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Nationally: Housing Shortages Constrain Existing-Home Sales

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Nationally: Housing Shortages Constrain Existing-Home Sales
National Association of REALTORS®    article by Daily Real Estate News | September 20, 2017

For the fourth time in five months, existing-home sales dropped as a shortage of homes for sale continues to plague the housing market. Strained supply levels of homes are making it that sales are unable “to break out,” according to the National Association of REALTORS®’ latest housing report, released Wednesday.

Existing-home sales did see an increase in the Northeast and Midwest in August but were outpaced by sales declines in the South and West, according to NAR’s report.

August EHS Infographic #1Total existing-home sales—which include completed transactions for single-family homes, townhomes, condos, and co-ops—eased 1.7 percent in August to a seasonally adjusted annual rate of 5.35 million. Last month’s sales are at the lowest levels in nearly a year.

Nevertheless, demand among potential buyers remains high. However, not enough homeowners are selling, says Lawrence Yun, NAR’s chief economist.

“Steady employment gains, slowly rising incomes, and lower mortgage rates generated sustained buyer interest all summer long, but unfortunately, not more home sales,” Yun says. “What’s ailing the housing market and continues to weigh on overall sales is the inadequate levels of available inventory and the upward pressure it’s putting on prices in several parts of the country.”

The South saw a decline in closings last month that was largely attributed to the after-effects from Hurricane Harvey in the Houston area. Home sales likely will be impacted for the rest of the year in Houston and in the most severely affected areas in Florida after Hurricane Irma. “Nearly all of the lost activity will likely show up in 2018,” Yun says.

The following are some key housing indicators from NAR’s latest report:

  • Home prices: The median existing-home price for all housing types in August was $253,500, up 5.6 percent from a year ago.
  • Inventory: Total housing inventory at the end of August dropped 2.1 percent to 1.88 million existing homes available for sale, and is now 6.5 percent lower than a year ago. Unsold inventory is at a 4.2-month supply at the current sales pace, down from 4.5 months a year ago.
  • Days on the market: Fifty-one percent of homes sold in August were on the market for less than a month. Properties typically stayed on the market for 30 days in August, down from 36 days a year ago.
  • All-cash sales: All-cash transactions comprised 20 percent of transactions in August, down from 22 percent a year ago. Individual investors account for the biggest bulk of cash sales. Investors purchased 15 percent of homes in August, up from 12 percent a year ago.
  • Distressed sales: Foreclosures and short sales accounted for 4 percent of sales in August, slipping from 5 percent a year ago. Broken out, 3 percent of sales in August were foreclosures, and 1 percent were short sales.

Source: National Association of REALTORS®; REALTOR® Magazine Online; Daily Real Estate News 092017

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Greater Nashville August Home Sales Strengthen; Condominiums Set Record Median Price

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Greater Nashville August Home Sales Strengthen; Condominiums Set Record Median Price
Press Release by the Greater Nashville REALTORS® | September 7, 2017

House 1018NASHVILLE, Tenn. (Sept. 7, 2017) – There were 3,883 closings reported for the month of August, according to figures provided by Greater Nashville REALTORS®. This represents an increase of 3.8 percent over the 3,741 closings reported for August 2016.

Year-to-date closings total 27,248. That is a 5.2 percent increase compared to the 25,898 closings reported through August 2016.

“2017 has proven to be a remarkable and record-setting year in the real estate industry,” said Greater Nashville REALTORS® President Scott Troxel. “August continued the trend of rising sales, being up three percent over last August. In fact, this is the best month of August we have had in this region in over a decade.

“August was a particularly notable month for condominiums. The condo market experienced its highest median price on record at $207,061. As a whole, the first-time buyer price range, which includes many condominiums, is particularly sparse in terms of inventory, so the rise in median price is understandable. We look expectantly to the building of new units and current owners listing their properties as a way to alleviate some of the strain many first-time buyers are experiencing in the market.”

There were 3,939 properties under contract at the end of the month, compared to the 3,447 properties under contract at this time last year. The average number of days on the market for a single-family home was 25 days.

The median residential price for a single-family home during August was $285,000 and for a condominium, it was $207,061. This compares with last year’s median residential and condominium prices of $253,000 and $189,900, respectively.

Active inventory at the end of August was 9,208, down from 10,270 in 2016.

“Renewing the National Flood Insurance Program (NFIP) is one of the highest priorities for the National Association of REALTORS®. Middle Tennessee is all too familiar with what flooding can do to an area, and Hurricane Harvey certainly shifted the country’s focus to the impact and devastation a water and weather event can cause,” said Troxel. “This type of natural disaster is another blow to a national market already struggling to provide housing for all those who want it. Greater Nashville REALTORS® proudly financially supported both NAR’s REALTORS® Relief Foundation and the Texas REALTORS® Relief Fund who are helping to provide shelter for the many who have lost it.”

### Greater Nashville 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 REALTORS® Press Release 090717

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!

