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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

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

30-Year Mortgage Rates Edge Above 4%

Article by: Daily Real Estate News (March 23, 2012)

30-Year Mortgage Rates Edge Above 4%

Mortgage rates moved up quite a bit this week, following higher bond yields and improving economic data, Freddie Mac reports in its weekly mortgage market survey.

“Mortgage rates are catching up with increases in U.S. Treasury bond yields, placing the average 30-year fixed mortgage rate above 4 percent for the first time since the end of October 2011,” says Frank Nothaft, Freddie Mac’s chief economist. “Bond yields rose over the past two weeks in part due to an improving assessment of the state of the economy by the Federal Reserve, better than expected results of commercial bank stress tests, and the likelihood of a second bailout for Greece.”

The 30-year mortgage rate, the most popular choice of home buyers, took a big leap upward, after hovering below 4 percent and sitting at all-time record lows for weeks.

Here’s a closer look at rates for the week ending March 22:

  • 30-year fixed-rate mortgages: averaged 4.08 percent, with an average 0.8 point, up from last week’s 3.92 percent. The 30-year rate has not been above 4 percent since Oct. 27, 2011, when it averaged 4.10 percent. Since then, it has hovered below 4 percent and at all-time record lows.
  • 15-year fixed-rate mortgages: averaged 3.30 percent, with an average 0.8 point, also rising from last week’s 3.16 percent average. Last year at this time, 15-year rates averaged 4.04 percent.
  • 5-year adjustable-rate mortgages: averaged 2.96 percent, with an average 0.7 point, a rise over last week’s 2.83 percent average. Last year, 5-year ARMs averaged 3.62 percent at this time.
  • 1-year ARMs: averaged 2.84 percent, with an average 0.6 point, rising from last week’s 2.79 percent. A year ago at this time, 1-year ARMs averaged 3.21 percent.

Source: Freddie Mac; Daily Real Estate News (March 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

March 24, 2012 Posted by | economy, real estate | , , , , , , , , , , , , , , | Leave a Comment

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