This week, we are diving back into the National Association of REALTORS®’s 179 Ways Agents Who Are REALTORS® Are Worth Every Penny of Their Compensation. Specifically, I want to review the buyer’s right to make inspections, including but not limited to the home, wood infestation, septic, and well water tests and inspections. From there, we will examine the remedies available to all parties to get to a successful closing.

When binding a purchase and sale agreement, the seller and buyer agree to the timeline for the inspection period, beginning with the buyer causing any inspections to be conducted. Upon such inspections, the buyer has options as defined in the contract to remedy any items of concern. This process is pivotal for the buyer and seller. For sellers, understanding the process and efficiently navigating it can mean the difference between a smooth sale and potential hiccups down the road. It's that big moment for a seller when the REALTOR® gets to show how dedicated they are to making things smooth and straightforward for both parties. So what’s involved?

Coordinate with the seller for the buyer’s professional home inspection. This is when agents become the bridge that connects the buyer to their home inspection dreams. By teaming up with the buyer's agent to get that inspection on the books quickly, you're not just checking a box; you're showing you're all about transparency and building trust.

Discuss the home inspector’s report with the Buyer. It is the buyer’s responsibility to review the details of the home inspection report and decide what matters to them. Not every item will be of concern to the buyer or part of the repair negotiations. Despite a common misconception, the Realtor does not dictate what should be fixed. Rather, the Realtor is a resource to help the buyer understand the report and what the inspector flagged, so the buyer can best determine which items to pursue with the seller.

Ensure seller’s compliance with inspection clause requirements. Now, let's talk about the Home Inspection Clause. This section in the contract is a big deal. It lays out what's expected from the homeowner and the buyer regarding the inspection's nitty-gritty details. Keeping on the right side of this clause is crucial, and failure to do so could jeopardize the sale or lead to a legal matter.

Assist the seller with identifying contractors to perform any required repairs. The inspection report comes back, and now there are items that need repairing. This is when a REALTOR® 's expertise can step in and help find or recommend a professional to get the job done. Quick, quality fixes can ease the buyer's mind and pave the way to a smooth closing.

Negotiate payment and oversee all required repairs on the seller’s behalf, if needed. In some cases, negotiations may arise regarding who will cover the costs of necessary repairs. Sellers need to be prepared to negotiate payment terms with the buyer. Additionally, consider offering to oversee the repairs on the seller's behalf, ensuring that the work is completed to their satisfaction and in a timely manner.

REALTORS guided the seller and buyer through the home inspection journey. And it’s all about keeping the conversation flowing and ensuring any items of concern to the buyer are addressed as part of the inspection negotiations with the seller. A REALTOR® is like an orchestra conductor, ensuring each part of the inspection process hits the right note, smoothing out any bumps along the way, and steering the whole transaction toward a happy closing.  That’s Who We R®

Continuing with our monthly Director spotlight, this year I have the privilege of serving alongside Secretary-Treasurer Mike Purcell. Mike’s dedication and passion for the association and our members are shown through the same actions he puts in place for his clients - always having their best interests at heart. You’ll see what I mean in his answers below.

What did you do before transitioning into this profession? I spent 37 years with TVA, initially as a Mechanical Engineer.  Then, I held various leadership roles in nuclear and fossil power production, including engineering, business, and training.  In 2015, I retired from Sequoyah Nuclear Plant and after working with a consulting firm and traveling the northeast, I decided to settle down and began my real estate career in 2016 working with my wife Brenda, who has been a broker for 23 years.  Interesting note, as a young married couple, Brenda and I always loved real estate and going to open houses.  So very early in our marriage, we both took real estate classes at UTC.  Al Cannon was our instructor.  I didn’t get my license then, but Brenda did and put hers in retirement until a number of years later

Your currently serving a second two-tear term on the Board and this year we’re elected as Secretary-Treasurer. Why did you choose to serve in a leadership capacity? Since I was young, I’ve always leaned towards opportunities to lead. Some of it comes from a desire to be in a position where others trust your abilities and your decision-making, and sometimes it’s just being in a position to say “yes.” As I’ve gained more experience, it has become more about service and a desire to give back to things I’m passionate about, like Greater Chattanooga Realtors. I want to serve my fellow Realtors, and be part of the decision regarding what program and services we offer as member benefits.
What would you like your fellow Realtor/members to know that our Association offers to its members? Through committee work and now in an Officer position,  I see firsthand how much our Staff, Officers, and Directors are looking out for our members and are such great advocates for our membership and the community. We work to ensure a seat at the table to help guide the conversation through education and information to keep community leaders involved and up to date with our ever-evolving market and industry.

What is your favorite part of being a Realtor? My clients. Although by nature I am an introvert, I really enjoy being accessible and helping my clients. I think k it’s the engineer in me - I enjoy solving problems and connecting them with my network of friends, business partners and other service providers to achieve their goals. I’m also a bit of a process nerd, so I’m always striving for excellence in my business approach, which results in increased satisfaction by me and my clients.

What is something your fellow Realtors do in the community that you love and want others to know about? They give back of their time, talents, and resources. Some notable examples include Snack Packs, where teams of Realtors work with other volunteers to provide weekly snack bags for children who are food insecure. Also, Realtors support Habitat for Humanity through various fundraisers and participating in builds and neighborhood revitalization projects. Another is our Placemaking Committee that identifies and recommends partnerships to improve an existing space in our community. In the last few years, Realtors have provided shade structures for the City’s pickleball courts, created a community flower garden, and cleaned up a hiking trailhead in St. Elmo.

Have you read any recent books you want to share with others? Good to Great, by Jim Collins.  While not a new book, this is a fantastic read and it delves into one of the biggest challenges we all get bogged down with - complacency.  Collins explains how Good is the enemy of Great and how being good can keep us from achieving our full potential of greatness.  

With each of these monthly spotlights, my goal is to inspire other Realtors to take up the torch as Mike has and become more involved in the inner workings of the Association. Mike has shown amazing attributes that sets him apart as a leader and as a Realtor. That’s Who We R®.

Every April, the Greater Chattanooga real estate community joins hands with Realtors across the country to celebrate Fair Housing Month. This time of the year is more than just a calendar event; it's a heartfelt reaffirmation of our collective commitment to ensuring everyone has equal access to housing. We take this month to honor the pivotal Fair Housing Act of 1968, engaging in events and educational activities that shine a light on the critical issues of housing discrimination and segregation.
Our dedication to fair housing principles isn't just an April occurrence. It's a year-long journey, passionately led by our Diversity Inclusion Committee. This group tirelessly works to promote equality and cultural diversity within our industry, striving to create an inclusive Association culture that cherishes the diverse fabric of our community.
This year, on April 23rd, we're thrilled to welcome Richard Rothstein and his daughter Leah Rothstein, the co-authors of "The Color of Law" sequel, "Just Action: How to Challenge the Segregation Enacted Under the Color of Law," at the Bessie Smith Cultural Museum. While their first book explored the history of segregated housing policies, "Just Action" aims to empower citizens with strategies to combat segregation in their communities.
Moreover, we're offering a unique opportunity for Realtors to participate in the "Bias Override: Overcoming Barriers to Fair Housing" workshop. This free online course, created by the National Association of Realtors and the Perception Institute, is designed to help Realtors recognize and reduce implicit biases in their professional interactions. It's an essential tool for fostering fair and equitable treatment in all our dealings.
We're also excited to provide the At Home With Diversity® (AHWD) certification for free to our Realtors on April 5th. This program enhances cultural sensitivity and provides a deeper understanding of fair housing laws, equipping Realtors to excel in a diverse market.
Last year, in a pioneering move, our Association and the Diversity Inclusion Committee challenged brokerages to encourage their agents to complete the "Fairhaven: A Fair Housing Simulation." This innovative training uses storytelling to confront and address discriminatory practices, offering an immersive experience that reflects real-life scenarios.
As we engage in these meaningful activities and initiatives, our aim is not just to observe a month but to weave the principles of fairness, equality, and diversity into the very fabric of our professional lives. We're not just Realtors; we're community builders, dedicated to creating a more inclusive world, one home at a time. Let's carry this spirit of Fair Housing Month throughout the year, making every interaction an opportunity to learn, grow, and contribute to the rich mosaic of our community.That’s Who We R®.

Last Friday, our members and consumers awoke to news that the National Association of REALTORS® (NAR) reached a proposed agreement to resolve nationwide claims brought by home sellers related to broker commissions. This proposed settlement is a culmination of NAR’s efforts to strengthen the Association and continue to take steps to lead our industry forward.

Since that news broke, the majority of national media headlines and social posts have been false and misleading, at best. In a March 19^th press release, NAR addressed these inaccuracies stating, “NAR does not set commissions – they are negotiable. The rule that has been the subject of litigation requires only that listing brokers communicate an offer of compensation. That offer can be any amount, including zero.”

Overall, NAR’s proposed agreement is positive and provides a path forward for consumers and REALTORS®. It reinforces the importance of representation agreements to help consumers understand exactly what services and value will be provided by their REALTOR® and for how much. Also, the proposed agreement retains consumers’ rights to continue to have cooperative compensation as an option.

Greater Chattanooga REALTORS® has been preparing for how to best support our members based on the possible outcomes of the ongoing litigation. It’s important for members to focus and prepare now, in anticipation of the proposed settlement being approved. We strive to offer our members training to help them navigate the ever-changing industry, and this year is no exception.

In the recent and coming months, our focus is on buyer consultation and representation agreements, communication with and education of sellers on their options for paying buyers’ agents or offering concessions to buyers, and ways to embrace these new opportunities. To help members in these areas, our 2024 course schedule includes numerous national designations, such as the Accredited Buyer Representative (ABR), Seller Representative Specialist (SRS), and Real Estate Negotiation Expert (RENE) designations. Each course is designed to elevate the REALTOR®’s professionalism and personal performance in serving the consumer.

I encourage our members to learn the facts and discuss them with their buyer and seller clients to help dispel the untruths circulating. REALTORS® should review the resources available at facts.realtor, using their membership login. Also, I encourage REALTORS® to access all the many resources at competition.realtor to use in listing presentations and buyer consultations.

I am confident our leadership team and staff are prepared to support our members in continuing to be successful in providing their clients with choices and service options that bring value to each transaction.

The housing market is showing signs of healthy activity, according to the latest report for February 2024. Existing home sales have seen a notable increase, marking the most energetic pace since the previous August. The National Association of Realtors attributes this surge to dropping interest rates and a boost in inventory.

Chattanooga's real estate market, in particular, has witnessed a substantial rise in new listings indicating an influx of properties available for sale. Pending sales have also increased, a sign that more transactions are in the pipeline.
U.S. existing-home sales grew 3.1% month-over-month to a seasonally adjusted annual rate of 4.00 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS® (NAR). Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales to climb following last month’s decline, with monthly gains reported in the Midwest, South, and West regions.

New Listings in the Chattanooga region increased 27.0 percent to 1,201. Pending Sales were up 7.5 percent to 935. Inventory levels grew 15.7 percent to 2,053 units.
Prices continued to gain traction. The Median Sales Price increased by 3.3 percent to $306,000. Days on Market was up 5.0 percent to 42 days. Buyers felt empowered as Months Supply of Inventory was up 26.3 percent to 2.4 months.

Total inventory heading into February stood at 1.01 million units, a 2% increase from the previous month and a 3.1% increase from the same time last year, for a 3 months’ supply at the current sales pace, according to NAR. Although buyers may find additional options in their home search, inventory remains below the 5-6 months’ supply of a balanced market, and demand is exceeding supply. As a result, existing-home sales prices have continued to rise, climbing 5.1% year-over-year to $379,100.

While the market is not yet balanced, the trends suggest buyers feel empowered and have more options, even as prices continue to climb. This is a critical time for buyers and sellers to engage with the market, as the dynamics continue to evolve. With the local housing market moving in a positive direction, we are keeping our eyes on the horizon for a successful 2024. That’s Who We R®.

Greater Chattanooga REALTORS® is governed by an elected Board of Directors, and I am enjoying the cohesiveness and passion among the entire team to serve our members. So, each month, I plan to feature another Officer or Director to help our community and my fellow REALTORS® know who else is showing up to serve them.

I am honored to start these monthly features with President-Elect Ellis Gardner, whose diverse background from the NFL to electrical engineering and his profound commitment to the real estate community truly sets him apart. His leadership within the Greater Chattanooga Realtors is driven by a passion for education, mentorship, and community service, making him a pivotal figure in shaping the future of real estate in Chattanooga. So, I’ve asked him a few questions to get to know him better – his why for serving and his interests.

What did you do before transitioning into this profession? As a young man, I played three years in the NFL for the Kansas City Chiefs, Houston Oilers (now Tennessee Titans), and the Indianapolis Colts. A graduate of Georgia Tech, I am trained as an electrical engineer and still hold a professional engineer’s license. For 12 years before real estate, I was an account manager for Scientific-Atlanta, traveling 8-12 states and selling electronics to power and telephone/cable companies.

Why did you choose to serve in a leadership capacity for Greater Chattanooga REALTORS®?  Before being elected as President-Elect, I served on various committees, chaired the Member Service Committee, and served a two-year term on the Board. From my early days as the youngest of four brothers and as a freshman college football player, I benefited from the elders who mentored and shepherded the younger ones.  As I progressed, I was a three-year starter at left offensive tackle and took my place as one of the team elders, helping the incoming first-year students on the field and the campus.  Likewise, my experience with Greater Chattanooga REALTORS® was shaped by mentors like Dot Heggie, Jason Farmer, and Steve Champion. Now, it’s my turn to step forward to lead my fellow members.

What would you like your fellow REALTORS® to know that our Association offers our members?  Greater Chattanooga REALTORS® provides timely education at a subsidized rate, often complementary to members. Most of the courses advance the individual agent’s career with designations and certifications recognized by the National Association of REALTORS® and distinguish our members as REALTORS® with extra training specific to buyer representation, seller representation, negotiating, and diversity.

What is your favorite part of being a REALTOR®? In a word, negotiations. I work primarily with residential buyers and sellers. Selling a home and buying another one is a monumental task, and a home is usually the family's largest asset. Landing the buyer for a seller or finding the right home at a fair price for a buyer never gets old. I think of it as a problem to be solved and draw on my engineering background, where closing provides the satisfaction of getting the answer right.

What is something your fellow REALTORS® do in the community that you love and want others to know about?   REALTORS® are frequently the first people incoming buyers meet when moving to Chattanooga. Our new neighbors might be coming here for a job, to be close to a relative, or to retire into our Scenic City. But they do not know much about the area, so REALTORS® serve as Chattanooga’s ambassadors. I frequently provide a local history tour as I drive them around town, whether that’s Civil War historical landmarks, the development of our waterfront, or, my favorite, the style evolution of the Hunter Museum from classic old mansion to blocky 60’s contemporary to modern metal – It’s art!

Have you read any recent books you want to share with others? “Start with Why” by Simon Sinek. The book resonated with me because it gives you permission to rethink a career and make impactful changes without giving up what you have so far.

Clearly, Ellis embodies the spirit of leadership, dedication, and community engagement essential to the real estate industry. His journey from the football field to the boardroom, coupled with his commitment to education and mentorship, inspires us all. His role as a community ambassador and his passion for negotiation highlight the multifaceted nature of real estate professionals and their impact on the communities they serve. In my conversation with Ellis, I am reminded of the profound influence that dedicated individuals can have on shaping the future of real estate and the communities they help build. Ellis’s story is a testament to the power of leadership, expertise, and community service in driving positive change and fostering growth within the real estate sector. That’s Who We R®.

Real estate transactions are an intricate dance, and every step is critical. Letting your Realtor lead and relying on their expertise ensures a seamless and fruitful journey. As we continue focusing on the National Association of Realtors’ 179 Ways Agents Who Are Realtors Are Worth Every Penny of Their Compensation, here are six dance moves showcasing how a Realtor’s role extends beyond crafting and presenting offers.

Receive and review all offers to purchase. The first position in this dance begins when the agent receives and meticulously reviews the offer. This move is fundamental, as it sets the stage for the subsequent negotiations and decisions. The agent’s expertise in understanding the nuances of these offers is paramount in advising their client effectively.

Evaluate offers and prepare a net sheet for the owner. With all offers in hand, the Realtor performs a delicate balancing act, evaluating each one and preparing a detailed net sheet for the owner. This breakdown and comparison of costs and revenue associated with each offer is invaluable for owners to understand the financial outcomes of accepting each offer, providing a clear picture beyond the surface numbers.

Explain the merits and weaknesses of each offer to sellers. With the net sheet as a reference, the agent takes the seller on a deep dive into each offer’s terms, conditions, and contingencies. This conversation highlights how each offer aligns with the seller’s objectives and concerns and provides a transparent and detailed explanation so the seller can make an informed decision.

Negotiate all offers per the seller’s direction and set a time limit for loan approval and closing. Poised with the seller’s directives, the agent enters the negotiation stage, which goes far beyond the offered price. This step involves every term and condition of the offer – any financial contingencies, whether there is another property to sell, timelines for earnest money deposits, and completing the home inspection. Setting these timelines is crucial for ensuring all parties act in good faith to get from contract to closing smoothly and efficiently, avoiding unnecessary delays.

Prepare and convey counteroffers, acceptance, or amendments to the buyer’s agent. The negotiation phase often involves a sequence of back-and-forth communication between the buyer’s and seller’s agents. The seller’s agent prepares and conveys counteroffers, acceptances, or amendments as necessary. This process continues until both parties reach a mutual agreement.

Upon the parties’ acceptance of all terms, bind the Purchase & Sale Agreement. Once an “Offer to Purchase” contract is accepted, the seller’s agent is responsible for ensuring that the contract, along with any agreed-upon amendments, is delivered to the buyer’s agent in a timely manner. This final step is pivotal in moving the transaction forward to the closing phase, where the deal is officially sealed.

The role of a Realtor is multilayered and involves a combination of negotiation skills, financial insight, and a deep understanding of real estate laws and practices. Their ability to guide sellers through this complex process is invaluable in achieving a successful closing for all parties involved. That’s Who We R®.

In the shifting sands of the U.S. housing market, the latest figures sketch a tale of cautious optimism. The National Association of REALTORS® (NAR) January market report breaks down the contrast between the decline in existing home sales and the significant increase in pending sales and what that might mean for the housing market's health and future trends.
U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.
New Listings in the Chattanooga region increased 3.9 percent to 1,005. Pending Sales were down 11.0 percent to 805. Inventory levels grew 7.8 percent to 2,020 units.
Prices continued to gain traction. The Median Sales Price increased 10.4 percent to $320,000. Days on Market was up 11.1 percent to 40 days. Buyers felt empowered as Months Supply of Inventory was up 20.0 percent to 2.4 months.
Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing-home price rising 4.4% year-over-year to $382,600, according to NAR. Total unsold inventory was at 1 million units heading into January, an 11.5% decline from the
previous month, for a 3.2 months’ supply at the current sales pace. Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.
The months ahead hold the key to whether these early indicators of recovery and resilience will develop into a sustained upward trend or if the market will continue to be characterized by its current patchwork of gains and losses. What remains clear is that the market is, for now, a checkerboard of contrasting dynamics, demanding a keen eye from buyers, sellers, and investors alike. That’s Who We R®.

As Cupid takes aim at the real estate market this Valentine's Day, homeowners looking to sell can make the most of the romantic spirit to attract potential buyers. With deliberate staging, you can transform your home so that buyers will fall head over heels. G.M. Filisko at Houselogic.com proposed seven inspiring tips to ensure your home steals hearts and seals deals this Valentine's season.

Start with a Clean Slate. Before you can worry about where to place furniture and which wall hanging should go where, each room in your home must be spotless. Do a thorough cleaning right down to the nitpicky details like wiping down light switch covers. Deep clean and deodorize carpets and window coverings.

Stow Away Your Clutter. It’s harder for buyers to picture themselves in your home when they’re looking at your family photos, collectibles, and knickknacks. Pack up all your personal decorations. However, don’t make spaces like mantles and coffee and end tables barren. Leave three items of varying heights on each surface, suggests Barb Schwarz of Staged Homes in Concord, Pa. For example, place a lamp, a small plant, and a book on an end table.

Scale Back on Your Furniture. When a room is packed with furniture, it looks smaller, which will make buyers think your home is less valuable than it is. Make sure buyers appreciate the size of each room by removing one or two pieces of furniture. If you have an eat-in dining area, using a small table and chair set makes the area seem bigger.

Rethink Your Furniture Placement. Highlight the flow of your rooms by arranging the furniture to guide buyers from one room to another. In each room, create a focal point on the farthest wall from the doorway and arrange the other pieces of furniture in a triangle around the focal point, advises Schwarz. In the bedroom, the bed should be the focal point. In the living room, it may be the fireplace, and your couch and sofa can form the triangle in front of it.

Add Color to Brighten Your Rooms. Brush on a fresh coat of warm, neutral-color paint in each room. Ask your real estate agent for help choosing the right shade. Then accessorize. Adding a vibrant Afghan, throw, or accent pillows for the couch will jazz up a muted living room, as will a healthy plant or a bright vase on your mantle. High-wattage bulbs in your light fixtures will also brighten up rooms and basements.

Set the Scene. Lay logs in the fireplace and set your dining room table with dishes and a centerpiece of fresh fruit or flowers. Create other vignettes throughout the home — such as a chess game in progress — to help buyers envision living there. Replace heavy curtains with sheer ones that let in more light.
Make your bathrooms feel luxurious by adding a new shower curtain, towels, and fancy guest soaps (after you put all your personal toiletry items out of sight). Judiciously add subtle potpourri, scented candles, or boil water with a bit of vanilla mixed in. If you have pets, clean bedding frequently and spray an odor remover before each showing.

Make the Entrance Grand. Mow your lawn and trim your hedges and turn on the sprinklers for 30 minutes before showings to make your lawn sparkle. If flowers or plants don’t surround your home’s entrance, add a pot of bright flowers. Top it all off by buying a new doormat and adding a seasonal wreath to your front door.

Here are some additional suggestions to compliment the ones provided by G.M. Filisko at Houselogic.com.

Design a Welcoming Ambiance. Infuse your home with a comfortable and inviting atmosphere by incorporating loving touches throughout. Soft, dim lighting can create a warm, relaxed ambiance, while scented candles or fragrant flowers add a delightful sensory experience. Consider playing soft music in the background to enhance those warm fuzzy feelings further.

Curate Cozy and Inviting Spaces. Create inviting nooks and cozy corners where prospective buyers can envision themselves cuddling up with a loved one. Arrange plush throws and cushions on sofas or armchairs and set the scene with a tray of gourmet chocolates or sweets for an added touch of luxury.

Appeal to the Senses. Incense the home with fragrances that stimulate the senses by incorporating indulgent elements throughout your home. Freshly baked cookies or a pot of fresh herbs on the stove can create a welcoming aroma, while plush textures and luxurious fabrics appeal to the sense of touch. Consider offering sweet treats or beverages during open houses to leave a lasting impression on potential buyers.

Embracing these tips, homeowners have an opportunity to leave a lasting impression on buyers that is designed to evoke warm, fuzzy feelings and create an atmosphere that sparks love at first sight. So, as love fills the air this Valentine's season, let your home draw buyers in with its irresistible charm and leave them eager to make it their own. That’s Who We R®.

I get asked regularly, “Why should I use a REALTOR® when I can save money doing it on my own?”  I know this question can be frustrating at times, and I understand that a REALTOR®'s role is often underestimated. Some may wonder whether REALTORS®’ services are truly worth the compensation they’re paid. The National Association of REALTORS® compiled 179 Ways Agents Who Are REALTORS® Are Worth Every Penny of Their Compensation. So, throughout this year, I plan to delve a little deeper into the 179 Ways to spotlight the complexity of buying or selling a property and why the REALTORS®' role is essential. So here goes …

Make an appointment with the seller for a listing presentation. This first step may seem simple enough, but it’s more complicated than it seems. This crucial first step is challenging with everyone's busy schedules in today's world. It's not only about finding a convenient time but also about initiating a professional and personal connection. Unless it’s a referral, these relationships are built over time. By setting up this meeting that meets the client's needs, you begin the journey toward understanding the seller's goals, expectations, and unique circumstances. This initial appointment also allows the Realtor to demonstrate their dedication and expertise, reassuring the seller that they are in capable hands.

Send the seller written confirmation of the listing appointment and call to confirm. Once a REALTOR® confirms the appointment with their seller, sending a follow-up email or text quickly is essential. This written confirmation showcases their professionalism and ensures that all parties are on the same page regarding the appointment details. However, the communication doesn't end with an email or text. A follow-up call to reconfirm the appointment adds a personal touch and demonstrates their commitment to the seller. It also allows for any last-minute appointment changes or questions to be addressed, reassuring the seller that their needs are top priority. This proactive approach sets the stage for a successful listing presentation and instills confidence in their Realtor abilities.

Review pre-appointment questions. This step is more than a checklist; it’s the key to unlocking valuable insights about the seller and their property. This review of questions enables the REALTOR® to tailor the listing presentation precisely to the seller’s needs and anticipate potential challenges to address them proactively during the meeting. Reviewing these questions demonstrates the REALTOR®' commitment to providing a personalized and effective service, setting a solid foundation for a successful collaboration with the seller.

Research all comparable currently listed properties. REALTORS® can thoroughly research all comparable properties listed in their seller’s area. This meticulous investigation goes beyond simple data collection; it involves an in-depth analysis of similar properties on the market. REALTORS® can gain valuable insights into the competition, pricing trends, and unique selling points of each property by analyzing these other listings. This research equips them with the knowledge needed to effectively position their seller's property and stand out in the market. It's not just about gathering facts and figures; it's about creating a compelling strategy highlighting their client's property among the competition, ultimately leading to a successful sale.

Research sales activity from the local broker marketplaces and public records databases. For a REALTOR® to complete the comparable analysis, it is essential they subscribe and cover the associated fees for access to the local broker marketplace, commonly known as the multiple listing service (MLS). The MLS serves as a central hub, aggregating property listings from various REALTORS® and brokerage firms into a unified database. This comprehensive platform equips REALTORS® with up-to-date information on local sales activity and access to public records databases. Utilizing the MLS is instrumental in furnishing REALTORS® with the essential data required to make well-informed decisions regarding property pricing and negotiations and to keep abreast of prevailing market trends.

We’re only getting started on the 179 Ways, yet the multifaceted roles of REALTORS® are already evident, emphasizing that their value extends far beyond what meets the eye. Throughout this year, I will highlight more of the 179 Ways. In the meantime, be assured that REALTORS® are dedicated professionals committed to navigating the complexities of real estate transactions with expertise, ensuring their clients' success in buying or selling their properties. That’s Who We R®.

Hite & Sharpe Announced as Award Recipient During January 25th Installation & Awards Reception

CHATTANOOGA, Tenn. (Jan. 29, 2024) – Mark Hite & Steven Sharpe were named 2023 Realtors of the Year by fellow real estate professionals with Greater Chattanooga Realtors. The award was presented at the Association’s recent Installment & Awards Reception.

The Realtor of the Year award is given to a Realtor in recognition of their contributions to the real estate industry, the community, and the local and state Associations. Mark Hite and Steven Sharpe not only were active members of the Association but continuously and consistently participated in civic activities to better causes in Greater Chattanooga while encouraging and inspiring others to do the same.

Mark Hite served on nearly every local committee and twice served as President for Greater Chattanooga Realtors®. Mark was involved in several charitable organizations, including Cempa, Chambliss Center, Habitat, Rotary, Pink, CHI Memorial, Launch Pad, American Heart Association, and American Cancer Society. He was quick to jump in and help with his time, his experience, and his checkbook, contributing more than $200,000 annually to local nonprofits and did so with a kind heart and a mindset of community stewardship giving a hand up, not a handout.  

