Kenneth Bargers Blog

In the News…real estate social networking

Open House, March 4th, in the Fountainbrooke subdivision of Brentwood, Tennessee

February 28, 2012 Posted by | Nashville, open house, real estate, tennessee | , , , , , , , , , , , , | Leave a Comment

Wonderful Renovated Cottage with 2-acres in the Brick Church Area of Nashville!

February 28, 2012 Posted by | Nashville, real estate | , , , , , , , , , , , , | Leave a Comment

January Pending Home Sales Rise, Market on Uptrend

Article by: National Association of REALTORS®

January Pending Home Sales Rise, Market on Uptrend

Pending home sales are on an upward trend, which has been uneven but meaningful since reaching a cyclical low last April, and are well above a year ago, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2 percent to 97.0 in January from a downwardly revised 95.1 in December and is 8 percent higher than January 2011 when it was 89.8. The data reflects contracts but not closings.

The January index is the highest since April 2010 when it reached 111.3 as buyers were rushing to take advantage of the home buyer tax credit.

Lawrence Yun, NAR chief economist, said this is a hopeful indicator going into the spring home-buying season. “Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year. With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth, of course with local variations.”

PHSI by region:

• Northeast: rose 7.6 percent to 78.2 in January and is 9.8 percent above a year ago.
• Midwest: declined 3.8 percent to 88.1 but is 10.8 percent higher than January 2011.
• South: increased 7.7 percent to an index of 109.1 in January and are 10.5 percent above a year ago.
• West: fell 4.4 percent in January to 101.9 but is 0.7 percent above January 2011.

“Movements in the index have been uneven, reflecting the headwinds of tight credit, but job gains, high affordability and rising rents are hopefully pushing the market into what appears to be a sustained housing recovery,” Yun said. “If and when credit availability conditions return to normal, home sales will likely get a 15 percent boost, speed up the home-price recovery, and thereby significantly reduce the number of homeowners who are underwater.”

Source: NAR; Daily Real Estate News (February 27, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, a residential real estate firm located in Nashville, Tennessee

February 27, 2012 Posted by | economy, real estate | , , , , , , , , , , , , , | Leave a Comment

LOL Friday! Duck Hunting…

Duck Hunting

A game warden came upon a duck hunter who had bagged 3 ducks and decided to “enforce the laws.”

He stopped the hunter, flashed his badge and said, “Looks like you’ve had a pretty good day. Mind if I inspect your kill?”

The hunter shrugged and handed the ducks to the warden.

The warden took one of the ducks, inserted his finger into the duck’s rectum, pulled it out, sniffed it, and said, “This here’s an Alabama state duck. Do you have an Alabama state hunting license?”

The hunter pulled out his wallet and calmly showed the warden an Alabama state hunting license.

The warden took a second duck, inserted his finger in the bird’s rectum, pulled it out, sniffed it, and said, “This here’s a Tennessee duck. Do you have a Tennessee state hunting license?”

The hunter, a bit put out, produced a Tennessee state hunting license.

The warden took a third duck, conducted the same finger test, and said, “This here’s a Georgia state duck. Do you have a Georgia state hunting license?”

Once again, only this time more aggravated, the hunter produced the appropriate license.

The warden, a little miffed at having struck out, handed the ducks back to the hunter and said, “You’ve got all of these licenses, just where the hell are you from?”

The hunter dropped his pants, bent over, and said “You’re so smart, you tell me!”

February 24, 2012 Posted by | humor | , , , , , , , | 1 Comment

Home Sales on the Rise: Ready for Spring Buying Season…

Article by: National Association of REALTORS®

Home Sales on the Rise: Ready for Spring Buying Season…

Existing-home sales rose 4.3 percent in January to a seasonally adjusted annual rate of 4.57 million, marking the third gain for home sales in the last four months, the National Association of REALTORS® reports.

