KENNETH BARGERS' BLOG

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

More New Homes Are Entering the Pipeline

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More New Homes Are Entering the Pipeline
Article by Daily Real Estate News | May 18, 2016

NAHB-LogoNationwide housing starts climbed 6.6 percent last month to a seasonally adjusted annual rate of 1.17 million, according to Commerce Department data released Tuesday. Permits, a gauge of future construction, also jumped 3.6 percent month over month, showing the uptick will likely stay.

“Though housing construction data is relatively flat for the beginning of 2016, we anticipate a ramping up of housing production during the rest of the year, given a strengthening job market, low mortgage interest rates, and favorable demographics,” says Robert Dietz, chief economist for the National Association of Home Builders.

Single-family and multifamily starts both saw gains in April. Housing starts on single-family homes jumped 3.3 percent to a seasonally adjusted annual rate of 778,000 units. Multifamily starts, a more volatile sector, rose 13.9 percent to 394,000 units, the Commerce Department reported.

The bulk of the increase in single- and multifamily housing stats was in the Midwest and South. The Midwest saw a 22.2 percent month-over-month increase in housing starts, while the South saw a 14.1 percent boost. On the other hand, the Northeast saw starts drop 7.6 percent last month, while the West posted a 10 percent loss.

Housing permits, however, were up in all four regions in April, led by the largest gains in the West with a 4.7 percent month-over-month permit gain. The Midwest and South both registered 3.3 percent increases in permit issuance, and the Northeast saw a 3 percent increase.

Source: National Association of Home Builders; REALTOR® Magazine Online, Daily Real Estate News 051816

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

Sellers Happy, But Home Buyers Are Frustrated

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Sellers Happy, But Home Buyers Are Frustrated
Article by Daily Real Estate News | May 10, 2016

FannieMaeLogo2016The number of home buyers who say now is a good time to buy dipped to an all-time survey low in Fannie Mae’s latest Home Purchase Sentiment Index. Meanwhile, home owners who say now is a good time to sell soared to an all-time survey high.

The disconnect in the market is likely partially due to the limited number of homes for sale in many markets, allowing sellers to face less competition and ask for higher home prices. On the other hand, home buyers are having fewer choices and stuck paying higher prices, sometimes in multiple-bid situations.

Indeed, “we can partially attribute the sizable gain in April in home selling optimism both to a correction for last month’s unexpected dip and to typical seasonal strength in housing activity in the spring and summer,” says Doug Duncan, senior vice president and chief economist at Fannie Mae. “Even after accounting for these factors, continued tight housing supply has led to renewed strength in home price appreciation, making selling a home a more attractive prospect this year in particular. This improved sentiment could provide an extra boost of much-needed supply for the spring selling season.”

Some highlights from Fannie Mae’s latest Home Purchase Sentiment Index:

  • 30% of Americans say now is a good time to purchase a home, a drop of 3 percentage points from the previous month and now at an all-time survey low.
  • 15% of Americans say now is a good time to sell a home, now at an all-time survey high.
  • More consumers think home prices will rise over the next 12 months compared to March, and slightly fewer consumers also expect mortgage rates to go up over the next year.
  • The percentage of respondents who say they are not concerned with losing their job increased 6 percentage points to 74%, nearly a 7 percentage point decrease in March.
  • The percentage of respondents who say their household income is significantly higher than it was 12 months ago held at 11%.

Source: Fannie Mae; REALTOR® Magazine Online, Daily Real Estate News 051016

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

Greater Nashville 2016 Second Quarter Home Sales Continue Trend to Outpace 2015

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2016 Second Quarter Home Sales Continue Trend to Outpace 2015
Greater Nashville Association of REALTORS® | May 9, 2016

GNAR-225x100NASHVILLE, Tenn. (May 9, 2016) – There were 3,284 home closings reported for the month of April, according to figures provided by the Greater Nashville Association of REALTORS®. This represents an increase of 11.7 percent from the 2,940 closings reported for April 2015.

Year-to-date closings total 10,885. That is a 10.6 percent increase compared to the 9,844 closings reported through April 2015.

“As an industry we have started the second quarter with the same trends and increases we saw in the first,” said Denise Creswell, GNAR President. “Last October Forbes listed Nashville fifth on their list of cities Americans are flocking to. That’s easy to believe considering year-to-date sales are up 1,000 units compared to the same time period last year.

