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Middle Tennessee Home Sales Top 3,000 Units for May 2013

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MIDDLE TENNESSEE HOME SALES TOP 3,000 UNITS
Press Release by the Greater Nashville Association of REALTORS®; June 6, 2013

NASHVILLE, Tenn. (June 6, 2012) – There were 3,061 home closings reported for the month of May, according to figures provided by the Greater Nashville Association of REALTORS®. This represents a 22.4 percent increase from the 2,500closings reported for May 2012.

Year-to-date closings are 11,821.That total is up 24 percent from the 9,541 closings reported through the same period last year.

“In May, for the first time in nearly six years – since August 2007 – closings surpassed 3,000 units in one month. That’s a major milestone for our region,” said GNAR President Price Lechleiter. “Median prices continue to increase while remaining affordable and there are more than 3,000 sales currently pending. Combined, these numbers show that the Nashville market is not only stabilizing but growing stronger. This is welcome news.”

“While the signs are encouraging, they are far from solid. Key supporting factors such as the availability of FHA financing, the backing of FANNIE MAE and FREDDIE MAC, and the availability of the Mortgage Interest Deduction, which is especially important to first-time buyers, must be kept in place. Realtors continue to communicate with elected officials about the significance of protecting these programs that are so important not just to the real estate market, but to the overall economy.”

There were 3,069 sales pending at the end of the month, compared with 2,671 sales pending at this time last year. The average number of days on the market for a single-family home was 73 days.

The median residential price in May was $195,000 for a single-family home and $166,900 for a condominium. This compares with last year’s median residential and condominium prices $179,000 and $160,000, respectively.

Inventory at the end of May was 16,760, down from the 19,503 reported in May of 2012.

“As expected, inventory is down from last year and about the same number as last month,” added Lechleiter. “The limited inventory creates opportunities and challenges for both buyers and sellers. While median prices are increasing, they are not yet at the level some sellers want or need in order to sell, so inventory is limited. That means the market-ready, properly-priced properties that do come on the market are very popular and are selling quickly.”

“In these times, the value of a real estate professional becomes even more evident. Realtors use their experience and training to help buyers and sellers navigate the trends and uncertainties of the current market and enable both of these groups to have a positive transaction experience.”

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: GNAR, Greater Nashville Association of REALTORS® (060613) | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

June’s In The News features Casual Day 2013 and Window Box Tips

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Greater Nashville Area’s April Home Sales Increase by 27 Percent

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APRIL HOME SALES INCREASE BY 27 PERCENT
Press Release by Greater Nashville Association of REALTORS®

NASHVILLE, Tenn. (May 9, 2013) – There were 2,780 home closings reported for the month of April, according to figures provided by the Greater Nashville Association of REALTORS®. This represents an increase of 27 percent from the 2,186 closings reported for April 2012.

Year-to-date closings are also up compared to 2012 with 8,760. That is a 24 percent increase compared to the 7,041 closings reported through April 2012.

“The housing market in greater Nashville is clearly active and the recovery is continuing,” said GNAR President Price Lechleiter. “It is encouraging to see consistency and growth in the number of closings each month. And, it is worth noting that the last time there were more than 2,700 closings in a month was August 2007 with 3,359.

While the news is currently positive, there is still significant concern about possible government decisions impacting the housing market. The wrong choices could easily have a major negative impact in a very short time. Realtors from Nashville, and across the country, will be in Washington, DC next week. We will be meeting with elected officials, asking them to protect the mortgage interest deduction, preserve the mission and purpose of FHA and restructure Fannie Mae and Freddie Mac to assure that mortgages are available to consumers in all economic conditions.”

There were 2,984 sales pending at the end of the month, compared to the 2,436 pending sales at this time last year. The average number of days on the market for a single-family home was 76 days.

The median residential price for a single-family home during April was $185,000 and for a condominium it was $163,800. This compares with last year’s median residential and condominium prices of $165,120 and $141,190, respectively.

Inventory at the end of April was 16,696, down from 19,622 in 2012.

“Inventory remains the key short-term issue in the greater Nashville market,” added Price. “Sellers seem to be waiting until they feel like there is the potential for a good financial return before they put their homes on the market. It is encouraging to see that median prices for both single-family homes and condominiums are up significantly this month. Some consistency in price increases will likely prompt more people to seriously consider selling their homes.”

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: GNAR, Greater Nashville Association of REALTORS®; Press Release May 9, 2013 | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennesseee

Nashville among 8 Best Markets for Flipping Houses

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NASHVILE AMONG 8 BEST MARKETS FOR FLIPPING HOUSES
Daily Real Estate News | Friday, May 03, 2013

More investors are rehabilitating homes and looking to sell them for profit, a move known as flipping.