“The uptrend in home sales is in line with all of the underlying fundamentals – pent-up household formation, record-low mortgage interest rates, bargain home prices, sustained job creation and rising rents,” NAR’s Chief Economist Lawrence Yun says.

While sales ticked up, inventories of for-sale homes also continued to show improvement, NAR reported. At the end of January, total housing inventory fell 0.4 percent to 2.31 million existing homes for sale, which represents a 6.1-month supply at the current sales pace.

“The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers,” Yun says. “Foreclosure sales are moving swiftly with ready home buyers and investors competing in nearly all markets. A government proposal to turn bank-owned properties into rentals on a large scale does not appear to be needed at this time.”

Unsold listed inventory has steadily dropped since reaching a peak of 4.04 million in July 2007. It now is 20.6 percent below where it was a year ago, NAR reports.

Housing Affordability Improves

As home prices have fallen and mortgage rates at all-time record lows, housing affordability is at some of its highest levels on record.

“Word has been spreading about the record high housing affordability conditions and our members are reporting an increase in foot traffic compared with a year ago,” says NAR President Moe Veissi. “With other favorable market factors, these are hopeful indicators leading into the spring home-buying season. We’re cautiously optimistic that an uptrend will continue this year.”

The national median existing-home price for all housing types in January was $154,700, which is down 2 percent year-over-year.

Distressed sales, which tend to sell at steep discounts, continue to hamper home prices nationwide. Foreclosures and short sales accounted for 35 percent of all January home sales, which is up slightly from 32 percent in December.

Still, “home buyers over the past three years have had some of the lowest default rates in history,” Yun said. “Entering the market at a low point and buying at discounted prices have greatly helped in that success.”

Breakdown by Housing Type

Here’s a closer look at how home sales fared by housing type in January:

Single-family home sales: increased 3.8 percent to a seasonally adjusted annual rate of 4.05 million in January from 3.90 million in December. They are 2.3 percent above the 3.96 million-unit pace a year ago. Median price: $154,400 in January, down 2.6 percent from January 2011.

Existing condominium and co-op sales: rose 8.3 percent to a seasonally adjusted annual rate of 520,000 in January from 480,000 in December. They are 10.3 percent lower than the 580,000-unit level in January 2011. Median price: $156,600 in January, up 2 percent from a year ago.

Home Sales by Region

The following is a breakdown of existing-home sales in January by region:

• Northeast: increased3.4 percent to an annual pace of 600,000 in January and are 7.1 percent above a year ago. Median price: $225,700, which is 4.2 percent below January 2011.
• Midwest: increased 1 percent in December to a level of 980,000 and are 3.2 percent higher than January 2011. Median price: $122,000, down 3.9 percent from a year ago.
• South: rose 3.5 percent to an annual level of 1.76 million in January but are unchanged from a year ago. Median price: $134,800, which is 0.3 percent below January 2011.
• West: increased 8.8 percent to an annual pace of 1.23 million in January but are 3.1 percent below a spike in January 2011. Median price: $187,100, down 1.8 percent from a year ago.

Contract Delays, Cancellations Remain High

Twenty-one percent of NAR members in January reported delays in contracts, and 33 percent said contracts fell through, according to NAR. The number of contract cancellations remains mostly unchanged from December.

The increase in the past year of contract cancellations or delays has been blamed on more lenders declining mortgage applications from stricter underwriting standards and low appraisals coming in under the agreed upon contract price.

Source: National Association of REALTORS®; Daily Real Estate News (February 23, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

February 23, 2012 Posted by | economy, real estate | , , , , , , , , , , , , , , , , , | 1 Comment

Housing Affordability Reaches New Records

Article by:  National Association of Home Builders

Housing Affordability Reaches New Records

Housing affordability rose to a record high during the fourth quarter of 2011, which means a home buyer’s purchasing power is greater than it ever has been before, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

The index showed that 75.9 percent of all new and existing homes sold in the fourth quarter were affordable to families earning the national median income of $64,200, according to the index. That marks the highest percentage recorded in the index’s 20-year history.