Steven Sharpe served on nearly every local committee and was the 2023 Greater Chattanooga Realtors® President. Steven served as a state Director and also served on five state committees. In 2023, Steven was awarded Good Neighbor by TN Realtors, which propelled him to be in the top 10 finalists for the National Association of Realtors Good Neighbor Award for co-founding with his wife, Lindsey, Camp Horizon, a camp for kids with special needs. Steven was a Realtor Party Major Investor and was involved at the national level, serving as a Director and on the Leadership Edge Advisory Board.

“We will forever cherish the time we had with Mark and Steven and will value the impact they had on our association, our members, and our community,” said Kadi Brown, 2024 Greater Chattanooga Realtors® President. “Their void is felt by so many, but their memories and legacies will not disappear,” said Brown.

Smedley Announced as Award Recipient During January 25th Installation & Awards Reception

CHATTANOOGA, Tenn. (Jan. 29, 2024) – During the annual Installation & Awards Reception, Greater Chattanooga Realtors® presented the George Kangles Community Citizenship Award to local Realtor® Sabrena Smedley. The award was established in 2011 to remember the efforts of the late George Kangles and his dedication to serving the community and the Association. Mr. Kangles’ governmental and political affairs work on behalf of the Association at the local, state, and national level was unprecedented. George’s commitment to governmental and political affairs should be an example to all of us that we, too, can make a difference in not only our industry but our community as well.

The award honors a Realtor who has a demonstrated positive and discernible impact on the governmental affairs activities of the Association affecting the real estate industry and our community at state and local levels. Unlike many others, this award is presented only to signal a distinct recognition of the worthiest recipients who meet the ideals embodied in the award. Since 2011, the Award has only been presented six times exemplifying the very select few who have personified such an achievement.

Sabrena Smedley, the 2023 George Kangles Community Citizenship Award Recipient, was elected to the Hamilton County Commission in 2014 and served through 2022. Smedley has a passion for local governance and has been an advocate for local property issues.

Smedley served her community as an elected official, while also being a wife, mother of three and full-time Realtor. Her dedication and passion for governmental and political advocacy is exemplary. Smedley’s impact on the Association has been essential to the role Realtors continue to play in local government and politics.

“It means so much to be honored with this prestigious award by my peers,” said Smedley. “It is truly an honor to receive this award. George Kangles left a tremendous legacy in our community,” said Smedley

Brown Announced as Award Recipient During January 25th Installation & Awards Reception

CHATTANOOGA, Tenn. (Jan. 29, 2024) – During the annual Installation & Awards Reception, Greater Chattanooga Realtors® presented the Good Neighbor Award to Realtor® Darlene Brown. The award was established to honor a Realtor for their exceptional contributions to their community through volunteer work within the year, or consecutive years, preceding the presentation of the award.

Brown and her brokerage (Real Estate Partners) support various charities in our community, including Habitat for Humanity, Snack Packs, Mckamey Animal Center, and the Back to School Bash for Hamilton County.  Brown was instrumental in achieving something never done until this past December – ensuring that every veteran’s grave at Chattanooga National Cemetery had a wreath on it.

Darlene has a love for local community service. She has a father and brother buried at the National Cemetery. This past year, Darlene challenged her company, her friends, her peers, her clients, her loved ones, and our local Association to participate in Wreaths Across Chattanooga. Through a deep respect for her they all came together and raised $35,330. And that’s just last year. Since 2021, Darlene has helped raise a total of nearly $100,000 for Wreaths Across Chattanooga.

“What an honor it is to receive this award from my peers,” said Darlene Brown.  “Wreaths Across Chattanooga is an organization near and dear to my heart, and giving back to those who have given so much to us is a small thing that we all can do. Thank you all so much,” said Brown

New Officers and Directors Sworn in During January 25th Installation & Awards Reception

CHATTANOOGA, TN. (Jan 26, 2024) – Greater Chattanooga REALTORS® joined together on January 25, 2024, to install this year’s officers and directors. A total of 12 REALTORS® were sworn into office, including President Kadi Brown, President-Elect Ellis Gardner, Secretary-Treasurer Mike Purcell, and MLS Chair Jeff Nixon.

Sworn in as Directors were Paige Batten, Connie Brewer, Teresa Clegg, Holly Harwell, Natalie Hostetler, Denise Murphy, Karen Parris, and James Streeter.

President Kadi Brown has been a Realtor for nearly 18 years and was elected by her peers to serve the highest office of the Association.

Upon being sworn in, President Brown gave the following remarks: “To the group of leaders who came before us, thank you. Thank you for raising your hand to lead, for being passionate, for showing up and giving it your all. You have laid an incredible path for us to continue down.”

Brown added, “To the returning board members ready to continue leaning in and pushing forward and to the new board members eager to embark on a new journey, I say let’s do it. And let's lean all the way in and give it our all for not only our members but for our profession overall. . Let us focus on what we can do instead of what we can’t do.”

Also, Brown thanked her business partner and past president Jason Farmer saying, “I would not be here without you. I can never say thank you enough for pushing me, challenging me and encouraging me to step outside my comfort level and igniting a passion within me to lean in.”

Brown shared her thematic goal for the year to ignite others and closed with a Maya Angelou quote – Let nothing dim the light that singes from within – and challenged all those in attendance, “ That, my friends, is what we need to remember. We each have the power to ignite change and empower others to do the same.”

In this fast-paced world of real estate, technology has become an indispensable ally for Realtors. According to the National Association of Realtors’ Realtor Technology Survey, technology tools are not just a convenience but a vital asset, with Realtors finding them incredibly useful in streamlining their business processes and enhancing their services.

As the industry continues to embrace digital solutions, this insight from Realtors themselves offers a compelling narrative of how technology is reshaping the way they operate and engage with clients. Looking back over the last 12 months, Realtors responding to the Survey ranked these three tools as the most impactful on their business: eSignature (79%), lockbox/showing tech (66%), and Cloud storage (48%).

eSignature allows Realtors to meet consumers where they are, literally, and the convenience of signing agency agreements, contracts, and disclosures without having to meet in-person every step of the way. Also, the Realtor can immediately send those fully executed documents to keep all parties in the loop with each step, from listing presentation offer, contract, inspection, and closing.

Electronic lockboxes allow Realtors to secure and access keys to listed properties, and access data about each time a lockbox is opened. Related to the lockboxes are the ease of booking showings online. In Greater Chattanooga, Realtors can set up the showing service to notify sellers via call, text, or email, if they wish to be part of the showing confirmation process. Also, the showing service provides data about who showed the property and any feedback provided.

Cloud storage has redefined the way real estate professionals store, access, and share crucial information. By leveraging the power of the cloud, Realtors can bid farewell to the limitations of traditional storage methods such as physical servers or hard drives. Instead, they can securely store their data on remote servers, accessible from anywhere with an internet connection. This accessibility is a game-changer, allowing Realtors to retrieve essential documents or property information on the go, whether they are in the office, at a client meeting, or even traveling.

To highlight another tool that was covered in this study is Artificial Intelligence (AI). AI is rapidly transforming the real estate industry, and Realtors are recognizing its potential to revolutionize the way they work and interact with clients. As AI continues to evolve, Realtors are proactively seeking to understand its impact on their business and the service they provide to their clients.

One of the ways Realtors are learning about AI is through educational programs and training sessions. Many real estate organizations and associations offer workshops, webinars, and courses focused on AI in real estate. Greater Chattanooga Realtors will be teaming up with the Huntsville Area Association of Realtors to host the 2nd annual Elev8 Realtor Tech Conference (April 11-12). This tech conference event is designed for real estate professionals looking to stay ahead of the curve in this ever-changing world of real estate technology. Be on the lookout for more details and registration in the future.

These surveys offer a glimpse into the current connection of technology and real estate professionals, revealing the tools they currently use and hinting at future trends. As technology continues to advance, these insights provide an exciting preview of what the future holds. By watching the development of tools over time, Realtors can gain valuable insights into their potential advantages, making them indispensable assets for real estate professionals aiming to stay ahead and deliver top-notch service to their clients. That’s Who We R®.

As the real estate landscape continues to evolve in the Greater Chattanooga area, the recent drop in mortgage rates presents a potentially transformative scenario for the housing market. This rate decrease could catalyze a resurgence in existing home sales in the coming months.

U.S. existing-home sales rose from a 13-year low, climbing 0.8% from the previous month and breaking a five-month streak in which sales declined, according to the National Association of REALTORS® (NAR). Despite the increase, sales were down 7.3% compared to last year, as affordability challenges continue to hinder prospective buyers. Most of this period’s closed sales went under contract in October when mortgage rates were at a two-decade high. With rates having dropped more than a full percentage point since then, existing home sales may continue to pick up in the months ahead.

New Listings in the Chattanooga region increased 6.6 percent to 754. Pending Sales were down 3.2 percent to 613. Inventory levels grew 0.8 percent to 2,044 units.

Prices continued to gain traction. The Median Sales Price increased 1.1 percent to $303,275. Days on Market was up 9.4 percent to 35 days. Buyers felt empowered as Months Supply of Inventory was up 9.1 percent to 2.4 months.

Low levels of inventory continue to impact U.S. home sales, offering few options for aspiring buyers. Going into December, there were 1.13 million units for sale, down 1.7% from the previous month but up 0.9% from the same period last year, for a 3.5 months’ supply at the current sales pace. As a result, sales prices remain high nationwide, with NAR reporting the median existing-home price rose 4% annually to $387,600 as of last measure, the fifth consecutive month of year-over-year price gains. Homebuyer demand is picking up, and without a significant increase in supply, experts believe home prices will likely remain elevated for some time to come.

The coming months will be crucial in determining whether this trend will solidify, leading to a more robust and dynamic housing market. Employing a Realtor is the most effective strategy for maneuvering through the present housing market. Our possession of cutting-edge tools and access to the most recent market data positions us ideally to cater to the home purchasing requirements of our community. That’s Who We R®.

2024 is officially underway, and as 2024 President of Greater Chattanooga REALTORS, I want to take this opportunity to tell you a bit about myself, what I hope we can take from our past, where we find ourselves currently, and what I hope we bring into the future; 2024 and beyond.

I became a REALTOR in 2006, but my path to get here certainly had many twists and turns. I grew up here in Chattanooga and graduated from Auburn University. After living in California for a bit, a need to be closer to my family brought me back home. I have always had a passion for helping others, and with my background in sociology and psychology, I accepted a position in social services with the State of TN Department of Children’s Services. As I followed my heart in the social services sector for some time, an unpromoted opportunity presented itself to work in the newly launched Outdoor Chattanooga department for the City of Chattanooga. It was during this time that I witnessed how partnerships between the public and private sectors, such as the 21st Century Waterfront Plan, could drastically improve our community and make it a better place. During this time, I also began taking real estate classes at night. I started my real estate career assisting with large land transactions and soon found a calling to shift my focus to the residential side of real estate.

I know what you’re thinking. “Wow, that’s a pretty diverse work history.” It is, but after reflecting on these experiences, I see that no matter where you find yourself, positive things can happen if you’re open to an opportunity, willing to make a change and trust the people you surround yourself with.

Late last year, The National Association of REALTORS® (NAR) unveiled Ignite Others. This program spoke to me. It promotes REALTORS “igniting others” by getting involved in different areas to inspire action, make a lasting impact, and shine a light on our community. I especially love this line from NAR: “Together, we shine brighter.”

It’s well-known that we’ve been dealt some heavy blows in the real estate world here in the past few weeks. We recently lost two Greater Chattanooga Realtors® Presidents – Mark Hite (2012 and 2017) and Steven Sharpe (2023). So many in our industry and entire community feel the absence of these dear friends. Putting the two of them next to each other might seem like they didn’t have much in common. But these two giants of our industry were the embodiment of “Igniting Others.” Just ask around. You don’t have to search hard to see that these two leaders served others and gave back in many ways.

If you stop and think about it, real estate is pretty funny. Realtors tend to be competitive by nature, and it can be tempting to focus on yourself and your own business, especially if you’re just starting out.  But over my years in real estate, I’ve learned that giving yourself and your energy to others is much more rewarding.

And so this is my focus in the new year and my challenge to others, whether you’re in real estate or not. Take the time to speak a kind word and serve others. Some sayings become cliches, but that doesn’t make them any less true. Just like throwing a rock into a pond, toss some kindness and positivity into your world, and I promise you’ll be delighted at what you see in the ripples.

REALTORS and my colleagues, let’s do our best to serve our community because That’s Who We R®.

Former member Stephen “Steve” DeWayne Hixson (Hixson & Company RE, LLC.), son of Bill Hixson (Hixson & Company RE, LLC), passed away on January 7. Visitation is scheduled for January 10, 5-6pm at Lane Funeral Hoome, with a memorial service immeidately following. https://www.lanefh.com/tributes/Stephen-Hixson

Charles "Beau" Christy passed away on January 1. Visitation will be at Ridout’s Funeral Home (Trussville, AL) on January 4, 5-7pm, with the service on January 5 at 1pm. Beau is the father to Jill Christy (Keller Williams), and grandfather to Jerica Bell (Keller Williams) and Jerica's husband, Jason Durham (Keller Williams).

Past President Mark Hite (Real Estate Partners) passed away on January 2. From Real Estate Partners: There will be a Celebration of Life honoring Mark at Christ UMC on E Brainerd Rd on Saturday, January 13th at 11:00 am. Please come wearing your boldest and brightest colors to represent the happiness, joy and promise that Mark so dearly believed in and passed on to everyone he knew.

As the holiday glitter gets swept up, it's time to get our homes back in order. But aside from putting away decorations, where do you start? Gabriela Barkho at Houselogic.com has five tips that will save time, money, and hassles all year long:

Organize Your Seasonal Storage Space. Packing away holiday decor presents a big opportunity. It's the best time to sort, declutter, and reorganize that space where you store your seasonal stuff. So before simply stuffing your holiday things back in there somewhere, take inventory; then sort, filter, donate, trash, and re-home as many of your things as possible. It'll help keep you more organized all year long, and make it easier to find all your holiday stuff next year.

Deep-Clean the Kitchen. All of that holiday merriment-making is rough on a kitchen. Give it a good deep cleaning now that the glittery dust has settled. Purge your pantry and frisk your fridge, passing what you can on to local food banks. Scrub the walls and kickboards, and even pull those appliances right out from the walls for a thorough vacuuming to prevent gunk (and stinks!) from accumulating.

Plan Summertime Projects Now (Especially if You Need a Pro). Finalize plans for any landscaping, decks, patios, or other outdoor projects that need warm weather. Two good reasons: If you're DIYing, you'll be ready to roll at the first hint of nice weather. That way, you'll be less affected by any supply chain shortages and have your improved yard ready to enjoy by summer.

Or if you're hiring a contractor or other professional, getting your bids and contracts in place now will save you from competing with the spring rush. If you wait too long, you may not be able to book anyone.

Create a Schedule to Clean ALL Your Home's Filters. It's not just your HVAC. The filters in your fridge, your vacuum cleaner, your dryer, your air filter, and other household items need to be changed or cleaned at least once a year to be effective, usually more often, especially your dehumidifier. Yucky mold grows easily there. Check manufacturer instructions for all the filters in your home, and create a master schedule; then add them to your calendar app to remind you.

Save Some Green at White Sales. Linens and towels go on sale in January. It's a long-standing retail tradition that started back when linens only came in white (hence the name), and it still has a solid rep as a money-saver. Cut your threadbare bath towels into rags and restock your supply, plus fill in any gaps in your bed linens you may have noticed if you had a house full of holiday guests.

Thanks for those tips, Gabriela. Regardless of the time of year, one constant is expertise of a REALTOR®. Whether you’re looking to buy or sell property, REALTORS have the knowledge and tools to make sure you get the most out of your investment. That’s Who We R®.

There’s a saying that the only consistent thing in life is change. This saying is true in any line of work, but if you’re involved in real estate, this is especially true. No one could have seen the ripple effects that a global pandemic would have in 2020 or the frenzy in real estate that was a direct effect of it. In the wake of COVID, people all over the country took a look at where they lived, and many chose to make a change.

As a result of inflation, mortgage rates rose to their highest levels in 20+ years, nearly 8%. Because of these increased rates, home sales dropped from their dizzying levels just months prior. The housing market has been somewhat stagnant, but the recent drop in mortgage rates has caused some housing experts to say that 2024 might be a return to a more predictable homebuying cycle.

Dr. Jessica Lautz, Deputy Chief Economist & Vice President of NAR Research, recently wrote that first-time homebuyers, who have been on the sideline in recent months, might be poised to enter the market: “Mortgage interest rates continued to incrementally decline, dropping to 6.67% from 6.95% last week. For a $400,000 home, this is a monthly mortgage payment of $2,059-a monthly savings of $242 from when rates were at 7.79% in October. Mortgage interest rates for the 30-year fixed are also nearly a full percentage below the historical average since 1971 of 7.74%.

Dr. Lautz continues. “First-time buyers traditionally fare better in the winter, as there is less competition from families in the homebuying market. November’s REALTORS Confidence Index shows first-time buyers up at 31% from 28% the past month. This represents a buying period when mortgage rates were still high. Home buyers who have been priced out in the last year should find optimism in 2024.”

As Dr. Lautz pointed out, these dropping rates mean real money in homebuyer’s pockets. But if these rates keep falling, first-time homebuyers might find themselves in a similar spot to what homebuyers faced in 2020 and 2021: a fast market where multiple offers and cash offers are the norm. The solution to these issues is increased housing inventory, and there might not be enough properties to satisfy the demand. The National Association of REALTORS® Research Group, releasing a study of the markets with the most pent-up housing demand commented, “The current housing shortfall has been accumulating over decades. After the mid-2000s housing boom, the U.S. has consistently underbuilt compared to the historical average. Furthermore, with mortgage rates hovering around 7 percent for most of the year, fewer homeowners opted to list their homes in 2023. This rate is nearly 1.7 percentage points higher than the average rate in 2022. Consequently, this long-standing underbuilding issue and the rate lock-in effect continued to keep housing inventory low throughout the year.”

So, what does this mean to those looking to buy or sell a home in 2024? No one has a crystal ball, but signs are pointing toward a possible return to normal for mortgage rates, meaning more people are looking to buy. This increased activity might benefit those looking to sell since housing inventory remains lower than the historical average. In short, these factors need to be considered when looking to purchase and consulting a REALTOR® to help guide you through the process. A REALTOR will be your trusted guide throughout what could be a fast and frantic process. REALTORS work for their clients and communities every day. That’s Who We R®.

REALTORS absolutely love data. If you don’t believe me,  just ask us. Neighborhood reports, comparative market analysis, market statistics; we can produce those in the blink of an eye. Data is how we measure where we’ve been, and helps us look forward to where we might be heading. Looking at the recent past, people with even a basic understanding of the real estate market are aware that the last 12-18 months have been a challenge at times. Inflation, and as a result rising mortgage interest rates, have thrown a curve ball for people looking to purchase and sell property, not to mention those of us who assist in real estate transactions.

A few weeks ago, the National Association of REALTORS® (NAR) released one of their most anticipated reports of the year, the 2023 Profile of Home Buyers and Sellers. This report covers real estate transactions over the past year (July 2022 through  June 2023) and really gathers some interesting data points.

Here are some key takeaways I found from this report:

• The median household income for home buyers jumped to $107,000 from $88,000 from the previous year. This shows how the entry into homeownership has increased this past year.
• First-time homebuyers made up 32% of all home buyers, up from last year’s historic low of 26%, but still below the average of 38% since 1981.
• The typical down payments for first-time buyers (8%) and repeat buyers (19%) were the highest since 1997 and 2005, respectively.
• 70% of recent buyers did not have a child under the age of 18 in their home, the highest share recorded. By comparison, in 1985, 42% of households did not have a child under the age of 18.

This report clearly has a lot of data, but what does it mean? What’s something that the general public can use in their lives? I think this data point is most crucial: This report shows that 89% of both buyers and sellers used a REALTOR®, up from 86% and 87% in the last two years. This statistic shows that even in times when the market is shifting, the need for a trusted expert is absolutely crucial. Our knowledge can help guide clients through the ups and downs of our housing market, and help get the most out of your investment. That’s Who We R®.

Arthur Purcell, father an dfather-in-law to Mike and Brenda Purcell (RE/MAX Renaissance), passed away on December 13. 

Visitation will be at Chattanooga Funeral Home North Chapel in Hixson on Tueday, December 19, 10:30am-12pm with the service immediately following. Burial with military honors will be at National Cemetery Tuesday at 1:30 p.m.

In lieu of flowers, memorial contributions may be made to the Senior Ministries at Ridgedale Baptist Church.

The real estate community is devastated to have lost President Steven Sharpe to cancer this past week. He leaves behind his wife Lindsey, and twin daughters Molly and McKenzie, who cherished him as a loving husband and father.

Steven has exemplified what it means to be a true servant leader. Those of us on Staff had a front-row seat to Steven’s leadership abilities. With every decision, Steven had the members and the good of the Association at the top of mind. His loss is felt by all of us in the REALTOR community.

In each of our roles with Greater Chattanooga Realtors®, Staff works closely with our volunteer leadership, and we are fortunate to have known and learned from him. Whether the task at hand was planning a member event, promoting an educational class, supporting our community partners, or crafting messages about current market conditions, Steven’s passion for teaching and helping others succeed shone through at all times.

I know if he were to read this message, Steven would roll his eyes and laugh uncomfortably at being on the receiving end of all this attention. Yet, we felt it best to use this space to convey some of the reasons Steven was special to so many.

Steven was not to be overlooked or ignored. Well over six feet, Steven’s presence was unmistakable. Several of his friends have said that upon first meeting him, his stature would often be intimidating. However, once you spoke with Steven, it quickly became apparent that you were dealing with someone thoughtful and measured. And once you got to know Steven, you’d experience how hilarious he could be. Steven was known for having a fantastically dry and sarcastic sense of humor. Derek English, 2023 Immediate Past President, recounts the time they spent together, “Over the past three years, we traveled to local, state, and national events together. Our time was not just about advocacy for our industry but was also full of laughter and friendship. Steven had the most genuine wit of anyone I have known, and his humor was only outweighed by his compassion and understanding of our industry.”

Steven was undoubtedly a real estate expert. His knowledge and expertise were legendary by those who worked with him in real estate matters. Steven took teachable moments and used them to help make everyone better. If there was an issue, you could be sure that Steven would find a solution.
Steven was never one to stand on the sidelines and not be in on the action, and he went out of his way to get different perspectives and personalities involved in association leadership. Although soft-spoken, Steven could be very persuasive. He was not shy in his efforts to get others involved in serving their fellow REALTORS in leadership roles. Winnie Paris, 2023 Chair of the Diversity Inclusion Committee knows this very well, “One day, I was telling Steven of some of the challenges I faced being a woman of color in real estate, and he asked me if I was going to complain or do something about it. He said to get involved in the association and make a difference because no one wanted to hear me complain.”

Steven certainly walked the walk when it came to being a leader. Over his years in real estate, Steven led in many capacities, both locally and statewide. At Greater Chattanooga Realtors, Steven served on multiple committees, including Budget & Finance, Bylaws, Grievance, Member Services, Professional Standards, and Strategic Planning. He served as 2019-2020 Director, 2021 Secretary-Treasurer, 2022 President-Elect, and as President in 2023. On the state level for Tennessee Realtors®, he served on Professional Standards, Residential Forms, and Risk Management Committee, and was also a 2021-2023 Director. For the National Association of Realtors®, Steven was on the 2023 Leading Edge Advisory Board, and served as a 2023 Director.

With this much experience, you might expect such a person to be boisterous and brash, but this was never the case. Kadi Brown, 2023 President-Elect of Greater Chattanooga Realtors®, witnessed his leadership style firsthand. “I had such respect and admiration for Steven. He had such an impact and always carried himself as a quiet leader with a humble heart for serving others.”

Steven’s dedication to service wasn’t confined just to serving clients’ real estate needs. In 2005, Steven and his wife Lindsey founded Camp Horizon, a camp designed for children with special needs. Earlier this year, Steven was recognized for his work with Camp Horizon by being awarded the Tennessee REALTORS’ 2023 Good Neighbor Award. This recognition led to his being named by the National Association of REALTORS® as a top 10 finalist to receive the National Good Neighbor Award. To say Camp Horizon was a passion of Steven’s would be a massive understatement. Camp Horizon has helped nearly 500 kids have the time of their life.

One of the campers is Grayson, son of Laura Ledbetter, who is a REALTOR and worked with Steven. Laura says that once Steven learned of her son Grayson, he was insistent on Grayson attending Camp Horizon. “Steven ran to my desk and handed me a pamphlet for Camp Horizon. He said that Grayson would have the absolute time of his life, and he was right. I literally wept at the closing ceremony. I was blown away at all the hard work Steven, his wife Lindsey, and all the volunteers had done to give my sweet boy and his friends a camp experience.”

As dedicated as Steven was to his profession and helping others, it was obvious to everyone that Steven was most proud of his family. Everyone I’ve spoken with mentioned that Steven would immediately light up when you asked about his daughters. If you asked Steven about McKenzie’s soccer tournament or Molly’s tennis match, you would see Steven beam with pride. Steven was also well aware that his wife Lindsey was the glue that held their family together. In all things, Steven loved “doing life” with Lindsey and cherished her above all else.

I’ll echo what others have said – Steven was selfless in his time and energy. Steven gave his all. Steven ALWAYS showed up and was truly present. And in his tragically abbreviated time here with us, he gave us all something to aspire to: truly selfless service of others.

And now we miss him, and it hurts terribly. All I can say is that I know that I, and the others who were lucky enough to call him a friend will remember him and hold his memory close as we strive to be better humans… all thanks to his example.

Steven was a longtime member of Hixson United Methodist Church, so I believe it’s fitting to close this tribute with some scripture that has comforted me in sad and trying times:

“The Lord is close to the brokenhearted and saves those who are crushed in spirit.” Psalms 34:18.

Peace and rest to Steven, and love and comfort to his friends and family.

President Steven Sharpe (Keller Williams) passed away on December 2, 2023. 

Some of you may know Steven was diagnosed in 2018 with neuroendocrine cancer. He has been stable without much impact on his family’s lives until recently, where they have seen significant progression of the cancer over the last few months.

They were at a stage with limited options in recent weeks but still had options. Due to complications with a recent procedure, Steven has been in ICU since mid-week. The news of his paasing is unexpected and devastating.

Steven has been a true servant leader this year and in the years leading up to his presidency. With every decision, Steven has had the members and the betterment of the Association at the top of mind. His loss will be felt by all of us.

The family has provided this information on visitation and memorial service, https://www.chattanoogan.com/2023/12/3/479127/Steven-Nicholas-Sharpe.aspx

I’ve always looked forward to the National Association of REALTORS® Fall Conference, and this year was certainly no exception. Earlier in November, thousands of REALTORS® gathered to “Own the Moment” at NAR NXT, The REALTOR® Experience in Anaheim. It was a great opportunity to network, hear engaging speakers, and look ahead to what might impact the real estate industry and homeownership across the country.

I believe that we all should continue to make ourselves better, and that’s part of the reason I love these meetings so much; there’s always something to learn. For example, in one of our meetings, NAR’s Chief Advocacy Officer Shannon McGahn outlined the current challenges that Congress faces in an era of unprecedented division. "NAR is built for moments like this," said McGahn. "With friends and respect on both sides of the aisle, it has proven time and again to be effective in a divided government. Our mission is to support the policies and the policymakers who support Realtors® and consumers."