 

5 Hot Outdoor Trends to Watch for Fall

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5 Hot Outdoor Trends to Watch for Fall
National Association of Landscape Professionals    article by Daily Real Estate News | August 31, 2017

Outdoor fire pits and fireplaces are the hottest landscaping trend for fall, according to a survey from the National Association of Landscape Professionals. The association surveyed more than 5,000 of its landscaping professional members.

Here’s what topped the NALP’s list of the five hottest outdoor trends for fall:

  1. High-tech fire pits: Fire pits today can be automated and programmed to turn on and off at certain times or controlled from indoors or with a smartphone.
  2. Low-maintenance landscapes: Add more flowers, shrubs, and trees to your landscapes, particularly chrysanthemums, boxwood, and maples that are hardier and require less work and water, the NALP notes.
  3. Outdoor lighting: Homeowners are installing LED lighting along their walkways not only for ambiance but for safety as well.
  4. Natural-looking materials: The latest hardscape materials mimic the look of real wood and natural stone without the associated maintenance, the NALP notes. Porcelain tiles are gaining popularity, since they are less susceptible to degradation from harsh weather conditions.
  5. Interiorscapes: Interiorscapes—or indoor landscapes—are becoming more prevalent as owners look to bring the outdoors in, the NALP notes. Large living “green” walls made up of greenery and other plants are adorning interior rooms and courtyards.

“The outdoor entertaining trend has been gaining momentum over the past several years, and this year has seen a further desire to bring the indoors out,” says Missy Henriksen, vice president of public affairs for the NALP. “In particular, the warmer fall months will lend themselves to increased attention on outdoor spaces, as homeowners look to extend the summer outdoor entertaining season and adapt their landscapes for enjoyment throughout the year.”

Source: National Association of Landscape Professionals; REALTOR® Magazine Online, Daily Real Estate News 083117

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!

Mortgage Rates Hit New Yearly Lows

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Mortgage Rates Hit New Yearly Lows
Freddie Mac     article by Daily Real Estate News | September 1, 2017

Average mortgage rates moved lower this week, as the 30-year fixed-rate mortgage continues to sit well below 4 percent.

“The 10-year Treasury yield fell to a new 2017 low on Tuesday,” says Freddie Mac chief economist Sean Becketti. “In response, the 30-year mortgage rate dropped four basis points to 3.82 percent, reaching a new year-to-date low for the second consecutive week. However, recent releases of positive economic data could halt the downward trend of mortgage rates.”

MortgageRates083117

Freddie Mac reports the following national averages with mortgage rates for the most recent week through Aug. 31:

  • 30-year fixed-rate mortgages: averaged 3.82 percent, with an average 0.5 point, falling from last week’s 3.86 percent average. Last year at this time, 30-year rates averaged 3.46 percent.
  • 15-year fixed-rate mortgages: averaged 3.12 percent, with an average 0.5 point, falling from last week’s 3.16 percent average. A year ago, 15-year rates averaged 2.77 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.14 percent, with an average 0.5 point, also falling from last week’s 3.17 percent average. A year ago, 5-year ARMs averaged 2.83 percent.

Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 090117

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!

Written by Kenneth Bargers

September 2, 2017 at 7:12 am

New Home Inventory at 20-Year Low

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New Home Inventory at 20-Year Low
National Association of Home Builders    article by Daily Real Estate News | August 17, 2017

House 1016Builders failed to ramp up inventories last month, despite increasing demand from home buyers and calls from the real estate industry. New-home construction dropped 4.8 percent in July to a seasonally adjusted annual rate of 1.16 million units, the U.S. Department of Housing and Urban Development and Commerce Development reported Wednesday.

Single-family production fell 0.5 percent month over month in July to an adjusted annual rate of 856,000. The July reading does follow a strong, upwardly revised June reading, the National Association of Home Builders notes. Single-family starts are 8.6 percent higher than a year ago.

Multifamily starts, meanwhile, plunged 15.3 percent last month to 299,000 units.

“New-home production numbers this month are in line with our forecast for a slow and steady recovery of the housing market,” says Robert Dietz, NAHB’s chief economist. “We saw multifamily production peak in 2015, and this sector should continue to level off as demand remains solid.”

Overall, inventories of homes for sale are at a 20-year low, according to realtor.com® data. Economists have been calling for new-home construction to help make up the shortfall in the market.

“The housing shortage in America will intensify if new construction remains as lackluster as it was in July,” Lawrence Yun, the National Association of REALTORS®’ chief economist, said in a statement. “The softening multifamily housing starts brought down the overall new housing unit additions to the second lowest monthly activity this year. Moreover, the latest 15 percent drop in multifamily housing starts and 0.5 percent drop in single-family starts will hold back economic growth potential. Because of this shortage, expect rents and home prices to rise by at least twice as fast as the broad consumer price index.”

Regionally, combined single-family and multifamily housing production increased only in the South in July, inching up 0.6 percent month over month. Housing starts posted a 15.7 percent month-over-month drop in the Northeast, a 15.2 percent drop in the Midwest and fell by 1.6 percent in the West.

