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Posts Tagged ‘current housing conditions

Nationally: Meager Sales Rebound Underscores Tough Market

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Nationally: Meager Sales Rebound Underscores Tough Market
National Association of REALTORS® article by Daily Real Estate News | October 20, 2017

House 1028Following three consecutive months of declines, existing-home sales ticked up in September from the previous month—but ongoing inventory shortages, coupled with recent hurricanes, muted any annual gains, the National Association of REALTORS® reported Friday.

Total existing-home sales, which include single-family homes, townhomes, condos, and co-ops, increased 0.7 percent to a seasonally adjusted annual rate of 5.39 million in September, 1.5 percent below a year ago. September also marks the second slowest month for sales in more than a year, behind August, NAR notes.

September EHS Infographic #1“Home sales in recent months remain at their lowest level of the year and are unable to break through, despite considerable buyer interest in most parts of the country,” says NAR Chief Economist Lawrence Yun. “REALTORS® this fall continue to say the primary impediments stifling sales growth are the same as they have been all year: not enough listings—especially at the lower end of the market—and fast-rising prices that are straining budgets of prospective buyers.”

Sales activity likely would have been stronger if not for Hurricanes Harvey and Irma, which struck Texas and South Florida in late August and early September, Yun says, adding that both areas saw “temporary but notable declines.”

5 Stats to Gauge the Market
Key indicators from NAR’s September existing-home sales report:

Home prices: The median existing-home price for all housing types was $245,100, up 4.2 percent from a year ago. “A continuation of last month’s alleviating price growth, which was the slowest since last December, would improve affordability conditions and be good news for the would-be buyers who have been held back by higher prices this year,” Yun says.

Days on the market: Forty-eight percent of homes sold were on the market for less than a month. Properties typically stayed on the market for 34 days, down from 39 days a year ago.

All-cash sales: These transactions comprised 20 percent of sales, down from 21 percent a year ago. Individual investors accounted for the biggest bulk of cash sales; they purchased 15 percent of homes, which was the same level as a year ago.

Distressed sales: Foreclosures and short sales accounted for 4 percent of sales, unchanged from a year ago. Broken out, 3 percent of sales were foreclosures, and 1 percent were short sales.

Inventory: Housing inventory at the end of the month increased 1.6 percent to 1.9 million existing homes available for sale, but it still remains 6.4 percent lower than a year ago. Unsold inventory is at a 4.2-month supply at the current sales pace, down from 4.5 months a year ago.

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 102017


Kenneth Bargers, REALTOR® License 318311 ♦ Pilkerton Realtors License 257352
(615) 512-9836 cellular ♦ (615) 371-2474 office
kb@bargers-solutions.com emailkb@kennethbargers.realtor email
www.bargers-solutions..com webkennethbargers.com blog
2 Cadillac Drive, Brentwood, Tennessee 37027 address

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Nationally: Housing Shortages Constrain Existing-Home Sales

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Nationally: Housing Shortages Constrain Existing-Home Sales
National Association of REALTORS®    article by Daily Real Estate News | September 20, 2017

For the fourth time in five months, existing-home sales dropped as a shortage of homes for sale continues to plague the housing market. Strained supply levels of homes are making it that sales are unable “to break out,” according to the National Association of REALTORS®’ latest housing report, released Wednesday.

Existing-home sales did see an increase in the Northeast and Midwest in August but were outpaced by sales declines in the South and West, according to NAR’s report.

August EHS Infographic #1Total existing-home sales—which include completed transactions for single-family homes, townhomes, condos, and co-ops—eased 1.7 percent in August to a seasonally adjusted annual rate of 5.35 million. Last month’s sales are at the lowest levels in nearly a year.

Nevertheless, demand among potential buyers remains high. However, not enough homeowners are selling, says Lawrence Yun, NAR’s chief economist.

“Steady employment gains, slowly rising incomes, and lower mortgage rates generated sustained buyer interest all summer long, but unfortunately, not more home sales,” Yun says. “What’s ailing the housing market and continues to weigh on overall sales is the inadequate levels of available inventory and the upward pressure it’s putting on prices in several parts of the country.”

The South saw a decline in closings last month that was largely attributed to the after-effects from Hurricane Harvey in the Houston area. Home sales likely will be impacted for the rest of the year in Houston and in the most severely affected areas in Florida after Hurricane Irma. “Nearly all of the lost activity will likely show up in 2018,” Yun says.

