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Nashville Among The 20 Hottest Housing Markets for July 2016

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Nashville Among The 20 Hottest Housing Markets for July 2016
Article by Daily Real Estate News | July 28, 2016

ParthenonCornerJuly 2016 may end up as a month for the record books. According to new realtor.com® data, the U.S. is seeing the hottest July for home buying and selling in a decade.

“The best spring in a decade has transitioned into the hottest summer in a decade,” says Jonathan Smoke, realtor.com®’s chief economist. “Pent-up demand left over from tight supply for two years against the backdrop of mortgage rates remaining near three-year lows have encouraged buyers to keep active at a time when sales usually begin to decline.”

Smoke estimates that properties spent a median of 68 days on the market in July, and the median home price is $251,000, a record price for the month and 7 percent higher than a year ago.

In certain markets, housing markets are especially sizzling. Realtor.com®’s research team took a look at the number of days homes spent on the market, the measure of available supply, and the number of listing views on realtor.com® (to represent demand). They then identified the following 20 medium-to-large U.S. markets where homes are selling the fastest:

  1. Vallejo, CA
  2. Dallas, TX
  3. Denver, CO
  4. San Francisco, CA
  5. Stockton, CA
  6. Columbus, OH
  7. San Diego, CA
  8. Santa Cruz, CA
  9. Sacramento, CA
  10. Santa Rosa, CA
  11. Yuba City, CA
  12. Modesto, CA
  13. Detroit, MI
  14. Fort Wayne, IN
  15. San Jose, CA
  16. Colorado Springs, CO
  17. Fresno, CA
  18. Eureka, CA
  19. Nashville, TN
  20. Ann Arbor, MI

Source: “America’s 20 Hottest Real Estate Markets for July 2016,” realtor.com® (July 28, 2016); REALTOR® Magazine Online, Daily Real Estate News 072816

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

Home Sales Up as First-Time Buyers Re-Emerge

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Home Sales Up as First-Time Buyers Re-Emerge
Article by Daily Real Estate News | July 21, 2016

REALTORlogoFirst-time home buyers flooded the market last month, reaching their greatest share in nearly four years, according to NAR’s latest housing report. Existing-home sales climbed across the country in June, except for the Northeast, as the summer continued to see high demand.

Existing-home sales rose 1.1 percent to a seasonally adjusted annual rate of 5.57 million in June, NAR reported. Sales are now up 3 percent compared to a year ago and are at the highest annual pace since February 2007.

JuneHighlights2016“Existing sales rose again last month as more traditional buyers and fewer investors were able to close on a home despite many competitive areas with unrelenting supply and demand imbalances,” says Lawrence Yun, NAR’s chief economist. “Sustained job growth as well as this year’s descent in mortgage rates is undoubtedly driving the appetite for home purchases.”

That said, Yun cautions whether the current sales pace can stretch much higher amid a still very limited number of homes for sale and rising home prices.

First-Time Buyer Rebound

First-time buyers comprised 33 percent of the market last month, the highest level since July 2012 (34 percent at the time), NAR reports.

“The modest bump in June sales to first-time buyers can be attributed to mortgage rates near all-time lows and perhaps a hopeful indication that more affordable, lower-priced homes are beginning to make their way onto the market,” says Yun. “The odds of closing on a home are definitely higher right now for first-time buyers living in metro areas with tamer price growth and greater entry-level supply – particularly areas in the Midwest and parts of the South.”

5 Stats to Gauge the Market

Here is an overview of more key indicators from NAR’s latest housing report:

  1. Prices: Median-existing-home prices for all housing types in June was $247,700, increasing 4.8 percent from a year ago. June’s median price surpasses May’s peak median sales price of $238,900.
  2. Housing inventory: Unsold inventory is at a 4.6-month supply at the current sales pace, down from 4.7-months in May. Total housing inventory last month dropped 0.9 percent to 2.12 million existing homes available for sale. Inventory is 5.8 percent lower than a year ago.
  3. Days on the market: Forty-eight percent of homes sold in June were on the market for less than a month. Properties, on average, stayed on the market for 34 days in June, unchanged from a year ago. Short sales were on the market the longest amount of time at a median of 156 days; foreclosures sold in 49 days; and non-distressed homes sold in 30 days.
  4. Distressed sales: Foreclosures and short sales accounted for 6 percent of sales in June, down from 8 percent a year ago. In June, four percent of June sales were foreclosures, and 2 percent were short sales. Foreclosures sold, on average, for a discount of 11 percent below market value; short sales were discounted on average 18 percent.
  5. All-cash sales: All-cash sales comprised 22 percent of transactions in June, unchanged from a year ago. Individual investors, who account for a bulk of cash sales, purchased 11 percent of homes in June, the lowest share since July 2009.

