Terry Bell’s Blog

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Before we address the foreclosure rate in Chattanooga, let’s take a look at foreclosures nationally.  A recent report by RealtyTrac revealed that nationally, the rate of foreclosures increased by 79% in the top 100 markets between December 2006 and December 2007.  RealtyTrac maintains and publishes the largest and most comprehensive database of foreclosure and bank owned properties.  A 79% increase sounds like a figure that should cause us to sound the alarm until we look at that number in context. That increase translates into a rate of 1.033% of homes are in forclosure.  Now take into account that 30% of all homes are owned mortgage-free.  This means that nationally only about seven-tenths of 1% of all homes were in foreclosure. While we all would like to see that number at zero, that hardly seems like a national crisis.

The truth is that while the number of foreclosures in America is a problem, as Scott Burns of MSN Money says, “the foreclosure crisis is a regional one, not a systemic one.” Where is it a real crisis?  The top three markets with the highest foreclosure rates were Detriot, Stockton, and Las Vegas.  The first city is suffering due to job losses and downsizing.  The other two have high rates due to spiking prices in the recent past.

So where does Chatanooga’s foreclosure rate rank in the top 100 markets?  Nowhere.  The last statisical data available was in mid May, 2006.  That RealtyTrac press release ranked the scenic city at #41 with about one-third of one percent (translated about 1 in every 297 homes).  Since then, the city has fallen out of the top 100.  Even if our rate of increase were equal to the national rate of 79% which is highly unlikely, Chattanooga would still post a rate equal to about one-half of 1%.  

So, while there are “pockets of pain” in various parts of the nation, more than 99% of homes in America today are not in foreclosure.  In Chattanooga that number is a little higher.

 Sources, RealtyTrac, MSN Money

Checking the Chattanooga MLS statistics for January 2008 today revealed that our office, Keller Williams, Chattanooga East location, was number one in Chattanooga.  That means that out of the 84 real estate offices in Chattanooga, we sold more homes than any other in January 2008.  This is significant since it is not the first time, but the TWELFTH consecutive month that our office has been in the number one position.

I attribute this to the high calibur of agents at KW and the amazing training that Keller Williams offers it’s associates.  But what does that mean for you, the home seller or buyer?  It means that we have a proven track record. When you work Debby and me, you get the backing of a whole team of aproximately 140 players who are ready to help get the job done for you. 

What does it mean if you are a real estate professional i Chattanooga?  Good question.

Debby and I were stunned and honored to be named Keller Williams’ Chattanooga Rookies of the year at a ceremony in our Market Center last week.  We have been “in the business” since September 2006, and are loving it.  This, I believe, in part, is due to the awesome group of people that we affectionately call our “KW family.”

Choosing Keller Williams as our parent organization was the best decision we have made in our new career.  KW has been instrumental in providing the training and support we have needed to become sucessful in the Chattanooga real estate community.  From our amazing team leader, to the group of successful agents, and including the stellar support staff, everyone has been more than helpful, often taking valuable time to explain or teach us to be better professionals.

The designation “Rookies of the Year” was great, but who couldn’t succeed in an environment like ours?

Welcome to Terry Bell’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Ooltewah.