KENNETH BARGERS | In The News

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

Target Markets for Investors in 2017

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Target Markets for Investors in 2017
Article by Daily Real Estate News | January 18, 2017

nashvilleskyline175x180For prime investment locations, it may be time to look South. Forbes teamed up with Local Market Monitor, a company that tracks more than 300 housing markets, to uncover the top cities for investors in the new year. The markets that dominate this year’s list reflect two major benefits: affordability and growth.

If you are planning on making an investment, either by buying a home or by buying a rental property, these are really good markets,” says Ingo Winzer, Local Market Monitor CEO. “These are markets where… you are probably going to get a good return and you are not taking an extraordinary risk.”

Dallas topped this year’s list. Home prices there average $233,000, up nearly 4 percent from a year ago. Yet, the city’s housing market is still considered underpriced by 3 percent compared to its historic average. Local Market Monitor predicts home prices in Dallas to increase 31 percent by 2020, due to a boom in job and population growth.

Here are the 15 cities investors could do particularly well in this year, according to the study:

  1. Dallas, TX: 31% (the percentage increase predicted for home prices by 2020)
  2. Jacksonville, FL: 30%
  3. Orlando, FL: 28%
  4. Seattle, WA: 26%
  5. West Palm Beach, FL: 26%
  6. Salt Lake City, UT: 25%
  7. Tampa-St. Petersburg, FL: 25%
  8. Nashville, TN: 24%
  9. Fort Worth, TX: 24%
  10. Grand Rapids, MI: 23%
  11. Sacramento, CA: 22%
  12. Charlotte, NC: 21%
  13. Raleigh, NC: 21%
  14. San Diego, CA: 21%
  15. Las Vegas, NV: 20%

Source: “Best Buy Cities: Where to Invest in Housing in 2017,” Forbes.com (Jan. 10, 2017); REALTOR® Magazine Online, Daily Real Estate News 011817

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

Martin Luther King, Jr. Day

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Written by Kenneth Bargers

January 16, 2017 at 8:11 am

HUD Lowers FHA MIP by a Quarter Point

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HUD Lowers FHA MIP by a Quarter Point
Article by Daily Real Estate News | January 9, 2017

hudsealMortgage insurance premiums on FHA-backed loans will be lower by 25 basis points on loans endorsed starting January 27, the federal government announced today.

“After four straight years of growth and with sufficient reserves on hand to meet future claims, it’s time for FHA to pass along some modest savings to working families,” Julian Castro, secretary of the U.S. Department of Housing and Urban Development, announced today.

NAR President Bill Brown praised the move. “Dropping mortgage insurance premiums will mean a lot more responsible borrowers are eligible to purchase a home through FHA,” he said. “That puts more money in the fund to protect taxpayers, and it puts more families in homes so they can live out the American dream.”

The new premium schedule, which takes effect for residential mortgage loans that have an insurance endorsement date on or after January 27, is expected to save the average home buyer $500 a year in insurance costs.

In its announcement, HUD said the reduced premiums reflect the healthy state of HUD’s mutual mortgage insurance fund, which is the agency’s principle fund for insuring FHA mortgages. “We’ve carefully weighed the risks associated with lower premiums with our historic mission to provide safe and sustainable mortgage financing to responsible homebuyers,” said Edward Golding, HUD principal deputy assistant secretary for housing. “This conservative reduction in our premium rates is an appropriate measure to support [home buyers] on their path to the American dream.”

Under the new schedule, a home purchase with a base loan amount of up to $625,000, with an 85-percent loan-to-value ratio and a 30-year loan term, will require an annual mortgage insurance premium of 55 basis points, down from 80 basis points. A 15-year loan of that same amount and with a 90-percent LTV ratio will require an MIP of 25 basis points, down from 45. Access the full schedule.

NAR is calling on FHA to take even more steps to help home buyers, including eliminating FHA’s “life of loan” mortgage insurance requirement, which forces borrowers to maintain mortgage insurance regardless of their equity position. Borrowers with traditional mortgage insurance can typically extinguish their mortgage insurance once they reach 20 percent equity in the property. “Our work continues, but we’re encouraged by today’s announcement,” Brown said.

