KENNETH BARGERS' BLOG

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

Home Sales Soften on Inventory, Pricing Woes

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Home Sales Soften on Inventory, Pricing Woes
Article by Daily Real Estate News | September 22, 2016

6741 Christiansted 1Existing-home sales softened in August, the second consecutive month of declines despite mortgage rates hovering near record lows. Not enough homes for sale and higher home prices are curtailing sales, the National Association of REALTORS® reported Thursday. The Northeast – where inventory levels are more balanced – was the only region in the U.S. to see a bump up in closings in August.

“Hopes of a meaningful sales breakthrough as a result of this summer’s historically low mortgage rates failed to materialize because supply and affordability restrictions continue to keep too many would-be buyers on the sidelines,” says Lawrence Yun, NAR’s chief economist. The 30-year fixed-rate mortgage averaged 3.44 percent in August, remaining at its lowest rate since January 2013, according to Freddie Mac.

Existing-home sales – which are completed transactions on single-family homes, townhomes, condos, and co-ops – dropped 0.9 percent in August to a seasonally adjusted annual rate of 5.33 million, according to NAR’s report. Sales are now at the second lowest pace of the year. Still, sales are 0.8 percent higher than a year ago, (when sales stood at 5.29 million).

“Healthy labor markets in most of the country should be creating a sustained demand for home purchases,” Yun says. “However, there’s no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn’t picking up to tame price growth and replace what’s being quickly sold.”

regionalaugust20165 Key Indicators From August’s Report

Here are a few key housing numbers from NAR’s latest housing report:

  1. Home prices: The median existing-home price for all housing types was $240,200 in August, up 5.1 percent from a year ago.
  2. Days on the market: Forty-six percent of homes sold in less than a month in August. Properties stayed on the market for a median of 36 days last month, down from 47 days a year ago. Short sales tended to stay on the market the longest at a median of 144 days; foreclosures sold in 42 days; and non-distressed homes averaged 35 days.
  3. All-cash sales: Twenty-two percent of all transactions were from all-cash sales in August, unchanged from a year ago. Individual investors account for the biggest bulk of cash sales. Individual investors purchased 13 percent of homes in August, up from 12 percent a year ago.
  4. Distressed sales: Foreclosures and short sales comprised 5 percent of sales in August, the lowest since NAR began tracking such data in October 2008. A year ago, distressed sales made up 7 percent of sales. In August, 4 percent of sales were from foreclosures and 1 percent were short sales. Foreclosures tended to sell for an average discount of 12 percent below market value in August, while short sales were discounted 14 percent.
  5. Inventories: Total housing inventory at the end of last month dropped 3.3 percent to 2.04 million existing homes available for sale. That represents a 10.1 percent decrease from a year ago, in which 2.27 million homes were available for sale. Unsold inventory is at a 4.6-month supply at the current sales pace.

“It’s very concerning to see that inventory conditions not only show no signs of improving but have actually worsened in recent months from their already suppressed levels a year ago,” Yun says. “While recent data from the U.S. Census Bureau shows that household incomes rose strongly last year, home prices are still outpacing incomes in many metro areas because of the persistent shortage of new and existing homes for sale. Without more supply, the U.S. home ownership rate will remain near 50-year lows.”

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 092216

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
(615) 512-9836 cellular • (615) 915-5901 facsimilekb@bargers-solutions.com email
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(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

Mortgage Rates Are Moving on Up

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Mortgage Rates Are Moving on Up
Article by Daily Real Estate News | September 16, 2016

Treed-Home-LotThe 30-year fixed rate mortgage surged to its highest level since June.

