. Nothing positive can come from sacrificing good financial decisions when you buy a home. Do yourself a favor : Make it a positive Dream Home experience, not a FORECLOSURE!

Contact me at www.LivingChattanooga.com for more information.

Thursday Mortgage Rate Day

Here are the mortgage rates for Thursday, Feb. 21, 2008. Please visit my website www.LivingChattanooga.com for homes for sale in Chattanooga & Soddy Daisy TN, rates and mortgage contacts. These rates are provided by Mecalah Campbell of Ownes Financial. If you are needing assistance in Real Estate please contact Ricky Haynes, Chattanooga TN.

Rates as of 2/21/08



30 year fixed 6.25 %

15 year fixed 5.75%

FHA/VA 30 year fixed 6.125%


Mecalah Campbell
762.8935
Owens Financial Group



I strive to be your Lender for Life!

Chattanooga TN Housing Market Condition

I wanted to pass along some brief market updates for Real Estate in the Chattanooga, TN area. These figures compare 2006 & 2007. The figures show a bit of a decline in sales and an increase in invetory in 2007. These figures reflect the amount of inventory that has come from foreclosures. Please note! Homes are still selling and buyers are still buying. If a home is in good condition, staged right and most of all PRICED right, it will sell. Please visit my website, www.LivingChattanooga.com

2006 2007

Total Sales 8176 7306
Avg.Sales Price $ 167,391 $ 167,119
Avg. Days on Market 107.3 112.2
Currenty Inventory 5,130 6,052

Please email me or call me if I can help you or any of your friends and family with Real Estate needs.

Why hasn't my home sold yet!

Well, that is about the most asked question I hear about homes for sale in Chattanooga, TN. The solution is simple but not very popular. There are three reasons that houses don't sell. 1. Price, Price, Price. 2. Condition and I repeat, CONDITION. 3. Marketing. On the #3, everyone blames the marketing/advertising, but, the truth is that no amount of advertising will sell a home that is overpriced! The Real Estate market has changed, but it is not bad. Sellers and realtors have been spoiled by past years results. The truth is that now we have a "real" Real Estate market. Everyone must adapt and change with the market. If your looking to sell your home, not just list it, you need to take a long hard look at your motivation to sell and price your home accordingly. If you lower your price, your not losing money, because you never had that money in the first place. It is a percieved value, now be realistic! Visit my website at www.LivingChattanooga.com

6 Reasons To Buy Real Estate In Chattanooga TN

1. Make an offer. A few years ago when you made an offer, the question was a full price or above asking, worrying about multiple competing offers. Today the sell price vs. listed price is approx. 96%. Sellers today will not be insulted if you make them an offer they cant refuse.
2. Take your time and find the right house for your family. In a hot seller's market everything is rushed. Hurry and buy before someone else does. Today a buyer can take some time to explore all options. Look at several homes and think about your descision.
3. Location, Location, Location. Today's buyers can find a home in a location that is perfect for your family. You can find a wide range of homes in Chattanooga, TN reasonably priced, walking distance to schools, malls, family, etc....
4. Many homes to choose from. Chattanooga, TN has a good inventory of homes to choose from. Ricky Haynes will be happy to show you this inventory or email you homes that available in your price range and area. Today, buyers are not forced to compromise on the house of their dreams. There are a great selection of single family homes, condos and townhouses. You can find larege lots, small lots on the lake and mountains.
5. In this market you are encouraged to have home inspections. A few years ago buyers would waive inspections to gain favor in multiple offer situations. A seller today is willing to do repairs and upgrades to sell a home.
6. Financing is available to a range of buyers. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. It's a great time to buy real estate!
Call or email Ricky Haynes for all your Real Estate needs in Chattanooga, TN today.