RealtyTrac recently evaluated more than 600 metro areas to find where flipping single-family homes offers some of the highest returns based on the investor’s gross profit. The top eight metros for house-flipping are:

Orlando FL
Average purchase price: $103,701
Average flipped price: $168,677
Gross profit percent: 63 percent

Las Vegas NV
Average purchase price: $133,198
Average flipped price: $203,945
Gross profit percent: 53 percent

Phoenix AZ
Average purchase price: $146,528
Average flipped price: $210,290
Gross profit percent: 44 percent

Tampa FL
Average purchase price: $79,538
Average flipped price: $113,676
Gross profit percent: 43 percent

Memphis TN
Average purchase price: $68,318
Average flipped price: $96,870
Gross profit percent: 42 percent

Miami FL
Average purchase price: $138,064
Average flipped price: $189,291
Gross profit percent: 37 percent

Lakeland FL
Average purchase price: $68,444
Average flipped price: $93,715
Gross profit percent: 37 percent

Nashville TN
Average purchase price: $108,851
Average flipped price: $146,872
Gross profit percent: 35 percent

Source: “Best Markets for Flipping Homes,” HousingWire (May 2, 2013); Daily Real Estate News (050313) | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services

May 2013 In The News Features Gutter Maintenance; Music City Center Quick Facts

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Sharing a Story of a Gay American Family!

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Sharing a story of a fellow Realtor’s life!
I came in late this afternoon and logged on to my email and social networking sites to reply to the day’s inquiries and activities. I was disheartened to read the below post from a fellow Realtor and Nashvillian about his family’s struggle. We hear all kinds of stories of triumphs and challenges and usually in our mind we say “Oh, that can happen to anybody”; but for this situation – no it doesn’t. I invite you to read the below Facebook post and share if you feel comfortable in spreading the word of one more story in the life of a gay American family!

FACEBOOK POST: BRIAN COPELAND, April 12, 2013

“I can’t say I’ve ever posted anything like this on Facebook. I pride myself on living a complaint-free, low-drama happy life. I spent most of this morning in weeping tears after having the halo of joy pulled from over me at the social security office. What you are about to read broke my heart, broke Greg’s heart and made me say, “I can no longer sit happily silent.”

After receiving Micah’s birth certificate in the mail yesterday, I was the first in line this morning at the social security office to get his social security number. This was my third visit due to the hoops Greg and I had to jump through since second parent adoptions aren’t the easiest processes to navigate. When I sat at the truly awesome man’s desk to proudly turn over the final documentation, he quickly entered the birth certificate numbers into the system. There was no record matching Micah’s.

I called Georgia’s vital records department and spoke to the equally as wonderful man who handles adoptions. After searching he said, “Oh, you have a uh…uh…partner. I had to flag that file. It’s the policy.” Confused, I repeated that information to the SS man in Nashville. He told me to ask when the flag would be removed. Georgia’s answer, “2033.” Yes, 20 years from now. The sweet Nashville man looked perplexed and said, “Mr. Copeland, I have to have that verification.”

I immediately broken into uncontrollable, mourning-death tears. He handed me Kleenex and hurried off for an answer. As I laid my head on the desk, all I could see was photos of Micah in my head. A sweet, innocent child who can’t have certain college funds until he has a social. A little boy who just needs a simple bureaucratic number. A little boy who was part of a loving family, being treated unfairly as an American citizen.

When social security employee returned, he was visibly shaken and his heart was broken, too. He went on to tell me, while the normal process would take 2-4 weeks, he wasn’t sure how long Micah’s would take. We would have to go through a manual approval and another set of red tape and paperwork, all because our family doesn’t share the same equality as every other family in America. As I drove off, I called Greg in even worse tears. To hear the pain in his voice broker my heart even more.

Now, hours later, with pain receding, I know I can’t sit idly. While there’s little I can do in a bureaucracy, there is something I can do here. I can turn to my friends like you who took the love and time to read this post. I can ask you to be aware that equality isn’t something you should take for granted. I can implore you to be as hurt as I was this morning. I can plead for you take that pain into action. Do as I did and call your senators and congressmen and advocate for equality for all families. Will you consider making this simple call to your politician, “Sir or Ma’am, the lack of marriage equality has hurt someone I love dearly and whose family I value as my own. I’d appreciate your support of all families in our country.” It’s that simple. Thank you. I love you all, and this, too, shall work out…in time.“

Source: Brian Copeland, Facebook Post, April 12, 2013 | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

Greater Nashville Home Sales Remain Strong for March and First Quarter 2013

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GREATER NASHVILLE HOME SALES REMAIN STRONG FOR MARCH AND FIRST QUARTER
Press Release by GNAR, Greater Nashville Association of REALTORS®, April 9, 2013

NASHVILLE, Tenn. (April 9, 2013) – There were 2,562 home closings reported for the month of March 2013, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 30.5 percent increase compared with 1,963 closings in March of 2012.

