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Posts Tagged ‘april 2017

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
(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

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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

Home Sales Zoom to Highest Pace in Decade

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Home Sales Zoom to Highest Pace in Decade
Article by Daily Real Estate News | April 21, 2017

This spring’s housing mantra: Going, going, gone! “Severe” housing shortages are prompting existing homes to sell significantly faster this year, propelling home sales to the highest pace in more than a decade, the National Association of REALTORS® reported Friday.

Publication1Strong sales gains in the Northeast and Midwest were behind most of the nationwide 4.4 percent month-over-month increase in existing-home sales in March. The West was the only major region of the U.S. to see a modest decline in sales activity last month.

“The early returns so far this spring buying season look very promising as a rising number of households dipped their toes into the market and were successfully able to close on a home last month,” says Lawrence Yun, NAR’s chief economist. “Although finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in listings in March for sales to muster a strong gain. Sales will go up as long as inventory does.”

Total existing-home sales—which include completed transactions for single-family homes, townhomes, condos, and co-ops—reached a seasonally adjusted annual rate of 5.71 million in March. The sales pace is 5.9 percent above a year ago. Further, existing-home sales are now the strongest month of sales since February 2007 (5.79 million).

Here’s a closer look at some of the key indicators from NAR’s latest housing report, reflecting March housing numbers:

Home prices: The median existing-home price for all housing types was $236,400, up 6.8 percent from a year ago when it averaged $221,400.

Days on the market: Properties stayed on the market for an average of 34 days in March, down significantly from 47 days a year ago. Short sales took the longest to sell at a median of 90 days in March; foreclosures sold in 52 days; and non-distressed homes took a median of 32 days—which is the shortest length of time since NAR began tracking such data in May 2011. Forty-eight percent of homes sold in March were on the market for less than a month.

All-cash sales: All-cash transactions comprised 23 percent of sales in March, down from 25 percent a year ago. Individual investors make up the biggest bulk of cash sales. They purchased 15 percent of homes in March, up from 14 percent a year ago.

Distressed sales: Foreclosures and short sales made up 6 percent of existing-home sales in March, down from 8 percent a year ago. Broken out, 5 percent of sales in March were foreclosures and 1 percent were short sales. On average, foreclosures sold for a discount of 16 percent below market value; short sales were discounted an average of 14 percent.

Inventories: Housing inventory at the end of March rose 5.8 percent to 1.83 million existing homes available for sale. Inventory is 6.6 percent lower than a year ago (1.96 million). Unsold inventory is now at a 3.8-month supply at the current sales pace.

“Bolstered by strong consumer confidence and underlying demand, home sales are up convincingly from a year ago nationally and in all four major regions despite the fact that buying a home has gotten more expensive over the past year,” Yun says.

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 042117

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

The 10 Crowning Markets of the Spring Season

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The 10 Crowning Markets of the Spring Season
Article by Daily Real Estate News | April 18, 2017

Which housing markets are emerging as top performers this spring season? Ten X, an online real estate marketplace vendor, factored in pricing, sales, affordability, permit activity, economic and demographic growth, and forward-looking data such as economic and population forecasts, to come up with a list of housing market champs for this spring.

They are listed below, along with year-over-year changes in seasonally adjusted median prices and sales of existing homes:

  1. Tampa, Florida
    Home prices: +13.12%
    Home sales: +7.31%
  2. Dallas, Texas
    Home prices: +10.64%
    Home sales: +2.94%
  3. Columbus, Ohio
    Home prices: +9.60%
    Home sales: +6.62%
  4. Las Vegas, Nevada
    Home prices: +9.67%
    Home sales: +11.37%
  5. Jacksonville, Florida
    Home prices: +11.86%
    Home sales: +7.27%
  6. Nashville, Tennessee
    Home prices: +9.08%
    Home sales: +10.63%
  7. Raleigh, North Carolina
    Home prices: +8.56%
    Home sales: +7.95%
  8. Orlando, Florida
    Home prices: +7.31%
    Home sales: 7.95%
  9. Portland, Oregon
    Home prices: +11.12%
    Home sales: 9.29%
  10. Salt Lake City, Utah
    Home prices: +8.62%
    Home sales: +11.10%

Source: “The 15 Hottest Housing Markets of Spring ’17,” National Mortgage News (April 17, 2017); REALTOR® Magazine Online, Daily Real Estate News 041817

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

What Really Makes a Property Appreciate

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What Really Makes a Property Appreciate
realtor.com | April 18, 2017

Patio 500wA home’s value generally appreciates 3 percent to 4 percent every year, which is attributed mostly to population growth and inflation. However in 2016, homeowners saw appreciation jump to an average of 6.3 percent.

Realtor.com®’s research team sought to find out what would boost a home’s value even more and what home features buyers may be willing to pay more for. Researchers analyzed millions of listings on realtor.com® from 2011 to 2016 to calculate the annual price growth rate of homes with certain features.