– by Robert Freedman, REALTOR® Magazine

SOURCE: REALTOR® Magazine Online; Daily Real Estate News 010917

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 Finish with a Strong Fourth Quarter

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Middle Tennessee Home Sales Finish with a Strong Fourth Quarter
Press Release by Greater Nashville REALTORS® | January 9, 2017

franklintheat125x150NASHVILLE, Tenn. (Jan. 9, 2017) – There were 3,280 closings during the month of December, according to figures provided by Greater Nashville REALTORS® (formerly the Greater Nashville Association of REALTORS). This is a 2.7 percent increase from the 3,194 closings reported for the same period in 2015.

Fourth quarter closings were 9,582 for the Middle Tennessee area. That total is an 11 percent increase from the 8,621 closings during the fourth quarter of 2015.

Final numbers for 2016 indicate there were 38,954 homes sold in the region. Compared to the 36,873 closings in 2015, the total sales for 2016 were up 5.6 percent.

“2016 was an excellent year for real estate in Middle Tennessee,” said Greater Nashville REALTORS President Scott Troxel. “Median prices rose, which was a plus for those selling last year. For buyers, interest rates remained low and for those who we were ready for homeownership, the opportunity to buy was there.

“In particular, the fourth quarter of the year was very solid. According to the data we have available to us, the last quarter of 2016 was the strongest fourth quarter for home sales our region has experienced,” said Troxel. “In terms of the market as a whole, it was the best Greater Nashville has seen in a decade.”

There were 2,612 sales pending at the end of December, compared with 2,678 pending sales at this time last year. The average number of days on the market for a single-family home was 50 days.

The median price for a residential single-family home was $266,408, and for a condominium it was $180,000. This compares with last year’s median residential and condominium prices of $242,945 and $194,183, respectively.

Inventory at the end of December was 9,901 down from 10,846 in December 2015.

“We have a healthy foundation to build on as we enter 2017. For those who will be buying or selling real estate this year, the marks of a good economy – job growth, wage growth, consumer confidence – remain,” said Troxel. “Inventory will continue to plague Nashville’s market, as well as many other markets across the country. Working with a real estate professional, a Realtor, will be a marked advantage to consumers in search of the right property.”

### 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 010917

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

January 9, 2017 at 2:25 pm

Mortgage Rates Start the Year Lower

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Mortgage Rates Start the Year Lower
Article by Daily Real Estate News | January 6, 2017

Borrowing costs moved lower this week. But most economists aren’t predicting the trajectory to continue.

This marked the first time in 10 weeks that mortgage rates moved lower, Freddie Mac reports.

“The 30-year mortgage rate fell this week for the first time since the presidential election, dropping 12 basis points to 4.20 percent,” says Sean Becketti, Freddie Mac’s chief economist. “This marks the first time since 2014 that mortgage rates opened the year above 4 percent. Despite this week’s breather, the 66-basis point increase in the mortgage rate since November 3 is taking its toll — the MBA’s refinance index plunged 22 percent this week.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 5:

  • 30-year fixed-rate mortgages: averaged 4.20 percent, with an average 0.5 point, dropping from last week’s 4.32 percent average. Last year at this time, 30-year rates averaged 3.97 percent.
  • 15-year fixed-rate mortgages: averaged 3.44 percent, with an average 0.5 point, falling from last week’s 3.55 percent average. A year ago, 15-year rates averaged 3.26 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.33 percent, with an average 0.4 point, rising from last week’s 3.30 percent average. A year ago, 5-year ARMs averaged 3.09 percent.

rates010517

Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 010617

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

Be prepared beyond the “Kroger Alert”

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Written by Kenneth Bargers

January 6, 2017 at 3:33 pm

Happy New Year to all of you!

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Written by Kenneth Bargers

December 31, 2016 at 2:55 pm

Posted in dedication

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