Archive for April, 2008
Honesty is the Best Policy: Chattanooga filled with Great People
Categories: Chattanooga Community Events, Flavors of Chattanooga, Things to Do in Chattanooga
By David Israel, Business Manager - Andy Hodes & The Scenic City Team
This week as I was deciding on what tips to share with you, our audience, I was reminded of an incident that happen to my wife and I this weekend, and it just reinforces why we moved to Chattanooga.
Last Thursday we were heading down to South Florida on Allegiant Air (non stop from Chattanooga to Ft. Lauderdale); $49 each way, I highly recommend it. Anyway we arrived at the Chattanooga Metropolitan Airport and we boarded the plane on time; then my wife noticed that her diamond tennis bracelet was not on her wrist. She started to freak out and wanted to get off the plane. If you have ever tried to get off a plane once you have boarded, it is impossible unless you are dragged off by the FAA or are deatlhy ill. So, we filed a report on a napkin with the airline and the airport. The entire flight down my wife was, well lets say she was crying. It wasn’t the cost of the bracelet, but the fact that I had designed it and given it to her on our 5th Wedding Anniversary ten years ago.
When we got into Ft. Lauderdale, I called Andy who drive into long term parking to make a visual check of my van, just in case it fallen off her wrist in our vehicle. No luck!
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Want to Buy a Foreclosure? Read this First.
Categories: Chattanooga Real Estate Investing, Chattanooga Real Estate News, For Home Buyers
By Kacey Sides, Buyer’s Specialist - Andy Hodes & The Scenic City Team
Foreclosures are everywhere. Here in Chattanooga, we definitely have our fair share. Buying a foreclosure can be a great investment or a huge nightmare. Having a Realtor on your side to guide you through the process can help keep you from a major, personal disaster. Keep in mind every foreclosure sale can be a little different, so being on top of your game will help give you the edge over your competition. Whether you are buying one to flip, or buying one to fix up and live in, keep one thing in mind - the good deals go fast, so you need to be prepared to move quickly when the RIGHT deal comes along!
The homes that are priced significantly below market value are going to get a lot of interest from other buyers and most likely sell quickly. Banks that own these properties are aware of this, and will typically wait to receive multiple offers from buyers before they make a decision to select the best offer. After receiving multiple offers, some banks will ask each buyer for their “highest and best” offer. You will then have a chance, possibly your last chance, to submit your very best offer, keeping in mind that your competition is doing the same thing. Conversely, some banks will wait for multiple offers, but then won’t call for highest and best. Keep this in mind when writing your initial offer!
Regardless of the situation, you want your offer to stand out. Keep these steps in mind when prepariing your offer to purchase:
1. Keep your inspection period short. I wouldn’t advise skipping a good home inspection, but having more than 7 days to inspect the property can adversely affect your offer; banks are looking for buyers that will move quickly. Many times, the bank will require any inspections to be done prior to making the offer so that contingency is removed from the contract up front.
2. Don’t ask for repairs. Most banks won’t do them. Just make sure you reflect potential repairs in the price you offer.
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4 Bridges Arts Festival - A Must see in Chattanooga!
Categories: Chattanooga Community Events, Chattanooga Real Estate News
By David Israel, Business Manager - Andy Hodes & The Scenic City Team
This weekend April 19-20 is the beginning of one of Chattanooga’s best kept secrets, The 4 Bridges Arts Festival. If you have been to this festival you will be able to relate to the excitement in our community. If for some reason you have not attended this yearly event, well it is a must see!
Not only is this the best Art Festival all year, but the mission and objectives of the organizers is very clear. You can visit their website to see more about the history of the Festival. The Festival is a production of Chattanooga’s Association for Visual Arts (AVA), in collaboration with the Chattanooga Downtown Partnership (CDP).
In terms of artists, by the way I have very little artistic talent, the artists that do come in are very clearly immersed into the visual arts. Their talents are incredible and the variety of artists is very eclectic. You can actually visit the artists to see their work at the 4 Bridges Arts Festival website. The weekend is filled with fun activities for adults and children. There are rotating children’s art activities available throughout the weekend and there is live music in the cafe area.
For a moment, forget about the art pieces themselves and just imagine the color explosion that surrounds you while you are viewing the different pieces. It is a very exhilarating and emotional experience and one you need to explore as you travel through the exhibits.
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Fed Minutes Reveal Growth Concerns
Categories: Chattanooga Market Conditions, Chattanooga Real Estate News, Mortgage and Finance
By Angel Sherlin of Greater Chattanooga Lending, Guest Mortgage Author
While there were no quiet days in the mortgage market during the week, the enormous swings in rates seen recently were absent. The sparse economic news did little to change the outlook for future economic growth and inflation, and the net result of a series of medium sized daily rate movements was a slight drop in mortgage rates for the week.