Numbers for the first quarter of 2013 were 5,980 closings, up 23 percent from the 4,855 closings during the first quarter of 2012.

“The number of closings for March is the highest it has been during the same month since March of 2007,” said GNAR President Price Lechleiter. “The housing market is very active. Seasonal trends and increased activity are combining to create more confidence that the housing market will continue to improve here in Greater Nashville. This region is very fortunate in that we are experiencing recovery, stabilization and strengthening of the market more quickly than many other markets. Pending sales for March are the highest they’ve been since January 2007, and the increase in the residential and condo median prices is a welcome sign.”

“It also bears noting that April is Fair Housing Month. April 11, 1968 is when the initial fair housing legislation was signed into law by President Johnson – just one week after the assassination of Dr. Martin Luther King, Jr. We owe a great debt to those who worked so hard to create and pass that milestone legislation and open housing opportunity for so many more deserving Americans.”

There were 2,727 sales pending at the end of March, compared with 2,239 pending sales at this time last year. The average number of days on the market for a single-family home was 80 days.

The median residential price for a single-family home during March was $169,000 and for a condominium it was $147,900. This compares with last year’s median residential and condominium prices of $168,500 and $135,000, respectively.

Inventory at the end of March was 16,049, down from 18,984 in March 2012.

“Right now, inventory is the most sensitive area of the real estate market,” added Lechleiter. “With a supply of just over six months overall, and less than five month’s supply specifically for single-family homes, it is clear that demand is higher than supply. Good properties, properly prepared and priced, are moving very quickly. The market is very competitive. Buyers are always resistant to consider available homes that are in bad repair or priced incorrectly.”

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: GNAR, Greater Nashville Association of REALTORS®, 040913 | Blog, In The News, distributed by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

Spacious and Move-in Ready Home Available in Brentwood Summit of Nashville

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Renovated Larchwood Townhome for Lease in Nashville

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Greater Nashville Home Sales Increase 18 Percent in February; Pending Sales Surpass 2,000

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GREATER NASHVILLE HOME SALES INCREASE 18 PERCENT IN FEBRUARY – PENDING SALES SURPASS 2,000
Press Release by Greater Nashville Association of REALTORS® (March 7, 2013)

NASHVILLE, Tenn. (March 7, 2013) – There were 1,784 home closings reported for the month of February, according to figures provided by the Greater Nashville Association of REALTORS®.

This represents an increase of nearly 18 percent from the 1,515closings reported in February 2012. Year-to-date closings through February are 3,418, an 18.2 percent increase from the 2,892 closings reported through February 2012.

“The home sales data for February indicates another increase in both home purchases and pending sales compared to last year,” said GNAR President Price Lechleiter. “And this month also marks the highest amount of closings in February since 2008. This is the eighteenth consecutive month of increased year-over-year closings.

“The housing market recovery in this region is proving to be sustainable, particularly in light of the seasonal increases in home sales activity anticipated in the coming months. The current trends are certainly positive, but long-term planning is needed to keep our city and region vibrant and attractive in the future. With that in mind, GNAR is fully engaged in the NashvilleNext initiative and commends those who are leading that process.”

There were 2,269 sales pending at the end of the month, compared with 1,832pending sales at this time last year. The average number of days on the market for a single-family home was 84 days.

The median residential price for a single-family home during February was $175,000, and for a condominium it was $138,473. This compares with median residential and condominium prices of $159,900 and $145,000, respectively at this time last year.

Inventory at the end of February was 15,651 down from 18,271 in February 2012.

“According to the National Association of Realtors, pending home sales were up over last year in every region of the country, including the South. In the Greater Nashville area, there were more than 2,000 pending sales last month. Pending sales have not been above 2,000 since February 2008, so this is welcome news,” added Lechleiter. “Inventory is consistently lower than what it was in recent years. With positive sales trends and low inventory, it is likely that more people will consider putting their homes on the market soon. It is important for sellers to understand that buyers are expecting homes to be market ready and priced correctly in order to seriously consider a purchase.”

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 Press Release (March 7, 2013) | Blog, In The News, provided and distributed by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

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