“Even as much of the country is experiencing gains in the housing market, Middle Tennessee’s diverse economy and progressive leadership keeps our region among the top 20 markets in the country,” said Creswell. “Our metro area was recognized by the Brookings Institute as the fifth best metro area for job growth over the past five years. A flourishing job market combined with low mortgage rates continues to sustain our market.”

There were 3,756 sales pending at the end of the month, compared to the 3,198 pending sales at this time last year. The average number of days on the market for a single-family home was 58 days.

The median residential price for a single-family home during April was $250,000 and for a condominium it was $193,473. This compares with last year’s median residential and condominium prices of $224,975 and $169,640, respectively.

Inventory at the end of April was 12,244, down from 13,521 in 2015.

“Inventory is the biggest challenge to our market. Low inventory contributes to the fast clip of homes entering and leaving the market, as well as housing affordability” said Creswell. “Decreased inventory levels combined with high buyer demand equals a seller’s market. Until there are more available properties on the market, median prices will continue to rise.

“Realtors have always stood in favor of making homeownership available to all who have the desire and ability to afford a home. Creating the desire isn’t difficult, but enabling those with the ability can be challenging because of the lack of quality and available homes in the affordable price range,” said Creswell. “Because of this, GNAR is excited about Mayor Barry’s commitment to increasing affordable housing units in Nashville. Hearing her list the Barnes Housing Fund as one of the items to benefit from our city’s success and revenue growth is a step we are headed in the right direction.”

Source: GNAR Press Release 050916

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 Back Near 2016 Lows

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Mortgage Rates Back Near 2016 Lows
Article by Freddie Mac | May 5, 2016

FreddieMac-LogoMCLEAN, VA–(Marketwired – May 5, 2016) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates falling following the Fed’s decision to stand pat last week, and other negative economic data. Mortgage rates are now hovering just above their low point for the year.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.61 percent with an average 0.6 point for the week ending May 5, 2016, down from last week when it averaged 3.66 percent. A year ago at this time, the 30-year FRM averaged 3.80 percent.
  • 15-year FRM this week averaged 2.86 percent with an average 0.5 point, down from last week when it averaged 2.89 percent. A year ago at this time, the 15-year FRM averaged 3.02 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent this week with an average 0.5 point, down from last week when it averaged 2.86 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.
“The Fed’s decision to stand pat followed by a week of assorted unsettling news drove Treasury yields lower. As a consequence, the 30-year mortgage rate drifted down to 3.61 percent, just 3 basis points above the low for the year. Since the start of February, mortgage rates have varied within a narrow range providing an extended period for house hunters to take advantage of historically low rates.”

### 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

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

More Owners Spruce Up Bathrooms, Kitchens

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More Owners Spruce Up Bathrooms, Kitchens
Article by Daily Real Estate News | May 05, 2016

NHI-Mayeblast-imageHome owners are taking on larger remodeling projects, according to a survey conducted by the National Association of Home Builders Remodelers, an arm of the NAHB.

“While bathroom and kitchen remodels remain the most common renovations, basements, whole house remodels and both large and small scale additions are returning to levels not seen since prior to the downturn,” said 2016 NAHB Remodelers Chair Tim Shigley, CAPS, CGP, GMB, GMR, a remodeler from Wichita, Kan.

Remodelers report some projects have seen notable increases since 2013: whole house remodels rose by 10 percent; room additions rose by 12 percent; finished basements increased by 8 percent; and bathroom additions jumped 7 percent.

Bathrooms have topped the list of most common remodeling jobs since 2010 in the survey. Eighty one percent of remodelers report taking on a bathroom remodeling project. Seventy nine percent report taking on a kitchen remodel.

The following were the most common remodeling jobs in 2015, according to NAHB’s Remodeling Market Index Survey:

  • Bathroom remodeling: 81% of remodelers reported job as common
  • Kitchen remodeling: 79%
  • Whole house remodeling: 49%
  • Room additions: 47%
  • Windows/door replacement: 36%
  • Finished basement: 30%
  • Bathroom additions: 28%
  • Repairing property damage: 27%
  • Decks: 26%
  • Roofing: 25%
  • Handyman services: 20%
  • Siding: 20%
  • Second story additions: 17%
  • Enclosed/added garage: 16%
  • Enclosed/added porch: 16%
  • Historic preservation: 10%
  • Finished attic: 4%

Source: “Kitchen and Bath Remodeling More Common Than Ever in 2015,” National Association of Home Builders’ Eye on Housing (May 3, 2016); REALTOR® Magazine Online, Daily Real Estate News 050516

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

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

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