The most notable economic news during the week was the release of the minutes from the March 18 Fed meeting. According to the minutes, the three quarters point rate cut was made to help avoid a worse than expected downturn in economic growth. The Fed forecasted that rate cuts and government stimulus packages will lead to faster economic growth during the second half of the year. Falling home prices and turmoil in financial markets were cited as the two most significant reasons for the slowdown. Two of the ten voting Fed officials wanted a smaller rate cut due to inflation concerns. Investors are now evenly split between an additional quarter point or half point rate cut at the next meeting on April 30.
In the housing sector, the February Pending Home Sales index fell a little more than the expected from January, and the index was down -21% from one year ago. Pending Home Sales are a leading indicator of future housing market activity, so the next Existing and New Home Sales reports may show small declines. The National Association of Realtors (NAR) latest forecast predicted that conditions will remain flat for the next few months, but that activity will pick up during the second half of the year. The Chief Economist of the NAR expects that higher mortgage loan limits will lead to increased sales later in the year.
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Ready to Close? Not So Fast!
Categories: Chattanooga Real Estate News, First Time Buyers, For Home Buyers
By Kacey Sides, Buyer Specialist - Andy Hodes & The Scenic City Team
After jumping through all of the hoops you finally see the finish line. You’re counting down to closing, and moving into your new home. The movers are lined up, your things are packed, and your family and friends are ready to help you move in. Then you get the call, we have to move the closing date…
Going through a buyer’s consultation can prepare you for these unexpected glitches, because it covers everything you could possibly encounter. Not going through a comprehensive consultation can make this a huge surprise. Having a backup plan if the closing date has to be moved should be one of your top priorities when scheduling your move.
Each home purchase can be a little different, but whether it’s your decision or the Seller’s to move the closing date, you need to be ready!
New Construction- Builders hire subcontractors from various trades to complete the work on your new home. Unfortunately their schedules frequently are not the same as your and your builders schedule. This can easily lead to your home not having all the finishing touches complete and ready for you to move in. You could still close, and have the builder, or their sub, complete the unfinished items after closing, but it’s definitely harder to get it done once the seller has been paid. You risk the chance that it won’t get done. We urge all of our buyers to let the builder complete the home and the punch list of repairs before closing. If that’s not possible then proceeds should be withheld from closing in an escrow account until all the unfinished items are completed.
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Spring has Sprung! - Let The Sunshine In
Categories: Chattanooga Real Estate News, For Home Sellers, Home Maintenance
By David Israel, Business Manager - Andy Hodes & The Scenic City Team
As we move away from the winter weather in Chattanooga, even though we still have the possibility of another frost, the days are getting longer and the sun is shinning brighter. This is the time to start a spring cleaning of your home. No, I am not talking about your normal spring cleaning, I am talking about -
“5 Great Tips for Seller’s - Let The Sunshine In“.
1. Clean the Windows- It is bright and sunny outside, bring some of that natural light into your home. If you notice 
that the windows are a little dirty, there is an easy way to clean those windows. Mix a solution of of one part vinegar to nine parts water, plus a drop of dishwashing liquid. Spray on and wipe with newspaper to avoid streaks, yes, start saving those newspapers; re-use them to clean your windows. Having your windows professionally cleaned is less expensive than you think.
2. Bring out the Color - Start getting ready to put out flowers, if you haven’t already. This is a good time of year to start thinking about putting in some colorful flowers. Remember, your buyers will one get a first impression of your home once. Make sure you don’t skimp or over plant.
3. Cut the Grass - After several months of not having to cut grass in the Greater Chattanooga area, the time has come to get back out into the yard. You need to step up your schedule of cutting the grass while your home is listed. If you normally cut your grass or have a professional do it, add another cut every month into your schedule. The last thing you want is a perspective buyer to come for a showing and see that the grass isn’t maintained. Their first thought will be “if the grass isn’t maintained, what about the rest of the house”.
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Chattanooga Lookouts: Baseball in the Scenic City
Categories: Chattanooga Real Estate News, Things to Do in Chattanooga
By David Israel, Business Manager Andy Hodes & The Scenic City Team
Nestled on Hawk Hill in Downtown Chattanooga is AT&T Field, the home of the Chattanooga Lookouts. The Chattanooga Lookouts are the AA Minor League Baseball Affiliate for the Cincinnati Reds. Starting Thursday, April 3, 2008 the Chattanooga Lookouts start their new season with a new manager.
Individual tickets are $2 to $8, making for a reasonably priced afternoon or evening of family entertainment. The 
concession stands have typical ballpark fare such as hot dogs, peanuts, and cotton candy. If you prefer a sitdown meal before or after the game, restaurants are plentiful just within one block from the ballpark.
Gameday promotions, weekly postgame fireworks shows, and the annual visit from the Famous Chicken always attract large crowds.
Who knows? You might even get to watch a baseball player before he becomes a star in the Major Leagues. Prince Fielder, Jeff Francoeur, and Miguel Cabrera are three of many current Major League Baseball stars who have played at AT&T Field.
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