Whether you’re in real estate or not, it’s clear that there’s an issue with housing affordability and inventory. Joe Harris, NAR's Vice President of Government Advocacy focused on what is being done to help consumers. "The More Homes on the Market Act is an example; that's something that has gotten tremendous support and response from legislators because the issue is becoming more and more real as time goes on," said Harris. "You can't help but be affected by it. It underscores the importance of our work in terms of empowering the middle of the governing wings of both parties. The More Homes on the Market, the Neighborhood Homes Investment Act, tax credits and incentives to give private investment, and converting some of these underutilized office spaces - what we're doing with legislation like this is keeping the economy going.”

Hearing what’s being done with housing legislation was certainly enlightening, but there was another hot topic at our conference; Artificial Intelligence. AI has been on everyone’s mind, and thankfully NAR had a multitude of experts address the evolving role of technology in the real estate landscape. Speakers spoke of how AI is helping their business; whether it’s creating marketing materials, creating real-time driving directions for showing properties, or even building relationships with consumers.

Regardless of your occupation, I urge everyone to seek out these opportunities to learn from their peers and other experts in their respective fields. Continuing education rewards curiosity, and helps us adapt when the need arises, which has been crucial in navigating the real estate industry these past few years. But whether you’re looking to buy or sell real estate, it’s important to utilize the expertise of a REALTOR®. REALTORS have the tools and knowledge necessary to adapt to your needs when the market requires it. That’s Who We R®.

With guest season and the holidays coming fast and furious, you want to be sure your home is cozy.
Here are some tips from Stacey Freed at Houselogic.com on how to make that happen, along with a few other timely tips.

Wash Bed Pillows. You love your trusty, old, perfectly-snugged-to-your-head pillow. But guess what's also snug against your head? Fungus, 4 to 16 species to be precise. Not very welcoming! With fall being the height of guest season, you'll want your guest pillows fresh, too. Pop them in the washing machine and dryer for an all-over clean feeling. But be sure to check the manufacturer’s advice, too. Some pillows shouldn't be washed – replace them instead.

Clean the Mattress. Sleeping soundly gets even better when you know you're lying on a clean and fresh mattress. Over time, skin cells and sweat get into the mattress, then dust mites show up for a dinner party featuring those tasty skin cell morsels.

You'll want your guest mattress to be at its freshest. It's easy to do: Vacuum it and then wipe it down with a cloth dampened with an upholstery shampoo. But be sure to let it dry; otherwise, you're inviting mold. Also, be sure to rotate it 180 degrees to help keep it lump-free. If you've got a flippable mattress, go ahead and flip it. That, too, can help kill the yucky mites.

Insulate Windows. Bone-chilling drafts seriously detract from the cozy vibe you want. Keep it cozy by hanging drapes as close to your windows as possible to help you keep the heat inside. You can even add clear Velcro strips or dots to the back of the drape and attach to fasteners on the wall to help insulate. Be sure to cross one drape over the other when you close up for the night. Insulating shades can do the trick, too.

Trim Tree Branches. The last thing you need is a winter storm knocking down a mighty tree whose branches are angling over your roof. Long limbs invite pests to explore your roof for excess water to seep into cracks in the roof or siding. Homeowners should keep limbs and branches at least 3 feet from the house. Plus, it's easier to trim branches after leaves have fallen. And if it’s an evergreen, you'll have greenery for the holidays!

Get a Chimney Sweep to Inspect the Fireplace. It's time to dust off and sweep the chimney! Best to hire someone who knows wood-burning fireplaces. A professional chimney sweep will ensure your wood-burning fireplace burns more efficiently and will help prevent chimney fires and carbon monoxide poisoning during the winter. Also, if you don't already have a chimney cap, this is also the time to add one to stop wild outdoor critters from crawling down it and into your house.

Every day, and throughout every season, Realtors® help their clients and community get the most out of their property investment all year long. That’s Who We R®.

The Nominating Committee presents the following candidates for the 2024-2025 Board of Directors:

2024-24 COMMERCIAL DIRECTOR

FRAZIER DEVANEY (NAI Charter)

I am a third-generation commercial member of Greater Chattanooga REALTORS®. While serving on the Commercial Services Advisory Group, I felt the need to further my involvement with the Association. I believe it is important to have representation by an involved Commercial REALTOR®, who can understand and represent commercial members. I want to further contribute to the Association by advocating for the needs of our commercial members. I can bring a level of community involvement, professionalism, and experience that can represent the commercial agents in Chattanooga. 

LOCAL: Commercial Services Advisory Group (2023)

CHAPTERS & COUNCILS: Building Owners & Managers Association (BOMA) (2023 President); Institute of Real Estate Management (IREM) (2019-present, Executive Council)

COMMUNITY: Metropolitan Ministries - King Oehmig Memorial Classic (2023 Chairman); Rotaract (2023)

BUSINESS ACCOMPLISHMENTS: CityScope “The Gold Club” Identifying 30 Influence Business Leaders (2023); NAI Global Young Professional Council (2019-present); NAI Global Elite Corporate Services: Office Group (2022-present); Masters in Commercial Properties, Lipsey School of Real Estate (2020)

NATALIE HOSTETLER (CBRE)

As a lifelong Chattanoogan and daughter of a REALTOR®, I feel that giving my time and talent to further support the Association by serving as Commercial Director is not only an honor, it's my duty! Training and development as a strong foundation for success is my mantra, and I look forward to sharing knowledge about governance and Greater Chattanooga REALTORS® role as a voice for real estate in Greater Chattanooga in a fun, inclusive, and inspiring way.

CHAPTERS & COUNCILS: CBRE Women's Council (2023); ICSC Retail Council (2019); SIOR Candidate (2023); SVN Healthcare Real Estate Council (2022 National Director)

COMMUNITY: Member, Tennessee Medical Group Management Association-Chattanooga Chapter;  Heart Association Fundraising Board; American Cancer Society Fundraising Board; Lookout Mountain School Annual Fund Chair; Junior League of Chattanooga (2008-2011 Executive Board Member)

BUSINESS ACCOMPLISHMENTS: Wharton School of Business ICSC University Graduate (2012); Chattanooga Times Free Press “Best of the Best” Award, Commercial Real Estate (2021-2022); CoStar Power Broker “Top Transaction Volume, Office Leasing” (2018-21); CoStar Power Broker “Top Transaction Volume, Industrial Leasing” (2019); SVN|Second Story Real Estate Core Value Award (2022)

Across the U.S., sales of existing homes recently fell to a 13-year low, dropping 2.0% month-over-month and 15.4% year-over-year as of last measure, according to the National Association of REALTORS® (NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many prospective buyers. Purchase activity is down significantly compared to this time last year, but rising interest rates are also keeping many current homeowners from selling, causing inventory to remain at historically low levels nationwide.

Total national housing inventory going into October was at 1.13 million units, up 2.7% from the previous month but down 8.1% compared to the same time last year, for a 3.4 months’ supply at the current sales pace, according to NAR. The shortage of homes for sale is making it harder for buyers to find a home to
purchase while at the same time pushing sales prices higher nationwide, with the median existing-home sales price rising 2.8% annually to $394,300, the third consecutive month of year-over-year price increases.

Looking locally, New Listings in the Chattanooga region increased 7.2% over October 2022 (1,066) to 1,143. Pending Sales were up 2.4% over October 2022 (778) to 797. Inventory levels shrank 8.3% from October 2022 (2,314) to 2,122 units. Prices continued to gain traction. The Median Sales Price increased 4.1% over October 2022 ($302,500) to $315,000. Days on Market was up 15.4% from October 2022 (26 days) to 30 days. Buyers felt empowered as Months Supply of Inventory was up 4.2% from October 2022 (2.4 months) to 2.5 months.

Regardless of what’s happening around the corner, or around the country, your best bet is utilizing the services of a Realtor®. Realtors work with their clients every day to help ensure that they get the most from their most valuable investment. That’s Who We R®.

“You’re a REALTOR®? All you do is drive around in big cars and put signs in people’s front yards, right?” I’ll admit, over the past couple of years, I’ve heard variations of this notion more than a few times. After all, everyone knew that the real estate market was hotter than it had been in recent memory. It wasn’t out of the question for a newly listed property to have multiple offers above the asking price just hours after hitting the local broker marketplace place, otherwise known as the Multiple Listing Service (MLS). It was the norm. And honestly, these favorable market conditions led some to enter the real estate profession thinking that real estate was an easy gig, a great way to make a quick buck.

And then what happened? To fight inflation, the Fed raised interest rates to their highest point in 20 years. Interest rates rose to more than 7%, and suddenly, real estate wasn’t so “easy.”  Having been a REALTOR® since 2007, I have experienced fast and not-so-fast markets, which is what most of the country is experiencing now. Sure, folks are still purchasing homes and securing business space, but these recent months have been a real “back to basics” for those who practice residential and commercial real estate.

For REALTORS®, “Back to Basics” means fully educating our clients and the public on what is involved in a successful real estate transaction. The National Association of REALTORS® (NAR) recently compiled a list of the different services provided by REALTORS®. This list of 179 items spans all aspects of the transaction, from preparing the preliminary Comparable Market Analysis (CMA) and establishing fair market value to entering property data in the MLS and negotiating from offer to closing.

So yes, there’s much more involved than just putting a sign in the front yard. And like any working person, we don’t work for free.

You might have seen a recent court ruling involving NAR where the plaintiffs claimed real estate commission rates were too high, buyer brokers were paid too much, and NAR’s rules and industry practices led to set pricing.  Those of us in the real estate industry disagree strongly with this ruling, and NAR has begun the appeal process.

The reality is that NAR rules prioritize consumers, support market-driven pricing, and promote business competition. We stand by the fact that NAR’s guidance for local broker marketplaces ensures that consumers get comprehensive, equitable, transparent, and reliable home information and that brokerages of any size, service, or pricing model get a fair opportunity to compete.

So, how does real estate compensation work exactly? Simply put, the seller and that person’s listing broker agree on the amount the listing broker will receive for the services they provide to the seller. The listing broker and seller also discuss and agree upon an amount the listing broker will pay a broker who successfully closes the transaction with a ready, willing, and able buyer.  But sometimes, details in these types of matters can get confused. Let’s look at some key facts:

Commissions are always negotiable. Commissions can be negotiated at any point throughout the transaction, including at the outset, after the results of a home inspection and after an offer has been made. Sellers negotiate with their broker what fee they are willing to pay for their broker’s services and what fee they are willing to pay a buyer broker for finding someone who wants to buy their home.

There are different commission models to choose from. Buyers have many different choices about which broker they want to work with in terms of everything from the commission model to a real estate agent’s particular expertise to the agents’ customer service approach. In the full-service approach, commissions are negotiable at any point during the homebuying process. The reduced service/discounted fee model allows for flexible offerings and pricing. The flat fee approach allows buyers to negotiate a set price per service.

Commission rates are set by the market. The free market organically establishes commission costs within local real estate markets based on service, consumer preference and what the market can bear, among other things. NAR’s guidelines ensure that the listing broker advises all other participants in their local broker marketplace what the amount of compensation to the buyer’s broker will be for closing the sale. That amount is determined by the seller and the seller’s broker. Commissions fluctuate over time, including having decreased steadily in recent years and having fallen to a new low of 4.94% in 2020.

Commissions cannot be included as part of a mortgage. Unlike mortgage broker fees, closing costs, and appraisals, real estate sales commissions are not directly linked to the mortgage loan production and, therefore cannot be financed. By definition, a mortgage is a lien against a property, which means the property itself serves as the asset that the lender can take back to recoup value if the borrower defaults. Commissions, on the other hand, are based on a service provided and there is no way for the lender to recover the value of the service in the event of a default on the mortgage. Further, lenders rely on investors to purchase mortgages to help fund these loans. Since mortgages do not include personal services today, if that changed and mortgages started to cover costs that are not secured by the property, lenders and investors may be less willing to lend and invest, and mortgages could be more costly.

REALTORS® are bound by a strict code of ethics in the homebuying process. REALTORS® are bound by NAR’s Code of Ethics to always further clients’ best interests, including showing homes that meet buyers’ needs regardless of compensation offered. Additionally, in November 2020, NAR introduced its Fair House Action Plan, abbreviated “ACT,” which emphasizes (A)ccountability, (C)ulture Change, and (T)raining in order to ensure America’s 1.5 million REALTORS® are doing everything possible to protect housing rights in America.

Broker cooperation keeps local broker marketplaces from fracturing. Because of broker cooperation, buyer and seller brokers are incentivized to share their information in their local, independent broker data hub. Without it, lack of complete, transparent and accessible data for all would mean smaller brokerages and new entrants have to piecemeal information and couldn’t offer as many options to sellers and buyers, and larger brokerages would dominate local markets, creating emerging behemoths that would drive up costs.

Listing and buyer brokers contributing to local broker marketplaces sets the U.S. real estate industry apart from the rest of the world. The U.S. model has long been – and is still – viewed as the best option for consumers around the world. Buyers abroad are forced to wade through a complex and fragmented market where they have to work with multiple brokerages and where there is no exclusivity so sales can fall through. Generally, the homebuying process abroad is similar to buying a car in the United States where you have to go dealer to dealer, it’s very time-consuming and impersonal. It’s also common for brokers to charge fees and taxes in other countries that add up to the equivalent or greater of costs associated with buying and selling property in the U.S., yet only provide a fraction of the services consumers receive here.

Still have questions? I would recommend people visit the website Competition.Realtor to get a more complete view as to how NAR and REALTORS® help consumers with their most valuable investment.

REALTORS® are everyday working Americans who are experts at helping consumers navigate the complexities of home purchases and advocates for fair housing and wealth building for all. Real estate transactions are no walk in the park, but as REALTORS® we are compensated to provide the best service to our clients and their homebuying and selling needs, and we will continue to serve our clients and communities to the best of our abilities. Because That’s Who We R®.

Whether you’ve been looking to buy a house or car or even finance a large home appliance, it’s no secret that interest rates have gone up sharply in the past few years.

Anat Nusinovich, an Economist for the National Association of REALTORS® (NAR), recently summarized the drastic difference in interest rates in such a short period. “Between 2018 and 2022, most mortgage applicants (around 5 and a half million people) received a mortgage rate below 3%. However, the average U.S. rate between those years was 4.22%, and only 3.8 million applicants received a rate close to the average. The lowest number of applicants (52,000) received a rate between 9% - 9.5%, and only 88,000 applicants received a rate of 10% and above.”

Nusinovich continues. “In contrast, in 2022, only 282,302 applicants received a rate below 3%. That year, most applicants (914,682) secured a rate between 5.5% and 6% on their loans, a substantially higher rate than the previous years because of the Federal Reserve’s rate hikes. In addition, 846,996 applicants received a rate between 4.5% and 5%, and only 20,934 applicants received a rate above 10%.”

Ok, so that’s a lot of numbers, but it boils down to this: From 2018-2022, most people who were approved for a mortgage were able to secure a rate below 3%, and currently, most applicants since 2022 are sitting around 5.5% and 6%. Since home prices have not fallen substantially, these higher rates can significantly limit the type and size of home one can afford.

Where do we go from here? Dr. Lawrence Yun, Chief Economist at NAR, forecasts that the 30-year fixed mortgage rate will average 6.9% for 2023 and decrease to an average of 6.3% in 2024, while the unemployment rate will lower to 3.7% in 2023 before increasing to 4.1% in 2024.

NAR also predicts existing home sales will decrease 17.5% in 2023, settling at 4.15 million, before rising 13.5% to 4.71 million in 2024. Compared to last year, national median existing-home prices are projected to remain stable in 2023 – edging higher by 0.1% to $386,700, before increasing by 0.7% next year to $389,500. Housing starts will drop 10.4% from 2022 to 2023, to 1.39 million, before rising to 1.48 million, or 6.5%, in 2024.

“Because of homebuilders’ ability to create more inventory, new-home sales could be higher this year despite increasing mortgage rates. This underscores the importance of increased inventory in helping to get the overall housing market moving,” said Yun.

NAR expects newly constructed home sales will grow from last year by 4.5% in 2023 to 670,000 – because of additional inventory in this market segment – and increase by another 19.4% in 2024, to 800,000. The national median new home price will drop by 5.9% this year to $430,800, and improve by 3.5% next year to $445,800.

Taken all at once, this data shows the importance of being able to “move” quickly if market conditions become favorable to your specific economic circumstance. But this data also shows that it might be more beneficial to wait before entering the market if that’s a possibility. One constant is the need to consult a REALTOR® for your homebuying needs. With their advanced tools and expertise, utilizing the services of a REALTOR® is the best way to protect your most valuable investment. REALTORS® work for their clients and communities every day. That’s Who We R®.

Imagine watching your favorite college team. If you’re like me, it certainly isn’t hard to imagine. As your favorite team snaps the ball, it’s clear that they’re running like a finely oiled machine. The offensive line makes the correct blocks, the running backs leave the other team staggering, and your quarterback is making plays that look like they’re out of a comic book. You think your favorite team has it all together, but then you see your team’s defense – sloppy tackles and undisciplined plays.

When watching your team, you didn’t have the complete picture of what was happening. The real estate market can be similar. Real estate isn’t just houses. A comprehensive view of the real estate market looks at the residential and commercial sectors.

Commercial real estate refers to properties specifically intended for business purposes. This category includes many property types, such as office buildings, retail spaces like malls and storefronts, industrial sites like warehouses and manufacturing facilities, hotels and motels, and multifamily complexes. While residential real estate is focused on where people live, commercial real estate is geared towards property that generates a profit, whether by rental income or business operations.

So, how does the commercial market look in our area? Thankfully, NAR Research frequently examines their Commercial Real Estate Metro Market Report, which provides insight into the nation’s largest metropolitan commercial real estate markets. Each report evaluates many factors affecting the market, including indicators on a metro area's economic and demographic conditions and commercial market indicators on net absorption, vacancy rates, rent, deliveries, inventory, total sales volume, and cap rates based on CoStar® market data.

The Commercial Real Estate Metro Market Report for Q2 of 2023 revealed some interesting data. For example, in Greater Chattanooga, wage growth was up 4.5% from June 2022 to June 2023. The national wage growth percentage was 3.7%, so our area is outperforming the national average. For retail space, demand for retail space is stronger than nationwide as this area has a faster absorption of retail space. As a result, rent prices rose faster here than nationally, and the vacancy rate is lower in this area.

As far as multifamily housing goes, demand for multifamily space is stronger than nationwide, as this area has a faster absorption of multifamily space. As a result, rent prices rose faster than nationwide in this area.

All this data shows that whether you’re looking to find a place for your business, or finding a place to call home, utilizing the expertise of a REALTOR® is the best place to start. REALTORS have the know-how to help guide you in your property purchasing or selling needs. That’s Who We R®.

September means cooling temperatures, and with it, a somewhat cooling housing market. Nationally,  sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid-August. With fewer buyers able to afford the costs of homeownership, existing-home sales declined 0.7% month-over-month and were down 15.3% year-over-year, according to the National Association of REALTORS®(NAR).

Across the country, prices have continued to increase this fall despite softening home sales as a lack of inventory has kept the market competitive for prospective buyers, sparking bidding wars and causing homes to sell for above asking price in some areas. Heading into September there were only 1.1 million units available for sale, 0.9% fewer than a month ago and 14.1% fewer than the same period last year, according to NAR. As a result, the U.S. median existing-home sales price rose 3.9% year-over-year to $407,100, marking the third consecutive month that the median sales price topped $400,000.

Looking locally, New Listings in the Chattanooga region decreased 6.4% from September 2022 (1,204) to 1,127. Pending Sales were down 9.3% from September 2022 (903) to 819. Inventory levels shrank 11.5%  from September 2022 (2,244) to 1,986 units. Prices continued to gain traction. The Median Sales Price increased 5.0% from September 2022 ($306,500) to $321,900. Days on Market was up 29.2%  from September 2022 (24 days) to 31 days. Buyers felt empowered as Months Supply of Inventory was up 4.5% from September 2022 (2.2 months) to 2.3 months.

Whether you’re looking across the state or the country, real estate markets can vary greatly. This is why the expertise of a REALTOR® is so crucial. REALTORS® not only have a deep understanding of the current market conditions but also possess insights into potential future trends. REALTORS®, with our extensive training, experience, and adherence to a strict code of ethics demonstrate we can help guide through the complexities of real estate transactions. By leveraging a REALTOR®'s expertise, homebuyers and sellers can make informed decisions, helping to optimize your most valuable investment and minimize potential risks. That’s Who We R®.

I often joke real estate has as many acronyms as the military. Whether we’re talking about designations and certifications or industry lingo such as FHA (Federal Housing Administration) loans, FMV (fair market value), or ARV (after repair value), it seems like Realtors have an abbreviation for everything.

After a while, many of these letters can blend, and we can forget their meaning. One of those that gets thrown around is for our National Association of Realtors or NAR. Occasionally, folks in my office ask, “What does NAR do for me?” If Realtors have questions about our national organization, I know the general public does, too. I admit when considering the scope of a national organization, we often overlook how it functions and or impacts Realtors, including our clients and customers.

First, let’s explore how Realtors fit into the hierarchy of our different organizations. To become a Realtor, one must hold a real estate license and belong to a local association. Realtors in the greater Chattanooga area belong to Greater Chattanooga Realtors, and depending on which state their office is located, they belong to a state association, either the Georgia Association of Realtors or Tennessee Realtors. Above the various state associations is, you guessed it, the National Association of Realtors.

Realtors often have a better grasp of the functions of their local and state associations. After all, these organizations provide continuing education and serve as “boots on the ground” for our local area. But what about NAR? How can an organization this large impact its nearly 1.5 million members nationwide?

While serving a diverse group of members working in various real estate disciplines – residential real estate brokerage, property management, commercial and industrial real estate brokerage, land brokerage, real estate appraisal, real estate counseling, real estate syndication, real estate auction, and international real estate – NAR serves many functions to support its members all across the country. Some of NAR’s key roles include:

Advocacy and Representation: NAR represents Realtors at the local, state, and national level on issues relevant to the real estate industry, including public policy matters and legislation. They actively lobby on behalf of their members to promote and protect the interests of real estate professionals and property owners. For example, a few weeks ago a potential government shutdown was looming, and with it, a possible lapse of the National Flood Insurance Program (NFIP), which would impact 20,000 communities nationwide. NAR launched a massive advocacy blitz, which included a rare nationwide call for action, and Congress passed a last-minute spending deal on September 30 to avert a government shutdown and extend the NFIP. Other advocacy efforts in recent years include federal solutions to expand affordable housing options, enabling the redevelopment of under-utilized shopping centers, and expanding access to broadband in underserved areas.

Education: Complimenting the continuing education classes hosted by local associations, NAR and its affiliated institutes, societies, and councils empower Realtors to increase their professionalism, expertise, and ethical standards in specific disciplines. Through NAR, members can achieve 17 designations and 15 certifications. These training opportunities help Realtors better serve the public in an ever-changing market. Designation and certification courses focus on specific topics, including smart homes, short sales, investing, resorts and second homes, military relocation, and industrial and office space, to name a few.

Code of Ethics: Realtors pledge to uphold a strict Code of Ethics, which ensures they operate with integrity and fairness. NAR oversees the code enforcement process through policies and procedures for formal ethics complaints and arbitration requests, as well as mediation and ombudsman services provided by the Realtor’s local or state association. NAR’s dispute resolution options provide consistency as to how the Code of Ethics is enforced and helps ensure a high level of professionalism the public should expect.

Research and Data: NAR conducts and publishes research on various aspects of the real estate industry, providing valuable insights, statistics, and trends that help Realtors make informed decisions and understand the market. Why is this data important? From the Commercial Lending Survey and Analysis on Office-To-Housing Conversion to the Home Buyer & Seller Generational Trends and Migration Trends, NAR’s this trove of information helps REALTORS, and the clients they serve, get a more complete picture of the housing market in a local, regional, and national context.

Legal Support: NAR provides legal assistance and resources to help members navigate the complex regulations and potential liabilities they might face in their profession. This includes clarifications on emerging legal issues like drone usage or data privacy.

In short, the National Association of Realtors acts as a comprehensive support system for real estate professionals, aiming to promote the success, professionalism, and ethical behavior of all its members, regardless of where they’re located. Realtors have a network of organizations that help provide expert service in real estate to all those who are looking to be involved in real estate transactions. Regardless of where a Realtor may hang their hat, one constant is that they serve their clients and communities every day. That’s Who We R®.

Being a REALTOR®, clients and friends often ask me, “When is the best time of year to buy a home?” Obviously, there are many factors at play, but it seems like a new study from realtor.com might have a specific answer to that question, and the time to buy seems to be now.

The Best Time To Buy report from realtor.com shows that historically the week of Oct. 1–7 brings the strongest balance of market conditions, with greater home listings, less buyer competition, and lower prices compared to other times of the year.

Melissa Dittmann Tracey, contributing editor for REALTOR® Magazine, breaks down why this time is more advantageous for buyers:

“Realtor.com® predicts 17% more active listings this week than at the beginning of the year. Home buyers this fall could save more than $15,000 compared to this summer’s peak home price of $445,000, realtor.com® says. Buyers also may have more time to make a decision, with homes in many markets taking a week longer to sell than during the peak buying season earlier this year. The study also notes that homes tend to have price reductions Oct. 1–7, typically falling 3.3% compared to the typical season high.”

Tracey continues. “Home buyers likely will have more options to choose from this fall than in the summer, but they will continue to face limited inventory. The National Association of REALTORS® has reported ongoing housing shortages plaguing many markets. Still, realtor.com® projects about 12% more active listings for this week than the average week of the year based on seasonal inventory trends.

Home buyers also can expect less competition. This summer, many markets saw a return to multiple-offer situations. NAR data shows that homes listed in August received an average of three offers. While there may still be more competition than pre-pandemic, buyers can expect demand to be 18.7% lower than peak buying periods in 2023 and 13.5% lower than the average week.”

Thanks for this insight, Melissa. so what if you aren’t able to purchase a new home during this time? No need to fret, because when you utilize the expertise of a REALTOR®, you are sure to be in good hands with your most valuable investment. REALTORS work for their clients and communities all year round. That’s Who We R®.

Click here for the Revised 2023 Proposed Amendments.

Following the September 5, 2023, notice to the members of the 2023 Proposed Amendments, members posed questions and requested additional clarifications. In response, the Board of Directors postponed the membership vote and at their September 28th meeting:

•  Reaffirmed their recommendation and support of the proposed amendments.

•  Approved revisions to two of the proposed amendments as outlined below:

-  Removal of Officers & Directors. The Board of Directors amended the proposed amendment with new language provided and recommended by the Association’s legal counsel to set a more reasonable standard and comply with state law. (See page 5 of the Revised 2023 Proposed Amendments)

-  Date by which a President-Elect will be Elected: Due to the delay in voting on the 2023 Proposed Amendments, the Board of Directors amended the date for 2023 to December 15, and retained the November 15 date for future years. (See page 22 of the Revised 2023 Proposed Amendments)

-  Added clarifications and denoted the dates on which each proposed amendment was approved/recommended/reaffirmed by the Bylaws Committee, Governance Presidential Advisory Group, Board of Directors, or Legal Counsel. (See gray highlights throughout the Revised 2023 Proposed Amendments.)

Any changes from the September 5 notice of the 2023 Proposed Amendments are denoted within the Revised 2023 Proposed Amendments via gray highlights.

Timeline for Voting on 2023 Proposed Bylaws Amendments:

•  September 29: Notice to all Members of the revised 2023 Proposed Bylaws Amendments.

•  October 6-12: Voting via AssociationVoting.com.

-  On Friday, October 6, each REALTOR® member eligible* to vote will receive an email with their unique voting credentials link to the online voting platform.

-  Voting will remain open until 5 pm on Thursday, October 12.

-  *Eligibility is determined by the REALTOR^® member being current with all financial and disciplinary obligations to the Association and MLS and having completed any new member requirements.

•  October 13: Announce results.

