Charles Walldorf's Blog - The Best Real Estate Blog

Inside Real Estate
Let Me Help you!
(423) 756-2400
Follow My Blog
RSS
Charles Walldorf
Charles Walldorf
REALTOR®
    Years of Experience: 42

    CRS
    GRI
    President of Oldest Company Since 1926

Direct: (423) 756-2400



Company Info

Herman Walldorf & Co, Inc. Realtors


Real Estate Tools

Schoolsschools

Communitiescommunities

Calculatorscalculators

Homes

Home prices soften nationally – Chattanooga less affected than most…

Tuesday, August 25th, 2009

According to the National Association of Realtors, Chattanooga area homes have seen less than a third of the national sales price decline in home value as compared with the rest of the country.

The median price of existing single family homes sold by Realtor – assisted transactions for the first quarter of 2009 dropped by 5.1% vs 15.6% nationally. Chattanooga is a very stable market. Its median sale price is $125,700.

Nationally, the median price of home sales in the second quarter fell $32,300 from 1 year ago to $174,100. The Atlanta market recorded a 23.3% drop over the last year, thus falling to $121,400, a figure below Chattanooga’s median sales price for the first time in record keeping history.

Memphis fell 8% to $121,000; Birmingham 6.9% to $152,300 and Knoxville fell 5.8% to $144,700. Georgia is among the top 10 states for foreclosures. For July, foreclosure notices across Georgia were up 10% from a year ago. The foreclosure rate is running 10% lower in Tennessee, however.

The bright spot as announced today by the Chattanooga Association of Realtors is that activity is greatly increased in the real estate market as interest rates are still low with inventory decreasing. The National Association of Realtors announced on Friday, August 21, that home resales grew in July at the fastest clip in a decade at a rate of 7.2% during the month. Distressed and foreclosed properties nationally – but not locally – amounted to 33% of that activity. NAR chief economist Lawrence Yun said, “We have now had 4 straight months of gains. It is not an isolated event but a very broad based recovery.”

Replacing Your Heat/Air Units in Your Chattanooga Home Soon?

Monday, July 27th, 2009

Here’s what you need to know about “green future” which will help the resale of your home complements of Housemaster’s inspection newsletter:

A milestone in a planned 30-year international phaseout of environmentally sensitive refrigerants used in residential air conditioners and heat pumps occurs in six months. After January 1, 2010, manufacturers of air conditioners and heat pumps can no longer produce equipment that uses the refrigerant R-22, which is commonly know by the brand name Freon®.

Because of this pending deadline, there is a lot of misunderstanding among contractors and homeowners about the future status of systems currently in homes that use R-22. Most affected will be homeowners needing to repair a malfunctioning system or contemplating replacement of an older system. Before making a decision on the remedial options available to them, homeowners should be aware that contrary to the impressions they may have been given by HVAC salesman or service technicians, it will still be possible to service and repair many older R-22 systems for years to come.

While the phaseout requirements only allow refrigerant manufacturers to produce R-22 for use in new equipment until 2010, they can continue production of a regulated amount of R-22 until 2020 for use in the servicing and repair of existing R-22 equipment. It is not until 2020 that the production of R-22 will cease and subsequent servicing of R-22 based systems will have to rely solely on stockpiled or reclaimed and recycled refrigerant.

In anticipation of this phaseout, some manufacturers began manufacturing equipment that uses a new type of refrigerant several years ago. But given the extended phaseout schedule, it is expected that R-22 should continue to be available for servicing for all equipment that requires R-22 for another 10-15 years, which will at least match the typical maximum service life of most air conditioning and heat pump systems. So while manufacturers will not be able to make equipment that uses R-22 after January 1, 2010, the refrigerant will still be available in the near future for servicing of existing equipment.

Between the R-22 phaseout and recently implemented new minimum energy efficiency requirements, however, salespeople and service technicians will be pushing for all new equipment whenever significant repair needs exist or the equipment is old. Ultimately, the best approach in each situation though, will depend on a number of factors including: the cost of repair versus replacement, the age and efficiency of your equipment, you future occupancy plans, and your approach to protecting the environment.

To help address questions you may have about the phase out of R-22, review information the U.S. Environmental Protection Agency and Heating, Refrigeration and air Conditioning Institute of Canada have posted on their websites. Particularly helpful may be a listing of FAQ for consumers issued by EPA.

Remember, these tips are only general guidelines. Since each situation is different, contact a professional if you have questions about a specific issue. More home safety and maintenance information is available online at www.housemaster.com.    Copyright © DBR Franchising, LLC.

Market Recap

  • Avg. Sales Price: 379,000

  • Avg. Days on Market: 69

Free Market Alerts

Get local reports delivered to you

 
Recently Asked Questions
    market alert newsletter

    Get free market reports delivered to you. » Sign up today

    - Copyright © 2010 Inside Real Estate, LLC

    Inside Real Estate does not endorse the agents on this site, and does not guarantee the content submitted by the site's members. Blog and page entries, content, and other information contributed by agents that are members of the site are accountable to the particular agent. Inside Real Estate and Omnia Alliance LLC take no accountability for the content contributed by members to the site.