The following are some key housing indicators from NAR’s latest report:

  • Home prices: The median existing-home price for all housing types in August was $253,500, up 5.6 percent from a year ago.
  • Inventory: Total housing inventory at the end of August dropped 2.1 percent to 1.88 million existing homes available for sale, and is now 6.5 percent lower than a year ago. Unsold inventory is at a 4.2-month supply at the current sales pace, down from 4.5 months a year ago.
  • Days on the market: Fifty-one percent of homes sold in August were on the market for less than a month. Properties typically stayed on the market for 30 days in August, down from 36 days a year ago.
  • All-cash sales: All-cash transactions comprised 20 percent of transactions in August, down from 22 percent a year ago. Individual investors account for the biggest bulk of cash sales. Investors purchased 15 percent of homes in August, up from 12 percent a year ago.
  • Distressed sales: Foreclosures and short sales accounted for 4 percent of sales in August, slipping from 5 percent a year ago. Broken out, 3 percent of sales in August were foreclosures, and 1 percent were short sales.

Source: National Association of REALTORS®; REALTOR® Magazine Online; Daily Real Estate News 092017

Greater Nashville August Home Sales Strengthen; Condominiums Set Record Median Price

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Greater Nashville August Home Sales Strengthen; Condominiums Set Record Median Price
Press Release by the Greater Nashville REALTORS® | September 7, 2017

House 1018NASHVILLE, Tenn. (Sept. 7, 2017) – There were 3,883 closings reported for the month of August, according to figures provided by Greater Nashville REALTORS®. This represents an increase of 3.8 percent over the 3,741 closings reported for August 2016.

Year-to-date closings total 27,248. That is a 5.2 percent increase compared to the 25,898 closings reported through August 2016.

“2017 has proven to be a remarkable and record-setting year in the real estate industry,” said Greater Nashville REALTORS® President Scott Troxel. “August continued the trend of rising sales, being up three percent over last August. In fact, this is the best month of August we have had in this region in over a decade.

“August was a particularly notable month for condominiums. The condo market experienced its highest median price on record at $207,061. As a whole, the first-time buyer price range, which includes many condominiums, is particularly sparse in terms of inventory, so the rise in median price is understandable. We look expectantly to the building of new units and current owners listing their properties as a way to alleviate some of the strain many first-time buyers are experiencing in the market.”

There were 3,939 properties under contract at the end of the month, compared to the 3,447 properties under contract at this time last year. The average number of days on the market for a single-family home was 25 days.

The median residential price for a single-family home during August was $285,000 and for a condominium, it was $207,061. This compares with last year’s median residential and condominium prices of $253,000 and $189,900, respectively.

Active inventory at the end of August was 9,208, down from 10,270 in 2016.

“Renewing the National Flood Insurance Program (NFIP) is one of the highest priorities for the National Association of REALTORS®. Middle Tennessee is all too familiar with what flooding can do to an area, and Hurricane Harvey certainly shifted the country’s focus to the impact and devastation a water and weather event can cause,” said Troxel. “This type of natural disaster is another blow to a national market already struggling to provide housing for all those who want it. Greater Nashville REALTORS® proudly financially supported both NAR’s REALTORS® Relief Foundation and the Texas REALTORS® Relief Fund who are helping to provide shelter for the many who have lost it.”

### 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 090717

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!

 

National Overview: 2 Major Reasons Why Inventory Is So Low

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2 Major Reasons Why Inventory Is So Low
realtor.com    article by Daily Real Estate News | August 11, 2017

House 1014Inventory of available homes on the market is the lowest it’s been in two decades, but the reasons may surprise you. Two of the likely culprits are baby boomers and homeowners who are simply satisfied with their home, according to realtor.com®’s Housing Shortage Study.

Baby boomers are showing a desire to age in place in their current homes, and their refusal to sell is creating a clog in the market, according to the study. Eighty-five percent of baby boomers surveyed say they are not planning to sell their home in the next year. That means 33 million properties—many of which are urban condos or suburban single-family homes—will stay off the market. Many of those properties would be popular choices for millennials, a generation still largely waiting in the wings to break into homeownership.

“Boomers, indeed, hold the key to those homes the market desperately needs, both in the urban condo and the detached suburban home segment,” says realtor.com® chief economist Danielle Hale. “But with a strong economy and rising home prices, there’s really no reason for established homeowners to sell in the short term. Although downsizing might be on the minds of boomers, they face the same inventory shortages and price increases plaguing millennials.”

Furthermore, 63 percent of respondents to the survey indicate that their current home meets the needs of their family. They cite low interest rates (16 percent), recently purchasing their home (15 percent), and needing to make home improvements and low property taxes (each at 13 percent) as reasons not to sell. “Life events drive real estate transactions,” Hale says. “When the majority of homeowners feel their family’s needs are being met by their current home, there is nothing compelling to them to put their home on the market.”