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 072116

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

Open House this Sunday in Fountainbrooke of Brentwood

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Mortgage Rates Little Changed

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Mortgage Rates Little Changed
Article by Freddie Mac | July 14, 2016

FreddieMac-LogoMCLEAN, VA–(Marketwired – Jul 14, 2016) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates holding steady with the 30-year fixed-rate mortgage remaining near its all-time record low of 3.31 percent in November of 2012.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.42 percent with an average 0.5 point for the week ending July 14, 2016, up from last week when it averaged 3.41 percent. A year ago at this time, the 30-year FRM averaged 4.09 percent.
  • 15-year FRM this week averaged 2.72 percent with an average 0.5 point, down from last week when it averaged 2.74 percent. A year ago at this time, the 15-year FRM averaged 3.25 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.76 percent this week with an average 0.4 point, up from last week when it averaged 2.68 percent. A year ago, the 5-year ARM averaged 2.96.

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.

MOD-47509_WeeklyMortgageRates28

Quote Attributed to Sean Becketti, chief economist, Freddie Mac.
“We describe the last few weeks as A Tale of Two Rates. Immediately following the Brexit vote, U.S. Treasury yields plummeted to all-time lows. This week, markets stabilized and the 10-year Treasury yield rebounded sharply. In contrast, the 30-year mortgage rate declined after the Brexit vote, but only by half as much as the 10-year Treasury yield. This week, the 30-year fixed rate barely budged, rising just one basis point to 3.42 percent. This pattern suggests that mortgage rates are likely to remain low throughout the summer.”

### 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 071416

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

Home Sales Would Be Higher If …

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Home Sales Would Be Higher If …
Article by Daily Real Estate News | July 14, 2016

Realtor-comHomes are selling at the fastest rate since 2007, but sales could be even higher if not for the ongoing lack of inventory in many markets, notes Jonathan Smoke, realtor.com®’s chief economist, in his latest column.

Forty percent of buyers surveyed by realtor.com® in June said their number one obstacle in purchasing a home was finding one that met their needs. The lack of inventory was also the top obstacle for buyers last year, though not as many respondents considered it their biggest obstacle.

There’s 13 percent more consumers looking to purchase a home this summer compared to last summer, but there are 5 percent fewer homes for sale, Smoke reports.

“So it’s not surprising that this low level of inventory—along with the rapid-fire speed at which homes are selling and the high level of price appreciation—has led to the general perception that we’re in a seller’s market,” Smoke says. “But that doesn’t mean it’s all smooth sailing for sellers either.”

More sellers are reporting a struggle in finding a home to purchase as well. Some home owners say they aren’t willing to risk selling their current home without having a new one under contract.

“Sales typically peak in June or July, but this year might turn out to be an exception,” Smoke says. “With low mortgage rates, continued evidence of strong demand, and an increasing number of both buyers and sellers just starting to explore, we could have an extended peak.”

Source: “Home Sales Are High – But if Not for Low Inventory, They’d Be Even Higher,” realtor.com® (July 14, 2016); REALTOR® Magazine Online, Daily Real Estate News 071416

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 Home Sales Gain in June Amid Tight Inventory

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Middle Tennessee Home Sales Gain in June Amid Tight Inventory
Press Release by Greater Nashville Association of REALTORS® | July 7, 2016

GNAR-225x100NASHVILLE, Tenn. (July 7, 2016) – There were 3,869 homes sold in the month of June, according to figures provided by the Greater Nashville Association of REALTORS®. That figure is up 1.7 percent compared to the 3,804 closings reported for June 2015.

Second-quarter numbers are also up, with 10,851 closings reported, a 5.3 percent increase from the 10,302 closings reported through the second quarter of 2015. Year-to-date closings for Greater Nashville are up 7.2 percent with 18,452 closings compared to the 17,206 closings reported through midyear 2015.

“Home sales in Middle Tennessee continue to make headlines not only locally, but nationally,” said GNAR President Denise Creswell. “It was exciting to see the most recent news from Freddie Mac that Nashville is the nation’s strongest housing market.”

“Freddie Mac points to the areas payment-to-income ratios, job growth, on-time mortgage payments and purchase applications as reasons for the top ranking.”

The median residential price for a single-family home during June was $260,148, and for a condominium it was $186,495. Last year’s median residential and condominium prices for June were $240,000 and $172,500, respectively.

There were 3,876 sales pending at the end of June, compared with 3,853 pending sales at this time last year. The average number of days on the market for a single-family home was 54 days.

Inventory at the end of June was 12,358, down from 13,823 in June 2015.

“Interest rates continue to hover at all-time lows making it an excellent time to purchase a home,” said Creswell. “And with solid median prices, potential sellers have a good opportunity to make a move as the inventory is needed to maintain a healthy market.”

### 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 070716

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

Grills, Smokers, Fire Pits highlight July’s newsletter

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A town everyone hates, yet no one leaves...

Attila Ovari

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The Home Buyer Class Blog

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Travel the World. No excuses.

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A cruel, futuristic vision created by science fiction authors James Courtney and Kaisy Wilkerson-Mills. ©2013-2016. All Rights Reserved. All writings available through Amazon.

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South' s Leading Anti- Intellectual: Wealthy in Common Sense and the Wisdom of Selfishness

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The Travelling Pantry

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The top 10 of Anything and Everything!!!

The top 10 of just about anything everything, from cakes to cats and dogs to caravans. Always a laugh, always worth seeing.

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