BACKGROUND: Early this year, President Steven Sharpe appointed a Presidential Advisory Group* (PAG) to:

• Review the nominations and elections process for the Board of Directors; and
• Consider any improvements to ensure continuity and succession planning for elected leadership.

In addition to approving the PAG recommendations, the Bylaws Committee** identified various housekeeping and operational items to streamline within the Bylaws. After thorough consideration and vetting by the PAG and Bylaws Committee, the Board of Directors*** puts forth the 2023 Proposed Amendments to the Bylaws.

The 2023 Proposed Amendments are organized into three categories – Governance, Operational, and Housekeeping – as outlined below.

GOVERNANCE

• To allow for more diversity, eliminate the automatic appointments to the Nominating Committee, which would be comprised of seven (7) REALTOR® members appointed from among the past presidents, current or past Directors, and current or past committee chairs.
• Provide REALTOR® members more opportunities to vote and serve on the Board of Directors by replacing automatic Director appointments with two (2) Director positions voted on by the members.
• Mirror the state and national process for electing the Officers, meaning the members vote on the Directors, who in turn elect the Officers.

OPERATIONAL

• Clarify the steps taken for member accounts with outstanding balances.
• For the annual dues billing/collection, reduce the time frame, eliminate the reinstatement and late fees, and provide for the suspension of a delinquent member and member firms prior to termination.

HOUSEKEEPING

• Clarify the dues exemption for REALTOR® Emeritus members (40+ consecutive years)
• Remove the longstanding harassment provision, which has since been replaced with a more comprehensive Code of Conduct and Anti-Harassment policy
• Provide a more reasonable process for suspending or removing an Officer or Director
• Clarify the exceptions to Robert’s Rules of Order due to the existence of policies and procedures that exist outside of the Bylaws.
• Allow for more nimble governance by removing the list of standing committees, except for the minimum recommended by the National Association of REALTORS®
• Clarify the President’s role regarding committees.
• Clarify a breach of confidentiality by a committee member could result in removal from a committee.
• Clarify that remote participation of Officers and Directors in meetings is not limited to participation by telephone.
• Resolve the inconsistency between the timeframe for completing New Member Orientation and MLS Orientation.
• Clarify the CEO’s role in providing assistance to the Secretary-Treasurer regarding record keeping.
• Clarify the definition of firms caps for the Officers and Directors
• Remove the outdated and unnecessary language related to the 2017 reorganization of the MLS as a Committee of the Association.
• Clarify the distinction between the Annual Election and Annual Meeting.
• Correct numbering inconsistencies throughout the Bylaws due to various changes in recent years.

*The PAG is comprised of: Robert Backer, Robert Baker, Steven Champion, Travis Close, Randy Durham, Jennifer Grayson, Dan Griess, Jeff Nixon, Mike Purcell, and Kathy Tucker.

**The Bylaws Committee is comprised of: Chair Robert Baker, Director Liaison Mike Purcell, Susan Barnette, Teresa Clegg, Garrett Cox, Rolanda Daniel, Ken Fryar, Jennifer Grayson, Steven LaMar, Todd Maynor, Amy Mullins, Kristin Porter, and VIcki Trapp

***The 2023 Board of Directors is comprised of: President Steven Sharpe, President-Elect Kadi Brown, Secretary-Treasurer Bev Boss, MLS Chair Jeff Nixon, Immediate Past President Derek English, Connie Brewer, Brian Erwin, Robert Fisher, Holly Harwell, Ryan May, Karen Parris, Rolanda Pullen, Mike Purcell, and James Streeter.

In light of emails and texts circulating to encourage members to vote against the 2023 Proposed Bylaws Amendments, we paused the voting on the proposed amendments. We do not intend our comments below to tell you how to vote on any of the proposed amendments but to clarify inaccuracies and address speculations included in those unofficial Association communications.

Request to delay the Bylaws vote until clarifications are provided. This request to postpone the initial vote is unusual in that the Bylaws currently provide for a week’s notice to the membership prior to any voting.

Proposed Amendments were not discussed/reviewed by the Board of Directors. These allegations are false and insinuate that elected leadership or Staff have not followed proper protocols. The compilation of proposed amendments stemmed from a multi-year process. Before being put forth to a vote by the membership, each proposed amendment was vetted by a current or past Bylaws Committee, Board of Directors, or, in some cases, a Presidential Advisory Group (PAG) appointed to focus on a specific issue. Also, the Association’s legal counsel reviewed and provided guidance on every proposed amendment. The revised PDF of the 2023 Proposed Amendments contain the dates of each review.

Misconception that the Bylaws Vote is “All” or “None.” The original and revised PDF of the 2023 Proposed Amendments outlines 11 proposed amendments, for which members can vote “yes” or “no” on each of the 11 proposals.

Lack of Reference to Specific Articles or Sections/Request for a Redlined Version of the Entire Bylaws/Providing Clarity to the Members Missed the Mark

• The intent of the brief video in the September 5^th and 11^th e-newsletters was to highlight but not detail every single item being put forth.
• The weekly e-newsletter directed members to gcar.net for a detailed PDF detailing every Article or Section of the Bylaws that would be impacted. The revised PDF of the 2023 Proposed Amendments includes clarifications referenced throughout this document.
• Proposed amendments have never included a redlined version of the entire Bylaws. Each proposed amendment provided what would be accomplished, the rationale, and any changes denoted with strikethroughs (deletions) and underlines (additions) to the impacted Articles and Sections.
• There was a typo in the rationale for the proposed amendment regarding Secretary-Treasurer, which has since been corrected and denoted in the revised PDF of the 2023 Proposed Amendments.

Restructuring of Nominating Committee. While the size of the Nominating Committee would remain the same (7 REALTORS®the Governance PAG recommended a change in how the committee is comprised/appointed. The PAG was concerned that the automatic appointment of the four most recent past presidents limits the opportunity for balance and diversity. Also, the PAG wanted to ensure all those appointed to the Nominating Committee are currently engaged with the Association and from a larger pool of members (past presidents or current/past officers, directors, or committee chairs) with a check-and-balance of requiring said appointments to be affirmed by the Board of Directors. Also, by expanding the pool of who can serve on the Nominating Committee, more members would have more voice in the election process.

How are REALTOR^® members gaining more opportunities to vote for and serve on the Board of Directors?

• Historically, the Commercial Council President had an automatic seat on the Board of Directors. Since the Board of Directors replaced the Commercial Council with the Commercial Services Advisory Board, there is no Council President. In 2022, the Board of Directors approved a new process for filling this former automatic seat – the Commercial Services Advisory Board will provide the Nominating Committee with up to two names for the ballot, to be voted on by all REALTOR® members.
• Due to the inactivity of the Northwest Georgia Council, the Council President’s automatic seat on the Board of Directors would no longer exist. Instead of reducing the size of the Board of Directors, it was determined to keep this Director position and have it be a regular Director position voted on by all REALTOR® members.
• While unrelated and since some have questioned it, the MLS Chair is an automatic appointment by the President (with restrictions on firms). This provision would not change.

Mirror the state and national process for electing the Officers, meaning the members vote on the Directors, who elect the Officers. Some members are mistakenly saying only the current Board of Directors would vote on the President-Elect. To clarify, the current and incoming/newly-elected Directors would vote on the President-Elect and Secretary-Treasurer. While this proposed amendment does shift the Officer elections away from the membership, the new process puts more importance on the membership’s election of Directors. Also, it ensures those electing the Association’s highest offices are those members most engaged with the Association’s current programs and initiatives.

Clarify the steps taken for member accounts with outstanding balances.

• This action in the proposed amendment regarding financial obligations is for fees outside of annual dues renewal and MLS renewal (e.g., REALTOR® Store purchase, class/event no-show fees). Staff already performs these steps, and this proposed amendment simply reaffirms to all members their financial obligations.
• Some members have mistakenly stated this amendment would create a new process for annual membership dues and MLS fees by making these dues and fees the responsibility of the Designated REALTOR^® or MLS Participant. However, this process already is in place and prescribed by the National Association of REALTORS® that (1) the Designated REALTOR®’s annual dues are the dues amount times the number of licensees affiliated with his firm, and (2) the MLS Participant’s annual fees are the fee amount times the number of licensees affiliated with his firm unless a licensee provides a waiver that they already subscribe to another MLS and waive their right to have access to our MLS.
• NOTE: The Association has directly invoiced members individually for annual membership dues and MLS fees for many years. This direct invoicing is a courtesy to the Designated REALTORS^® and MLS Participants. It does not negate the ultimate responsibility of the Designated REALTOR® or MLS Participant for the dues/fees times the number of licensees affiliated with their firm.

Why are we requiring a REALTOR^® Emeritus to have service at the national level? This service requirement is from the National Association of REALTORS®. The only intent of this proposed amendment is to affirm that process and reaffirm that any Designated REALTOR^® who is also a REALTOR^® Emeritus whose membership dues are waived remains responsible for the membership dues of his affiliated licensees.

Why are we making it easier to remove an Officer or Director? Our Bylaws have a nearly impossible requirement of a unanimous vote of all other Directors for removing an Officer or Director for cause. And while our Bylaws are silent on removal without cause, TN law requires only a 2/3 vote for removal without cause. The Association’s Legal Counsel recommends adoption of the revised proposed amendment.

Why are certain committees being phased out? Why are certain committees left in the Bylaws that no longer are in place?

• This proposed amendment significantly reduces the number of Standing Committees from the Bylaws. However, removing them only eliminates the requirement (not the committees) that they must be appointed yearly so that we are always in compliance with our Bylaws. For example, we went several years without a Diversity Inclusion Committee. And we have some committees (RPAC, Placemaking, Scholarship) that were never added to the Bylaws. So the thinking is to list only the ones that are the bare minimum per NAR and not keep changing the Bylaws every time we add or remove one (or change the name of one.)
• Grievance and Professional Standards were left in because if we ever opted out of the statewide program (or the state discontinued the service), we wouldn’t have to change the Bylaws again. And it’s OK to leave them in as we have those committees by opting into the statewide program and our members serving on them at the state level.

Clarifying the Chief Staff Executive’s/CEO’s role in providing assistance to the Secretary-Treasurer. This proposed amendment resulted from a conversation about removing “Secretary” from “Secretary-Treasurer,” which ended up not being put forth as a proposed amendment. However, based on advice from legal counsel, it was agreed to clarify the CEO assists the Secretary-Treasurer with administrative tasks. After discussing whether “chief staff executive” should be changed to “CEO,” the Board of Directors determined “chief staff executive” was sufficient as in some cases, the CEO might delegate the responsibility to another staff member.

Timeline for Voting on 2023 Proposed Bylaws Amendments

September 29: Notice to all Members of the revised 2023 Proposed Bylaws Amendments.

 October 6-12: Voting via AssociationVoting.com.

• On Friday, October 6, each REALTOR® member eligible* to vote will receive an email with their unique voting credentials link to the online voting platform.
• Voting will remain open until 5 pm on Thursday, October 12.
• *Eligibility is determined by the REALTOR® member being current with all financial and disciplinary obligations to the Association and MLS and having completed any new member requirements.

October 13: Announce results.

Now that the oppressive heat of summer is (hopefully) behind us, it’s time to focus on some other important things coming this fall. No, I’m not talking about football or tailgating, I’m referring to tasks that may have been overlooked because of the heat of summer. Fall is a great time to give your house a little extra love and maintenance.

So where are some places to begin? Kelley Walters, in a recent article on the National Association of REALTORS®’ Houselogic.com, gave some very helpful tips on how to stay ahead of some home maintenance projects this fall:

Stain the Deck. Help your deck field what winter throws at it by re-staining it this month. September's cooler temps and lower humidity make it the ideal time for this project.

Check Fire Extinguishers. According to the Red Cross, fires increase in the fall and winter. Keep your home fire safe by getting your fire extinguishers checked by a certified professional. Fire extinguishers do break down and malfunction. In fact, after six years they need to be emptied and reloaded. If you haven't already, buy one for each floor, and don’t forget the garage.

Spruce Up the Yard. Aerate your lawn, reseed or fertilize it if needed, and plant perennials and shrubs, which might even be on sale now. Your lawn will green up faster after winter, and the shrubs and perennials will have a chance to establish roots before the first freeze.

Inspect Your Home's Exterior. Spending money on roof repairs is no party, but neither is handing out buckets to the family to catch leaks in a winter storm. Inspect your roof and other big-ticket items, like siding, grading, and gutters before you've got problems. You'll cut costs by fixing them now and staying dry and warm all winter long.

Thanks to Kelley for these helpful starting points. Preventative maintenance in the fall is an investment that ensures safety, saves money, and secures the comfort and well-being of individuals throughout the winter months. Whether you’re looking to buy or sell real estate, be sure to consult your REALTOR® for ways to maximize your most valuable investment. REALTORS work for their clients and communities all year long. That’s Who We R®.

As I’ve mentioned over the past few weeks, September is REALTOR® Safety Month. At this point each year, REALTORS look at their safety protocols to help them remain vigilant against all types of threats throughout the year. But why is it important to focus specifically on REALTOR safety? It’s because the very nature of our business puts REALTORS at increased risk.

For example, REALTORS often work independently and meet with clients whom they may be meeting for the first time. REALTORS show homes, host open houses, and often work during evenings and weekends when potential buyers are available. A dodgy cell signal or an isolated property can make a REALTOR even more vulnerable.

But how prevalent are safety concerns for REALTORS? To get the bigger picture, each year, the National Association of REALTORS® (NAR) conducts a safety survey, and they just released the results in their 2023 REALTORS® and Member Safety Residential Report. Here are some highlights:

• The typical respondent meets prospective clients whom they’ve never met before, either at their office or in a neutral location 65% of the time. This step helps the Realtor understand what a client is looking for and not to meet for the first time at a potentially empty property.
   
• 71% of Realtors said that they have personal safety protocols in place that they follow with every client. This routine is more likely among females (73%) than among males (59%). This area is clearly one for improvement, since attacks can happen to men and women.
   
• 42% of Realtors said that they have participated in a self-defense class. At Greater Chattanooga REALTORS®, we offer complimentary Realtor Safety classes all throughout the year to help prepare our members for potential threats.
   
• 47% of men and 58% of women carry a self-defense weapon or tool.
   
• Among those Realtors who participated in a safety course, 66% said they feel more prepared for unknown situations after taking the course.

Knowing that preparedness and safety don’t just magically happen is essential. Realtors need to be proactive in ensuring their safety and the safety of their clients. REALTORS might be more at risk for safety concerns, but that doesn’t mean we must be unprepared. Realtor safety, and the safety of our clients and their information remains front of mind the entire year. That’s Who We R®.

For August, higher mortgage rates, along with elevated sales prices and a lack of housing inventory, continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR).

But falling home sales have done little to cool home prices, which have continued to sit at record high levels nationally thanks to a limited supply of homes for sale. According to NAR, there were 1.11 million homes for sale heading into August, 14.6% fewer homes than the same period last year, for a 3.3 months’ supply at the current sales pace. The shortage of homes for sale has boosted competition for available properties and is driving sales prices higher, with NAR reporting a national median existing-home price of $406,700, a 1.9% increase from a year earlier.

Looking locally, New Listings in the Chattanooga region decreased 11.4% from August 2022 (1,348)  to 1,195. Pending Sales were down 8.8% August 2022 (1,030) to 939. Inventory levels shrank 16.3% from August 2022 (2,177) to 1,823 units.

Prices continued to gain traction. The Median Sales Price increased 10.0% over August 2022 ($300,000) to $330,000. Days on Market was up 87.5% from August 2022 (16 days) to 30 days. Absorption rates were even with last year as Months Supply of Inventory remained flat at 2.1 months.

One thing the past few years has shown is that real estate conditions are dynamic and change constantly. Economic trends, interest rates, and local market dynamics can all have a massive and immediate effect. This ever-shifting landscape only serves to emphasize the importance of utilizing the services of a REALTOR®. Realtors possess an in-depth understanding of market fluctuations and can provide invaluable insights to help buyers and sellers navigate these changes effectively. REALTORS® have access to up-to-the-minute data, which helps to advise clients on when to buy or sell to maximize their investments. REALTORS® work for their clients and communities all year long. That’s Who We R.

NOTE: Click here for a subsequent post providing additional information, revised proposed amendments, and voting timeline. 

Click here for a PDF detailing each proposed amendment.

Early this year, President Steven Sharpe appointed a Presidential Advisory Group* (PAG) to:

• Review the nominations and elections process for the Board of Directors; and
• Consider any improvements to ensure continuity and succession planning for elected leadership.

In addition to approving the PAG recommendations, the Bylaws Committee** identified various housekeeping and operational items to streamline within the Bylaws. After thorough consideration and vetting by the PAG and Bylaws Committee, the Board of Directors*** puts forth the 2023 Proposed Amendments to the Bylaws.

Voting will take place electronically on September 12-18. On Tuesday, September 12, each REALTOR® member eligible to vote will receive an email with their unique voting credentials link to the online voting platform. Voting will remain open until 5 pm on Monday, September 18.

The 2023 Proposed Amendments are organized into three categories – Governance, Operational, and Housekeeping – as outlined below.

GOVERNANCE

• To allow for more diversity, eliminate the automatic appointments to the Nominating Committee, which would be comprised of seven (7) REALTOR® members appointed from among the past presidents, current or past Directors, and current or past committee chairs.
• Provide REALTOR® members more opportunities to vote and serve on the Board of Directors by replacing automatic Director appointments with two (2) Director positions voted on by the members.
• Mirror the state and national process for electing the Officers, meaning the members vote on the Directors, who in turn elect the Officers.

OPERATIONAL

• Clarify the steps taken for member accounts with outstanding balances.
• For the annual dues billing/collection, reduce the time frame, eliminate the reinstatement and late fees, and provide for the suspension of a delinquent member and member firms prior to termination.

HOUSEKEEPING

• Clarify the dues exemption for REALTOR® Emeritus members (40+ consecutive years)
• Remove the longstanding harassment provision, which has since been replaced with a more comprehensive Code of Conduct and Anti-Harassment policy
• Provide a more reasonable process for suspending or removing an Officer or Director
• Clarify the exceptions to Robert’s Rules of Order due to the existence of policies and procedures that exist outside of the Bylaws.
• Allow for more nimble governance by removing the list of standing committees, except for the minimum recommended by the National Association of REALTORS®
• Clarify the President’s role regarding committees.
• Clarify a breach of confidentiality by a committee member could result in removal from a committee.
• Clarify that remote participation of Officers and Directors in meetings is not limited to participation by telephone.
• Resolve the inconsistency between the timeframe for completing New Member Orientation and MLS Orientation.
• Clarify the CEO’s role in providing assistance to the Secretary-Treasurer regarding record keeping.
• Clarify the definition of firms caps for the Officers and Directors
• Remove the outdated and unnecessary language related to the 2017 reorganization of the MLS as a Committee of the Association.
• Clarify the distinction between the Annual Election and Annual Meeting.
• Correct numbering inconsistencies throughout the Bylaws due to various changes in recent years.

*The PAG is comprised of: Robert Backer, Robert Baker, Steven Champion, Travis Close, Randy Durham, Jennifer Grayson, Dan Griess, Jeff Nixon, Mike Purcell, and Kathy Tucker.

**The Bylaws Committee is comprised of: Chair Robert Baker, Director Liaison Mike Purcell, Susan Barnette, Teresa Clegg, Garrett Cox, Rolanda Daniel, Ken Fryar, Jennifer Grayson, Steven LaMar, Todd Maynor, Amy Mullins, Kristin Porter, and VIcki Trapp

***The 2023 Board of Directors is comprised of: President Steven Sharpe, President-Elect Kadi Brown, Secretary-Treasurer Bev Boss, MLS Chair Jeff Nixon, Immediate Past President Derek English, Connie Brewer, Brian Erwin, Robert Fisher, Holly Harwell, Ryan May, Karen Parris, Rolanda Pullen, Mike Purcell, and James Streeter.

It’s no surprise that industries all over have embraced technology to help improve and streamline various processes. But these advancements have also given rise to new vulnerabilities. Among the sectors most impacted is real estate—a massive industry that affects many economies, local and national. In recent years, the prevalence of electronic crime within real estate has surged, with bad actors capitalizing on the increased reliance on digital platforms for transactions, communications, and data storage.

Buying and selling property is stressful enough without having the threat of cybercrime looming over the transaction. So much of our lives are online now, and there’s no way to protect yourself from every instance of cybercrime. Since few, if any, Realtors would work without a computer or smartphone, industry professionals are addressing the threat head-on to protect their clients.

“Cybercrime is a global problem, one that’s becoming more prevalent and more urgent,” said Jessica Edgerton, Associate Counsel with the National Association of REALTORS®. “Smaller and midsized real estate companies—where transactions involve multiple players and large sums of money—are an ideal target for criminals,” Edgerton said.

Unfortunately, hackers can easily access email accounts. Hacking can come in the form of an infected attachment or link that appears to come from a benign sender. “Clicking is something that’s deadly dangerous,” says Edgerton, whose motto is “Think before you click.” Opening a bad link or attachment can trigger a key logger, malware that reads keystrokes to capture your passwords. It can also open ransomware that encrypts everything it can reach on your system, including connected drives and networks.

So, how can you help make yourself more secure? Some easy solutions include keeping your operating systems up to date and checking your social media privacy settings. Less obvious tips include using complex passwords and changing your passwords regularly. Perhaps even consider using a password manager. Once your password is compromised, hackers can put a rule in your settings to forward certain emails to their account.

Realtors and our clients should try to avoid sending sensitive information via email when possible. Attaching forms, financials, and confidential files to an email is an efficient communication method, and criminals seek to take advantage of that.

This practice can lead to another potentially devastating scam – wire fraud. Staying alert can protect yourself and your money. As you approach the closing date, be cautious of emails. It’s unusual for wiring instructions to change at the last minute or for the title company to do so via email. Call the title company using a known phone number, not the one provided in the email, which might be spoofed to appear to be from someone involved in the closing. Before sending the wire, ask your bank to confirm the name on the receiving account. And within a few hours, call your REALTOR® or title company to verify they received your monies.

Another common scam involves taking legitimate property listings from websites and reposting them on social media and other sites such as Craigslist for rent. Scammers typically make up a plausible story requiring the consumer to wire or mail them money without ever meeting in person. The problem comes when all the renters try to move in and discover the property was never the “landlord’s” to rent in the first place. Meanwhile, the scammer takes the funds and disappears.

Educating our clients on these dangers is a top priority. As Realtors, we do our best to ensure the public knows the prevalence of wire fraud and advise clients to call and verify information before they wire funds. To ensure they’re reaching the right person, buyers should contact their Realtor using numbers provided in advance.

Safety is our priority year-round. Realtors are focused on protecting our clients and ourselves. That’s Who We R.

In a few days, the National Association of Realtors (NAR) will release their 2023 Member Safety Report, which surveys Realtors around the nation about how safe they feel while on the job, their personal safety experiences, and their brokerage’s safety procedures and protocol. NAR publishes this report each September for Realtor Safety Month. Yet, safety is a focus for Greater Chattanooga Realtors® all year long.

In previous years, a small but noticeable amount of respondents reported they experienced a situation in which they feared for their personal safety or the safety of their personal information. Realtors understand the safety risks associated with real estate transactions, so it is imperative to create and share safety protocols with clients to learn about what they may encounter throughout a real estate transaction.

Greater Chattanooga Realtors® is committed to providing consumers with the resources and education to stay safe and secure. Here are some safety protocols to expect to provide a safe experience for all parties involved.

Meet your agent at their office. Instead of meeting for the first time at a property, a Realtor may set up the initial meeting at their office. Most people agree that meeting at a real estate professional’s office is much more comfortable and appropriate for the first meeting. Generally speaking, meeting a stranger at an unknown location can be an uneasy notion, and this is no different for that initial real estate transaction.

Secure your personal information. Your agent may make copies of your driver’s license and mortgage preapproval letter for their records. This allows the agent to keep a record of your information at their office to be stored in a secure place.  So be sure to have these items on hand for your initial meeting. As Realtors, we safeguard our clients’ data and ensure that it stays away from prying eyes. Keeping this information safe and secure is a crucial step in maintaining a safe agent and client relationship.

Stay away from carpooling. Even though more and more people are returning to a pre-COVID world where carpooling was common, don’t expect your Realtor to drive you to a property. Driving separately is a safety precaution for you and your Realtor – so do not feel offended. Most people don’t pick up hitchhikers, and understand the importance of not transporting strangers to a property showing. Driving separately also enables both parties to depart separately from the showing and get back to other business, such as returning to the office or picking up the kids from school.

Your agent might walk behind you. Realtors typically let buyers take the lead when exploring a home. This is a common safety protocol and also allows you to view each room on the property first and make your own impressions.

View a vacant property by day. Your Realtor may only show vacant properties by day, so you can see what safety hazards exist, such as loose floorboards or any other defects. So when viewing a vacant, or even an occupied property, expect to view it during daylight hours.

I urge REALTORS® and the public to explore the various safety resources available from our association and NAR at. gcar.net/realtor-safety-2023. Safety is our priority year-round. Realtors are focused on protecting our clients and ourselves. That’s Who We R.

Many of us in the real estate profession have been keeping a watchful eye on the Federal Reserve. Due to efforts to keep inflation at bay, the Fed recently raised mortgage interest rates, which are now officially above 7%. This is the highest 30-year fixed mortgage interest rate since April 2002, the highest rate in more than 20 years.

While a 7% interest rate may seem high compared to the historically low rates from previous years, I think it’s important to approach this figure with some perspective. Yes, these rates we’ve been experiencing in the past few months have been higher than what we’ve been used to, but there have been periods in the past where interest rates soared into the double digits (many fellow REALTORS® can remember 18% rates in the 1980s). Homeownership remained a cornerstone of personal financial growth even when rates were much higher.

Higher rates mean increased monthly payments compared to lower rates, but it doesn’t undo the long-term benefits of owning a home. Building equity and various tax benefits are still very much part of the equation. When looking back over markets that experience higher interest rates, one sees that this could lead to more stable property prices, which could potentially offset some of the interest costs.

Also, it’s important to consider your personal finances and long-term goals. If you are a potential homeowner who is financially stable and sees owning a home as a long-term commitment, a slightly higher interest rate over the long run might not have a big effect years from now. As I mentioned, rates fluctuate, and refinancing when rates become more favorable might be an option to pursue.

So, how are these rates currently affecting homebuyers looking to enter the housing market? Dr. Jessica Lautz, Deputy Chief Economist and Vice President of Research at the National Association of REALTORS®, explains. “The rate translates into a mortgage payment for a single-family home of $2,234 and $1,942 for a condo. The increased mortgage rate exacerbates housing affordability as home prices climb in this limited inventory environment. Something has to give for rates to come down, and that something is the next decision by the Fed.”

Yes, these current mortgage rates are higher than recent years, but funny enough one thing that has remained constant in recent memory is change. The housing inventory has fluctuated. Prices have changed. It’s important to realize that markets and rates shift over time, which is why it’s so important to consult a REALTOR® to help in your particular homebuying and selling needs. Understanding the current market in a particular area is exactly the type of expertise a REALTOR can provide. REALTORS help guide their clients through the sometimes dizzying process of buying or selling property. That’s Who We R®.

Those of us who are close to the real estate market have no doubt been keenly aware that mortgage rates have approached 7% in recent months, which continues to lead many prospective buyers to put their home purchase plans on hold temporarily. But these higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower, and the national and local housing markets reflect this.

Despite a drop in existing-home sales, in July home prices remained near record highs, with a national median sales price of $410,200 as of last measure, 0.9% below the all-time high of $413,800 recorded in June 2022, according to the National Association of REALTORS® (NAR). Affordability constraints have continued to limit homebuying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to NAR. With only 3.1 months’ supply heading into July, the lack of inventory has boosted competition among buyers and put upward pressure on sales prices, especially in more affordable markets, where competition for homes remains particularly strong.

