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Time on Market Hits New Low in April

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Time on Market Hits New Low in April
National Association of REALTORS®   article by Daily Real Estate News | May 24, 2017

Low inventory pushed existing-home sales down in April and sped up the median number of days a home sat on the market to a new low of 29 days, the National Association of REALTORS® reported Wednesday. That is the shortest time frame since NAR began tracking such data in May 2011. The previous record was 32 days, which was reached last May.

Though homes are selling faster, inventory woes persist. Total existing-home sales—which are completed transactions of single-family homes, townhomes, condos, and co-ops—decreased 2.3 percent to a seasonally adjusted annual rate of 5.57 million in April. RegionalApril2017However, sales are still 1.6 percent higher than a year ago.

“Last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace of homes coming off the market,” says Lawrence Yun, NAR’s chief economist. “Demand is easily outstripping supply in most of the country, and it’s stymieing many prospective buyers from finding a home to purchase.”

Total housing inventory at the end of April stood at 1.93 million existing homes available for sale, NAR reported. That’s 9 percent lower than a year ago, when inventory stood at 2.12 million. At the current sales pace, unsold inventory is at a 4.2-month supply.

“REALTORS® continue to voice the frustration their clients are experiencing because of the insufficient number of homes for sale,” Yun says. “Homes in the lower- and mid-market price range are hard to find in most markets, and when one is listed for sale, interest is immediate and multiple offers are nudging the eventual sales prices higher.”

Here are a few additional housing indicators from NAR’s latest report:

  • The median existing-home price for all housing types last month was $244,800, up 0.6 percent from a year ago.
  • Short sales took the longest to sell at a median of 88 days on the market in April. Foreclosures sold in a median of 46 days. Foreclosures and short sales comprised 5 percent of sales in April, down from 7 percent a year ago. Broken out, 3 percent of sales were foreclosures and 2 percent were short sales. Foreclosures sold for an average discount of 18 percent below market value, while short sales were discounted 12 percent.
  • First-time home buyers comprised 34 percent of sales in April, matching the highest percentage since last September.
  • All-cash transactions made up 21 percent of sales in April, down from 24 percent a year ago. Individual investors make up the biggest bulk of cash sales. They purchased 15 percent of homes, up from 13 percent a year ago.

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 052417

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
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(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

What Owners Want in Kitchen Remodels

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What Owners Want in Kitchen Remodels
realtor.com; Article by Daily Real Estate News | May 22, 2017

House 1006Kitchen revamps tend to be one of the most popular home remodeling projects. About 10.2 million American households tackled a kitchen remodel or replacement work in 2015, according to a recent report from the National Kitchen & Bath Association. Homeowners tend to want new flooring, countertops, cabinets, sinks, and faucets in their kitchen remodels.

Also, “more homeowners are incorporating smart technology using the Amazon Echo or Google Home to connect to their appliances for cost savings, energy efficiency, and convenience,” says Elle H-Millard, who specializes in kitchen and bathroom trends at the NKBA.

The majority of homeowners aren’t spending big bucks in their renovations. Forty-one percent of homeowners’ work in their kitchen remodels was devoted to replacement projects costing less than $1,500. Twenty-two percent of respondents say they had minor remodeling done, between $1,500 to $5,000; 18 percent of homeowners had major remodels completed that cost between $5,000 to $10,000; and 19 percent completely remodeled their kitchens, spending more than $10,000.

Nearly 80 percent of homeowners who underwent a complete kitchen renovation spent on new appliances, according to the NKBA. Refrigerators were the top appliance replaced, followed by range ovens and dishwashers.

As for countertops, homeowners still largely prefer granite, followed by laminate at 23 percent and marble at 19 percent.

Homeowners still say they like wood flooring best too, but they weren’t as likely to splurge on real hardwood flooring for their kitchen renovations, according to the NKBA’s survey. Laminate flooring was the most popular material in the kitchen at 32 percent, with ceramic and stone tiles following closely at 31 percent; both are often designed to mimic wood. Actual wood, meanwhile, was chosen by 18 percent of survey respondents.

“Wood has that timeless feel,” says H-Millard. But “porcelain tile would be much more durable than wood, [and] laminate would be much more cost-effective.”

Sinks were another popular area of kitchen renovations. Stainless steel is the most popular option at 72 percent, but 9 percent of homeowners opt for enameled cast-iron sinks.

Source: “Remodeling Your Kitchen? The Most Popular Appliances, Finishes, and Flooring,” realtor.com® (May 19, 2017); REALTOR® Magazine Online, Daily Real Estate News 052217

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

30-Year Mortgage Rates Hover Around 4%

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30-Year Mortgage Rates Hover Around 4%
Source: Freddie Mac; Article by Daily Real Estate News | May 19, 2017

For the fifth consecutive week, the 30-year fixed-rate mortgage remained around 4 percent.

“The 30-year mortgage rate fell 3 basis points this week to 4.02 percent,” says Sean Becketti, Freddie Mac’s chief economist. “However, this week’s survey closed prior to Wednesday’s flight to quality. The delayed impact of the associated decline in Treasury yields may push mortgage rates lower in next week’s survey.”

rates051817

Freddie Mac reports the following national averages with mortgage rates for the week ending May 18:

  • 30-year fixed-rate mortgages averaged 4.02 percent, with an average 0.5 point, dropping from last week’s 4.05 percent average. Last year at this time, 30-year rates averaged 3.58 percent.
  • 15-year fixed-rate mortgages averaged 3.27 percent, with an average 0.5 point, falling from last week’s 3.29 percent average. A year ago, 15-year rates averaged 2.81 percent.
  • 5-year hybrid adjustable-rate mortgages averaged 3.13 percent, with an average 0.5 point, dropping from last week’s 3.14 percent average. A year ago, 5-year ARMs averaged 2.80 percent.

Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 051917

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

Written by Kenneth Bargers

May 19, 2017 at 6:25 pm

17 Most Popular Remodeling Projects

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17 Most Popular Remodeling Projects
Article by Daily Real Estate News | May 8, 2017

WelcomeHomeEntry400wKitchen upgrades have overtaken bathroom updates as the remodeling project homeowners want most, according to the National Association of Home Builders’ Remodeling Market Index report covering the first quarter of 2017. Bathroom renovations previously held the number one spot, but kitchen redos barely pulled ahead in the most recent report.

Visit REALTOR® Magazine’s Styled, Staged & Sold blog for the latest remodeling and design trends.  NAHB’s survey showed these are the most common jobs for remodelers:

  • Kitchen remodeling: 81%
  • Bathroom remodeling: 80%
  • Whole-house remodeling: 53%
  • Room additions: 45%
  • Windows/door replacement: 36%
  • Finished basement: 27%
  • Repairing property damage: 27%
  • Decks: 25%
  • Bathroom additions: 24%
  • Roofing: 23%
  • Enclosed/added porch: 23%
  • Handyman services: 22%
  • Siding: 19%
  • Second story additions: 16%
  • Enclosed/added garage: 12%
  • Historic preservation: 9%
  • Finished attic: 7%

Fifty-three percent of remodelers say “whole-house remodeling” has become a much more common project, the survey notes. It’s also the first time since 2006 that more than half of the respondents to NAHB’s survey have cited anything besides kitchens and bathrooms as a common type of remodeling project, the index notes.

Source: “Remodeling in 2016: Kitchens Reclaim Top Spot From Baths,” National Association of Home Builders’ Eye on Housing blog (May 5, 2017); REALTOR® Magazine Online, Daily Real Estate News 050817

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 Shows Signs of Evening Out in April

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Housing Market Shows Signs of Evening Out in April
Press Release by Greater Nashville REALTORS® | May 8, 2017

NASHVILLE, Tenn. (May 8, 2017) – There were 3,325 home closings reported for the month of April, according to figures provided by the Greater Nashville REALTORS®. This represents an increase of 1.3 percent from the 3,284 closings reported for April 2016.

Year-to-date closings total 11,663. That is a 7.1 percent increase compared to the 10,885 closings reported through April 2016.

“The second quarter of home sales, which is typically one of the strongest, started with positive gains,” said Scott Troxel, Greater Nashville REALTORS President. “Year-to-date sales are up by almost one thousand units, making it likely we will see 40,000 or more closings this year, something we haven’t seen since 2006.

“While year-over-year sales were up for the month of April, there was a slowing down from the previous month,” said Troxel. “The struggle between low inventory and rising sales is beginning to even out. While supply is increasing, it has a way to go still to meet up with buyer demand. All indicators show we will continue to have growth in our market at a more even pace.

There were 3,540 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 47 days.

The median residential price for a single-family home during April was $275,000 and for a condominium it was $195,255. This compares with last year’s median residential and condominium prices of $250,000 and $193,473, respectively.

Inventory at the end of April was 11,062, down from 12,244 in 2016.

“The increase in year-over-year home sales for April was slightly lower than the gains we’ve seen the in the past several months. This dip is not a decline in the desire for homeownership. In fact, it’s the market catching up with itself,” said Troxel. “Achieving double-digit gains each month compared to the prior year in nearly impossible to sustain without a matching growth in inventory. Smaller, steady gains are more desirable and contribute to a long-term healthier market.”

Source: Greater Nashville REALTORS®, Press Release 050817

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

Written by Kenneth Bargers

May 8, 2017 at 7:45 pm

Mortgage Rates Barely Move This Week

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Mortgage Rates Barely Move This Week
Article by Daily Real Estate News | May 5, 2017

Mortgage rates were mostly in a holding pattern this week, which may have been welcome news to borrowers after last week’s uptick.

“The 10-year Treasury yield remained relatively flat this week, as did the 30-year mortgage rate, which fell 1 basis point to 4.02 percent,” says Sean Becketti, Freddie Mac’s chief economist. “Markets have been erring on the side of caution following a weak advance estimate for first-quarter GDP and the FOMC’s broadly expected decision to leave rates unchanged.”

Freddie Mac reports the following national averages with mortgage rates for the week ending May 4:

  • 30-year fixed-rate mortgages averaged 4.02 percent, with an average 0.5 point, falling slightly from last week’s 4.03 percent average. Last year at this time, 30-year rates averaged 3.61 percent.
  • 15-year fixed-rate mortgages averaged 3.27 percent, with an average 0.5 point, the same average as last week. A year ago, 15-year rates averaged 2.86 percent.
  • 5-year hybrid adjustable-rate mortgages averaged 3.13 percent, with an average 0.5 point, rising from last week’s 3.12 percent average. A year ago, 5-year ARMs averaged 2.80 percent.

Source: Freddie Mac; Daily Real Estate News 050517

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

Written by Kenneth Bargers

May 5, 2017 at 5:41 pm

Tree Swings: it’s the simple things in life

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May2017Newsletter WP

Written by Kenneth Bargers

May 2, 2017 at 5:16 pm

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