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Archive for June 2017

Nationally: New-Home Prices Hit Record High

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Nationally: New-Home Prices Hit Record High
NAHB    article by Daily Real Estate News | June 26, 2017

regional_nhs_may17

The median price for a new single-family home reached a record high in May of $345,800, the Commerce Department reports. Buyers will be paying a huge premium for new construction, as new-home prices are now 16.8 percent higher than they were a year ago.

So far, however, the higher price tags don’t seem to be spooking home shoppers. In May, 61,000 new homes were purchased—a 2.9 percent increase from April and an 8.9 percent increase from a year ago, the Commerce Department reports. “Builders are focused on the mid to upper end of the housing market,” says Joseph Kirchner, realtor.com®’s senior economist. “It means that it will be more difficult to find more affordable homes for first-time buyers, millennials, and low-income people.”

Only 6,000 newly constructed homes sold in May were priced between $150,000 and $199,999. Further, there were about 14,000 sales in the $200,000 to $299,999 range. New homes now cost about 36.8 percent more than previously existing homes, which also reached record-high prices in May.

Regionally, new-home sales increased the most in the West last month, posting a 13.3 percent month-over-month jump, followed by a 6.2 percent increase in the South. New-home sales, meanwhile, fell 10.8 percent in the Northeast and plunged 25.7 percent month-over-month in the Midwest.

Source: National Association of Home Builders and “New Homes Just Keep Getting Pricier, But Buyers Keep Coming,” realtor.com® (June 23, 2017); REALTOR® Magazine Online, Daily Real Estate News 062617

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
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After Steady Decline, Mortgage Rates Rise

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After Steady Decline, Mortgage Rates Rise
Freddie Mac     article by Daily Real Estate News | June 16, 2017

rates061517

Mortgage rates increased this week for the first time in more than a month, but they still remain near their yearly lows.

“The 30-year mortgage rate rose 2 basis points over the week to 3.91 percent,” says Sean Becketti, Freddie Mac’s chief economist. “However, our survey was conducted before investors drove Treasury yields sharply lower in a reaction to the surprisingly weak [Consumer Price Index] release. If that drop in yields sticks, mortgage rates are likely to follow in next week’s survey.”

Freddie Mac reports the following national averages of mortgage rates for the week ending June 15:

  • 30-year fixed-rate mortgages: averaged 3.91 percent, with an average 0.5 point, rising from last week’s 3.89 percent average. Last year at this time, 30-year rates averaged 3.54 percent.
  • 15-year fixed-rate mortgages: averaged 3.18 percent, with an average 0.5 point, increasing from last week’s 3.16 percent average. A year ago, 15-year rates averaged 2.81 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.15 percent, with an average 0.5 point, rising from last week’s 3.11 percent average. A year ago, 5-year ARMs averaged 2.74 percent.

Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 061617

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

It’s all about garages in June 2017 newsletter

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Written by Kenneth Bargers

June 13, 2017 at 7:49 am

Mortgage Rates Are Still Dropping

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Mortgage Rates Are Still Dropping
Freddie Mac    article by Daily Real Estate News | June 9, 2017

rates060817

Home buyers may want to rush to lock in: The 30-year mortgage rate hit its lowest level in nearly seven months this week, Freddie Mac reports.

“The 10-year Treasury yield fell 3 basis points this week,” said Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate moved in tandem with Treasury yields, falling 5 basis points to 3.89 percent. Mixed economic data and increasing uncertainty are continuing to push rates to the lowest levels in nearly seven months.”

Freddie Mac reports the following national averages with mortgage rates for the week ending June 8:

  • 30-year fixed-rate mortgages averaged 3.89 percent, with an average 0.5 point, down from last week’s 3.94 percent average. Last year at this time, 30-year rates averaged 3.60 percent.
  • 15-year fixed-rate mortgages averaged 3.16 percent, with an average 0.5 point, dropping from last week’s 3.19 percent average. A year ago, 15-year rates averaged 2.87 percent.
  • 5-year hybrid adjustable-rate mortgages averaged 3.11 percent, with an average 0.5 point, holding the same average as last week. A year ago, 5-year ARMs averaged 2.82 percent.

Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 060917

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

Best May on Record for Middle Tennessee Housing Market

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Best May on Record for Middle Tennessee Housing Market
Greater Nashville REALTORS® Press Release, June 7, 2017

Kitchen in luxury home

NASHVILLE, Tenn. (June 7, 2017) – There were 3,943 closings reported for the month of May, according to figures provided by Greater Nashville REALTORS®. This represents an increase of 6.6 percent over the 3,698 closings reported for May 2016.