Housing permits, a gauge of future construction, dropped 4.1 percent to a seasonally adjusted annual rate of 1.22 million units. Single-family permits mostly held steady at 811,000 units while multifamily permits dropped 11.2 percent to 412,000.

Source: National Association of Home Builders and National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 081717

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!

Price Hikes in 87% of Markets; New Record Set

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Price Hikes in 87% of Markets; New Record Set
National Association of REALTORS® article by Daily Real Estate News | August 16, 2017

House 1015Median home prices in the second quarter eclipsed a record high set in 2016, jumping 6.2 percent year over year as the inventory crunch continues to push property values higher, according to the National Association of REALTORS®.

The national median price for an existing single-family home was $255,600, up from $240,700—the previous high—in the second quarter of 2016, NAR reported Wednesday. Prices for single-family homes rose in 87 percent of U.S. housing markets; 23 metros saw double-digit increases.

“The 2.2 million net new jobs created over the past year generated significant interest in purchasing a home in what was an extremely competitive spring buying season,” says NAR chief economist Lawrence Yun. “Listings typically flew off the market in under a month—and even quicker in the affordable price ranges—in several parts of the country. With new supply not even coming close to keeping pace, price appreciation remained swift in most markets.”

Yun continues to urge for more new-home construction to meet the demand in the housing market. “An increasing share of would-be buyers are being priced out of the market and are unable to experience the wealth-building benefits of homeownership,” he says.

Total existing-home sales, which includes single-family homes and condos, dropped 0.9 percent to a seasonally adjusted annual rate of 5.57 million in the second quarter, NAR reports. Sales are still 1.6 percent higher than a year ago.

But at the end of the second quarter, 1.96 million existing homes were available on the market, a 7.1 percent drop from a year ago. The average supply in the second quarter was at 4.2 months.

“Mortgage rates have subsided in recent months, which has only somewhat helped take away some of the sting prospective buyers are experiencing with the deteriorating affordability conditions in many areas,” Yun says. “Household incomes may be rising and giving consumers assurance that now is a good time to buy, but these severe inventory shortages will likely continue to be a drag on sales potential in the second half of the year.”

The five priciest housing markets in the second quarter were: San Jose, Calif., metro area, where the median existing single-family price was $1,183,400; San Francisco, $950,000; Anaheim-Santa Ana, Calif., $788,000; urban Honolulu, $760,600; and San Diego, $605,000.

Meanwhile, the five lowest-cost metros in the second quarter were: Youngstown-Warren-Boardman, Ohio, $87,000; Cumberland, Maryland, $98,200; Decatur, Illinois, $107,400; Binghamton, New York, $109,000; and Elmira, New York, $111,600.

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 081617

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!

National Overview: 2 Major Reasons Why Inventory Is So Low

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2 Major Reasons Why Inventory Is So Low
realtor.com    article by Daily Real Estate News | August 11, 2017

House 1014Inventory of available homes on the market is the lowest it’s been in two decades, but the reasons may surprise you. Two of the likely culprits are baby boomers and homeowners who are simply satisfied with their home, according to realtor.com®’s Housing Shortage Study.

Baby boomers are showing a desire to age in place in their current homes, and their refusal to sell is creating a clog in the market, according to the study. Eighty-five percent of baby boomers surveyed say they are not planning to sell their home in the next year. That means 33 million properties—many of which are urban condos or suburban single-family homes—will stay off the market. Many of those properties would be popular choices for millennials, a generation still largely waiting in the wings to break into homeownership.

“Boomers, indeed, hold the key to those homes the market desperately needs, both in the urban condo and the detached suburban home segment,” says realtor.com® chief economist Danielle Hale. “But with a strong economy and rising home prices, there’s really no reason for established homeowners to sell in the short term. Although downsizing might be on the minds of boomers, they face the same inventory shortages and price increases plaguing millennials.”

Furthermore, 63 percent of respondents to the survey indicate that their current home meets the needs of their family. They cite low interest rates (16 percent), recently purchasing their home (15 percent), and needing to make home improvements and low property taxes (each at 13 percent) as reasons not to sell. “Life events drive real estate transactions,” Hale says. “When the majority of homeowners feel their family’s needs are being met by their current home, there is nothing compelling to them to put their home on the market.”

There may be hope that more starter homes will hit the market soon. Possibly offsetting the low supply of starter homes, which is down 17 percent year over year, 60 percent of respondents to realtor.com®’s survey who did say they plan to sell in the next year are millennials who want to move to a larger home or one with nicer features.

“The housing shortage forced many first-time home buyers to consider smaller homes and condos as a way to literally get their foot in the door,” says Hale. “Our survey data reveals that we may see more of these homes hitting the market in the next year, but whether these owners actually list will depend on whether they can find another home.”

Source: realtor.com®; REALTOR® Magazine Online, Daily Real Estate News 081117

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!
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