“While today’s report indicates that home ownership is within reach of more households than it has been for more than two decades, overly restrictive lending conditions confronting home buyers and builders remain significant obstacles to many potential homes sales, even with interest rates at historically low levels,” says Barry Rutenberg, chairman of the National Association of Home Builders.

Most Affordable Cities

According to the index, the most affordable major housing market was Youngstown-Warren-Boardman, Ohio, in which 95 percent of all homes sold during the fourth quarter were affordable to households earning the median family income of $54,900, according to the index.

Other top affordable housing markets include: Lakeland-Winter Haven, Fla.; Modesto, Calif.; Harrisburg-Carlisle, Pa.; and Toledo, Ohio.

Least Affordable Cities

However, some metro areas still remain too pricey for buyers. The least affordable major housing market during the fourth quarter was New York-White Plains-Wayne, N.Y.-N.J., in which 29 percent of all homes sold were affordable to those earning the area’s media income of $67,400.

Other high-priced metro areas at the bottom of the affordability index include: Honolulu; San Francisco-San Mateo-Redwood City, Calif.; Santa Ana-Anaheim-Irvine, Calif.; and Los Angeles-Long Beach-Glendale, Calif.

Source: National Association of Home Builders; Daily Real Estate News (February 17, 2012) | Blog distribution by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

February 21, 2012 Posted by | economy, real estate | , , , , , , , , , , , , , | 1 Comment

Housing Starts Post Highest Level in 3 Years

Article by: Associated Press, Reuters

Housing Starts Post Highest Level in 3 Years

Housing starts rose 1.5 percent in January from December, led by a surge in apartment construction, the Commerce Department reported Thursday.

Housing starts in January reached a seasonally annual rate of 699,000 units, reaching its highest level since October 2008.

The main reason for the January increase was due to a 14.4 percent rise in groundbreaking on rental properties or buildings with five units or more.

However, while multifamily units saw a rise in January, the construction of single-family homes had a modest drop of 1 percent for the month. The January decrease follows a strong 12 percent gain in single-family construction in December.

While single-family home construction has made strides over the last few months, construction still remains low and is at about half the rate that is considered healthy for the sector.

Still, more builders are feeling encouraged about the signs of a gradual recovery in the new-home market. Building permits in January, a future gauge to construction, ticked up 0.7 percent. Also, a recent index showed that builder sentiment was at its highest level in nearly five years.

Source: “Single-Family Homes Cool off After December Jump; Apartments Rebound as Starts Rise 1.5%,” Associated Press (Feb. 16, 2012) and “Housing Starts Climb More Than Expected in January,” Reuters (Feb. 16, 2012); Daily Real Estate News (February 17, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, located in Nashville, Tennessee

February 20, 2012 Posted by | economy, real estate | , , , , , , , , , , , , , , , | Leave a Comment

LOL Friday! Tequila…

Tequila!!

A man walks into a bar, notices a very large jar on the counter, and sees that it’s filled to the brim with $10 bills. He guesses there must be at least ten thousand dollars in it. He approaches the bartender and asks, “What’s with the money in the jar?”

“Well…, you pay $10, and if you pass three tests, you get all the money in the jar and the keys to a brand new Lexus”

The man certainly isn’t going to pass this up, so he asks, “What are the three tests?”

“You gotta pay first,” says the bartender, “those are the rules.”

So, after thinking it over a while, the man gives the bartender $10 which he stuffs into the jar.

“Okay,” says the bartender, “here’s what you need to do:

First – You have to drink a whole quart of tequila, in 60 seconds or less, and you can’t make a face while doing it.”

“Second – There’s a pit bull chained in the back with a bad tooth. You have to remove that tooth with your bare hands.”

“Third – There’s a 90-year old lady upstairs who’s never had sex. You have to take care of that problem.”

The man is stunned! “I know I paid my $10 — but I’m not an idiot! I won’t do it! You’d have to be nuts to drink a quart of tequila and then do all those other things!”