Year-to-date closings total 15,606. That is a 7 percent increase compared to the 14,583 closings reported through May 2016.

“Greater Nashville made May a record-setting month by continuing year-over-year sales gains,” said Greater Nashville REALTORS President Scott Troxel. “In spite of the low supply levels, Middle Tennessee joins the majority of the country in experiencing healthy market trends.

“The National Association of Realtors predicts an overall annual increase in home sales of 3.5 percent. Last year, locally we experienced an annual increase of 5.6 percent over 2015; based on current pacing, I expect we will see somewhere between the estimated national prediction and the five percent increase we saw last year.”

There were 3,540 properties under contract at the end of the month, compared to the 3,730 properties under contract at this time last year. The average number of days on the market for a single-family home was 27 days.

The median residential price for a single-family home during May was $279,142 and for a condominium it was $205,000. This compares with last year’s median residential and condominium prices of $258,900 and $194,000, respectively.

Active inventory at the end of May was 8,557, down from 9,623 at this time last year.

“The addition of large companies like Ikea and the abundant positive media Nashville is receiving from the Predators place in the Stanley Cup Finals continue to push our region to the forefront of places where people and businesses want to be.

“The desire for homeownership is not going away,” said Troxel. “Greater Nashville REALTORS is committed to homeownership being an option for all. From being part of conversations about increased affordable housing and the need for transit to the recent completion of our 21st Habitat for Humanity home build last month, we are active in the complete picture of what is valuable and critical to housing in Middle Tennessee.”

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.

*RealTracs, Inc., the regional Multiple Listing Service through which we obtain our market statistics, recently adjusted its statistical reporting in order to more accurately reflect market activity. Beginning in June 2017, Greater Nashville REALTORS will report on the following:

  • Closings – listed properties that have closed in the month
  • Median Closed Price – the median price of listed properties that have closed in the month
  • Days on Market – the average number of days from Listing Date to Binding Contract Date (of an offer to purchase) for listed properties within a month
  • Under Contract Inventory – the total number of properties that are listed, are under contract and have not closed
  • Active Inventory – the total number of listed properties being marketed that are not under contract

Adjustments to historic statistical data have been made to reflect the recalculated days on market for April 2017 and for May 2016.

Source: Greater Nashville REALTORS®, Press Release 060717

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

June 7, 2017 at 6:39 pm

Americans Place High Priority on Ownership

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Americans Place High Priority on Ownership
National Association of Home Builders     article by Daily Real Estate News | June 6, 2017

Chart 1000More than two-thirds of Americans believe that owning a home is an essential part of the American dream, according to a new survey released by the National Association of Home Builders of more than 11,300 registered voters.

“Americans continue to place a high priority on homeownership and work hard to achieve this goal for their families,” says NAHB Chairman Granger MacDonald.

Other recent surveys also have shown a high desire for homeownership, despite the homeownership rate remaining stalled near a historical low of 64 percent. About 80 percent of millennials recently surveyed by rental website Apartment List say they hope to one day buy a home.

However, being able to afford one is the main obstacle, millennials say, that is holding them back. Thirty-six percent of the 24,000 millennial renters born between 1982 and 2004 surveyed said they’ll likely need to wait more than five years before they’ll have saved enough to buy. More than two-thirds of survey respondents say they don’t even have $1,000 in down-payment savings.

Source: National Association of Home Builders and “Wannabe Buyers Aren’t Saving Enough,” REALTOR® Magazine online (May 30, 2017); REALTOR® Magazine Online, Daily Real Estate News 060617

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

Report: Homes Show Decades of Upsizing

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Report: Homes Show Decades of Upsizing
realtor.com    article by Daily Real Estate News | June 5, 2017

Despite growing consumer interest in tiny homes, most homeowners still opt for bigger properties. Over the past few decades, home owners have been adding bedrooms, bathrooms, and extra square footage to their homes, according to the U.S. Census Bureau’s 2016 Characteristics of New Housing report.

In 1980, 64 percent of new single-family homes had three bedrooms, and the median sales price was $64,600. In 2016, 50 percent had four or more bedrooms—the largest share on the market—and the median sales price was $268,900. Owners are adding bathrooms, too: 52 percent of new single-family homes in 1980 had two bathrooms, while 59 percent had three or more in 2016.

The overall square footage of homes is on the rise as well:

SF Trends image

Source: “Just About Everything’s Getting Bigger – Including Homes,” realtor.com® (June 2, 2017); REALTOR® Magazine Online, Daily Real Estate News 060517

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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