KENNETH BARGERS' BLOG

Realtor, Tennis Player, Titans & Vols Fan, Nashvillian… Live! Work! Play! in Middle Tennessee

Just Listed in Fountainbrooke of Brentwood

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Written by Kenneth Bargers

April 27, 2016 at 9:33 pm

Rising Sales Contracts Make for Strong Spring

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Rising Sales Contracts Make for Strong Spring
Article by Daily Real Estate News | April 27, 2016

HouseForSalePending home sales last month zoomed to the highest level in nearly a year, according to the National Association of REALTORS®’s Pending Home Sales Index, a forward-looking indicator based on contract signings. Signings climbed 1.4 percent nationwide in March to an index reading of 110.5, its highest reading since May 2015.

Lawrence Yun, NAR’s chief economist, says the pending home sales increase marks a solid beginning to the spring buying season.

“Despite supply deficiencies in plenty of areas, contract activity was fairly strong in a majority of markets in March,” Yun says. “This spring’s surprisingly low mortgage rates are easing some of the affordability pressures potential buyers are experiencing and are taking away some of the sting from home prices that are still rising too fast and above wage growth.”

Yun also notes the limited number of new single-family homes being built in recent years is starting to impact some top job-producing markets, where limited inventories of homes for sale are driving up prices.

“Demand is starting to weaken in some areas, particularly in the West, where the median home price has risen an astonishing 38 percent in the past three years,” says Yun. The West was the only major region across the U.S. to see a decline in contract activity last month. Closed sales in the region are also below last year’s pace.

Regionally, pending home sales across the country in March broke out as:

  • Northeast: Pending home sales rose 3.2 percent to 97 in March and is 18.4 percent above a year ago.
  • Midwest: Pending home sales were up slightly by 0.2 percent to 112.8 in March, and are 4 percent above year ago levels.
  • South: Pending home sales increased 3 percent to an index of 125.4 in March but remain 0.6 percent lower than last March.
  • West: Pending home sales dropped 1.8 percent in March to a reading of 95.3, and are now 7.9 percent below a year ago.

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 042716

Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular (615) 371-2474 office kb@bargers-solutions.com email
www.bargers-solutions.com web kennethbargers.com blog
2 Cadillac Drive, Brentwood Tennessee address

Need a home? visit Search for Properties
Do you need marketing assistance for special projects or contract assignments? visit the Marketing page of Bargers Solutions

MarketGraphics Releases March 2016 New Home Permit Reports for Greater Nashville

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The Greater Nashville Area (12-County) New Home Permit Reports for March 2016
Courtesy of MarketGraphics Research Group | April 26, 2016

MarketGraphics Research, located in Franklin, Tennessee, releases March’s New Home Permit Reports for the 12-county Greater Nashville area: County/Builder/Subdivision New Home Permit Report, Permits by County New Home Permit Report, Top 50 Builders New Home Permit Report

Nashville-MSA-Counties-Marc

Source: Cecilia Gonsewski | MarketGraphics Research Group, Inc.
(615) 371-2282 | cecilia@mgresearch.net | http://www.mgresearch.net

Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular (615) 371-2474 office kb@bargers-solutions.com email
www.bargers-solutions.com web kennethbargers.com blog
2 Cadillac Drive, Brentwood Tennessee address

Need a home? visit Search for Properties
Do you need marketing assistance for special projects or contract assignments? visit the Marketing page of Bargers Solutions

Existing-Home Sales Kick Off Strong Spring

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Existing-Home Sales Kick Off Strong Spring
Daily Real Estate News | April 20, 2016

REALTORlogoAfter dismal numbers in February, home sales were back on track in March, ramping up for a strong spring selling season, the National Association of REALTORS® reported Wednesday. In particular, gains in the Northeast and Midwest helped fuel the rebound.

Total sales for existing homes surged 5.1 percent to a seasonally adjusted annual rate of 5.33 million in March — up 1.5 percent from a year ago — according to NAR’s latest existing-home sales data. The report shows that all four major regions of the U.S. posted gains.

“Closings came back in force last month as a greater number of buyers overcame depressed inventory levels and steady price growth to close on a home,” says NAR Chief Economist Lawrence Yun. “Buyer demand remains sturdy in most areas this spring, and the mid-priced market is doing quite well. However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability pressures.”

5 Stats to Gauge the Market

Here’s an overview of some of the key stats from NAR’s latest housing report:

  1. Home prices: The median price for an existing home in all housing types was $222,700 in March, up 5.7 percent from a year ago.
  2. Days on the market: Forty-two percent of homes sold in March were on the market for less than a month. But the overall average for time on market was 47 days, below the 52-day average a year ago. Short sales tended to linger on the market the longest, at a median of 120 days, while foreclosures typically sold in 50 days and non-distressed homes averaged 46 days.
  3. Distressed sales: Foreclosures and short sales dropped to 8 percent in March, down from 10 percent a year ago. Broken out, 7 percent of sales in March were foreclosures and 1 percent were short sales. On average, foreclosures sold for a discount of 16 percent below market value while short sales were discounted 10 percent.
  4. All-cash sales: All-cash transactions comprised 25 percent of the market in March, up from 24 percent a year ago. Individual investors account for the bulk of cash sales and purchased 14 percent of homes in March, unchanged from a year ago.
  5. Inventory: The number of homes for sale rose 5.9 percent in March to 1.98 million. Still, that remains 1.5 percent lower than a year ago. Unsold inventory is at a 4.5-month supply at the current sales pace.