Speaking of local housing inventory, New Listings in the Chattanooga region decreased 21.0% from July 2022 (1,412) to 1,115, while Pending Sales were down 5.5% from July 2022 (1,045) to 988. Inventory levels shrank 14.2% to 1,779 units.

Prices in our area continued to gain traction. The Median Sales Price increased 4.9% from July 2022 ($309,900) to $325,000. Days on Market was up 100.0% from July 2022 (15 days) to 30 days. Absorption rates were even with last year as Months Supply of Inventory remained flat at 2.0 months.

Regardless of where you live, when undertaking a process as potentially complex as real estate having an expert on your side is absolutely crucial. That’s why utilizing a REALTOR® is the best way to make sure that you get the most out of your most valuable investment. REALTORS® work for their clients and communities every day. That’s Who We R®.

In today’s technology-driven age, home surveillance systems have become integral to many households, offering enhanced security and peace of mind. But for potential homebuyers, this can bring an unexpected twist to the home shopping experience. While touring homes, cameras could capture homebuyer’s reactions, comments, and discussions, and homesellers can face legal risks that could lead to civil and criminal liability.

So how can REALTORS® help clients on both ends of a real estate transaction stay compliant? With the ever-growing use of property surveillance, keep these best practices listed in the National Association of REALTORS® Window To The Law in mind:

• Address a seller’s use of surveillance devices in the listing agreement by requiring sellers to disclose any devices, warning them of the legal risks associated with audio and video surveillance, and requiring indemnification for any unlawful surveillance by the seller.
• Recommend sellers provide notice of property surveillance, even when notice isn’t required.
• Disclose any known property surveillance to other participants in the MLS; while Greater Chattanooga REALTORS®’s MLS does not currently require disclosure upon submission of a listing, other MLSs might. So, sellers, talk with your agent. And REALTORS®, talk with your managing broker about any office policies or best practices in this regard.
• Remind sellers of their fair housing obligations. Video surveillance can reveal a lot about prospective buyers.  If you suspect a seller is using video footage to violate the law, document your concerns in writing, and depending on the circumstances, consider removing yourself from the transaction.
• Inform buyers of the potential for surveillance devices during showings and any known devices in writing.
• Counsel buyers to assume they are always being recorded and avoid discussing their interest while at the property.
• Advise buyers against taking pictures during a showing and to avoid posting photos online, unless they have the seller's permission to do so.

While some states like TN and GA have exceptions for property owners, in most states it would be inappropriate for an absent homeowner to press record and capture a conversation between a buyer and their agent without either their express consent or their implied consent through, for example, the posting of a conspicuous notice of the recording.

Practicing these tips is key to not only helping your clients navigate these issues, but to protecting you from legal liability. Being mindful of home surveillance ensures a more guarded approach, protecting your privacy and your leverage in purchasing. Whether you’re hoping to lease, purchase, or sell, utilizing the expertise of a REALTOR® is the best way to protect yourself and your investment. REALTORS work for their clients and communities every day. That’s Who We R®.

Across the country, housing inventory remains an issue for people looking to move into a home that better fits their changing needs. One way of dealing with this issue is to have someone make improvements to their existing property to make it into the home they desire. But unfortunately, across the country scammers are seizing this opportunity to take money from unsuspecting homeowners.

Home improvement scams are widespread. In fact, a new study from JW Surety Bonds shows one in 10 owners has been scammed by a contractor. As a service to homeowners, I think it’s important to relay a recent article by Melissa Dittmann Tracey, a contributing editor for REALTOR® Magazine, in which she details the survey with Maddie Weirman, a spokesperson for JW Surety Bonds. Through the survey, there are certain “red flags” to look for when hiring someone for home improvement services. Tracey details the most common characteristics:

• The contractor failed to complete the job or did poor-quality work and did not meet the agreed-upon standards (63%).
• The contractor frequently arrived late or missed appointments without a valid reason (40%).
• They added extra charges or fees that had not previously been discussed (26%).
• They refused to answer questions or were evasive about progress updates (25%).
• They provided no written contract or a vague contract without job specifics or costs (13%).

So what are some steps that can be taken to avoid being scammed? Tracey and Weirman give the following suggestions:

Ensure the contractor is licensed and insured. “Don’t be afraid to ask the contractor for proof of insurance,” Weirman says. By hiring contractors who are licensed and bonded, homeowners can have extra security; surety bonds provide financial security against contractor scams.

Get everything in writing, and review the contract carefully. “Make sure that this contract includes the contractor’s name and information and when the project is projected to start and end,” Weirman says.

Never pay the full amount up front. While a deposit is common, Weirman says homeowners should not pay the full, agreed-upon amount until the project is complete to their satisfaction.

Tracey notes that all age groups are susceptible to these bad actors. Baby boomers were the most likely to fall victim to contractor scams (15%), followed by millennials (13%), the survey shows.

Thanks to Tracey and Weirman for these helpful tips. No one wants to fall victim to a scam that could potentially cost thousands of dollars. While these bad actors target many people, another way to help guard against these dishonest people is to consult your REALTOR® for a recommended service provider. Utilizing the expertise of a REALTOR®, even after your housing transaction, is just one part of the services that REALTORS provide. REALTORS® help homeowners get the most out of their investment. That’s Who We R®.

In the fast-paced world of real estate, there are many factors that can pose an issue when attempting to purchase property, which is exactly why the role of a buyer's agent has become more crucial than ever before. Buyer representation agreements are a win-win proposition for both real estate professionals and consumers. Not only do these agreements help build trust by promoting transparency through up-front and honest conversations, but they also provide clarity regarding services clients can expect to receive, as well as how their real estate professional will be compensated for their time. This transparency is crucial for all parties so that REALTORS® can help educate consumers during one of the biggest and most complex transactions many make in their lifetime.

So what does a Buyer Representation Agreement consist of? Simply put, it’s a legally binding agreement that details many crucial elements of the relationship, such as services, agency relationship and compensation. And, signing one at the beginning of the relationship protects both the broker and the buyer by avoiding misunderstandings. Discussing the Buyer Representation Agreement helps ensure the homebuyer has a loyal advocate representing them in the transaction, including whether the agent may be serving as a dual agent (someone who acts as both the buyer's and seller's agent in a transaction).

While jurisdictions vary in what is required in terms of written agreements when it comes to compensation, most states require that any exclusive brokerage or agency relationship be in writing, and about half of states require written disclosure of an agency relationship in order for the real estate professional to be paid for their services. To my fellow REALTORS® this is a reminder to make sure to check where you fall in terms of requirements, and check with your REALTOR® association for a buyer representation agreement form, and be sure to explain all provisions of the agreement to a buyer client.

For REALTORS® and individuals who are looking to learn more about the homebuying process, I encourage all to visit the website competition.realtor for infographics, informative articles, and other resources to help facilitate these important conversations during a buyer representation meeting.
Purchasing property can be stressful, but the process is much smoother when everyone is clear on all the details at the beginning of the process. Providing clarity to a complex process is a REALTORS® area of expertise. Whether you’re looking to buy or sell property, utilizing the knowledge of a REALTOR will help ensure that the process will go as smoothly as possible, and that as a consumer, you are getting the most value from your most important investment. That’s Who We R®.

When people speak about real estate, many automatically think of homes, but the commercial sector is just as crucial to our local and national economy. So, where does the Greater Chattanooga area stand in the national commercial market?

First, let’s look across the nation to get the big picture. The first quarter of the year was anything but boring for commercial real estate. The recent developments in the banking sector added concerns about lending activity in the market. While commercial real estate relies heavily on the banking industry for capital, there were rising concerns that recent bank failures would make it harder to get a commercial real estate loan. Nevertheless, according to the Federal Reserve, commercial real estate loans of small, domestically commercial banks remained unchanged during the first quarter of 2023 despite bank failures.

A helpful benchmark to compare commercial real estate to is 2020. So how has Chattanooga changed since 2020? The National Association of REALTORS® Commercial Real Estate Report from Q1 shows that our population has grown 0.7%. For comparison, the national average is a growth of 0.1%. Our economy has increased 10.1 percent with an unemployment percentage of 3.0, which is below the national average of 3.5 percent. In fact, Tennessee ranks ninth in the nation for job growth since March 2020.

A recent study from the U.S. Bureau of Economic Analysis summarizes our area in a helpful way. “The Chattanooga metro area has seen a strong surge in its economy, underpinned by significant growth in the technology, healthcare, and manufacturing sectors. The city boasts of a rising population, low unemployment rates, and a growing GDP.” This study states that such economic growth generally translates to a positive environment for commercial real estate.

Bloomberg Businessweek also recently pointed out that office spaces in Chattanooga are expected to experience a resurgence in demand. As more companies are favoring a hybrid work model, there is a growing requirement for smaller, flexible office spaces.

This is a lot of data to go through, but the bottom line is that commercial real estate is looking to make gains in 2023, which translates to more jobs and a more robust economy for our area. Whether you’re looking to purchase a property to call home, or somewhere to start a business, utilizing the expertise of a REALTOR® is the way to make sure that you’re getting the most out of your investment. REALTORS® work for their clients and communities every day. That’s Who We R®.

Temperatures are heating up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season. According to the latest data from the National Association
of REALTORS® (NAR), national existing-home sales climbed 0.2% from the previous month but were down 20.4% compared to the same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales.

Nationwide, total housing inventory increased 3.8% from the previous month, for a 3-month’s supply at the current sales pace. The shortage of homes for sale has kept prices high for remaining buyers, with a national median sales price of $396,100 as of last measure, a 3.1% decline from the same time last
year and the largest annual decrease since December 2011, according to NAR. As demand continues to outpace supply, properties are selling quickly, with the majority of homes listed for sale on the market for less than a month.

When looking locally in the greater Chattanooga area, New Listings in our area decreased 26.7% to 1,219. For comparison, in June 2022, there were 1,662 new listings. Pending Sales were down 7.2% to 975 from June of 2022 (1,051). Inventory levels shrank 6.7% to 1,778 units. This is a slight decrease from 1,905 in June of 2022. Prices continued to gain traction. The Median Sales Price increased 4.0% over ∆une 2022 ($326,900) to $339,950. Days on Market was up 130.8% over June 2022 (13 days) to 30 days. Buyers felt empowered as Months Supply of Inventory was up 11.1% to 2.0 months.

One thing that’s certain is that nothing stays the same, and this is especially true in the real estate market. We currently find ourselves in a time of change, and that’s why if you’re looking to enter the housing market, whether it’s to buy or sell, utilizing the expertise of a Realtor® is so critical. Realtors have the tools and the data to help make the most out of your most valuable investment. That’s Who We R®.

If you’re like me, looking at your energy bill in the summer and winter months really makes you consider making some of those energy efficient upgrades. And I’m not alone. Homeowners want energy efficient homes, whether it’s to save money or reduce their carbon footprint, and smart home tech can help.

But where do you start? Brandon Doyle, a REALTOR® who also recently contributed this article to Realtor Magazine, has five technology advancements to make a home more convenient and more efficient, speaking to those who want to optimize the comfort of their home while reducing their carbon footprint:

Smart Thermostats. Let’s start with one of the most-adopted components: the smart thermostat. This device is the peak of intuitive design, offering a level of control and efficiency that goes far beyond what we thought possible when central heat and air was invented. Smart thermostats adjust the temperature based on our daily habits, ensuring comfort while minimizing energy use. Further, their remote control aspect means homeowners can access them from anywhere in the world. Savings on energy bills are often substantial, and the positive environmental impact is a win-win result.

Smart Lighting. The intelligence of our homes doesn’t stop at temperature control. Smart lighting gives homeowners power over ambiance and energy consumption. These systems, which use smartphone apps or voice commands, let homeowners easily adjust lighting to suit their mood, the time of day, or specific tasks. More importantly, they significantly reduce energy waste, as lights can be automatically turned off when no one is in the room. Plus, smart lighting systems often utilize LED bulbs, which consume far less energy than their traditional counterparts.

Smart Shades. These nifty installations offer a seamless blend of comfort, efficiency and style. Some automatically adjust throughout the day, tracking the sun to optimize natural light and heat gain in a room or home. Others have the option to set a timer to lower shades at specific times, which also helps keep a home at a comfortable and efficient temperature. These shades are particularly advantageous for hard-to-reach windows, since they can be controlled remotely.

Smart Irrigation. Efficiency in smart home tech isn’t important only inside the home. Smart irrigation systems ensure the yard gets the attention it needs. These systems are far superior to traditional sprinkler timers, taking into account real-time weather conditions to avoid unnecessary watering. Sensors that come with complete systems or that can be added to existing systems also reduce water use by watering based on plants’ needs rather than a set timer. These key features not only save a significant amount of water but also ensure optimal plant health.

Smart Energy Meters. Innovative products like the Sense energy monitor are the unsung heroes of home efficiency. These devices provide real-time insights into your home’s energy usage by monitoring electricity consumption at the appliance level. With this knowledge, homeowners can identify energy-hogging appliances or unusual power consumption patterns. These insights help homeowners make informed decisions about energy usage, leading to potentially significant savings and a smaller carbon footprint.

Thanks for these great tips, Brandon. Understanding these benefits and communicating them to clients can provide a significant competitive edge. And for the homeowner, the advantages of smart home technology make the initial investment well worth it, adding not only to the value of the property but also to the quality of life within it. Realtors® can help give insight into making your most valuable investment more energy efficient. That’s Who We R®.

There are many reasons why summer may be the perfect time to put your home on the market. The summertime allows for the opportunity to move with more ease, and many families are trying to settle into a new place before the school year starts. Also the housing market tends to be more swift in the summertime. If you’re selling your house, there are tips you can follow to help sell your home even faster. So how do you make your home stand out? The answer – a sizzling Open House.

A well-planned open house allows potential buyers to picture how life in this particular home would be, and in the summer, people can be more relaxed. Making your open house a haven from the heat is the best way to help them visualize that your home is where they’ll want to spend all of their summers.

Here are a few tips to help your home’s open house stand out this summer.

Turn on the A/C. It’s easy for a house to become stuffy and warm during the summer, especially with exterior doors frequently opening and closing, so make sure that you have the air conditioning running whenever you’re hosting potential buyers. This step also shows prospective buyers that the A/C is operational and ready to go.

Curb appeal. Your home’s curb appeal is its first impression, and the summer months can be harsh on your home’s front lawn. There is nothing attractive about the dry, dead grass of summer. Water frequently or update your home’s landscaping to something grass-free. A little effort can go a long way to showcase your home.

Outdoor living. If the home you’re selling has a pool, a large deck, or an outdoor kitchen, the summer months are the perfect time to highlight them. Why not put some lemonade out for buyers to enjoy on the patio and keep the pool crystal clean? However, it’s important to remember that summer means kids are out of school, and they may be joining their parents on open house tours, so make sure that pool gates are kept locked tight for safety.

Embrace the summer season. Potential buyers may be hot and thirsty when they arrive, so home sellers should prepare for it. Have a cooler with ice-cold bottled water ready and waiting for them the moment they walk in the house, and have refreshing snacks, like watermelon or popsicles, available in the kitchen or on the patio. This gesture will help home buyers picture your home as their oasis in the heat.

Taking a little extra time when listing your home can make it fly off the market even quicker than those who don’t take these steps. If you are interested in selling or buying a home this summer, use the services of your Realtor®. We have the tools and expertise to make sure that your house has the best chance of selling fast and for what the property is worth. Realtors work all year long to meet the housing needs of our community. That’s Who We R®.

Paula Palmer (Real Estate Partners) passed away on Sunday, June 25. There will be a service on Saturday July 1, at St. Paul’s Episcopal Church (305 W 7th St.) at 11:00am with a reception to follow afterwards.

In lieu of flowers, the family asks that donations be made in her name to the Chattanooga Kidney Fund or Breast cancer organization of your choice.

CHATTANOOGA, TN June 20, 2023  -- Greater Chattanooga Realtors® raised more than $64,500 for Habitat for Humanity of Greater Chattanooga during their fundraiser, Tee Up & Wind Down at WindStone Golf Club. The biennual event involves a golf scramble and live auction of donated items.

“Our Realtors give back to the community in so many ways, and this scholarship is another example of that,” said Steven Sharpe, 2023 President of Greater Chattanooga Realtors®. “I’m so grateful to all the volunteers, golfers and sponsors who made this event such a resounding success,” said Sharpe.

“Our Community Partnerships Committee has worked tirelessly to secure sponsorships and donations, and I’m so appreciative of their hard work, and the generosity of everyone who attended,” said Chris Scott, 2023 Chair of the Community Partnerships Committee.

“We are incredibly grateful for this partnership with Greater Chattanooga Realtors®,” said Jens Christense, Chief Executive Officer of Habitat for Humanity of Greater Chattanooga. “Homeownership is a dream for so many and Realtors® spend every day making that dream come true.  By extending their support to Habitat, Greater Chattanooga Realtors® empower lower income families to escape generational poverty and build wealth through homeownership, impacting families for years to come,” said Christense.

Check the gallery of the events here and here.

As I mentioned a few weeks ago, June is recognized as National Homeownership Month, and it just so happens that this is also a great time of year to pay a little extra attention to some often overlooked areas of one’s home. In a recent post from HouseLogic.com, which is with the National Association of REALTORS®, Kelley Walters identifies five summer maintenance tasks to undertake during June's longer days and better weather which will help save time and money this winter.

Update Outdoor Lighting. In June, winter nights are probably the last thing on your mind. But early summer is the perfect time to plan for those "OMG, it's only 4:30, and it's already dark " moments by adding or updating landscape lighting.

The most energy-efficient, easy-to-install option is solar lighting, but it won't perform as well on dark or snowy days. For light no matter the weather, install electric lights.

Clean Your House's Siding. With a bit of preventive maintenance, your home's siding will stay clean and trouble-free for up to 50 years. Fifty years! Clean it this month with a soft cloth or a long-handled, soft-bristle brush to guarantee that longevity. Start at the bottom of the house and work up, rinsing completely before it dries. That's how you avoid streaks.

Focus on Your Foundation. There's no better time for inspecting your foundation than warm, dry June. Eyeball it for crumbling mortar, cracks in the stucco, or persistently damp spots (especially under faucets). Then call a pro to fix any outstanding issues now, before they become an emergency later.

Seal Your Driveway Asphalt. Your driveway takes a daily beating. Weather, sunlight, cars, bikes, and foot traffic all can damage the asphalt. Help it last by sealing it. Tip: The temperature must be 50 degrees or higher for the sealer to stick, making June a good month for this easy, cost-effective job.

Buy Tools. Thanks to Father's Day, June is the month everyone can get a deal on tools, tool bags, and that multitool you've had your eye on. If it's time to replace a bunch of tools or you're starting from scratch, look for package deals that offer several at once. These can pack a savings wallop, offering 30% off or more over buying the tools individually.

The days are longer and the weather’s warm, and using this time to make the most out of your most valued investment is a great decision. REALTORS® help their clients and community all year long with their homeownership needs. That’s Who We R®.

In May, nationally Existing-home sales slid for the second consecutive month, falling 3.4% as of last measure, according to the National Association of REALTORS® (NAR), as higher interest rates continue to impact buyer affordability. Sales are down 23% compared to the same period a year ago, while contract signings dropped 20.3% year-over-year. With sales cooling, buyers in some parts of the country have found relief in the form of declining sales prices, which are down 1.7% year-over-year nationally, although more affordable markets continue to see price gains.

When looking at the local data, New Listings in the Chattanooga region decreased 19.3% to 1,160. Pending Sales were down 19.8% to 897. Inventory levels grew 12.2% to 1,651 units. Prices continued to gain traction. The Median Sales Price increased 2.5% to $323,028. Days on Market was up 142.9% to 34 days. Buyers felt empowered as Months Supply of Inventory was up 28.6% to 1.8 months.

While fluctuating interest rates have pushed some buyers to the sidelines, a shortage of inventory is also to blame for lower-than-average home sales this time of year, as current homeowners, many of whom locked in mortgage rates several percentage points below today’s current rates, are delaying the decision to sell until market conditions improve. With only 2.9 months’ supply heading into May, available homes are moving fast, with the typical home spending just over three weeks on the market, according to NAR.

There are positive signs that interest rates might be on the way down. Just earlier today, Dr. Lawrence Yun, NAR Chief Economist, reacted to lower inflation rates for May:
"Inflation calmed down in May, and further deceleration looks likely in the upcoming months. It also marks the first month in two years that wage growth outpaced consumer price inflation, improving the average standard of living. Moreover, low inflation means that the Federal Reserve should stop raising interest rates and possibly slash rates towards the year-end or early next year.”
Yun continues. “The yield on the 10-year Treasury is responding positively with a rate decline to 3.7%. That normally means the 30-year mortgage rate is around 5.5% to 5.7%. Of course, we know the mortgage rates have been near 7% recently, but the potential for a decline is real as we progress through the year. "

So if potential homebuyers have been on the fence about entering the housing market, it might be time to take a look at what possibilities are out there. No matter the market, it’s always a good idea to consult the expertise of a REALTOR® when potentially buying or selling property. REALTORS® work for their clients all year long. That’s Who We R®.

June marks National Homeownership Month, which recognizes the value of homeownership and its positive impact on families, communities, and the nation’s economy. This month is a time to celebrate and help promote the American Dream of homeownership while pointing out the many benefits of owning a home.

Most experts agree that homeownership is one of the best investments a person can make to begin building wealth, but that’s not all. Homeownership can lead one towards financial and social stability, and it helps build community.

While it may seem unrelated on the surface, Greater Chattanooga REALTORS®’s partnerships with Habitat for Humanity of Greater Chattanooga Area and the Snack Pack Ministry are aligned with why homeownership matters. Habitat works to build simple, decent, and affordable homes, and the Snack Pack Ministry ensures that children in our community have something to eat over the weekend. Through these partnerships, we aim to create opportunities for our neighbors to have access to housing and build wealth to provide for their families. 

Homeownership also puts many people to work. In fact, for Tennessee, the real estate industry accounted for $69.2 billion, or 14.5% of the gross state product in 2022. That translates to an average of $114,100 per home in our state. That equals many jobs in many fields across the state.

Often, clients are surprised to learn that they can put a down payment on a home that is about the same amount as a deposit on a rental property. And the financial benefits don’t stop there – purchasing a home is the first step in building equity. Over time, as the housing needs of your family unit change, you can upsize and downsize accordingly. You can use the wealth accrued from your current home and apply it towards a new home that meets your needs.

While it’s true that interest rates have risen to nearly 7%, I think it’s important for people to realize that often renters are paying each month and have no access in that home’s equity, which in essence means they’re paying 100% interest. Compared to renting, purchasing a home is a way to limit in some ways, the impact of inflation. It’s not uncommon for rents to fluctuate with inflation, when purchasing a home, you can lock in a rate that remains the same for the life of the mortgage, and even refinance if rates come down.

Think that home prices are too steep? If you can afford it, homeownership has returned on the investment over years. Our local housing market statistics show a gradual increase in median home prices, and this has been the case over the last ten years. The sooner you invest in a home, the sooner you invest in yourself and your path towards financial stability for the long-term.

Sound a bit complicated? Try this. Think of owning your own home as an investment in not only your future, but your family’s future as well. Interested in getting started on the journey of buying your own home? Contact a Realtor®. We have the tools and professional knowledge to help you walk this path. Realtors are here to be your housing resource. That’s Who We R®.

I often joke with my fellow REALTORS® that our industry is very similar to the armed services in that both fields absolutely love to use acronyms. MLS and IDX are terms REALTORS® use every day, but I think it’s important to explain what these letters stand for, and more importantly, how they represent accurate property listings that benefit consumers and REALTORS® alike.

First of all, I think it’s important to note that REALTORS® are small business owners who ensure buyers and sellers experience the greatest transparency, choice, and efficiency through independent, local broker marketplaces that level the playing field for all types and sizes of residential real estate brokerages. This is where the MLS comes into play.

The multiple listing service, or MLS, is a facility that allows real estate professionals to learn about and share local property listings in support of the interests of clients and customers. REALTORS® enjoy an economical, efficient system of sharing real property information and facilitating cooperative transactions, while their clients and customers have access to the most accurate and up-to-date property information available.

There are hundreds of MLSs across the country, which use a common set of rules to enable a smooth exchange of information in their local communities. MLSs provide a means for participants to offer compensation to other participants and enhance cooperation among them. MLSs have adopted Internet Data Exchange (IDX) programs as a means of enhancing cooperation between REALTORS®. Under IDX, brokers exchange consent to display each other’s listings on participants’ websites and using applications for mobile devices that participants control. Many MLSs, as a service to their members, also provide listing information to third-party aggregators such as realtor®.com and others through syndication or other similar type agreements, unless the broker withholds consent.

So when brokers input information into the MLS, they create hubs of trusted, verified information where all participants have equitable access. And because of lower barriers to entry enabled by local broker marketplaces, new market entrants can advance technology, consumer service, and other innovations. This allows for unprecedented competition, which ultimately benefits those looking to buy or sell property.

Whether you’re looking to buy or sell property, REALTORS® are everyday working Americans who champion wealth building through homeownership and property rights while advocating for their communities. That’s Who We R®.

Buying a home is an exciting journey for many families. Having someone on your side who understands the process and protects your interests is essential. That’s where a Buyer’s Representation Agreement comes in. It’s a special agreement between you and a Realtor that ensures you have a dedicated professional guiding you through the home buying process. Let’s look at why having a Buyer’s Representation Agreement is vital for consumers in real estate transactions.

1. Personalized Guidance: When you sign a Buyer’s Representation Agreement, you gain access to a dedicated Realtor who will work exclusively for you. They will listen to your needs, preferences, and budget and help you find suitable properties. Through their expertise, they can narrow down the search and save you valuable time by showing you homes that match your criteria.
    
2. Market Expertise: Realtors have extensive knowledge of the local market. They can provide insights into neighborhood trends, property values, and market conditions. This information is crucial in making informed decisions and negotiating the best deal. By signing a Buyer’s Representation Agreement, you ensure that your agent is committed to representing your best interests.
    
3. Skilled Negotiation: Buying a home often involves negotiations with the seller or their agent. Having a buyer’s agent with strong negotiation skills can make a significant difference in securing a favorable deal. They will advocate on your behalf, helping you navigate counteroffers, repairs, and other terms to ensure you get the most favorable terms and price.
    
4. Legal Protection: Buying a home involves complex legal processes and paperwork. A buyer’s agent can help you understand the documents involved, such as purchase agreements, disclosures, and contracts. They ensure that you are aware of your rights and obligations, protecting you from potential legal pitfalls.
    
5. Transparency: A Buyers Representation Agreement provides clear information about the agent’s role in the transaction and the duties owed to the consumer. It also provides transparency about the agent’s compensation and who pays them for their services.

A Buyer’s Representation Agreement is an essential tool for consumers in real estate transactions. It provides personalized guidance, market expertise, skilled negotiation, legal protection, and transparency. By signing this agreement, you ensure that you have a dedicated professional working solely in your best interest. Realtors are professionals who are expected to be able to answer questions about the services they offer and provide clarity and transparency about how they are compensated for their services. Whether you’re a first-time homebuyer or experienced investor, having a buyer’s agent by your side can simplify the process and help you make informed decisions. Remember, in real estate, having the right representation makes all the difference. That’s Who We R®.

We are pleased to launch Finding Homes which lets you search Greater Chattanooga REALTORS® listings* by voice prompts. In addition to another tool for agents on the go, Finding Homes creates a more accessible real estate search option for those who are blind or visually impaired.

How to Access Listing by Voice in Greater Chattanooga

1.  Use an Alexa device OR download the Alexa App for free from the Apple App Store or on Google Play. NOTE: If using the Alexa app, make sure the app is open on your phone.

