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May 2012 Newsletter Highlights: Home Invasion Deterrent Tips and UCP’s Casual Day

May 1, 2012 Posted by | charity, real estate, security | , , , , , , , , | Leave a Comment

March Pending Home Sales Rise, Market Recovering

Article by: National Association of REALTORS®; Daily Real Estate News, Thursday, April 26, 2012

MARCH PENDING HOME SALES RISE, MARKET RECOVERING

Pending home sales increased in March and are well above a year ago, another signal the housing market is recovering, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 4.1 percent to 101.4 in March from an upwardly revised 97.4 in February and is 12.8 percent above March 2011 when it was 89.9.  The data reflects contracts but not closings.

The index is now at the highest level since April 2010 when it reached 111.3.

Lawrence Yun, NAR chief economist, said 2012 is expected to be a year of recovery for housing.  “First quarter sales closings were the highest first quarter sales in five years.  The latest contract signing activity suggests the second quarter will be equally good,” he said.

“The housing market has clearly turned the corner.  Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses,” Yun said.

Pending Home Sales Index by Region:

  • Northeast: slipped 0.8 percent to 78.2 in March but is 21.1 percent above March 2011.
  • Midwest: declined 0.9 percent to 93.3 but is 16.9 percent higher than a year ago.
  • South: rose 5.9 percent to an index of 114.1 in March and are 10.6 percent above March 2011.
  • West: increased 8.7 percent in March to 108.0 and is 9.0 percent above a year ago.

Source: NAR; Daily Real Estate News (April 26, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

April 26, 2012 Posted by | economy, real estate | , , , , , , , , , , , , , , , , | Leave a Comment

Buyer Urgency Improves, More See Now Good Time to Buy per MSN Real Estate

Article by: Daily Real Estate News (April 11, 2012); MSN Real Estate (April 9, 2012)

Buyer Urgency Improves, More See Now Good Time to Buy

More home buyers may jump off the sidelines this spring as they get more urgent about purchasing a home, fearing that home price and mortgage rate increases are on the horizon.

Housing surveys in recent weeks have shown that more Americans are seeing now a great time to purchase a home. In the most recent survey, 73 percent of Americans say now is a good time to buy, according to the latest Fannie Mae Housing Survey conducted in March. That’s up from 70 percent in February who said it was a great time to buy.

“Conditions are coming together to encourage people to want to buy homes,” says Doug Duncan, Fannie Mae’s chief economist. “With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, some may feel that renting is becoming more costly and that home ownership is a more compelling housing choice.”

Indeed, more buyer urgency is evident in the market. Thirty-three percent of those surveyed by Fannie say they expect home prices soon to increase, which is the highest percentage in a year. What’s more, nearly 40 percent say they expect mortgage rates to rise in the next year too, which is also up from previous surveys.

Coupled with that, 48 percent of Americans say they expect rents to continue to climb, and 44 percent say they expect their financial situation to improve in the next year.

Source: “More Americans Think It’s Time to Buy a Home,” MSN Real Estate (April 9, 2012); Daily Real Estate News (April 11, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

April 12, 2012 Posted by | real estate | , , , , , , , , , , , | 1 Comment

Greater Nashville Home Sales See Significant Increase for March and 1st Quarter 2012…

GREATER NASHVILLE HOME SALES SEE SIGNIFICANT INCREASE FOR MARCH AND 1ST QUARTER … Pending Sales Also Remain Strong

NASHVILLE, Tenn. (April 9, 2012) – There were 1,963 home closings reported for the month of March 2012, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 17.3 percent increase compared with 1,673 closings in March of 2011.

Numbers for the first quarter of 2012 were 4,855 closings, up 24.2 percent from the 3,908 closings during the first quarter of 2011.

“The encouraging trends in home sales for Greater Nashville this year continued in March with the number of home closings increasing more than 17 percent from this time last year, and with more than 2,200 pending sales for the month. The increase in the residential median price is also a welcome sign. Our expectation is that the positive trends will continue as we move into the spring and summer months,” said GNAR President Kendra Cooke.

“Though there are still significant economic challenges, it is clear that the Greater Nashville and Middle Tennessee real estate market is stabilizing and strengthening.”