Here are some of the clear winners in housing appreciation:

Publication1Small homes: Homes smaller than 1,200 square feet appreciated by an average rate of 7.5 percent a year for the past five years. On the other hand, larger homes of 2,400 square feet or more rose by 3.8 percent a year. The smaller-home demand is being driven by millennials wanting to enter the market with a more affordable starter home and baby boomers who are looking to downsize, realtor.com® notes. Further, smaller homes are in shorter supply, which is prompting prices to increase more due to the high demand, says Jonathan Miller, president of Miller Samuel, a real estate appraisal firm.

Two-bedroom homes: Homes with two bedrooms appreciate at a rate of 6.6 percent a year, compared to homes with five bedrooms that appreciate at 4.3 percent a year, realtor.com®’s research team found.

Open floor plans: Homes with open floor plans appreciate 7.4 percent a year. It’s the hottest appreciating home feature that realtor.com® studied (see side for full list). As for features like stainless steel and granite, Miller says those amenities don’t really add any value to a home. “Those are what I call ‘have-to-have’ features,” Miller says. “A home needs to have them in a competitive market. But they don’t add long-term value. … Ten years from now, when you update your kitchen, they’ll be replaced.”

Modern and contemporary homes: Modern and contemporary architectural styles have the highest potential for appreciation, increasing at about 7.7 percent annually. This style of home is known for simple, geometric shapes, and large windows. Newly constructed modern homes also tend to be energy efficient. Bungalows and Traditional are the next highest appreciating styles at 6.5 percent and 5.6 percent, respectively. Meanwhile, niche styles like Craftsman bungalows and Victorians are among the lowest appreciating architectural styles, at 3.7 percent and 2.2 percent, respectively. Researchers speculate that may be due to some of the maintenance responsibilities in staying true to the home’s historical architecture that is often connected to these styles of homes.

Green space views: Homes with a park view appreciate at 7.9 percent a year, realtor.com®’s research team found. “[They] hold value over a longer period of time, and they recover quickly from a downturn,” says Michael Minson, a real estate pro in San Francisco at Keller Williams. “Buyers appreciate the tranquility and outdoor activities. They like being close to nature.” Indeed, homes with mountain views appreciated on average by 5.1 percent, and homes with a lake view at 4.9 percent. Ocean views appreciated the least of the “home views” studied, at just 3.6 percent a year. Recent storms may have spooked buyers from oceanfront properties as well as the fact that the highest-cost homes tend to be along the ocean, realtor.com®’s research team notes.

Source: “Appreciation Sensation: The Real Factors That Boost Your Home’s Bottom Line,” realtor.com® (April 17, 2017); REALTOR® Magazine Online, Daily Real Estate News 041817

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

Mortgage Rates Set a New 2017 Low This Week

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Mortgage Rates Set a New 2017 Low This Week
Article by Daily Real Estate News | April 14, 2017

HouseforSaleIllustration500wThe 30-year fixed-rate mortgage continues to drop this week, setting a new low for 2017, Freddie Mac reports in its weekly mortgage market survey. This marks the fourth consecutive week that 30-year rates have fallen.

“Following a weak March jobs report, the 10-year Treasury yield dropped about 5 basis points,” explains Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate fell 2 basis points to 4.08 percent.”

Freddie Mac reports the following national averages with mortgage rates for the week ending April 13, 2017:

  • 30-year fixed-rate mortgages averaged 4.08 percent, with an average 0.5 point, falling from last week’s 4.10 percent average. A year ago, 30-year rates averaged 3.58 percent.
  • 15-year fixed-rate mortgages averaged 3.34 percent, with an average 0.5 point, falling slightly from last week’s 3.36 percent average. Last year at this time, 15-year rates averaged 2.86 percent.
  • 5-year hybrid adjustable-rate mortgages averaged 3.18 percent, with an average 0.4 point, falling from last week’s 3.19 percent average. A year ago, 5-year ARMs averaged 2.84 percent.

Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 041417

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

New Homes Have Gotten Pricier

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New Homes Have Gotten Pricier
Article by Daily Real Estate News | April 5, 2017

HomeConstruction500wOver the last 10 years, the price distribution of new homes has changed significantly, as new homes have grown more expensive. Builders blame a weakness among first-time buyers and rising regulatory burdens as the reason for the shift in focus in the pricier tiers of the new-home sector following the Great Recession.

The number of new homes that sold for less than $250,000 started to decline prior to the Great Recession. Sales in this segment have not returned to levels set in 2006, particularly for homes with prices below $149,000, according to an analysis by the National Association of Home Builders, detailed on its Eye on Housing blog.

Indeed, new homes that sold for $150,000 to $199,999 and those that sold for $200,000 to $249,000 dropped to a low during the recession. They have been on a slow, recovering pace ever since, the NAHB notes.

The main drivers in the new-home market are homes that sold above $250,000. New homes priced between $300,000 and $399,000 had the highest volume prior to the Great Recession and have been the fastest to recover since then, the NAHB notes.

Source: “New Home Sales Price History,” National Association of Home Builders’ Eye on Housing blog (April 4, 2017); National Association of REALTORS®, Daily Real Estate News 040517

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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