2.  Start by saying, "Alexa, start Finding Homes."

3.  Finding Homes will suggest search options, or you can ask about specific property features. Alexa will also send a complete list of available questions to your Alexa app so you know what you can ask. Alternatively, you can also ask for the complete list to be said aloud by the device.

With Alexa, you can use search parameters such as address, price range, or the number of bedrooms and bathrooms. Finding Homes will sort and read you details of homes for sale that meet your criteria. Click here for a list of all voice commands for Finding Homes.

Accessibility and equal access to the listing data is crucial to everyone in our industry, so having an ADA-compliant voice search capability is a solid addition to our residential MLS technology offerings.

The housing market is shifting all over the country, and inventory remains tight nationwide. With only 980,000 units available for sale heading into April, that’s a 5.4% increase from one year earlier. However, the number of homes for sale is down compared to the same period in 2019, before the pandemic. The lack of existing inventory continues to impact home sales. With only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, according to the National Association of REALTORS® (NAR).

The national housing landscape in April saw existing-home sales decline 2.4% month-over-month as of last measure, according to NAR, reversing February’s sales gain of 14.5%. In addition, fluctuations in mortgage interest rates have caused buyers to pullback, with pending sales dropping 5.2% month over-month. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the same time last year, the largest year-over-year decline since January 2012, according to NAR.

Possibly contributing to the lack of housing inventory is the recent rate hike from the Federal Reserve. Last week at our Federal Legislative Meetings, NAR economist Lawrence Yun and National Association of Home Builders economist Robert Dietz agreed that the Federal Reserve’s continual interest rate hikes are freezing lending activity, undermining efforts to build homes and relieve inventory.

New Listings in the Chattanooga region decreased 26.1% from April 2022 (1,422) to 1,051. Pending Sales were down 10.0% from April 2022 (1,093) to 984. Inventory levels grew 16.0% from April 2022 (1,296 units) to 1,504 units. Prices were fairly stable. The Median Sales Price decreased 0.3% to $300,000. Days on Market was up 140.0% from April 2022 (15 days) to 36 days. Buyers felt empowered as Months Supply of Inventory was up 33.3% to 1.6 months.

The market is shifting, but one constant in this changing market is the need to consult a REALTOR® for your property buying or selling needs. Whether you’re buying or selling, or moving locally or across the country, Realtors have the knowledge and tools needed to make sure you are getting the most out of your investment. That’s Who We R®.

This week I get the pleasure of writing to you from our nation’s capital.  Greater Chattanooga Realtors joined more than 9,000 Realtors nationwide to further our work with Congress. The primary purpose of the annual Realtors Legislative Meetings is to advance policy initiatives that strengthen the ability of Americans to buy, invest, own, and sell commercial and residential real estate. The importance of our advocacy work has become increasingly clear over the last several years. These meetings allow Realtors to build on that momentum and continue the critical policy conversations with our lawmakers and industry leaders.

The objectives of our 2023 Legislative Meetings are:

• Improving access to homeownership,
• Increasing housing inventory, and
• Streamlining affordable housing programs

Realtors believe all Americans should have the opportunity to achieve homeownership, which is the pathway to economic well-being and intergenerational wealth. Unfortunately, a 50-year record shortage of affordable homes severely limits access to the residential real estate market. A recent study by the National Association of Realtors (NAR) estimates that over the last 20 years, the U.S. has developed an “underbuilding gap” of at least 5.5 million housing units. This gap equates to a more than $4 trillion underinvestment in housing.

To help tackle these issues, this week Realtor took time with our elected officials to convey our support for the following:

• The More Homes on the Market Act (H.R. 1321) will incentivize more owners to sell their homes by increasing the maximum amount of capital gains a homeowner can exclude on the sale of a principal residence and annually adjusting it for inflation. Bipartisan legislation on this issue has been introduced in the House of Representatives.
   
• The Neighborhood Homes Investment Act (S. 657) will attract private investment for building and rehabilitating owner-occupied homes by offering tax credits that create a pathway to neighborhood stability through sustainable homeownership. Providing this powerful incentive to build and rehabilitate homes for low- and moderate-income homeowners can fill the gap in areas where it is often more expensive to develop or rehabilitate than appraisal values will support. Bipartisan legislation on this issue has been introduced in the Senate.
   
• The Choice in Affordable Housing Act (S.32) will create incentives for housing provider participation in the Department of Housing and Urban Development’s (HUD) Housing Choice Voucher (HCV) program. Realtors encourage legislators to increase funding to assist homeless veterans living on tribal land, update HUD’s methodology for determining rents paid to participating housing providers, and reduce burdensome inspection delays. Bipartisan legislation on this issue has been introduced in the Senate.
   
• In addition to these Acts, Realtors support invectives to convert unused commercial buildings to residential and mixed-use properties. Such incentives are crucial because many commercial properties can be adapted to better suit the needs of communities and create job opportunities, including adding multifamily and affordable housing, warehouse and industrial properties, and mixed-use spaces.

So why do we take the time to make this annual visit to the nation’s capital? No matter the political party, REALTORS® work across the aisle to help make housing more accessible to a greater number of people. As members of America’s largest trade association, Realtors know the importance of making our voices and the voices of homeowners heard. Realtors work for their clients and communities every day, all over the country. That’s Who We R®.

You’ve likely noticed some fluctuating mortgage rates when watching the news recently. It’s easy to tune out when experts talk about fractions of a percentage, but these small differences can have a big effect. When you’re looking at purchasing something as expensive as property, those changes can mean a monthly difference of hundreds of dollars, which could mean a drastic difference in the house that someone might qualify for. That’s why keeping an eye on these changing rates is so important.

So what do these fluctuating rates mean for the housing market? Melissa Dittmann Tracey, real estate expert, and contributing editor, summarizes the recent activity in a recent article at REALTOR® Magazine:

Though mortgage rates inched up this week, they remain below 6.5%, Freddie Mac reported Thursday. The 30-year fixed-rate mortgage averaged 6.43%, up from 6.39% last week. But “with the rate of inflation decelerating, rates should gently decline over the course of 2023,” says Sam Khater, Freddie Mac’s chief economist. “Incoming data suggest the housing market has stabilized from a sales and house price perspective. The prospect of lower mortgage rates for the remainder of the year should be welcome news to borrowers who are looking to purchase a home.”

The National Association of REALTORS® is predicting that the 30-year fixed-rate mortgage will fall to 6% by the end of the year and to 5.6% in 2024.

Buyers have shown sensitivity to movement in mortgage rates as they break their budgets to afford high home prices. But low inventory may prove an even bigger obstacle: The spring homebuying season is off to a slow start because buyers can’t find enough options, according to NAR data.

Freddie Mac reports the following national averages with mortgage rates for the week ending April 27:

30-year fixed-rate mortgages: averaged 6.43%, up from last week’s 6.39% average. Last year at this time, 30-year rates averaged 5.1%.

15-year fixed-rate mortgages: averaged 5.71%, dropping from last week’s 5.76% average. A year ago, 15-year rates averaged 4.4%.

When the market changes and mortgage rates are moving daily, it’s important to utilize the expertise of a REALTOR® when looking to buy or sell a property. REALTORS have the tools available to make sure that you get the most out of your investment, not matter what the current conditions might be. That’s Who We R®.

Greater Chattanooga REALTORS® is pleased to partner with Crexi to provide our Commercial MLS USers with access to Crexi PRO - list, manage and market your CRE listings to 20M+ users in their database. You will also have unlimited access to market and property data, such as comps and full contact ownership information. We have chosen to sunset Catylist on June 1 and will be using Crexi as our commercial listing service provider moving forward.

Many of you were already part of an initial trial period. Everyone else who is new to Crexi will receive an account activation email no later than tomorrow/Friday (please accept/login) and should see their live listings on Crexi no later than Tuesday’s web-based training. Get started by logging in here.

Next Steps: If you’ve not already done so, please sign up for one of Crexi’s hosting training/demo sessions as soon as possible. They are offering four online webinars and six in-person training sessions at the Association.

1. Online Webinar Training: register here for either 5/9, 5/11, 5/16 or 5/18

2. In-person Training: register here for either 5/22 or 5/23

 We are excited about their products and services helping our members now and into the future. If you have any questions about Crexi, please access their provided resources and comprehensive support options:

• Crexi’s vendor page here on our website
• Crexi Help Resource Center
• Support/Help is available via support@crexi.com | 888-273-0423

 *NOTE: If you already have a Crexi PRO account, Crexi will convert your account over to our group account on 6/1/23, and you will no longer be charged for their service separately.

When you’re a REALTOR®, you realize immediately that everyone’s housing needs are different. Some people are looking to expand to make room for a larger family, while some folks are downsizing to have a space that is more comfortable for their needs. One constant between these people is that they all want to get the most out of their investment. Owning a home has traditionally been an exceptional way to help build wealth in the long term because it allows you to build equity, which is the difference between your home's value and the remaining amount of your mortgage. Over time, your home's value may appreciate, increasing your equity and net worth. Additionally, owning a home can provide tax benefits, such as deductions for mortgage interest and property taxes.

A new housing report by the National Association of Realtors® reveals middle-income homeowners accumulated $122,100 in wealth as their homes appreciated by 68% in the last 10 years. The report, Wealth Gains by Income and Racial/Ethnic Group, speaks to the value agents and Realtors® bring to consumers when helping buy and sell homes that build generational wealth. NAR released the report during its 2023 Realtor® Broker Summit as the association commemorates Fair Housing Month.

While not everyone has the same opportunities for homeownership, data show substantial variations and inequalities in homeownership rates across different income and racial and ethnic groups. For instance, low-income homeowners were able to build $98,900 in wealth in the last decade from home price appreciation only, while upper-income households saw an increase of $150,800.

"This analysis shows how homeownership is a catalyst for building wealth for people from all walks of life," said Lawrence Yun, NAR's chief economist. "A monthly mortgage payment is often considered a forced savings account that helps homeowners build a net worth about 40 times higher than that of a renter."

During Fair Housing Month, I think it’s important to look at homeownership’s effects on different groups from different backgrounds. Although Black homeowners experienced the smallest wealth gains among any other racial or ethnic group, these owners were able to accumulate over $115,000 in wealth in the last decade. For the first time in this report, NAR identified the top 10 U.S. metro areas which have recorded the largest wealth gains for Black homeowners over the last 10 years. Owners in these areas were able to accumulate more than $125,000 in wealth in the last decade.

Along with the wealth gains accumulated in the last decade, homeowners also saw their debt drop by 21%. Many homeowners who were able to refinance and secure a rate lower than 4% in the months following the onset of COVID-19 may have paid off an even larger amount of their mortgage, Yun noted.

I think Kenny Parcel, NAR’s 2023 President said it best; "Your neighborhood Realtor® is a champion able to help you achieve the dream of homeownership. It helps create long-term wealth and financial stability for your family and future generations."

Fair Housing is important all year long, and this study shows that making sure that all doors are open to potential homebuyers is crucial for future wealth for people of all different backgrounds. Realtors work for their clients and their homebuying and selling needs everyday. That’s Who We R®.

The spring homebuying and selling season is officially upon us. Many people seek to increase their property’s appeal to buyers by taking on some outdoor remodeling to help curb appeal. When looking at a property, there’s nothing quite like a fresh look to make your property stand out.

But what if you’re not looking to enter the housing market right now? A recent report from the National Association of Realtors might give some suggestions for projects that will make you happy in your home and potentially bring more money for your property whenever you decide to sell.

The 2023 Remodeling Impact Report: Outdoor Features looks at why homeowners complete outdoor remodeling projects, the value of undertaking these enhancements, and homeowners’ increased happiness after completing an upgrade. Referencing the methodology of the report, it specifically examines:

Project Cost.  This is the typical cost of 11 outdoor residential projects as estimated by members of the National Association of Landscape Professionals.
REALTORS®’ Estimated Cost Recovery and Recommendation. REALTORS®’ estimated cost recovery is defined as the amount of money homeowners can recover on a project upon selling a home, and the share of REALTORS® that recommend these outdoor upgrades before listing a home.
Consumer Experience. This measures the overall experience consumers had upon completing the 11 projects, including a” Joy Score.”

The Report identified eleven outdoor remodeling projects and examined why consumers take them on and their increased happiness resulting from the project. The estimated cost of the eleven items were fire feature ($9,000), in-ground pool addition ($90,000), irrigation system installation ($6,000), landscape lighting ($6,800), landscape maintenance ($4,800), new patio ($10,500), new wood deck ($16,900), outdoor kitchen ($15,000), overall landscape upgrade ($9,000), tree care ($2,875) and standard lawn care service ($415).

Ranked on a scale of 1-10, consumers rated all 11 outdoor projects highly, with Joy Scores at 9 or above. Among the features, the highest Joy Scores were for an in-ground pool addition (10), landscape lighting (10) and a new patio (9.9). Slightly lower Joy Scores were provided for an outdoor kitchen (9), tree care (9.3), standard lawn care service (9.4) and an irrigation system installation (9.4).

High Joy Scores did not necessarily correspond with REALTORS®’ estimate for high-cost recovery. Interestingly, the least expensive project — standard lawn care service — had the highest cost recovery (217%), followed by landscape maintenance (104%), an overall landscape upgrade (100%) and an outdoor kitchen (100%). In comparison, the lowest cost recovery was for an in-ground pool (56%) — which had the highest Joy Score — followed by a fire feature (56%) and landscape lighting (59%).

More REALTORS® recommended that when completing landscaping-related projects, homeowners look at landscape maintenance (74%), standard lawn care service (53%) and tree care (44%). The shares of REALTOR® recommendations were the lowest for an in-ground pool addition (1%), outdoor kitchen (1%) and an irrigation system installation (2%).

The outdoor projects for which landscape professionals saw the most increased demand included an overall landscape upgrade (61%), landscape maintenance (58%) and a new patio (55%). Conversely, they saw the least increased demand for a new wood deck (15%), an in-ground pool addition (25%) and tree care (29%).

“It’s no surprise that nearly all REALTORS® and most homeowners place a high value on the curb appeal of a well-maintained yard,” said Britt Wood, NALP CEO. “Healthy outdoor living and green spaces help the environment, increase home values, make communities more desirable, and improve people’s mental and physical health.”

If you’re looking to list your property for sale, these improvements can make a big difference. In fact, most REALTORS® (92%) suggested sellers improve curb appeal prior to listing a home for sale. So if you have questions about how to get the most for your property, or if you’re just looking to get a good return on your investment, consult a REALTOR®. We’re here to help our clients and community with their property questions all year long. That’s Who We R®.

March usually signals the beginning of the home buying and selling season, and on a national level, existing home sales jumped 14.5% month-over-month in February, which was the first monthly gain in 12 months. This is the largest monthly increase since July 2020, according to the National Association of REALTORS® (NAR). The sudden uptick in sales activity stems from contracts signed toward the beginning of the year, when mortgage rates dipped to the low 6% range, which caused a surge in homebuyer activity. Pending sales have continued to improve heading into spring , increasing for the third consecutive month, according to NAR.

Monthly sales might have been even higher if not for limited inventory nationwide. At the current sales pace, there were just 2.6 months’ supply of existing homes at the beginning of March, far below the 4 – 6 months’ supply of a balanced market. Inventory remains suppressed in part because of mortgage interest rates, which nearly hit 7% before falling again in recent weeks. Higher rates have continued to put downward pressure on sales prices, and for the first time in more than a decade, national home prices were lower year-over-year, according to NAR, breaking a 131-month streak of annual price increases.

Taking a look locally, in March New Listings in the Chattanooga area decreased 12.8% to 1,170. However, the total available housing Inventory grew 42.6% over March 2022 (1,079) to 1,539 units. Pending Sales were down 7.3% to 1,031.

Prices continued to gain traction. The Median Sales Price increased 5.0% over March 2022 ($300,000) to $315,000. Days on Market was up 89.5% to 36 days. Buyers felt empowered as Months Supply of Inventory was up 70.0% to 1.7 months.

No matter the time of year, and no matter the market, utilizing the knowledge and expertise of a REALTOR® is key to helping navigate the complex process of buying or selling a property. Realtors® provide valuable insight into the local market, help negotiate offers, and ensure that all legal and financial requirements are met. Realtors® work for their clients and communities every day. That’s Who We R®.

Barry Wilde (Happy Home Realty), passed away on Monday, April 3 2023. There will be a Celebration of Life on Saturday, April 15, at 3 p.m. at Wanderlinger, 1208 King Street, Chattanooga, TN. 

Marilyn Mobley Jackson (formerly with Better Homes & Gardens Real Estate Jackson Realty), mother of Lisa Heyer, passed away on Tuesday, April 4, 2023. Visitation will be at First Baptist Church in LaFayette, Georgia, on Saturday, April 8, 2-4 pm, with the services immediately following. 

For Realtors across the country, April is the month we spotlight the importance that housing is accessible to all. In conjunction with all other local, state, and the National Association of Realtors® (NAR), we commemorate the April 1968 passage of the Fair Housing Act with events and education courses to learn from past discrimination and how “Fair Housing Makes U.S. Stronger.”

Working to make the dream of homeownership available to everyone might seem like a no-brainer. Still, history teaches us about redlining and other steps that fought against neighborhood integration. We can learn some hard but important lessons through Pulitzer Prize-winning investigative reporter, bestselling author, and Chattanooga native Bill Dedman in Newsday’s “Long Island Divided” investigation. Dedman highlighted racial steering by real estate agents and what can be done to combat racism in real estate. All Chattanoogans can hear Dedman discuss his investigation on April 18. This luncheon is free to members. Non-members can call 423-698-8001 to register for $20.

So from a national perspective, what’s being done to right the wrongs of our past? For starters, NAR implemented the Fair Housing Action Plan composed of three pillars – Accountability, Culture Change, and Training (ACT!). Through the Fair Housing ACT! initiatives, NAR is working to ensure America’s 1.5 million Realtors are doing everything possible to protect housing rights in America.

Accountability. The Preamble to the Realtor Code of Ethics charges all Realtors with identifying and taking steps through Code of Ethics enforcement to eliminate practices that may damage the public or which might discredit or bring dishonor to the real estate profession. Regarding fair housing and discrimination, Article 10 requires that “Realtors shall not deny equal professional services to any person for reasons of race, color, religion, sex, disability, familial status, national origin, sexual orientation, or gender identity. Realtors shall not be parties to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, disability, familial status, national origin, sexual orientation, or gender identity.” Further, Article 10, Standard of Practice 10-1 states, “When involved in the sale or lease of a residence, Realtors shall not volunteer information regarding the racial, religious or ethnic composition of any neighborhood nor shall they engage in any activity which may result in panic selling.”

In November 2020, NAR expanded Article 10 to add Standard of Practice 10-5, which prohibits Realtors from using “harassing speech, hate speech, epithets, or slurs based on race, color, religion, sex, disability, familial status, national origin, sexual orientation, or gender identity.” And in April 2021, NAR confirmed that while REALTORS® are subject to disciplinary action due to their real estate-related activities, Standard of Practice 10-4 applies to all of a Realtors’ activities. Such evolutions to our Code of Ethics help us all do better through peer-to-peer accountability and enforcement.

Culture Change. NAR teamed up with the Perception Institute to create a free online workshop – Bias Override: Overcome Barriers to Fair Housing – to help Realtors avoid implicit bias in their daily business interactions. This year, I’ve challenged all Realtors serving on a local committee to complete the Bias Override Workshop. We’re learning we all have unconscious stereotypes due to our history, culture, and past experiences that can cause us to treat those who are different from us unfairly, even while our conscious mind rejects discrimination. By learning about our implicit biases, Realtors bring about culture change using tools to help with cross-group interactions and improve relationships one interaction at a time.

Training. In addition to Code of Ethics and Implicit Bias training, NAR offers tools such as the At Home With Diversity® (AHWD) certification, designed to enable Realtors to work successfully in changing multicultural markets. It teaches diversity sensitivity, how it applies to U.S. fair housing laws in business, and ways to develop professional guidelines for working with people in real estate. For Greater Chattanooga Realtors, we’re offering this class free to members on April 24. Like the Implicit Bias training, I’ve challenged all local leadership to obtain the AHWD certification.

Also, NAR created Fairhaven, which is my third 2023 challenge to the leadership of Greater Chattanooga Realtors. In completing a visit to Fairhaven, an online fair housing simulator, agents work against the clock to sell homes in the fictional town of Fairhaven, while confronting discrimination in the homebuying process. During the training, REALTORS® walk in the shoes of a homebuyer facing discrimination and obtain customized feedback to apply to daily business interactions. Since NAR introduced Fairhaven in 2020, nearly 200 Greater Chattanooga Realtors have completed or started their visit to Fairhaven.

Realtors across the country take fair housing very seriously, whether during this month of commemoration or all year long. For all the ways Greater Chattanooga Realtors is promoting fair housing, see https://www.gcar.net/fair-housing-month-2023. Thanks to these efforts of all Realtors, we better understand our local markets and our impact on the real estate industry. Our members know how best to work with potential buyers and sellers, regardless of race, color, religion, sex, disability, familial status, or national origin. Realtors work with all different people of all different backgrounds so they can achieve the dream of homeownership. That’s Who We R®.

It’s officially Spring, meaning the start of the homebuying season is underway. Although interest rates are higher than they’ve been in the past couple of years, an increase in housing inventory allows some folks to enter the market after watching from the sidelines. And if folks are looking to buy, it might be the right time to sell your house. One way of getting a jump on other properties is to hold an Open House.

Why hold an Open House? It’s a chance to throw open the doors and dazzle buyers. Whether you’re looking to sell now or later in the year, these tips will help make your Open House a hit and help sell your home much quicker.

Let Your Realtor® Take the Lead. Your job is to make your house look like a million bucks. The job of a Realtor, an expert on your local real estate market and what makes buyers tick, is to take care of the rest. The Realtor® will take the lead on hosting the Open House, communicating with potential buyers and their agents, and communicating any feedback to you following the Open House.

Try Some Simple Staging. You want your home to look its best on the market, especially during the Open House. Many Realtors say the best way to primp your home for its big day is to stage it.

Depending on what your Realtor recommends, staging may involve renting new furniture or decor for specific rooms in your home. Consider displaying a bouquet of fresh flowers in the entryway, setting your dining room table to make it look inviting, or turning on your outdoor sprinklers shortly before visitors arrive to make your lawn sparkle.

Clean Like Crazy. When your home is on the market, you need to keep it in showing shape — not only for the Open House but also for any scheduled showings with buyers. Unfortunately, even though you’ve already cleaned and organized your home for listing photos, there’s a good chance you’ve let clutter or dust pile up again, especially if you have children or pets.

Make sure appliances, windows, and mirrors are fingerprint-free. Clean and organize your closets, cabinets, and under the sinks (during the Open House, buyers are allowed to be nosy). Clear every bit of clutter and get rid of it or put it in storage.

Don’t have the bandwidth to do a deep clean? Hire a house cleaning service to do the work for you. If you’re unsure which service to hire, ask your Realtor to recommend cleaners.

Do a Smell Check. If buyers get a whiff of something funky, they will run — not walk — out of your Open House. Before the Open House, ask your Realtor or a neighbor to do an honest, no-holds-barred smell check. If your house has the aroma of your beloved pet, deep clean the carpets, relocate the litter box, and take steps to eliminate traces of pet activity. If the basement is dank and musty, buy a dehumidifier to remove air moisture and run a fan to circulate the air. If the kitchen drain stinks, drop in a cup of baking soda, then two cups of white vinegar. Enjoy the bubbling, then let the mixture sit for 20 to 30 minutes. Finally, run hot water for 15 to 30 seconds to flush the odor.

Put Your Pictures and Valuables Away. Personal belongings such as family photos, awards, and religious art can distract home buyers and make it harder for them to imagine themselves living in your home. You don’t have to go overboard — the idea isn’t to eliminate every trace of yourself — but consider temporarily hiding some pictures and personal effects out of sight during the Open House. Also, there’s a safety element to stowing your personal belongings. It’s important to remember that you’re inviting strangers into your home. Consider securely storing personal items (checkbooks, jewelry, prescription medications, etc.). Also, be sure to lock windows and doors afterward.

Let the Light In. Light doesn’t only brighten up your space. It also makes rooms look and feel larger. On Open House day, open all curtains and blinds to let natural light in. Replace every burnt-out light bulb in and outside the home — buyers should see a working light every time they flip a switch.

Draw Attention to Your Home’s Best Features. Even though you won’t be there, you can still draw visitors’ attention to features in your home that you’d like to highlight. Before the Open House, post (friendly, aesthetically pleasing) signs around the house with calls to action such as, “look down, new hardwood floors,” or “gas fireplace, push this button.” Buyers will likely appreciate the help and that they’re working with a conscientious seller.

After the Open House ends, your Realtor will share with you what questions buyers asked and any comments they overheard from visitors. The important thing is to stay open to buyers’ feedback and to follow your Realtor’s advice about how to respond. For example, based on buyers’ reactions, your Realtor may recommend that you make certain repairs, do some painting, or invest in additional staging before your next Open House. Whatever they advise, it’s not personal — it’s just the business of selling your home.

As a reminder to the public and to other REALTORS®, listings agents can register open houses in Flexmls, which populate to the public at gcar.net/consumer-tools/openhouses/. This is a helpful way for homebuyers to plan out their day when home shopping.

Selling your house can be stressful but utilizing the expertise of a REALTOR® can help make the entire process more seamless. A REALTOR® will work with you to make sure that you get the most out of your most valued investment. That’s Who We R®.

Two weeks ago, I wrote about the ongoing land scams involving fraudulent listings that take advantage of vulnerable consumers seeking affordable property. This week I want to revisit other ways to remain vigilant in real estate transactions. Sadly, crimes involving real estate have been prevalent for years, and as many real estate searches and transactions have moved online, the chances of being caught up in a cyber scam have become even greater. As a service to other Realtors and our community, here are a few tips to help keep a watchful eye against different types of real estate fraud:

Use reputable listing platforms. When looking for properties online, use a reputable listing platform like the local Multiple Listing Service (MLS). These systems have strict verification processes to ensure that listings are legitimate. Avoid using small or obscure websites that may not have the resources to verify listings or detect fraud.

Verify the listing information. Before making any payments, verify the information provided in the listing. For example, check the property’s address and confirm it exists using Google Maps or a similar tool. Also, verify the property’s ownership by conducting a public records search. If the seller claims to be a real estate agent or broker, verify their license with the state’s regulatory board.

Be wary of upfront payments. Scammers often ask for upfront payments, such as a deposit or processing fee, before allowing potential buyers to view the property. Be wary of such requests and never make any payments without verifying the legitimacy of the listing and the seller.

Check for red flags. Be on the lookout for red flags that may indicate a fraudulent listing. For instance, a seller unwilling to provide additional information about the property or insists on communicating only via email or text may be a red flag. Also, be wary of sellers who ask for personal information such as your Social Security number or bank account details.

Use a trusted real estate agent. If you’re unsure about a property or seller, consider using a trusted real estate agent to help you navigate the process. Real estate agents have experience and expertise in identifying red flags and can help you verify the legitimacy of a listing.

Report suspected scams. If you come across a suspicious listing or believe you have been the victim of a land listing scam, report it to the relevant authorities. You can report real estate scams to the FTC (www.ftc.gov), or your state’s attorney general’s office.

Criminals know that there are a lot of moving parts when it comes to real estate transactions. That’s why it’s important to trust the expertise of a REALTOR® when conducting business. REALTORS work with clients every day and help guide them through the homebuying process safely. That’s Who We R®.

At some point, many folks will buy or sell property, which is why real estate can be lucrative. Because of this, and the prevalence of internet advertising and online listing platforms, scammers are always seeking new avenues to exploit unsuspecting individuals. Land listing scams in real estate have become increasingly common, with fraudsters creating fake listings and luring people into making payments for properties that do not exist. Why are these scams becoming more common, and what can be done to protect your investment?

