Kenneth Bargers Blog

In the News…real estate social networking

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

Poll: Renters Want to Buy

Article by: Daily Real Estate News (March 28, 2012)

Poll: Renters Want to Buy

Americans still believe in home ownership, but they’re spooked about the mortgage process, a survey finds.

Two-thirds of renters — across educational and demographic levels — say they want to purchase a home in the future, according to a quarterly national housing survey of 3,000 Americans conducted by Fannie Mae.

“In spite of the impact of the housing crisis on home values and home ownership rates across the country, Americans by and large still hope to become home owners,” says Doug Duncan, Fannie Mae’s chief economist. “Some may not be financially positioned to own a home in the near future, but Americans may begin to revisit that aspiration as employment and household balance sheets improve over the coming years.”

However, Duncan says many renters are expressing caution about the homebuying process when it comes to qualifying for a mortgage and navigating the mortgage process.

“If potential home owners avoid the process because they believe it to be too complex, we will likely see a continued impact on home ownership rates,” Duncan says.

Source: “Fannie Mae Finds Americans Remain Committed to Homeownership,” HousingWire (March 27, 2012); Daily Real Estate News (March 28, 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 28, 2012 Posted by | economy, real estate | , , , , , , , , , , , , , , , | Leave a Comment

Pending Home Sales Ease, but Solidly Higher Than Last Year

Pending Home Sales Ease, but Solidly Higher Than Last Year

Pending home sales were down slightly in February, but remain notably above the pattern in the first half of 2011, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, eased 0.5 percent to 96.5 in February from 97.0 in January, but is 9.2 percent above February 2011 when it was 88.4. The data reflects contracts but not closings.

Lawrence Yun, NAR chief economist, said we’re seeing the continuation of an uneven but higher sales pattern. “The spring home buying season looks bright because of an elevated level of contract offers so far this year,” he said. “If activity is sustained near present levels, existing-home sales will see their best performance in five years. Based on all of the factors in the current market, that’s what we’re expecting with sales rising 7 to 10 percent in 2012.”

Pending Home Sales Index by region:

  • Northeast: slipped 0.6 percent to 77.7 in February, but is 18.4 percent above a year ago.
  • Midwest: the index jumped 6.5 percent to 93.8, and is 19.0 percent higher than February 2011.
  • South: fell 3.0 percent to an index of 105.8 in February, but are 7.8 percent above a year ago.
  • West: the index declined 2.6 percent in February to 99.3, and is 1.8 percent below February 2011.

Source: NAR; Daily Real Estate News (March 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

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

« Previous Entries     Next Entries »

Follow

Get every new post delivered to your Inbox.

Join 859 other followers