“The choppiness in sales activity so far this year is directly related to the unevenness in the rate of new listings coming onto the market to replace what is, for the most part, being sold rather quickly,” Yun says. “Additionally, a segment of would-be buyers at the upper end of the market appear to have been spooked by January’s stock market correction.”

Regional Breakdown

Here’s a look at how existing-home sales fared across the country in March:

  • Northeast: Existing-home sales surged 11.1 percent to an annual rate of 700,000, which is 7.7 percent higher than a year ago. Median price: $254,100, up 5.8 percent from a year ago.
  • Midwest: Existing-home sales rose 9.8 percent to an annual rate of 1.23 million, which is 0.8 percent higher than a year ago. Median price: $174,800, up 7 percent from a year ago.
  • South: Existing-home sales increased 2.7 percent to an annual rate of 2.25 million, which is 2.3 percent higher than a year ago. Median price: $194,400, up 4.6 percent from a year ago.
  • West: Existing-home sales increased 1.8 percent to an annual rate of 1.15 million, which is 2.5 percent lower than a year ago. Median price: $320,800, up 5.9 percent from a year ago.

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 042016

Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular (615) 371-2474 office kb@bargers-solutions.com email
www.bargers-solutions.com web kennethbargers.com blog
2 Cadillac Drive, Brentwood Tennessee address

Need a home? visit Search for Properties
Do you need marketing assistance for special projects or contract assignments? visit the Marketing page of Bargers Solutions

Mortgage Rates Reach a New Low for 2016

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Mortgage Rates Reach a New Low for 2016
Daily Real Estate News | April 15, 2016

FreddieMac-LogoThe 30-year fixed mortgage rate dipped to its lowest average of the year this week, averaging 3.58 percent, Freddie Mac reports in its latest mortgage market survey.

“Demand for Treasuries remained high this week, driving yields to their lowest point since February,” says Sean Becketti, Freddie Mac’s chief economist. “In response, the 30-year mortgage rate fell 1 basis point to 3.58 percent. This rate represents yet another low for 2016 and the lowest mark since May 2013.”

Freddie Mac reports the following national averages with mortgage rates for the week ending April 14:

  • 30-year fixed-rate mortgages: averaged 3.58 percent, with an average 0.5 point, dropping from last week’s 3.59 percent average. Last year at this time, 30-year rates averaged 3.67 percent.
  • 15-year fixed-rate mortgages: averaged 2.86 percent, with an average 0.5 point, falling from last week’s 2.88 percent average. A year ago, 15-year rates averaged 2.94 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.84 percent, with an average 0.4 point, rising from last week’s 2.82 percent average. Last year at this time, 5-year ARMs averaged 2.88 percent.

Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 041516

Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular (615) 371-2474 office kb@bargers-solutions.com email
www.bargers-solutions.com web kennethbargers.com blog
2 Cadillac Drive, Brentwood Tennessee address

Need a home? visit Search for Properties
Do you need marketing assistance for special projects or contract assignments? visit the Marketing page of Bargers Solutions

Fountainbrooke Beauty Coming Soon in Brentwood

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342CH-ComingSoon

Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular (615) 371-2474 office kb@bargers-solutions.com email
www.bargers-solutions.com web kennethbargers.com blog
2 Cadillac Drive, Brentwood Tennessee address

Need a home? visit Search for Properties
Do you need marketing assistance for special projects or contract assignments? visit the Marketing page of Bargers Solutions

Mortgage Rates Hit New Low for 2016

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Mortgage Rates Hit New Low for 2016
Article by Daily Real Estate News | April 08, 2016

FreddieMac-LogoMortgage rates this week plunged to their lowest level since February 2015, unlocking more savings for home buyers and home owners who are refinancing.

“Mortgage rates this week registered the delayed impact of last week’s sharp drop in Treasury yields, as the 30-year mortgage rate fell 12 basis points to 3.59 percent,” says Freddie Mac chief economist Sean Becketti. “This rate marks a new low for 2016. Low mortgage rates and a positive employment outlook should support a strong housing market in the second quarter of 2016.”

Freddie Mac reports the following national averages with mortgage rates for the week ending April 7:

  • 30-year fixed-rate mortgages: averaged 3.59 percent, with an average 0.5 point, dropping from last week’s 3.71 percent average. Last year at this time, 30-year rates averaged 3.66 percent.
  • 15-year fixed-rate mortgages: averaged 2.88 percent, with an average 0.4 point, falling from last week’s 2.98 percent average. A year ago, 15-year rates averaged 2.93 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.82 percent, with an average 0.5 point, dropping from last week’s 2.90 percent average. A year ago, 5-year ARMs averaged 2.83 percent.

Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 040816

Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular (615) 371-2474 office kb@bargers-solutions.com email
www.bargers-solutions.com web kennethbargers.com blog
2 Cadillac Drive, Brentwood Tennessee address

Need a home? visit Search for Properties
Do you need marketing assistance for special projects or contract assignments? visit the Marketing page of Bargers Solutions

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