“This is the first week since June that mortgage rates were above 3.48 percent, snapping an 11-week trend,” says Sean Becketti, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages with mortgage rates for the week ending Sept. 15:

  • 30-year fixed-rate mortgages: averaged 3.50 percent, with an average 0.5 point, rising from last week’s 3.44 percent average. Last year at this time, 15-year rates averaged 3.91 percent.
  • 15-year fixed-rate mortgages: averaged 2.77 percent, with an average 0.5 point, rising from last week’s 2.76 percent average. A year ago, 15-year rates averaged 3.11 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.82 percent, with an average 0.4 point, increasing from last week’s 2.81 percent average. A year ago, 5-year ARMs averaged 2.92 percent.

Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 091616

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
(615) 512-9836 cellular • (615) 915-5901 facsimilekb@bargers-solutions.com email
bargers-solutions.com webkennethbargers.com blogSearch Properties
(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

Middle Tennessee Housing Market Unchanged for August 2016

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Middle Tennessee Housing Market Unchanged for August 2016
Press Release by Greater Nashville Association of REALTORS®| September 7, 2016

GNAR-225x100NASHVILLE, Tenn. (Sept. 7, 2016) – There were 3,741 closings reported for the month of August, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a .8 percent decrease compared to the 3,770 closings reported for the same period last year.

Year-to-date closings for the Greater Nashville area have increased 4.4 percent. There were 25,898 closings, compared with 24,808 closings reported through August of last year.

“Home sales for our market were essentially flat for August,” said GNAR President Denise Creswell. “Technically, we were down from last August, but by less than one percent. Considering the time of year and the continued struggle with inventory, a slight decrease in sales is not unexpected.

There were 3,717 sales pending at the end of August, compared with 3,647 pending sales at this time last year. The average number of days on the market for a single-family home was 51 days.

The median residential price for a single-family home during August was $253,000, and for a condominium it was $189,900. This compares with last year’s median residential and condominium prices of $235,000 and $169,000, respectively.

Inventory at the end of August was 12,288, down from 13,511 in August 2015.

“We have entered the time of year that is typical for the housing market to begin experiencing a slowdown. Once schools are back in session and the holidays begin to approach, the market always slows,“ said Creswell. “Despite that, our market still has a strong number of sales pending. While not all of those sales will make it to the closing table, it’s a good indicator that we have active buyers and sellers going into the fall.”

### 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: GNAR Press Release 090716

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
(615) 512-9836 cellular • (615) 915-5901 facsimilekb@bargers-solutions.com email
bargers-solutions.com webkennethbargers.com blogSearch Properties
(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

Your home is your castle!

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Your home is your castle!

Sep2016Eblast(September 5, 2016)  We all take great pride in our homes and add enhancements and updates to accommodate our style, everyday living and comfort. When a homeowner proceeds with an investment in an update, addition or style preference, consideration should be evaluated on the expectations of the return on investment, added value; if any and the importance of the ROI weighted by the homeowner.

If you decide at some point to place your home on the market- will your investment add value, be favorable to neighborhood comps to list and achieve a satisfactory purchase price, attract numerous house hunters or narrow the appeal due to less popular taste-specific style and trends? Always keep these questions in mind when adding Your Value to your castle!

What is popular today may be yesterday’s – 1970’s tri-color (orange, green, brown) shag carpet – 1980’s it’s all about the shiny brass – 1990’s mirrored walls – 2000’s taupe, taupe and more taupe. This month’s newsletter includes several video tips for upgrades, enhancements, value analysis and unique construction applications. All the best – Kenneth   VIEW NEWSLETTER

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
(615) 512-9836 cellular • (615) 915-5901 facsimilekb@bargers-solutions.com email
bargers-solutions.com webkennethbargers.com blogSearch Properties
(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

Nashville among 5 Top Housing Markets for Jobs, Sales Growth

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Nashville among 5 Top Housing Markets for Jobs, Sales Growth
Article by realtor.com | September 2, 2016

NatchezTraceBridgeNashville

Natchez Trace Bridge

The creation of new jobs spurs household formation and leads to new construction and helps to boost consumer confidence. “When employment is strong and growing, consumers are more confident about their present and future,” writes Jonathan Smoke, realtor.com®’s chief economist in his latest column. “When consumers are more confident, they are more likely to buy a home (or sell an existing home to buy another one).”

