KENNETH BARGERS BLOG

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Caulk and Paint Prevent Wood Rot

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Caulk and Paint Prevent Wood Rot
Article by John Swygert, April 2014 Home Tip of the Month; 042014

SwygertApril2014TipWood rot isn’t something you typically think about unless you see it. Homeowners may discover that wood used in windows, doors and even decks has begun to deteriorate. This deterioration occurs as different fungi feast on wood. The fungi need a combination of water and wood to live.

Builders point out that many of the hybridized wood products available for purchase contain large quantities of spring wood. Spring wood (also called early wood) refers to the lighter-colored bands of wood visible when you look at the end of a piece of lumber. Spring wood is characterized by large, thin-walled cells that are softer and readily absorb water. (By comparison, hard wood is the harder, less porous portion of an annual ring of wood that develops as a tree matures.) If lumber containing large portions of spring wood are used in building projects, they will be more porous, and therefore more prone to wood rot.

To prevent wood rot, the answer is simple. Wood sills and trim need to be kept caulked and painted. Inspection and maintenance of wood should be done at least yearly, to catch wood rot problems when they are small and manageable.

Another way to help prevent wood rot is to keep bushes and shrubs around the perimeter of the home trimmed back away from the home at least eighteen inches.

Screens can be removed from windows that are never opened for ventilation. This prevents the metal on the screen from allowing water to pond on the window sill. As paint ages and cracks on the window sills, water can seep into the sill and rot the wood. Storm windows can also be culprits because if “weep” (drainage) holes in storm windows are blocked, water puddles will add to the problem.

Source: John Swygert, Home Inspectors of Middle Tennessee
www.NashvilleTNHomeInspections.com

KENNETH BARGERS, REALTOR® | Bargers Solutions real estate|marketing
a proud member of Pilkerton Realtors

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Buyers Find More Housing Options This Spring

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Buyers Find More Housing Options This Spring
Article by Daily Real Estate News | April 18, 2014

The number of homes for sale is on the rise, a long-awaited welcome to home buyers who are finding more selection than last spring and less competition, according to realtor.com®’s National Housing Trend Report for March of the 146 markets it tracks.

Inventories of for-sale homes on realtor.com® in March increased 9.5 percent higher than year ago levels, according to the report. The median list price is $199,900 – 5.3 percent higher than in March 2013. The median age of inventory has also risen – 22.9 percent above year ago figures to a median of 102 days on the market.

“These figures suggest that the market is more balanced than it was in 2013, when a shortfall in available supply led to double-digit increases in many markets’ housing prices,” according to the realtor.com® report. “Having more homes on the market may mean more affordable prices for first-time and move-up buyers. Lack of inventory in 2013 led to intense competition, creating another barrier to home ownership.”

Bidding wars were frequent last year and caused prices to rise and become out of reach to some first-time home buyers who could barely save for a down payment, says Steve Berkowitz, CEO of Move, Inc.

“While inventory is still low, the continuing annual lift in the number of homes on the market that we’ve seen over the first months of 2014 is an indicator that buying conditions this year may be notably improved from the frenzied pace of last spring,” says Berkowitz.

Source: “Realtor.com Report: Higher Inventory a Welcome Sign for Spring Buyers,” realtor.com (April 17, 2014); Daily Real Estate News

KENNETH BARGERS, REALTOR® | Bargers Solutions real estate|marketing
a proud member of Pilkerton Realtors

(615) 512-9836 cellular | (615) 371-2474 office
kb@bargers-solutions.com email | www.bargers-solutions.com web
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2 Cadillac Drive, Brentwood TN 37027 address

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Did you know… It is a great time to buy your next home

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Did you know… It is a great time to buy your next home
Article by Brian Smith, Senior Loan Advisor of Movement Mortgage

The cost of waiting to buy a home continues to increase. In just 2013 alone, the cost of purchasing a home increased roughly 25% for buyers, as home prices surged between 12%-20% in most markets and mortgage rates increased from 3.25% to 4.5%, which resulted in a 13% increase in mortgage payments. Already in 2014, mortgage rates and home prices are continuing to increase.

didyouknowapril2014It is important that buyers consider rising interest rates and rising home prices when thinking about the true cost of a home. Remember, cost is not determined by price alone but by price and AND mortgage rate. The longer a buyer waits, the higher the mortgage payment will be if rates and home prices continue to increase.

For example, let’s take a $250k home that a buyer can buy today with a 4.4% rate; the non-escrowed payment is $1,251 on a 30 year fixed loan.

But if home prices increase from $250k to $261,250 this time next year (which is just an annual increase in value of 4.5%), and rates increase to 5.3%, the monthly payment now increases to $1,450, a difference of $199 per month.

That means a buyer who waits a year to purchase a home, would pay an additional $71,578 in interest and payments over the life of the loan to purchase the same home.

Source: Brian Smith | Senior Loan Advisor | Movement Mortgage
(615) 525-8094 | brian@tnhomelender.com

KENNETH BARGERS, REALTOR® | Bargers Solutions real estate|marketing
a proud member of Pilkerton Realtors

(615) 512-9836 cellular | (615) 371-2474 office
kb@bargers-solutions.com email | www.bargers-solutions.com web
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Mortgage Purchase Applications Increase in Latest MBA Weekly Survey

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Mortgage Purchase Applications Increase in Latest MBA Weekly Survey
Article by Mortgage Bankers Association; April 9, 2014
Weekly Mortgage Application Survey Press Release

WASHINGTON, D.C. (April 9, 2014) — Mortgage applications decreased 1.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 4, 2014.

The Market Composite Index, a measure of mortgage loan application volume, decreased 1.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1 percent compared with the previous week. The Refinance Index decreased 5 percent from the previous week and is at its lowest level since the end of 2013. The seasonally adjusted Purchase Index increased 3 percent from one week earlier. The unadjusted Purchase Index also increased 3 percent compared with the previous week and was 14 percent lower than the same week one year ago.

The refinance share of mortgage activity decreased to 51 percent of total applications from 53 percent the previous week and is at its lowest level since July 2009. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 8 percent of total applications.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) remained constant at 4.56 percent, with points increasing to 0.33 from 0.31 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate was unchanged from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.49 percent from 4.46 percent, with points decreasing to 0.14 from 0.27 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.19 percent from 4.21 percent, with points increasing to 0.16 from 0.15 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages remained constant at 3.62 percent, with points increasing to 0.31 from 0.23 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs increased to 3.26 percent from 3.25 percent, with points increasing to 0.5 from 0.38 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.

####The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA’s Web site: www.mba.org.####

Source: Mortgage Bankers Association (MBA), Weekly Mortgage Application Survey (040914) | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville and Brentwood, Tennessee

KENNETH BARGERS, REALTOR® | Bargers Solutions real estate|marketing
a proud member of Pilkerton Realtors

(615) 512-9836 cellular | (615) 371-2474 office
kb@bargers-solutions.com email | www.bargers-solutions.com web
kennethbargers.com blog | www.pilkertonrealtors.com web

2 Cadillac Drive, Brentwood TN 37027 address

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Sunnier Days Ahead in Housing, Freddie Says

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Sunnier Days Ahead in Housing, Freddie Says
Article by Daily Real Estate News; April 11, 2014

FreddieMac-LogoThe housing market is stronger today than at any point since the Great Recession and has made progress in several key areas after hitting bottom in 2009, Freddie Mac reports in a blog post looking at the state of the housing market heading into spring.

Home sales are up 13 percent since their low point, Freddie Mac reports. Frank Notaft, Freddie Mac’s chief economist, predicts that home sales will rise about 3 percent in 2014.

Also, the agency reports that housing starts are up 50 percent since hitting bottom. Freddie Mac is predicting a nearly 20 percent increase in new-housing starts in 2014, “which will begin to help ease tight inventories in many markets.”

Housing prices have also been on the upswing, about 16 percent higher than their bottom in 2009, Freddie Mac reports. They expect home values to continue to rise this year, but at a more moderate 5 percent pace. Also, researchers say many markets are still posting housing values that are below their 2006 peaks.

Freddie Mac is forecasting mortgage rates to remain near their historic lows this year, but rates are expected to rise about a half-percentage point during the year to around a 5 percent average by the end of the year.

Source: “After Winter Chill, Time to Spring Forward,” Freddie Mac (April 10, 2014); Daily Real Estate News (041114) | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville and Brentwood, Tennessee

KENNETH BARGERS, REALTOR® | Bargers Solutions real estate|marketing
a proud member of Pilkerton Realtors

(615) 512-9836 cellular | (615) 371-2474 office
kb@bargers-solutions.com email | www.bargers-solutions.com web
kennethbargers.com blog | www.pilkertonrealtors.com web

2 Cadillac Drive, Brentwood TN 37027 address

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MarketGraphics Releases February 2014 New Home Reports for Greater Nashville

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The Greater Nashville Area (12-County) New Home Reports for February 2014
Courtesy of MarketGraphics Research Group, 40914

MarketGraphics Research, located in Franklin, Tennessee, releases February’s New Home Permit Reports for the 12-county Greater Nashville area: County/Builder/Subdivision New Home Permit Report, Permits by County New Home Permit Report, Top 50 Builders New Home Permit Report

Permits+by+County+Feb2014

Source: Paula Charles | MarketGraphics Research Group, Inc.
(615) 371-2282 | paula@mgresearch.net | http://www.mgresearch.net

KENNETH BARGERS, REALTOR® | Bargers Solutions real estate|marketing
a proud member of Pilkerton Realtors

(615) 512-9836 cellular | (615) 371-2474 office
kb@bargers-solutions.com email | www.bargers-solutions.com web
kennethbargers.com blog | www.pilkertonrealtors.com web

2 Cadillac Drive, Brentwood TN 37027 address

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Survey: Consumer Confidence in Housing Hot This Spring

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Survey: Consumer Confidence in Housing Hot This Spring
Article by Daily Real Estate News; April 08, 2014

Consumer attitudes are reflecting greater optimism in the housing market heading into real estate’s traditionally strong spring selling season, according to Fannie Mae March 2014 Consumer Confidence Survey.

In the poll of 1,000 people, 38 percent say it’s a good time to sell a home, up from 26 percent a year ago. The poll also shows that 69 percent of those surveyed say it’s a good time to buy, and 52 percent say it’s easier today to get financing for a home.

Americans also feel more confident about their personal finances: An all-time survey high of 40 percent say their personal financial situation has improved during the past year.

“The housing recovery continues to proceed in fits and starts,” says Doug Duncan, Fannie Mae’s chief economist. “Rising mortgage rates and a lack of supply have dampened housing market momentum. However, we see several positive signs going into this year’s spring home-buying season, compared with last year. For example, consumers are less pessimistic about their personal finances and more optimistic about the current selling environment and their ability to get a mortgage. Still, those who are pessimistic about buying or selling a home today tend to point to economic conditions as the primary issue, and most consumers continue to say the economy is on the wrong track. Looking forward, we expect to see a pickup in economic growth later in the year, and this may boost the confidence of prospective buyers and sellers.”

However, consumers’ home-price expectations softened a bit in the latest survey. The average 12-month home-price-change expectation fell from last month, reaching 2.7 percent, the survey shows. Also, slightly fewer respondents — 48 percent — said they thought home prices would rise in the next 12 months.

Source: Fannie Mae; Daily Real Estate News 040814 | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville and Brentwood, Tennessee

KENNETH BARGERS, REALTOR® | Bargers Solutions real estate|marketing
a proud member of Pilkerton Realtors

(615) 512-9836 cellular | (615) 371-2474 office
kb@bargers-solutions.com email | www.bargers-solutions.com web
kennethbargers.com blog | www.pilkertonrealtors.com web

2 Cadillac Drive, Brentwood TN 37027 address

Subscribe BLOG: EMAIL ME your name/email address to receive Kenneth Bargers Blog
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