There were 2,239 sales pending at the end of March, compared with 1,910 pending sales at this time last year. The average number of days on the market for a single-family home was 92 days.

The median residential price for a single-family home during March was $168,500 and for a condominium it was $135,000. This compares with last year’s median residential and condominium prices of $165,000 and $143,000, respectively.

Inventory at the end of March was 18,984, down from 21,647 in March 2011.

“Inventory is down from last year but up slightly from last month,” added Cooke. “With the traditional home-buying season underway, it is expected that more homes are becoming available. Right now there is less than 10 months of inventory overall. For single-family residential there is less than eight months of inventory available. It is good that more people are beginning to consider selling their homes, as the number of buyers is clearly increasing.”

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® press release (April 9, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

April 9, 2012 Posted by | Nashville, real estate | , , , , , , , , , | Leave a Comment

Charming Updated/Move-in Ready Cottage for Homeowner or Investor’s Dream in Sylvan Heights!

April 9, 2012 Posted by | Nashville, real estate | , , , , , , , , , , , , , , , | Leave a Comment

Amazing Deal in Fountainbrooke of Brentwood – Motivated Sellers!!!

April 5, 2012 Posted by | real estate | , , , , , , , , , , , , , , | Leave a Comment

Spring, a new beginning… a Great Time to Move!

April 4, 2012 Posted by | Nashville, real estate, relocation, tennessee | , , , , , , , , , , , | Leave a Comment

30-Year Mortgage Rates Slide Back Below 4%

30-Year Mortgage Rates Slide Back Below 4%

Mortgage rates were down across the board this week compared to last week, according to Freddie Mac’s weekly mortgage market survey.

After posting a big jump last week, 30-year mortgage rates were back below the 4 percent mark this week, offering another boost in home affordability for buyers.

Here’s a closer look at rates for the week ending March 29:

  • 30-year fixed-rate mortgages: averaged 3.99 percent, with an average 0.7 point, falling back from last week’s 4.08 percent average. A year ago at this time, 30-year rates averaged 4.86 percent.
  • 15-year fixed-rate mortgages: averaged 3.23 percent, with an average 0.8 point, also slipping from last week’s 3.30 percent average. Last year, 15-year rates averaged 4.09 percent at this time.
  • 5-year adjustable-rate mortgages: averaged 2.90 percent this week, with an average 0.8 point, dropping from last week’s 2.96 percent average. The 5-year ARM averaged 3.70 percent last year at this time.
  • 1-year ARMs: averaged 2.78 percent this week, with an average 0.6 point, dropping from last week’s 2.84 percent average. A year ago, 1-year ARMs averaged 3.26 percent.

Source: Freddie Mac; Daily Real Estate News (March 30, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

March 31, 2012 Posted by | economy, real estate | , , , , , , , , , , , , | Leave a Comment

FHA Loan Apps Rise as Borrowers Try to Beat Fee Hikes

FHA Loan Apps Rise as Borrowers Try to Beat Fee Hikes

Mortgage applications for Federal Housing Administration loans soared 11 percent from the previous week as borrowers try to rush their applications in to beat the higher FHA costs that will start rolling out on Monday, according to the U.S. Mortgage Market Index report released from Mortech Inc. and Mortgage Daily.

Starting April 1, the FHA will be increasing its annual mortgage insurance premiums on all FHA loans. The annual premium is paid with the monthly mortgage payment. The FHA also will be increasing the FHA mortgage insurance premium that is paid up front during closing, also starting April 1.

Borrowers who are trying to avoid the higher fees are trying to get their FHA mortgage applications approved before the changes take effect. The new fees also will apply to home owners who refinance their mortgages.

FHA loans have soared in popularity in recent years since they allow for smaller down payments, as low as 3.5 percent compared to traditional loans, and often carry less stringent credit requirements.

Source: “Mortgage Applications for FHA Loans Increase Ahead of Higher Fees,” Realty Times (March 28, 2012); Daily Real Estate News (March 29, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors

, residential real estate services located in Nashville, Tennessee

March 29, 2012 Posted by | economy, real estate | , , , , , , , , , , , , , , | 1 Comment

Charming Renovated Cottage with 2-Acres in Nashville, Tennessee

March 29, 2012 Posted by | Nashville, real estate | , , , , , , , , , , , , , | Leave a Comment

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