The lack of affordable properties and the desperation of someone looking for a place to live is a leading cause. Criminals create fake listings, often using stolen photos and descriptions from legitimate websites, to lure unsuspecting individuals into making payments for properties that do not exist. According to the Federal Trade Commission (FTC), Americans lost over $1.9 billion to fraud in 2019, with real estate scams among the top five types of fraud reported.

The internet has undoubtedly made a REALTOR®’s job easier (anyone remember the paper books that made up our Multiple Listing Service?). But one drawback to our electronic age is the ease that a criminal could exploit online portals. These platforms make it easy for fraudsters to create fake listings and attract potential buyers. The scammers typically ask for payment upfront, using various tactics to convince people to part with their money. For instance, they may offer a property at a price significantly lower than the market value or claim that the property is in high demand and only available for a limited time.

This practice has had such an uptick that the U.S. Secret Service has become involved and issued guidance on the matter. They have released information detailing what these schemes entail, along with possible ways to prevent them in the first place.

So what does this land scam consist of exactly? The U.S. Secret Service summarizes it as:
Criminals search public records to identify real estate that is free of mortgage or other liens and the identity of the property owner. These often include vacant Lots or rental properties. The criminal poses as the property owner and contacts a real estate agent to list the targeted property for sale, and requests it being listed below current market value to generate immediate interest. The criminal, posing as the property owner, demonstrates preference for a cash buyer, and quickly accepts an offer. Then the criminal, posing as the property owner, refuses to sign closing documents in person, and requests a remote notary signing. The criminal, or co-conspirator, also impersonates the notary and provides falsified documents to the title company or closing attorney. At this point, the title company or closing attorney unwittingly transfers the closing proceeds to the criminal. It’s important to note that all communication is electronic, not in person.

So what steps can people take against this fraud? The Secret Service suggests the following steps:

• Independently search for the identity and a recent picture of the property seller.
• Request an in-person or virtual meeting and to see their government issued identification.
• Be on alert when a seller accepts an offer below market value in exchange for receiving the payment in cash and or closing quickly.
• Never allow a seller to arrange their own notary closing.
• Use trusted title companies and attorneys for the exchange of closing documents and funds.

Think you might be experiencing this type of fraud? You can report real estate scams to the FTC (www.ftc.gov), or your state’s attorney general’s office.

There may be an uptick in recent land scams, but they are far from the only way to be targeted during a real estate transaction. In coming weeks, after we release February’s Housing Market Statistics, we will revisit some other fraudulent activity and how to remain on guard against them. The risk of online scams can make someone who is interested in buying property wary, but don’t let that stand in your way. Just utilize the services of a REALTOR® to help ensure that your property transaction goes smoothly. REALTORS work with clients every day and help guide them through the homebuying process. That’s Who We R®.

Founded in 1912, Greater Chattanooga REALTORS® is the voice for real estate in Greater Chattanooga. A regional organization with more than 2,700 members, Greater Chattanooga REALTORS® serve Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade, and Walker counties in northwest Georgia. The Association is one of approximately 1,100 local associations/board of REALTORS® nationwide that comprise the National Association of REALTORS®. Greater Chattanooga REALTORS® owns and operates a Multiple Listing Service (MLS), which is one of approximately 600 MLSs in the country and services more than 3,000 MLS users. Local Association membership is comprised of REALTORS® servicing the Greater Chattanooga area and specializing in a variety of disciplines – appraisal, commercial, industrial, land, multi-family, property management and residential. Working alongside REALTORS® are our Affiliate members, who represents related industries in sympathy with the objectives of the Association. Our Affiliate members include mortgage lenders, home inspectors, title and closing services, pest inspection and control and insurance.

I’m a data guy. I love numbers, and the more information I have, the better. In real estate, more data can mean a better look at long-term trends which can help lead to more informed decisions. I’ve noticed that I often look at monthly housing data compared to the data from a year or two ago. But what if we looked at what the data says about housing over a longer period? Taking a 10-year view of the real estate market in our area can provide valuable insights. Not only can it show us how the market has changed over time, but it also highlights how real estate is impacted by external factors such as economic growth and recessions and how it could potentially change in the future. With that in mind, let’s take a deep dive and see what we can learn.

We’ve posted this data on our website at https://www.gcar.net/ten-year-retrospective. Here are some key takeaways:

The number of available homes at the end of each year has dropped consistently but rose significantly in 2022. At the end of 2012, there were just over 4,500 properties available. Because of the shifting housing market, this number reached an all-time low at the end of 2021, which showed only 900 homes available. However, this number increased at the end of 2022, with nearly 1,800 properties available. These numbers show reduced housing inventory and increased home sales, which is also noteworthy.

The number of homes sold each year has increased steadily since 2012 and reached a high in 2021 before dropping slightly in 2022. Low interest rates and a strong economy have certainly impacted home sales in the past decade. More properties have sold over the years and are being sold faster (more on that later). In 2012, 6,663 properties were sold for the year. This amount peaked in 2021 with almost 13,000 sold. In 2022 this dropped slightly to just over 11,500. This decrease is most likely due to a dramatic increase in mortgage rates.

The average time it takes for a property to be under contract has dropped significantly since 2012. Consider anyone you know that sold a house in the past few years. They may share stories about multiple offers, people making offers sight unseen, and properties being sold mere hours after hitting the market. But this hasn’t always been the case. In fact, the average Days on Market was a whopping 129 days back in 2012. This timeframe dropped steadily over the last few years, reaching a low of just 20 days on average in 2022. In short, homes have been selling fast! All these factors have combined to cause a dramatic increase in home prices in the past 10 years.

The median home sales price in our area has dramatically increased over the past 10 years. In 2012, the median sales price was $137,000, while in 2022, it had risen to $305,000 - a jump of 122%. Again, an increase in demand for housing, low interest rates, and a booming economy are all contributing factors. Depending on your perspective, this increase can be both a blessing and a curse. On the one hand, it is excellent news for those who already own a home, as their asset has most likely grown in value. On the other hand, this increase in home prices has made it increasingly difficult for first-time homebuyers to enter the market. We need to find a solution to this problem, as it affects many people and can have long-term implications for the housing market.

The housing market in our area has certainly changed in a decade, but the main point to take from this data is that homeownership has been, and looks to remain, an excellent way to build personal wealth. Have questions about what’s involved with entering the market? Consult a REALTOR®. A REALTOR will work with you to understand your housing needs and can help advise you on what path might be best for you.

REALTORS® are the professionals you want to turn to when buying or selling a home. We have access to a wealth of knowledge and resources that most real estate agents may not have. Realtors® are held to a higher standard of conduct and ethics than real estate agents and must abide by a strict code of ethics and standards of practice. We have access to the multiple listing services (MLS) which gives access to a wide range of property listings, allowing us to better serve clients. Realtors® are also well-versed in local market conditions, which can be invaluable in helping you make informed decisions. REALTORS® provide valuable assistance in the paperwork and negotiations that need to take place during a real estate transaction. REALTORS® work for their clients and community to help people achieve homeownership. That’s Who We R®.

By Steven Sharpe, ABR, C2EX, ePRO, GRI

2023 President, Greater Chattanooga REALTORS®

Real estate is all about three words: location, location, location. Speaking for myself, I think it’s easy to focus on our own area. We sometimes forget we are a part of a much larger group. I do spend a lot of time focusing on all things in the greater Chattanooga area. As the 2023 President of Greater Chattanooga Realtors®, I spend the majority of my time thinking about real estate issues that fall into our area, which is Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade, and Walker counties in northwest Georgia. There are 2,700+ Realtors® who serve the real estate of this area, and many different housing issues that impact each area differently.

But it’s also important to take a step back and zoom out. Realtors in our local market are also a part of the state and national associations. Some of our members are part of the Georgia REALTORS®, which represents 46,000+ Realtors. The bulk of our members belong to Tennessee Realtors®, which represents 36,000+ Realtors in the state. Put those numbers together, and we’re talking about more than 80,000 Realtors.

Something that really drove this home occurred a few weeks ago when members from our association joined with 500+ Realtors® from all over Tennessee to participate in the Tennessee Realtors® Day on the Hill. (Georgia Realtors®- your Day at the Dome Conference is coming February 28 – March 1). This event was an opportunity for all Realtors, no matter from what part of the state they’re from, to visit with their elected officials and speak about matters concerning real estate and possible hindrances to homeownership. This year, Realtors across the state had three main issues we wanted to address:

1. Opposing the expansion of the County Powers Relief Act. Why would we take this stance? Tennessee REALTORS® supports keeping the County Powers Relief Act in its current state so more Tennesseans can realize the dream of homeownership. Affordable housing is an issue in Tennessee, particularly in today’s market with high prices on building materials and the current interest rates. The addition of impact fees on new development will only compound the problem and place affordable workforce housing even more out of reach for Tennesseans.
2. Assisting Supportive Housing Initiatives. What does this mean? In short, Tennessee REALTORS® is part of a supportive housing coalition, which is committed to promoting measures to house and support Tennessee’s most vulnerable residents. The Coalition hopes to create housing opportunities and initiate policy changes that will set Tennessee on a path to become a national model for scaling up evidence-based models and addressing critical housing needs now and into the future.
3. Opposing proposed legislation that would require landlords to pay an additional registration fee for information that’s already public record. Tennessee REALTORS® opposes this measure and sees it as merely a money grab for the local government as most of this information is already public record. Tennessee REALTORS® does not see a rational basis for requiring landlords to register with the local government.

Our state association, and its 36,000+ Realtors, believes that these issues impact current and potential homeowners. But aside from real estate, I think that we would all do well to remember that no matter what our occupation might be, or where we might live, we are stronger together. It doesn’t take a tragedy or a natural disaster to remember that individuals have the most impact when we act as one group. REALTORS® work in their individual communities, but we also work together to assist homebuyers achieve the dream of homeownership. That’s Who We R®.

Founded in 1912, Greater Chattanooga REALTORS® is the voice for real estate in Greater Chattanooga. A regional organization with more than 2,700 members, Greater Chattanooga REALTORS® serve Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade, and Walker counties in northwest Georgia. The Association is one of approximately 1,100 local associations/board of REALTORS® nationwide that comprise the National Association of REALTORS®. Greater Chattanooga REALTORS® owns and operates a Multiple Listing Service (MLS), which is one of approximately 600 MLSs in the country and services more than 3,000 MLS users. Local Association membership is comprised of REALTORS® servicing the Greater Chattanooga area and specializing in a variety of disciplines – appraisal, commercial, industrial, land, multi-family, property management and residential. Working alongside REALTORS® are our Affiliate members, who represents related industries in sympathy with the objectives of the Association. Our Affiliate members include mortgage lenders, home inspectors, title and closing services, pest inspection and control and insurance.

CHATTANOOGA, Tenn. (Feb. 16, 2023)  -- Tennessee Realtors® presented their annual Good Neighbor Award, along with a $5,000 donation, to 2023 President of Greater Chattanooga Realtors®, Steven Sharpe, for his work with children with physical handicaps at Camp Horizon.

Sharpe, with his wife Lindsey, founded Camp Horizon in 2005, which is a camp for young people who have special needs. Each camper is paired up with a Doctoral candidate student volunteer from the Physical Therapy and Occupational Therapy programs at the University of Tennessee – Chattanooga. None of the volunteers or campers pay any sort of fees to attend the camp.

“For one weekend each year, campers are invited to step outside their limits and challenge their horizons in the outdoor environment with other kids with similar issues,” said Steven Sharpe.

“Many have no idea of how much REALTOR’s do within their communities.  Steven is an outstanding example of how REALTORS touch the lives of people,” said Angela Shields, CEO of Tennessee Realtors®. “Steven is the embodiment of the Good Neighbor Award and we are so pleased to support his work,” said Shields.

Camp Horizon ​​started with seven kids in 2005, and by 2019 had grown to 45 kids. The camp was postponed during COVID, but has rebounded and served 25 campers in 2022. The funds awarded will go towards improving accessibility to the facility.

“Camp Horizon is so thankful for the monetary support of Tennessee Realtors®, and for all the support of our volunteers that help make a difference in the lives of these children,” said Sharpe.

For information about Camp Horizon, visit their website (camp-horizon.com), and for more information about Tennessee Realtors®’ Good Neighbor Awards, visit https://tnrealtors.com/applications/good-neighbor-awards.

REALTORS: Mark your calendars for the Realtors Are Good Neighbors Volunteer Days on June 3-11. Have something planned for volunteer days? Email us and let us know so we can tell others about it!

When one looks at the big picture, the national housing market began the year in a state of rebalance with many buyers and sellers remaining cautious while they wait to see where the market is headed. Nationally, pending sales rose 2.5% month-to-month, marking the first increase since May, while sales of existing homes fell 1.5%, according to the National Association of Realtors® (NAR). Demand for housing persists, but higher mortgage interest rates have cut into housing affordability, with total home sales down 17.8% last year compared to 2021.

As sales slow, time on market is increasing with the average home spending 26 days on market, according to NAR. Seller concessions have made a comeback, giving buyers more time and negotiating power when shopping for a home. Although home prices remain high, mortgage rates declined steadily throughout January, falling to their lowest level since September, sparking a surge in mortgage demand. Lower rates should aid in affordability and may soon lead to an uptick in market activity ahead of the spring selling season.

Locally, our housing market reflected some of these national trends. New Listings in the Chattanooga region increased 7.7% over January 2022 (888 to 956). Pending Sales were up 0.6% January 2022 (928 to 934). Inventory levels grew 68.9% over January 2022 (974) to 1,645 units. Prices were fairly stable. The Median Sales Price decreased 0.2% from January 2022 ($290,000) to $289,450. Days on Market was up 71.4% over January 2022 (21 days) to 36 days. The Months Supply of Inventory was up 88.9% over January 2022 (0.9 months) to 1.7 months.

So what can we take away from this data? One might conclude that the increased housing inventory, along with the trend of dropping interest rates, could combine to make this spring a time of renewed home purchases. Make sure to utilize the expertise of a Realtor who will work tirelessly on your behalf. Realtors work with clients all throughout the year to help with their client’s homebuying and selling needs. That’s Who We R®.

This week at a conference of Tennessee Realtors®, I was honored to receive the 2023 Good Neighbor Award for the work that I, alongside my wife Lindsey, have done with Camp Horizon, a camp we started in 2005 for young people who have special needs. My wife Lindsey, a physical therapist at T.C. Thompson Children’s Hospital, saw a need for her patients to experience life without the limitations that their physical handicaps imposed upon them. So, for one weekend each year, campers are invited to step outside their limits and challenge their horizons in the outdoor environment with other kids with similar issues. There’s a lot that goes into making this camp successful, and there are many people who graciously donate their time. Each camper is paired up with a Doctoral candidate student volunteer from the Physical Therapy and Occupational Therapy programs at the University of Tennessee – Chattanooga.

While I am thrilled to receive such an honor, I can’t help but feel humbled to be in the company of previous Good Neighbor Award recipients who have done so much work in their communities. 2022 honoree, Cindy Lockhart of Nashville, a volunteer at Proverbs 12:10 Animal Rescue, has spent hundreds of hours caring, socializing, and training rescued animals. 2021 honoree Holly Swogger of Memphis founded a nonprofit “For Those Who Serve” to work toward establishing a new healthcare facility for military veterans and their families in the Memphis area.

I would be remiss if I didn’t recognize the first ever recipient of the Good Neighbor Award, fellow Chattanoogan Janice Robertson, who founded Snack Pack, a program that provides food for children over the weekend when school meals are not an option. Greater Chattanooga Realtors® admires the work Janice does for our community that we hold multiple fundraising efforts for Snack Pack, along with an annual donation. I also think it says a lot about our state association, Tennessee Realtors®, that they believe in giving back by presenting this award. Tennessee Realtors® provides $5,000 to the recipient’s charity, and the winner is entered in the National Association of Realtors® (NAR) Good Neighbor Award.

While the work these people have all done might be varied, there is one constant between us all. We are all REALTORS®. We all believe in serving and helping others with the resources we’ve been afforded. And the community service provided by REALTORS® doesn’t always make the front page. In fact, the Community Aid and Real Estate Report, known as the CARE Report from NAR, shows that 82% of Realtors donate money to charitable causes every year, compared to the national average of 56.6% of Americans who do so. That translates to a huge impact not just in our area, but across the country.

Being a REALTOR® is more than just planting a “For Sale” or “Sold” sign in a yard. It’s working to make things better for everyone. I’ve heard many times over the years that REALTORS® serve as ambassadors to their communities, and I believe that wholeheartedly. We serve the needs of homeowners and those wishing to attain homeownership. All REALTORS® are good neighbors, and we truly love where we live. That’s Who We R®.

There are a ton of good reasons to make home improvements, even in our current economy. You may want to boost your home’s future sales value, add livable space, or refresh an aging room. Or you may just want to enjoy your home more, especially if you wanted to move but the market didn’t cooperate. And it’s clear that during the pandemic, many of these improvements were designed to make the place where we spend the most time more desirable. 

The National Association of REALTORS®, along with the National Association of the Remodeling Industry, conducted a survey in 2022 to find out the project’s estimated average cost and return on investment, and the joy score, or satisfaction with the completed upgrade on a scale of 1 to 10. 

Look at the results of this research to see what might fit your budget and needs.

Turning an Attic into a living area. Average cost: $100,000. Return on Investment: $75,000 (75% return). Joy score: 10/10.

Adding a new Bedroom Suite. Average cost: $172,500. Return on Investment: $100,000 (56% return). Joy score: 9.5/10.

Completing Bathroom renovation. Average cost: $35,000. Return on Investment: $25,000 (71% return). Joy score: 9.6/10

Installing hardwood floors in Living Room. Average cost: $5,500. Return on Investment: $6,500 (118% return). Joy score: 10/10.

Kitchen upgrade. Average cost: $45,000. Return on Investment: $30,000 (67% return). Joy score: 9.8/10. 

Turning a basement into a living area. Average cost: $57,500. Return on Investment: $49,350 (86% return). Joy score: 9.7/10.

Just like the housing market changes, homebuyers’ preferences can also change very quickly. Adjusting and adapting to market conditions is crucial. That’s why it’s so important to utilize the expertise of a REALTOR® when entering the housing market. Whether you’re looking to buy or sell, a REALTOR will be on your side, making sure that your best interests are considered. REALTORS work for their clients every day. That’s Who We R®.

Congratulations to …

Participants
Christian Chacon
Jennifer Cooper
Rich Downing
Brian Kelly

Subscriber
Travis Close

on their election to the 2023-2024 MLS Committee. They will serve alongside Chair Jeff Nixon, Vice Chair Ryan May, John Martin, Robert Backer, Kadi Brown, and Elizabeth Key.

A few days ago I was installed as 2023 President of Greater Chattanooga Realtors® by my friend and fellow Realtor® Steve Champion.  After he made his very kind remarks about me, I had the opportunity to take my place amongst all the former presidents of our association.

Standing shoulder to shoulder with so much collective knowledge and leadership was truly humbling. I am thrilled to assume this position, being elected by my peers in real estate. Over the years, I’ve learned that any time you assume a new position it’s a great opportunity to set your sights on what you hope to achieve.

For example, Derek English, 2023 Immediate Past President, set a great example to all in a position of leadership at our association. During his tenure as president, he kept us focused and moving forward. Listening to his recap of 2022 certainly drove home all the goals that he and others accomplished including supporting Wreaths Across Chattanooga, our Scholarship Program, and providing numerous services to our Realtors at no additional charge that help with their business and safety.

Now that I have been installed as President of Greater Chattanooga Realtors®, it’s my turn to serve the home buying and selling needs of our community. So what’s my plan? Well, I’ve learned that sometimes the most important part of accomplishing a particular goal is simply to show up. Does this mean that you show up and let someone else do all the work? Certainly not. To me, “showing up” means putting in the time, day in and day out. It means being present.

And this doesn’t just apply to real estate. It applies to your family and friends. It means that when you’re spending time with your family, you’re there in the moment with them. You’re not distracted. It means that when you work with clients and customers that you’re present to what their needs are. This mentality has ramifications in any kind of work one might do, whether you’re in real estate, teaching, or healthcare.

One such example is that our association recently laid out a goal of helping drive conversations with our local officials. As Realtors, we have a unique perspective on our community, and we often have data that can help drive decisions that might have intended and unintended consequences. Greater Chattanooga Realtors® will strive to help make decisions, write policies, and execute plans that will shape our business and our area for years to come.

Regardless of a person’s profession, each of us are blessed with a variety of skills and talents. When people don’t show up with all their gifts, talents, ideas and efforts, the world is a worse place. So, for everyone in your life, show up.

My vow for 2023 is to show up for my clients, my friends and family, and the 2,700+ Realtors® who serve this great city and community every day. I challenge all who might be reading these words to do the same. Realtors show up and show out every day. That’s Who We R®.

Greater Chattanooga REALTORS® joined together January 19, 2023, to celebrate 2022 accomplishments and install the 2023 Officers and Directors

·  President Steven Sharpe
·  President-Elect Kadi Brown
·  Secretary-Treasurer Bev Boss
·  MLS Chair Jeff Nixon
·  Immediate Past President Derek English
·  Directors Connie Brewer, Jill Christy, Brian Erwin, Robert Fisher, Holly Harwell, Ryan May, Rolanda Daniel, Mike Purcell, and James Streeter

2022 President Derek English gave highlights from 2022, including:

·  Supporting Wreaths Across Chattanooga ($10,000), REALTORS® Relief Foundation ($10,000), and the Snack Packs Food Ministry ($36,000+)
·  Awarding five, $2000 Community Scholarships to rising college freshmen
·  Supporting the Realtor Party by participating in the state and national Hill Visits
·  Surpassing the RPAC goals with 987 investors, 27 of which are Major Investors ($1,000+) invest more than $92,000
·  Offering nearly 500 CE hours to Tennessee and Georgia licensees
·  Providing the Forewarn Safety App to nearly 900 members
·  Launching MLS Data Shares with Knoxville, Tennessee Virginia Regional, and FMLS in Georgia
·  Implementing the BrokerBay Showing Service
·  Hosting a Membership Breakfast with Superintendent of Hamilton County Schools Dr. Justin Robertson, Family Movie Night at the Tivoli, Economic Update Luncheon, and the second annual Member Appreciation Week.

Upon being sworn in, 2023 President Steven Sharpe addressed the nearly 150 attendees:

I want to take a moment to acknowledge my family who is here with me tonight. You already saw my girls doing the pledge but my wife Lindsey and my parents are here as well. I am grateful for your support leading up to this evening.

I also want to acknowledge the Association staff. They all do a tremendous amount of work behind the scenes to help make each of us look good when we are out there doing the business. Every single person at the Association wants us to be successful and thrive and their role is to help us achieve that. So, thank you to them.

And the reason we are all here this evening is you, the Realtor community. Thank you for your trust and support in electing myself and this Board of Directors to help guide the Association in 2023. Our commitment to you is to listen, to be present, and to engage to make sure that the interests of our community are heard.

Back in December, the Association went through a strategic planning process for the next 3 years. One of the primary objectives that we established was to work hard to make sure that Realtors had a seat at the table when it comes to the decision making process locally. This means that Realtor voices are heard at the City Council, the mayor’s office, the regional planning commission, and the local chamber of commerce.

I am a Chattanooga native, born and raised here. Many things have changed over the last 40+ years. We have something special that a lot of people naturally gravitate towards. We have a great environment for individuals looking to relocate as well as businesses looking for a new base of operations or expansion opportunities.

We want each of you to be involved in those conversations. That is what it means to have a seat at the table. The Board of Directors and myself want to be present and available to make sure your voice is heard in these conversations. Let us know how we can help you with these issues.

Finally, to the Board of Directors, thank you for stepping up and volunteering your time for the Association and the Realtor body. We are gathered here tonight to celebrate you and the things that you are going to do this year.

You are a leader. You have stepped up in front of everyone, put yourself out there, and were chosen to lead. All I ask of you is that you show up.

Just show up. Be present, much like our drive to have a seat at the table with our local officials, you have a literal seat at the table for the leadership of our Association. We will make decisions, write policies, and execute plans that will shape our industry for years to come. Show up.

Each of us are blessed with a variety of skills and talents. When you don’t show up with all of your gifts, your talents, your ideas, and your efforts, the world is a worse place. So, show up.

For images of the event, visit our Facebook album.

Beverly Jean Stakely (formerly with Crye-Leike) passed away Sunday, January 8, 2023. Visitation will be on Friday, January 20, 11 am-1 pm at Chattanooga Funeral Home North Chapel (Hixson), with a graveside service imediately following at Chattanooga National Cemetery.

The holidays always take a chunk out of our bank accounts. The last thing any homeowner wants to experience after the holidays is the pain of having to dig even deeper to pay for a home repair. Of course, some projects come up unexpectedly and have to be addressed but taking a little bit of time to prevent a large (and expensive) maintenance-related repair can help immensely in the long run.

But where’s a good place to start? Luckily, the National Association of Realtors® (NAR), has a great checklist to get homeowners started:

Check your gutters for seasonal debris. Make sure to remove leaves that have fallen into your gutters and check that pests or small animals did not seek shelter in them as they prepare for the colder months. Seasonal checks allow homeowners to ensure their gutters are in good condition, as it's common for underlying problems to appear during the winter.

Keep the winter weather outside by preventing drafts. Conserving energy at home is all about leaving the outdoor climate outside. Windows and doors are the main points of entry into your home for unwelcome weather and drafts, so investing in those is a sure way to keep winter weather from entering. Take simple steps like checking for holes in your screens, making sure your windows are the right choice for your region’s climate, and adding window film or insulation.

Confirm your gutters are the right size for your home. Sometimes gutters aren’t the right fit or size for a house, making it easier for the weather to damage other spaces through them. This is particularly common in older homes and is important for homeowners to assess before trouble starts surfacing.

Owning a home can be the key to financial stability for your family, but maintenance is key to making sure that your investment stays in good condition for years to come. If you have a home, or are looking to purchase property, be sure to utilize the expertise of a Realtor® in your real estate transactions. Realtors work for their communities every day. That’s Who We R®.

If you, or your friends and family, have considered buying or selling a property in the last twelve months, you’re aware that 2022 was a turbulent year for the housing market. Inflation, soaring interest rates, and elevated sales prices combined to cause a slowdown nationwide. This slowing market harmed housing affordability. Affordability challenges have continued to limit national housing market activity, with pending home sales and existing-home sales falling 37.8% and 35.4% year-over-year, respectively, according to the National Association of REALTORS® (NAR). Higher mortgage rates are also impacting prospective sellers, many of whom have locked in historically low rates and have chosen to wait until market conditions improve before selling their home.

So how does this affect us? Economists predict sales will continue to slow somewhat but expect some welcome relief for prospective buyers in the form of softening housing prices in many markets over the next 12 months. Even more welcomed news is that these prices are expected to drop further in the high cost of living areas.

National inventory shortages will likely keep prices from dropping too much, as buyer demand continues to outpace supply, which remains limited at 3.3 months, according to NAR. Even if prices fall, many prospective buyers will find it difficult to afford a home in 2023, as higher rates have diminished purchasing power, adding hundreds of dollars to monthly mortgage payments.

Here in the Greater Chattanooga area, new listings decreased 20.3% to 693. Pending sales were down 20.3% to 661. Inventory levels grew 57.0% to 1,780 units.

Prices continued to gain traction. The Median Sales Price increased 5.3% to $300,000. Days on Market was up 47.6% to 31 days. Months Supply of Inventory was up 90.0% to 1.9 months.

There was another bit of interesting news this past week. According to a forecast by the financial services website Bankrate, the interest rate for a 30-year fixed-rate mortgage in the U.S. is expected to drop to 5.25% by the end of this year, which would be 1.49% points lower than the current rate, and nearly two percentage points lower than 2022′s peak rate of 7.12%.