“Your call,” says the bartender, “but, your money stays where it is.”

As time goes on, the man has a few more drinks and finally says, “Where’s the damn tequila?!”

He grabs the bottle with both hands and drinks it as fast as he can. Tears stream down both cheeks — but he doesn’t make a face — and he drinks it in 58 seconds! Next, he staggers out the back door where he sees the pit bull chained to a pole. Soon, the people inside the bar hear loud growling, screaming, and sounds of a terrible fight — then nothing but silence!

Just when they think that the man surely must be dead, he staggers back into the bar. His clothes are ripped to shreds and he’s bleeding from bites and gashes all over his body. He drunkenly says, “Now…, where’s that old woman with the bad tooth?”

February 17, 2012 Posted by | humor | , , , , | Leave a Comment

Builders Are Feeling More Optimistic

Article by: Melissa Dittmann Tracey, REALTOR® Magazine Daily News

Builders Are Feeling More Optimistic

Signs are improving in the new-home market and builders are feeling more optimistic about where the real estate market is heading, after coming off last year’s worst year on record for new home construction.

For the fifth consecutive month, builder confidence in the single-family home market increased in February, reaching its highest level in four years.

“Builder confidence has doubled since September,” says Barry Rutenberg, chairman of the National Association of Home Builders. “Given the recent improvements in new home starts and the increasing number of markets included in the NAHB/First American Improving Market Index, this consistency suggests that the housing market is moving toward more sustainable growth.”

While the jumps in builder confidence have been an encouraging sign for the industry, housing experts warn that confidence is still historically low, and that foreclosures, low appraisals, and more stringent credit standards continue to hamper the new-home market’s full recovery.

Source: Melissa Dittmann Tracey, REALTOR® Magazine Daily News; Daily Real Estate News (February 16, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

February 16, 2012 Posted by | economy, real estate | , , , , , , , , , , , , , , | 1 Comment

GNAR Reports 2012 Home Sales Begin with Increase

Article by: Greater Nashville Association of REALTORS®

2012 HOME SALES BEGIN WITH INCREASE

NASHVILLE, Tenn. (Feb. 9, 2012) – There were 1,377 home closings reported for the month of January, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 25 percent from the 1,101 closings reported for the same period last year.

“The New Year has started with positive news for home sales in the Greater Nashville area,” said GNAR President Kendra Cooke. “The data shows a 25 percent increase from 2011. In fact, we had more residential closings in January 2012 then we did total closings in January 2011.

“January home sales have increased each year since 2009, and January also marks the first year-over-year double-digit increase since 2005. So, while it is an encouraging start to the year, it is still a challenging time in the overall real estate market due to more stringent lending standards and governmental challenges. However, new and expanding businesses and a strengthening economy in our region, along with campaigns like “Business is Good” by the Nashville Area Chamber of Commerce give us reason to be positive.”

There were 1,615 sales pending at the end of the month, compared with 1,270 pending sales at this time last year. The average number of days on the market for a single-family home was 95 days.

The median residential price for a single-family home during January was $157,500 and for a condominium it was $140,325. This compares with last year’s median residential and condominium prices of $165,500 and $131,500, respectively.

Inventory at the end of January was 17,949, compared with 20,347 in January 2011.

“The level of inventory has decreased from last January, but is up from December,” said Cooke. “While sellers typically take their homes off the market toward the end of the year, those same sellers, and new potential sellers, begin to list and relist their homes at the beginning of the new year. So it is likely we’ll see an increase in inventory as we go into the spring and summer months. People considering selling their homes should consult a Realtor® about how to prepare and price their property for the best results.”

The Greater Nashville Association of REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics.

Source: Greater Nashville Association of REALTORS® (GNAR) (February 9, 2012) | Blog distribution by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

February 14, 2012 Posted by | economy, Nashville, real estate | , , , , , , , , , , , , | Leave a Comment

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