As such, realtor.com®’s research team identified five major markets that have seen the most growth in jobs and home sales over the past two years.

1 Portland, Oregon

  • Home sales growth over the past 2 years: 12%
  • Number of jobs created in 2 years: 94,000
  • Unemployment rate: 4.3%

2 Nashville, Tennessee

  • Home sales growth: 10%
  • Unemployment rate: 3.4%

3 Charlotte, North Carolina

  • Home sales growth: 11%
  • Number of jobs created: More than 75,000
  • Unemployment rate: 5.2%

4 Boise, Idaho

  • Home sales growth: up 13%
  • Number of jobs created: 17,000
  • Unemployment rate: 3.6%

5 Raleigh, North Carolina

  • Number of jobs created: 47,000
  • Unemployment rate: 4.6%

Source: “Labor Day Special: Celebrating 5 Markets With Awesome Job and Housing Growth,” realtor.com® (Sept. 1, 2016); REALTOR® Magazine Online, Daily Real Estate News 090216

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
(615) 512-9836 cellular • (615) 915-5901 facsimilekb@bargers-solutions.com email
bargers-solutions.com webkennethbargers.com blogSearch Properties
(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

Nashville among the 10 Best Cities for Home Owners

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Nashville among the 10 Best Cities for Home Owners
Article by Daily Real Estate News | September 02, 2016

HomeFrontFlagIt’s important that during a home search your clients consider what it would be like to live in a location and in housing where they can feel comfortable in the long-term.

Just buying a home should not be the ultimate endgame. “Successful ownership should be the goal,” says Lawrence Yun, chief economist with the National Association of REALTORS®.

To find the cities in the U.S. where owners had the best shot at successful long-term home ownership, Bankrate looked at a variety of factors including neighborhood characteristics, property taxes, utility costs, foreclosure rates, maintenance costs, affordability, energy costs, and more.

These are their picks for the 10 best cities for home owners:

  1. Portland
  2. Phoenix
  3. Atlanta
  4. Las Vegas
  5. Minneapolis-St. Paul
  6. Indianapolis
  7. Salt Lake City
  8. Denver
  9. Louisville
  10. Nashville

Source: “The Best and Worst Cities for Homeowners,” Bankrate (Aug. 31, 2016); REALTOR® Magazine Online, Daily Real Estate News 090216

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
(615) 512-9836 cellular • (615) 915-5901 facsimilekb@bargers-solutions.com email
bargers-solutions.com webkennethbargers.com blogSearch Properties
(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

Freddie Mac Reports Fixed Mortgage Rates Unchanged

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Fixed Mortgage Rates Unchanged
Article by Freddie Mac | August 25, 2016

FreddieMac-2016logoMCLEAN, VA–(Marketwired – Aug 25, 2016) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates unchanged from the previous week, while still remaining near their all-time record lows.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.43 percent with an average 0.6 point for the week ending August 25, 2016, unchanged from last week. A year ago at this time, the 30-year FRM averaged 3.84 percent.
  • 15-year FRM this week averaged 2.74 percent with an average 0.5 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.06 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.75 percent this week with an average 0.4 point, up from last week when it averaged 2.74 percent. A year ago, the 5-year ARM averaged 2.90 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote Attributed to Sean Becketti, chief economist, Freddie Mac.
“Treasury yields were little changed from the prior week and the 30-year fixed-rate mortgage held steady at 3.43 percent this week. This marks the ninth consecutive week that mortgage rates have been below 3.5 percent. Markets are erring on the side of caution ahead of the second estimate for second-quarter GDP and Fed Chair Janet Yellen’s speech on Friday”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is the largest source of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

Source: Freddie Mac 082516

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
(615) 512-9836 cellular • (615) 915-5901 facsimilekb@bargers-solutions.com email
bargers-solutions.com webkennethbargers.com blogSearch Properties
(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address
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