There may be hope that more starter homes will hit the market soon. Possibly offsetting the low supply of starter homes, which is down 17 percent year over year, 60 percent of respondents to realtor.com®’s survey who did say they plan to sell in the next year are millennials who want to move to a larger home or one with nicer features.

“The housing shortage forced many first-time home buyers to consider smaller homes and condos as a way to literally get their foot in the door,” says Hale. “Our survey data reveals that we may see more of these homes hitting the market in the next year, but whether these owners actually list will depend on whether they can find another home.”

Source: realtor.com®; REALTOR® Magazine Online, Daily Real Estate News 081117

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!

Greater Nashville: Housing Market Positive Trends Continue Into Second Half of the Year

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Housing Market Positive Trends Continue Into Second Half of the Year
Press Release by Greater Nashville REALTORS® | August 7, 2017

House 1013NASHVILLE, Tenn. (August 7, 2017) – There were 3,872 closings reported for the month of July, according to figures provided by Greater Nashville REALTORS®. This represents an increase of 4.5 percent over the 3,705 closings reported for July 2016.

Year-to-date closings total 23,365. That is a 5.5 percent increase compared to the 22,157 closings reported through July 2016.

“Median home price is up again compared to the same month last year. As supply and demand continue to be at odds, prices can be expected to continue to rise,” said Greater Nashville REALTORS® President Scott Troxel. “However, median price is down from last month.

“It’s far too soon to tell if the drop in median price from June to July is evidence of a trend. It’s very likely there were proportionally more ‘starter’ homes sold in July than the number of starter homes sold in June. My experience is that different sectors of the market are more engaged and less-engaged at different times of the year.”

There were 3,887 properties under contract at the end of the month, compared to the 3,426 properties under contract at this time last year. The average number of days on the market for a single-family home was 25 days.

The median residential price for a single-family home during July was $288,243 and for a condominium it was $203,000. This compares with last year’s median residential and condominium prices of $267,000 and $189,986, respectively.

Active inventory at the end of July was 9,151, down from 10,133 in 2016.

“Affordability is a serious issue, but it’s not the sole issue affecting our housing market,” said Troxel. “It’s imperative we as residents, Realtors, businesses and a community work together to find solutions for matters like transit and continue to support our education systems.

“Greater Nashville REALTORS® is actively participating in all of these areas, advocating for both the business and the homeowner side of the housing industry. These items impact our housing market and we all want Middle Tennessee to continue to be a place individuals, families and businesses want to call home.”

Source: Greater Nashville REALTORS®, Press Release 080717

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!

Strongest Second Quarter on Record for Nashville Area Housing Market

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Strongest Second Quarter on Record for Nashville Area Housing Market
Press Release by Greater Nashville REALTORS® | July 7, 2017

NASHVILLE, Tenn. (July 7, 2017) – There were 3,887 homes sold in the month of June, according to figures provided by Greater Nashville REALTORS®. That figure is up 0.4 percent compared to the 3,869 closings reported for June 2016.

Second-quarter closings are 11,155, a 2.8 percent increase from the 10,851 closings reported through the second quarter of 2016. Year-to-date closings for Greater Nashville are up 5.6 percent with 19,493 closings compared to the 18,452 closings reported through midyear 2016.

“The second quarter was our housing market’s strongest on record,” said Greater Nashville REALTORS® President Scott Troxel. “The last time our market performed this well in the second quarter was 2006, with 11,046 closings. We’re a few units short of being ahead of midyear 2006, but with half a year left for sales, I suspect we’ll come close to the 2006 record of more than 40,000 annual closings.

“Closings for the month of June were virtually flat. This is no surprise given the current disparity between supply and demand in the market.”

The median residential price for a single-family home during June was $293,753, and for a condominium it was $199,350. Last year’s median residential and condominium prices for June were $260,148 and $186,495, respectively.

There were 3,914 properties under contract at the end of June, compared with 3,863 at this time last year. The average number of days on the market for a single-family home was 25 days.

Inventory at the end of June was 8,842, down from 9,865 in June 2016.

“The data for June and second quarter home sales prove our market has the necessary stamina to continue forward,” said Troxel. “Even with challenges, buyer demand is still strong and homeownership remains a priority for many of our residents. Working with a Realtor who brings knowledge, experience and professionalism to the transaction helps to remove any anxiety a buyer or seller may have about finding success in one of the country’s most thriving markets.”

Source: Greater Nashville REALTORS®, Press Release 070717

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!

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

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