So inventory is increasing, and prices may be starting to ease. These factors are just a few of the reasons why it is absolutely critical to utilize the expertise of a Realtor®. We are bound by our Code of Ethics to make sure that our clients’ needs are met responsibly. Realtors® work tirelessly for their clients and provide expert knowledge. That’s Who We R®.

Joyce Ann Siniard (Central Real Estate Inc.) passed away on Wednesday morning, January 4, 2023, at Life Care of East Ridge. A private family visitation and funeral service will be held on Tuesday, January 10 in the East Chapel. Interment will be in the Chattanooga National Cemetery.

As my term as 2023 President of Greater Chattanooga Realtors® begins, I think it’s important to talk about where I’ve been, where I came from, and where I plan to lead our association in 2023.

I have had the pleasure of living in Chattanooga all 44 years of my life. I have witnessed first-hand the changes that our community has undergone. One thing that has remained constant is that real estate is still a people business. It is a face-to-face, voice-to-voice, handshake at the end of the deal business. I consistently see up close the importance of building relationships and how to best serve the needs of all parties involved.

Looking back, I believe the importance of these relationships, and the need to competently serve others led me to a career in real estate. In 2007 I became a REALTOR®, and then a Managing Broker in 2015. Every day I have the privilege of guiding fellow Realtors in their efforts to do the business the right way. Helping others led to me wanting to serve our association, Greater Chattanooga Realtors®. Some folks might think that we only serve Chattanooga, but our association represents all 2,700 Realtors in our area, which serves Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade, and Walker counties in northwest Georgia.

This is a large area, but regardless of where Realtors provide services, Greater Chattanooga Realtors® strives to be present in our community. Our presence allows us to not only help existing homeowners maintain value in their largest investment, but to also be a voice for our local and state elected officials, and to serve those who are looking to move to our community.

As this year begins, I am encouraged by the direction that our Association is going. We have spent the last year strengthening relationships throughout our region. We have data sharing agreements with many of our neighboring real estate associations that enable our agents to see most properties available in our region. We continue to promote the importance of education by providing free courses to our members. Finally, we encourage our members to take an active interest in political causes through our Realtor Political Action Committee. We saw growth in both participating members as well as dollars donated in 2022.

I am very thankful to my friend Derek English, who was the 2022 President of Greater Chattanooga Realtors®. Derek and the Board of Directors have set an impressive precedent for me to follow, and thanks to his leadership we have some clear objectives to work towards during my term. Everything Derek did this past year has given our association a great foundation moving into the new year.

I’m so thankful for those who have helped me in this journey, especially my family. Lindsey, my wife, is a physical therapist who helps transform lives every day and our two daughters who work so hard in all their schooling, sports, and activities. Working in real estate often means long and unconventional hours, and I’m so thankful for their endless support.
And so begins my term as 2023 President of Greater Chattanooga Realtors®. Regardless of who is leading our association, all who are in my position know how important the role of a Realtor is. We serve as ambassadors for those looking to move to our community. Each day, Realtors work with those who have just arrived, and those who have spent their whole lives here, like me. Realtors, here and across the state, and our country, help their communities every day. That’s Who We R®.

As I write this, January 2023 is almost here, which means my term as President of the Greater Chattanooga Realtors® is coming to an end. While there are many proud moments from this past year, there are a few I want to spend some time reflecting on.

For myself and other Realtors, our community is something we all feel strongly about. I feel like it is a Realtor’s duty to give back to the community that gives so much to us. I was especially proud that Greater Chattanooga Realtors® continued our support of Snack Packs Food Ministry by making our annual $10,000 donation, and also providing more than $25,000 to a total donation of $35,623. This support was not just in the monetary donations, but also the volunteering of the many members over the school year to assist in preparing the bags. This accomplishment was not just the work of a few people, but from Realtors all over the greater Chattanooga area. Thanks to the efforts of these fine people, food insecure school children in Hamilton County will have better access to food. Greater Chattanooga Realtors® also played a part in offering five scholarships to incoming college freshman, contributed to the Wreaths Across America and worked with Habitat for Humanity throughout the year. These are a few of the high points and certainly proud accomplishments in 2022.

Advocacy is another area that I am passionate about, and in February I was excited to have a great group of Chattanooga Realtors participate in the Realtor® Day on the Hill, where Realtors from across the state visited with our elected officials at the state capital. In May, many of the same Greater Chattanooga Realtors® traveled to Washington D.C. to meet with our federal officials. Getting this one-on-one time with officials is how REALTORS® ensure the needs of property owners across the city, county, state, and nation remain top of mind. Our officials know that Realtors see the community from a unique perspective, and we appreciate the opportunity to work alongside them. Advocating for homeownership and private property rights will certainly remain a passion of mine and my fellow Realtors in the new year to come.

I was especially thrilled when our Placemaking Committee partnered with the Lookout Mountain Conservancy to help establish, clean and maintain a new trailhead in St Elmo. So many people make the Scenic City their home because of our beautiful outdoor amenities, and helping to preserve this natural beauty was certainly a highlight. I’m excited to see this partnership continue, and to forge other partnerships in the future.

So as I conclude my time as President, I would like to take a moment to thank my Lord and Savior Jesus Christ as I would be nothing without him. I thank all of my Board of Directors for working on the many items that we were able to accomplish. We brought new benefits and services to our members that made our association the flagship in the state on how real estate is conducted. I would like to thank my committee chairs and committee members for their hard work bringing productive and forward thinking ideas to the Directors. I would also be remiss to not mention my gratitude to the staff at the Greater Chattanooga Realtors for their hard work in all that they do. Our accomplishments would not be possible without their commitment to the members and services we use on a daily basis. I thank my wife, business partners, and the members and staff of our brokerage. This group of people offered me encouragement and were always there when I needed someone to take an appointment or cover for me when association meetings, events or travel had me indisposed.

My time as president might be all but over, but I am certainly handing the reigns to someone who is especially suited for this position. Steven Sharpe is a brilliant real estate practitioner who I have great confidence in and much respect for as my successor. Over the past few years we have become good friends and I know that he will help lead Greater Chattanooga Realtors® with his steady leadership in his term as president. I want to remind my fellow Realtors that they can RSVP to the 2023 Board of Directors Installation & Reception at gcar.net.

And so, I believe it’s fitting that as one last time as president, I urge consumers to utilize the expertise of a Realtor. Not just because we’re knowledgeable and the trusted source of knowledge for real estate, but because Realtors serve others in so many different ways everyday. Realtors work for the benefit of others. That’s Who We R®.

2022 is coming to a close, and for many that provides a great chance to reflect on the previous year. Looking backwards can be especially useful if we use that knowledge to help shape our expectations for the coming year.

Jodie Cordell, a licensed real estate agent in Florida, recently wrote in an article for The Close, Real Estate Stats Your Homebuyers Will Want to Know in 2023, and many of these statistics make me think back on this year and my previous years experience in real estate. I will be using Jodie’s stats as a jumping off point, as most of this information is relatable to our local market as well.

• In today’s market, homebuyers searched an average of 10 weeks for a home. That’s an increase from eight weeks during 2020 and 2021, an indication that the market is cooling slightly, giving homebuyers a better shot at getting into a home they love.  This increased time frame for homebuyers in the Chattanooga area through the early and middle parts of the year was much shorter. However, in the last few months we have seen this timeframe increase due to rising interest rates and inventory shortages. Recently, the overall period from first introductions to the day an offer is being accepted is more in line with the 2020 and 2021 numbers in the greater Chattanooga market.
   
• In 2022, homebuyers typically purchased their homes for 100% of the asking price, with 28% purchasing for more than the asking price. This statistic is relatable in the Chattanooga area as well with continued migration trends from homebuyers from other states and business growth. Inventory shortages throughout 2022 caused a competitive market in Chattanooga with strong homes sales at or above list price.
   
• April is the most competitive month of the year for homebuyers. According to Realtor.com, there is a 29% surge of listings during April, and homes typically sell for higher during that month, as well. In the Chattanooga market we see a few periods during the year of surging homes coming onto the market, with early spring and late summer always competing for the hottest market for sellers to be ready to list their home with a Realtor.
   
• The median home price in 2022 is $357,300. That’s a $46,700 increase from January 2021 to January 2022. We have seen a similar increase in the median home price in the greater Chattanooga area as well. The 2022 Market Report will be released early in January and I am interested to see how these numbers compare, so stay tuned.
   
• Typical recent home purchases were 1,900 square feet with three bedrooms and two bathrooms, and built in 1993. I find this statistic very interesting and have begun the process of digging into our local data to compare what our average size and age of home was in 2022.
   
• The median listing price grew by 13.0% over last year. But signs show that home price growth is moderating. This information is not surprising and in the greater Chattanooga area we have seen the median price increase as well. This increase is forecasted to continue, but with a softening or leveling compared to the spike we experienced in 2022.
   
• Twenty-nine percent of first-time homebuyers cite “saving for a down payment” as the most challenging part of the home buying process. This is a challenge that we will continue to see increase with rising inflation and the cost of living increases. I know from real life conversations that young families are struggling with saving for their down payment.  Many have had to postpone being able to purchase their first home. Thankfully there are some great mortgage lenders offering programs to assist many of these buyers and I hope that 2023 brings even more assistance.

The year is coming to a close, but many of the topics and issues we’ve discussed are sure to remain in 2023. That’s why utilizing the expertise of a Realtor® in your real estate transactions is so crucial. The market may shift, but the ease of mind when working with a Realtor remains the same, year in and year out. That’s Who We R®.

Ron Oslin (T.R.E.E.S.) passed away on December 12, 2022. Visitation will be held at Chattanooga Funeral Home, East Chapel, on Saturday, December 17, 2022, from 11:30 am to 1:30 pm, with the service immediately following. Burial will follow at Hamilton Memorial Gardens in Hixson, TN.

I’m pretty sure I speak for everyone when I say that I’m absolutely thrilled that we are all returning to a more normal type of holiday season. Meeting with friends and family is certainly something that none of us will take for granted again. Yes, after a sometimes harrowing period of time, most parts of our lives are going back to how they were. Interestingly, when it comes to real estate, I think we’re finding that the real estate market is doing the same. Far from the buying and selling frenzy of the past two and a half years, the housing market is returning to its normal pace. Usually the holidays usher in a few weeks of a slower real estate market, and then the pace usually picks up with the warming temperatures in the spring. 

Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property. As a result, existing-home and pending home sales have continued to slow as we move into winter. This is resulting in a higher housing inventory.

Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77% more on their loan per month compared to the same period a year ago, according to Realtor.com.

There was some recent news that might impact our area in 2023. In a recent article from realtor.com, Chattanooga was ranked #9 in the top 10 hottest forecasted housing markets in 2023. Our ranking is based on the combined yearly percentage growth in both home sales and prices expected in 2023 among the top 100 largest markets in the country per Realtor.com’s metro level housing forecast. With the latest and continued decrease in mortgage rates, our area is poised to have a stronger 2023 than most nationally.

Locally, for November  New Listings in the Chattanooga region decreased 13.2% to 863. Pending Sales were down 27.8% to 688. Inventory levels grew 61.3% to 2,006 units and prices continued to gain traction. The Median Sales Price increased 5.4% to $295,000. Days on Market was up 63.2% to 31 days. Buyers felt empowered as Months Supply of Inventory was up 90.9% to 2.1 months.

Regardless of what’s happening around the corner, or around the country, your best bet is utilizing the services of a Realtor®. Realtors work with their clients every day to help ensure that they get the most from their most valuable investment. That’s Who We R®.

Greater Chattanooga Area ranked No. 9 on the Realtor.com® 2023 Forecast of Top Housing Markets 

Greater Chattanooga Area takes spot in annual ranking of areas poised for highest home price appreciation and sales growth

CHATTANOOGA, Tenn. (Dec. 7, 2022) – The greater Chattanooga area has been ranked No. 9 on the Realtor.com® 2023 Top housing markets forecast. Market areas on the list were selected because they are not only poised to see the strongest combined growth in home sales and listing prices in the coming year, but up to this point they have seen lower price increases and a relatively smaller affordability crunch than other markets across the U.S. 

Mainly concentrated in mid-size markets east of the Mississippi, with local industries tied to manufacturing, education, healthcare and government, this year's top 10, in rank order, are:

Hartford-West Hartford, Conn., 
El Paso, Texas, 
Louisville, Ky., 
Worcester, Mass., 
Buffalo-Cheektowaga N.Y., 
Augusta-Richmond County, Ga., 
Grand Rapids-Wyoming, Mich., 
Columbia, S.C., 
Chattanooga, Tenn., and 
Toledo, Ohio. 

See Realtor.com®’s 2023 Top housing markets forecast for the full ranking of the 100 largest U.S. markets.

Home sales across the top 10 markets are forecasted to grow by 5.2% year-over-year in 2022, whereas the national homes sale projection is for declining sales (-14.1%). Additionally, average home prices in the top 10 are expected to increase 7.3% – compared to 5.4% for the U.S. as a whole.

Projections for Chattanooga, Tenn.-Ga.

November 2022 median home price: $397,000

Forecasted 2023 home sales change: +2.9%

Forecasted 2023 home price change: +8.2%

Forecasted 2023 combined sales and price change: +11.1%

“The secret is out about the greater Chattanooga area, and with our relatively low cost of living, our ground-breaking internet speeds, and abundance of outdoor activities, our scenic city is positioned to be home to the many newcomers moving to our area,” said Derek English, 2022 President of Greater Chattanooga Realtors®.

“Realtors in our area will certainly be ready to provide the expert housing advice of all who move to the Scenic City,” said English.

At a time when housing costs are a concern for many, areas like the greater Chattanooga area offer relative affordability, having experienced less of a price surge than other extremely hot, pandemic-era markets. They also have a greater share of homeowners who own their homes outright, without a mortgage, giving more residents equity to build on. In the top 10 markets, about 23% of housing inventory is affordable at the median income level, compared to just 17% of affordable homes nationally. Better affordability offers some insulation from the impact of rising mortgage rates. 

“As many households keep a close watch on their spending, we expect these top housing markets to be in relatively high demand,” says Realtor.com® Chief Economist Danielle Hale. “We’ve seen lower price increases, more general affordability and more use of government-backed mortgage products for veterans, first-time and minority buyers in these top markets, providing opportunities for all home buyers to stretch their homebuying dollars. Many of these areas flew under the radar in the pandemic frenzy, and are now well-positioned to bubble up with solid job prospects without the big-city price tag.” 

Top Markets Sidestepped Steep Prices of 2022

According to Realtor.com®’s analysis, this year’s top 10 housing markets didn’t get as caught up in the wild buying frenzy – and price increases – of 2022 as other areas. Sale prices in the 12 months ending August 2022 increased by 10.5% on a year-over-year basis, compared to a growth rate of 12.6% for all 100 largest metros. The top markets have also seen less of a dip in sales in recent months, with sales declining by 9.1% year-over-year, compared to an average decline of 12.3% for all 100 metro areas. 

“Made in America” Mid-Sized Metros Poised to Bubble Up 

Representing a shift from remote-work and tech-industry influenced home buying, this year’s top markets have a renewed focus on domestic industry and trade. The pandemic exposed an achilles heel of the far-flung supply chains that had become the norm, namely, that logistics can be disrupted by a wide array of events. This has renewed corporate, government, and consumer focus in these markets where “Made in America” happens. On average, these mid-sized metros employ a higher proportion of workers in manufacturing, government, education and healthcare jobs relative to the 100 largest US metros, while jobs in tech, professional services, information technology and leisure/hospitality are less common in these areas. Having largely avoided the pandemic housing boom that we saw in other markets, home buyers in the top markets can find solid job prospects and affordable housing options. 

Buyers Take Advantage of Government-Backed Loans 

Home sales in the top 10 metros also tend to leverage more government-backed mortgage products such as VA loans and FHA loans. Between Jan.-Aug. 2022, the share of mortgaged-sales with a VA loan was 9.4% in the top 10 markets vs. 7.5% among all the 100 markets reviewed. These types of loans help buyers safely enter the market with lower down payments and often slightly lower mortgage rates.

Realtor.com®’s Methodology

Realtor.com®’s model-based forecast uses data on the housing market and overall economy to estimate 2023 values for these variables for the 100 largest U.S. metropolitan statistical areas by population size. These markets are then ranked by combined forecasted growth in home prices and sales. In cases of a tie, forecasted year-over-year sales growth was used as a tiebreaker.

Founded in 1912, Greater Chattanooga REALTORS® is the voice for real estate in Greater Chattanooga. A regional organization with more than 2,700 members, Greater Chattanooga REALTORS® serve Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade, and Walker counties in northwest Georgia. The Association is one of approximately 1,100 local associations/board of REALTORS® nationwide that comprise the National Association of REALTORS®. Greater Chattanooga REALTORS® owns and operates a Multiple Listing Service (MLS), which is one of approximately 600 MLSs in the country and services more than 3,000 MLS users. Local Association membership is comprised of REALTORS® servicing the Greater Chattanooga area and specializing in a variety of disciplines – appraisal, commercial, industrial, land, multi-family, property management and residential. Working alongside REALTORS® are our Affiliate members, who represents related industries in sympathy with the objectives of the Association. Our Affiliate members include mortgage lenders, home inspectors, title and closing services, pest inspection and control and insurance.

December tends to be when most of us are scrambling to ensure everything is in place for the coming holidays. But taking extra time to ensure that you (and you’re home) are prepared can go a long way.

In a recent article on Houselogic.com, by the National Association of Realtors®, Stacey Freed provided a great checklist to help make sure that you’re prepared for (almost) everything this holiday season might bring, along with some tips on saving money for next year:

Clean Light Bulbs and Fixtures. Two great reasons to clean your light bulbs: You want as much light in your house as you can get as the days grow shorter, and you’ll save money. Dirty bulbs apparently shed 30% less light than clean ones, according to the U.S. Department of Energy. Wipe bulbs with a cloth dampened by a mix of one ounce of dish soap, one-fourth cup of white vinegar, and three cups of water. Get to this task in early December, so you’re ready for the curtain fall on the shortest day of this year – December 21.

Evaluate Homeowner’s Insurance. The holidays. You love them, but they do seem to eat up more cash than other times of the year. Sure, you can scrounge around for change under your couch cushions, but that’s not going to offset much. So why not get a home insurance checkup? Call your agent to go over the type of coverage you have, how much you really need, and how you can lower your premiums before your next monthly installment.

Pack a Home Emergency Kit. The last thing you want during the holidays is for an emergency to chill your family’s cheer. Prepare for power outages and weather-related emergencies with an easy-to-find emergency kit. Some items to include are bottled water, a hand-crank radio, a flashlight, batteries, a portable charger for your phone, warm blankets and, of course, a first-aid kit to patch up any nick or scrapes. Singing carols ’round the flashlight may not be ideal, but it’ll beat trying to celebrate in the dark.

Buy Holiday Lights (After Dec. 25). It’s tough to think about next Christmas when you’re still stuffed from a holiday dinner with all the trimmings. But think you must if you want to save on next year’s holiday. From December 26 through year’s end, big-box stores try to clear the shelves of all that glitters.

Whether you’re looking to buy or sell, remember that Realtors are glad to help our clients and community get the most enjoyment out of their property investment.  That’s Who We R®.

It’s hard to believe, but the holidays are officially upon us, whether we’re ready for them. As 2022 President of Greater Chattanooga Realtors®, I’m proud of the many ways our Realtors and Association have given back to our area.

In 2022, Greater Chattanooga Realtors® continued our financial commitment to the Snack Pack Food Ministry, one of Greater Chattanooga Realtors® community partners. With a $10,000 annual donation, and a very successful (and fun) trivia night, Realtors helped raise more than $35,600 for this worthy cause. The Snack Pack Food Ministry helps feed nearly 2,500 food-insecure children in 22 Hamilton County every weekend while school is in session. This organization adds so much value to the quality of life by helping those in need in our community

We are also delighted that planning has already begun with our other community partner, Habitat For Humanity of Greater Chattanooga Area, for Tee Up and Wine Down in 2023. We will be sure to announce details as they are confirmed. Another highlight was our Association donating $10,000 towards Wreaths Across Chattanooga. This organization aims to place a wreath on each veteran’s grave who served our nation, and Realtors are honored to help with this project. Greater Chattanooga Realtors® also made a $10,000 donation to the REALTOR® Relief Fund, which helped many in our community after tornadoes struck northern Tennessee in December of 2020.

One of the newest additions to the Greater Chattanooga Realtors is the Placemaking Committee. In its second year Greater Chattanooga Realtors Placemaking Projects transform underutilized and blighted spaces into safer, vibrant, and active public places for Chattanooga and Hamilton County. We seek projects that are functional, safe, and attractive to the local community. This is an opportunity to redesign spaces for the community and enhance its beauty. Applications are requested and reviewed for funds to be awarded from Greater Chattanooga Realtors as well as an NAR grant to the one local organization. Our local Realtors also pitch in on volunteer days to assist in completing the chosen project. This year we have assisted the Lookout Mountian Conservancy on the St Elmo Trail Conservation project and connector to the Guild-Hardy Trail.

As much as our Association is doing for others locally, I find it remarkable that this charitable giving has increased in the Realtor community nationwide. In fact, a recent study from the National Association of Realtors® (NAR) shows a measurable increase in giving and volunteering by Realtors. Two out of three Realtors – 66% – volunteered monthly, spending an average of eight hours volunteering each month – both figures have remained steady since 2018. 79% made charitable donations last year.

This report, the Community Aid and Real Estate Report, or CARE Report, offers insight into the monetary and volunteer contributions of NAR members, broker-owners and association executives or multiple listing service staff. This year’s CARE Report found that the median donation by Realtor® associations was $12,070 last year, compared to $10,000 in 2020 and $5,000 in 2018.

2022 NAR President Leslie Rouda Smith describes Realtor involvement in charitable efforts. “Realtors are deeply involved in their communities and this report shines a light on the great volunteer efforts by NAR members. It is inspiring to see Realtor associations across the country continue to boost local charitable efforts, and I’m proud to be part of such a compassionate and caring group.”

So while Realtors focus on the real estate needs of their own communities, it’s clear that Realtors are making a difference across the nation, and Greater Chattanooga Realtors is proud to be part of this effort to serve our neighbors. Realtors love and work where they live. That’s Who We R®

Former REALTOR® C.G. Griffith, Jr. (Crye-Leike) passed away on November 22. Services were held on November 27.

Congratulations to:

     2023 President-Elect Kadi Brown

     2023 Secretary-Treasurer Bev Boss

     2023-24 Directors Connie Brewer, Jill Christy, Holly Harwell, and James Streeter

These newly-elected REALTORS® will serve alongside:

     2023 President Steven Sharpe

     2023 MLS Chair Jeff Nixon

     2023 Immediate Past President Derek English

     2022-23 Directors Brian Erwin, Robert Fisher, Ryan May, Rolanda Pullen, and Mike Purcell.

We invite all members to celebrate with these newly-elected Officers & Directors on January 19.

It’s no secret that the real estate market is experiencing a much-needed and expected correcting shift. While this “shift” needed to occur to help maintain a healthy real estate market, I believe it’s important to look at some national housing data to see where we are in the big picture. For instance, existing home sales declined nationwide for the eighth consecutive month, falling 1.5% as of last measure, according to the National Association of REALTORS® , with sales down nearly 24% from the same period in 2022. Pending home sales also declined, dropping 10.9% month-to-month, exceeding economists’ expectations. Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year.

But there might be some good news concerning inflation. A recent report showing that the rate of inflation declined in October is good news for the real estate industry and possibly a bellwether of declining mortgage rates in coming months. Experts will be keeping a close eye on these rates in the following weeks.

While inflation shows some hopeful signs of stabilizing, affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are beginning to slow down. As a result, many homeowners are waiting until market conditions improve to sell, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.

So how does this national housing data fit in with us locally? In October, New Listings in the Chattanooga region decreased 9.0% to 1,058. Pending Sales were down 30.9% to 808. Inventory levels grew 55.0% to 2,049 units.

Prices continued to gain traction. The Median Sales Price increased 10.9% to $305,000. Days on Market was up 47.1% to 25 days. Buyers felt empowered as Months Supply of Inventory was up 75.0% to 2.1 months. These numbers are refreshing and in fact just show signs of normalcy and stability coming back after the wild ride and frantic growth to our local markets over the past two years.

I had conversations last week with a number of industry professionals while attending the National Association of Realtors NXT conference and will be providing a more detailed account of our time there in next week's article. In short and to not say too much too soon, the common theme in our industry is to get to work and to set our projections to where we were in 2020. The market was good then and the market is good now. The past two years have created an unrealistic expectation to the reality of what we are seeing in today’s market and the buzz in the news is just that, only a buzz. News outlets are continuing to talk of the up and the downs because the real estate market has become as popular to comment on and is monitored by consumers almost as much as the sports and the weather.

The housing market continues to shift every day, which is why it is so crucial to utilize the expertise of a Realtor®. Whether you’re buying or selling, or moving locally or across the country, Realtors have the knowledge and tools needed to make sure you are getting the most out of your investment. That’s Who We R®.

Last week I wrote about how real estate is generally thought of as local. In fact, when most people think of real estate three words come to mind; location, location, and location. Realtors, for the most part, help property owners in the same communities they live and work in.

As I prepare to join other Realtors® from all over the country for NAR NXT, the National Association of Realtors® (NAR) Fall Conference in Orlando, Florida, I’m reminded of how important it is to have a network of fellow professionals. NAR is the country’s largest trade association, and an estimated 12,000 Realtors® and industry stakeholders from all 50 states, several U.S. territories and 60 countries will join. And while it’s great to catch up with fellow colleagues, it’s certainly not all fun in the sun. Participants can choose from more than 100 education sessions and interact with almost 400 exhibitors at the real estate industry's largest trade show.

2022 NAR President Leslie Rouda Smith has a great summary of our fall convention. "Realtors are ready and set to grow at the industry's preeminent gathering for real estate professionals. Realtors and real estate professionals worldwide will join one another to learn, share best practices, network, give back to the Orlando community, and focus on what's new and coming soon to our ever-changing industry."

NAR Chief Economist Lawrence Yun, who has presented to our association numerous times, will share his latest outlook for the residential housing market on November 11, and present his commercial real estate and economic forecast on November 12. Dr. Yun’s expertise will certainly be met with excitement.

From the world of politics, Karl Rove, political strategist and former deputy chief of staff for President George W. Bush, and April Ryan, CNN political analyst and TheGrio White House correspondent, will discuss the impact of the 2022 elections and provide their 2023 outlook during the Federal Legislative and Political Forum on November 12.

The wide range of speakers at NAR NXT truly allows for Realtors to learn from the best in their respective fields. Jay Shetty, bestselling author of "Think Like a Monk" and media game-changer – with more than 50 million social media followers – will address attendees on November 12.

For sports fans like me, there’s an especially interesting speaker. Venus Williams – legendary tennis champion, seven-time Grand Slam winner, entrepreneur and philanthropist – will join 2022 NAR President Leslie Rouda Smith for a fireside chat on November 13. These sessions have been the highlight of many meetings in the past.

NAR NXT will also include forums about regulatory issues, emerging technology, and real property valuation. And finally, the association's Board of Directors will meet and deliberate issues that impact NAR members' daily business on November 14.

After 2020, I can almost certainly guarantee that none of us attending are taking for the granted the absolute joy of meeting together in the same place. In the coming weeks, I look forward to updating folks on the changing landscape of the real estate market/industry.

Realtors across the country (and world) work in their communities everyday to meet the property needs of those around them. That’s Who We R®.

The Nominating Committee presents the following Candidates for the 2023-24 Board of Directors: