KENNETH BARGERS BLOG

Realtor, Tennis Player, Titans & Vols Fan, Nashvillan

Inventory Problems Stall Home Sales

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Inventory Problems Stall Home Sales
Article by Daily Real Estate News | January 30, 2015

NAR LogoPending home sales dropped in December, despite interest rates being at the lowest levels in more than a year, the National Association of REALTOR® reports. All regions across the country posted declines in December.

In December, pending home sales nationally fell 3.7 percent month-over-month. Still, NAR’s Pending Home Sales Index, a forward-looking indicator based on contract signings, remained about 6 percent above year-over-year levels for the fourth consecutive month.

Lawrence Yun, NAR’s chief economist, says that inventory problems mixed with slightly higher home prices attributed to December’s decline in contract signings.

Total inventory dropped in December for the first time in 16 months, which left homebuyers with fewer choices of homes for-sale.

“With interest rates at lows not seen since early 2013, the strength in existing-sales in upcoming months will largely depend on the willingness of current home owners to realize their equity gains from the past couple years and trade up,” Yun says. “More jobs, increasing consumer confidence, less expensive mortgage insurance, and new low down payment programs coming into the marketplace will likely lead to more demand from first-time buyers.”

Regional Look  Across the country, here’s how pending-home sales fared in December:

  • Northeast: posted the largest decline of any other region, dropping 7.5 percent in December month-over-month. Pending home sales, however, remain 6.3 percent above year ago levels.
  • Midwest: decreased 2.8 percent in December, but remains 1.9 percent above December 2013.
  • South: decreased 2.6 percent in December, but pending-home sales are 8.6 percent above the prior December’s levels.
  • West: declined 4.6 percent in December, but pending-home sales are 6.3 percent above a year ago.

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 013015

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Coming Soon in Bayview Estates of Nashville

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Existing-Home Sales Rebound: 5 Stats to Know

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Existing-Home Sales Rebound: 5 Stats to Know
Article by Daily Real Estate News | January 23, 2015

NAR LogoHome sales picked up at the end of 2014, closing off a year that had a sluggish start but then showed encouraging signs in the second half, according to the National Association of REALTORS®’ latest housing report, released Friday.

Existing-home sales rose 2.4 percent in December month-over-month, bouncing back after a dismal November. Total home sales –reflecting completed transactions of single-family homes, townhomes, condos, and co-ops – reached a seasonally adjusted annual rate of 5.04 million in December.

“Home sales improved over the summer once inventory increased, prices moderated, and economic growth accelerated,” says Lawrence Yun, NAR’s chief economist. “Sales were measurably better in the second half – up 8 percent compared to the first six months of the year.”

Overall for 2014, the median national existing-home price was $208,500, reaching the highest level since 2007, and a 5.8 percent increase from 2013 when it was $197,100. However, total existing-home sales were 3.1 percent lower in 2014 compared to 2013, NAR reports.

Here’s a closer look at five housing stats from NAR’s latest report — reflecting December 2014 data — to gauge the market:

  1. Home sales: Single-family home sales rose 3.5 percent in December to a seasonally adjusted annual rate of 4.47 million compared to 4.32 million in November. Single-family home sales are 4 percent above the pace a year ago. Existing condo and co-op sales, on the other hand, dropped 5 percent in December.
  2. Home prices: The median existing-home price for all housing types in December was $209,500 – 6 percent higher than year ago levels. This marks the 34th consecutive month of year-over-year price gains.
  3. Days on the market: Properties typically stayed on the market in December for 66 days, a slightly shorter time frame than a year ago when the average was 72 days. Short sales were on the market the longest amount of time at a median of 98 days in December, while foreclosures sold in 61 days. Non-distressed homes averaged 66 days on the market. About 31 percent of homes that were sold in December were on the market for less than a month, according to NAR.
  4. Distressed sales: Foreclosures and short sales edged up slightly in December, reaching 11 percent of sales compared to 9 percent in November. However, distressed sales are down from 14 percent a year ago. Of December existing-home sales, 8 percent were foreclosures and 3 percent were short sales. On average, foreclosures sold for a discount of 15 percent below market value while short sales were discounted 12 percent.
  5. Inventory: Total housing inventory at the end of December fell 11.1 percent to 1.85 million existing homes available for sale. That represents a 4.4-month supply at the current sales pace, which is down from 5.1 months in November. Unsold inventory is now 0.5 percent lower than a year ago.

“A drop in housing supply in December raises some affordability concerns in the months ahead as minimal selection and the potential for faster price appreciation could offset the demand from buyers encouraged by a stronger economy and sub-4 percent interest rates,” says Yun. “Housing costs – both rents and home prices – continue to outpace wages and are burdensome for potential buyers trying to save for a downpayment while looking for available homes in their price range.”

BY REGION  The following is a look at how existing-home sales performed across the country in December:

  • Northeast: existing-home sales fell 2.9 percent to an annual rate of 660,000. Sales are 3.1 percent above year ago levels. Median price: $246,600, up 3.2 percent above a year ago.
  • Midwest: existing-home sales dropped 3.5 percent to an annual level of 1.09 million in December. Sales are 2.7 percent below December 2013. Median price: $159,100, up 5.3 percent from a year ago.
  • South: existing-home sales in the South climbed 3.8 percent to an annual rate of 2.17 million in December. Sales are 7.4 percent above December 2013. Median price: $184,100, up 6.6 percent from a year ago.
  • West: existing-home sales surged 9.8 percent to an annual rate of 1.12 million in December. Sales are 2.8 percent above a year ago. Median price: $299,600, up 5.6 percent year-over-year.

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 012315

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Mortgage Rates at New Lows in Early 2015

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Mortgage Rates at New Lows in Early 2015
Article by Freddie Mac | January 22, 2015

FreddieMac-LogoMCLEAN, VA–(Marketwired – Jan 22, 2015) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates falling again amid declining bond yields and oil prices. Averaging 3.63 percent, the 30-year fixed-rate mortgage is at its lowest level since the week ending May 23, 2013 when it averaged 3.59 percent.

  • 30-year fixed-rate mortgage (FRM) averaged 3.63 percent with an average 0.7 point for the week ending January 22, 2015, down from last week when it averaged 3.66 percent. A year ago at this time, the 30-year FRM averaged 4.39 percent.
  • 15-year FRM this week averaged 2.93 percent with an average 0.6 point, down from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 3.44 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent this week with an average 0.4 point, down from last week when it averaged 2.90 percent. A year ago, the 5-year ARM averaged 3.15 percent.
  • 1-year Treasury-indexed ARM averaged 2.37 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.54 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates continued to fall, albeit at a slower pace, with the 30-year fixed rate mortgage averaging 3.63 percent this week. Housing starts [PDF] picked up in December coming in at a seasonally adjusted 1.089 million unit pace and beating market expectations. Meanwhile, the drop in energy prices pushed the Producer [PDF] Price Index down 0.3 percent for December and the Consumer [PDF] Price Index fell 0.4 percent.”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

Source: Freddie Mac 012215

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Homebuilders Remain Cautiously Confident

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Homebuilders Remain Cautiously Confident
Daily Real Estate News | January 21, 2015

NAHB-LogoBuilder confidence remained above a key benchmark, reflecting that most of the nation’s homebuilders view conditions in the new-home market positively, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index released this week.

Builder confidence this month fell one point to 57. However, this marks the third consecutive month the index has been in the upper 50s, meaning that most builders view new-home sales and sales expectations for the next six months as “good” than “poor.”

“January’s HMI reading is in line with our forecast as we head into the new year,” says NAHB Chief Economist David Crowe. “Steady economic growth, rising consumer confidence, and a growing labor market will help the housing market continue to move forward in 2015.”

The monthly index gauges builder perceptions in the current new-home market based on home sales, buyer traffic, and sales expectations. Overall, builders appear to be the most optimistic in the West, with sentiment there rising four points in January to 66, followed by a three-point gain to 57 in the Midwest, and a two-point increase in the Northeast to 47. The South posted the only regional drop in builder confidence in January, falling two points to 58.

Source: National Association of Home Builders; REALTOR® Magazine Online, Daily Real Estate News 012115

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Endless Possibilities in the Beautiful and Scenic Cane Ridge Area

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Area 1 | Built 1980 | 3.55 acres | 2,607 s.f. | 2-Car Garage
Contemporary Style: 3 bed, 3 bath, in-ground pool, pool house, expansive outdoor area

Welcome home to this amazing property located in the beautiful and scenic area of Cane Ridge. The large open great room includes features of a floor-to-ceiling brick fireplace, an impressive chandelier, vaulted ceiling, glass, and wood beams. This room is a true flex plan offering endless possibilities.

Updating this as-is property can become a showplace once again and an entertainers dream! MLS 1586095 Offered at $429,900  View further details and images

5762-CaneRidge-1

View further details and images

PILKERTON REALTORS
Listing Agent: Nancy King, REALTOR® | (615) 516-3471 | Nancy@SisterActProperties.com
Showing Agent: Kenneth Bargers, REALTOR® | (615) 512-9836 | kb@bargers-solutions.com

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In honor of Martin Luther King, Jr. Day

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Written by Kenneth Bargers

January 18, 2015 at 1:11 pm

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