Buyer Demand Fuels Hot First Quarter for Middle Tennessee Housing Market

Buyer Demand Fuels Hot First Quarter for Middle Tennessee Housing Market
Press Release by Greater Nashville Association of REALTOR® | April 7, 2016

GNAR-225x100NASHVILLE, Tenn. (April 7, 2016) – There were 3,141 home closings reported for the month of March, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 10.7 percent increase compared to the 2,837 closings in March 2015.

Data for the first quarter of 2016 showed 7,601 closings, up 10.1 percent from the 6,904 closings during the first quarter of 2015.

“Home sales performed well in the Nashville area in March, rounding out a solid first quarter in the market,” said GNAR President Denise Creswell. “We experienced double-digit increases for both the month of March and the first quarter, compared to 2015. Each of the nine counties in our reporting area saw increases in residential sales for the quarter; all but one had increases in residential median price, as well.”

There were 3,285 sales pending at the end of March, compared with 3,083 pending sales at this time last year. The average number of days on the market for a single-family home was 64 days.

The median residential price for a single-family home during March was $245,000 and for a condominium it was $181,894. This compares with last year’s median residential and condominium prices of $222,400 and $171,831, respectively.

Inventory at the end of March was 11,951, down from 12,775 in March 2015.

“Spring is typically the official kickoff of the housing market’s busy season, however our market was busy way before that. Given the continued low interest rates and pent-up buyer demand, don’t expect a slowdown anytime soon,” said Creswell.

“According to the most recent jobs report, 215,000 jobs were added in March. Continued growth in the job sector boosts consumer confidence and adds more potential buyers and competition to the marketplace. All buyers should be prepared to act swiftly upon finding the right property and to face multiple offers in some situations. Working with a Realtor helps buyers to navigate our fast-paced market.”

### The Greater Nashville Association of 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: GNAR Press Release 040716

Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular (615) 371-2474 office kb@bargers-solutions.com email
www.bargers-solutions.com web kennethbargers.com blog
2 Cadillac Drive, Brentwood Tennessee address

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Do you need marketing assistance for special projects or contract assignments? visit the Marketing page of Bargers Solutions

The 20 Hottest U.S. Real Estate Markets in January 2016

The 20 Hottest U.S. Real Estate Markets in January 2016
Article by realtor.com | February 1, 2016

Nashville 101Nashville continues to be one of the nation’s hot real estate markets launching January 2016 as a very active month of residential home sales

After a December that was unseasonably balmy for a large swath of the East Coast, January saw a return to winter norms: frigid temperatures and mountains of snow (even in the drought-parched West, thanks to El Niño). Real estate markets around the country also followed the regular January pattern, according to realtor.com® data: fewer homes on the market, and those that are for sale move like semi-frozen molasses. But just like the seeds that are waiting to sprout once temperatures warm up (hey, is it April yet?), we’re seeing signs that buyers are getting ready to jump into the market this year when the time is right.

“Our initial readings on January affirm the positive growth we expect to see in the residential real estate market in 2016,” says Jonathan Smoke, chief economist of realtor.com. “Our traffic, searches and listing views exhibited the January ‘pop’ we saw last year, which made for a strong spring. In addition, a large number of prospective buyers have been telling us since the second half of 2015 that they plan to purchase in the spring and summer of 2016.”

For now, buyers have fewer choices than they will later in the year, but of course there’s also less competition. Smoke expects listing inventory for January to trend down 7% over December, following the usual winter pattern. The median age of inventory is now 100 days, which means it’s taking homes 6% longer to sell in January than in December, but that’s still 4% faster when compared with January 2015.

The median listing price for January is estimated at $227,000, remaining virtually flat over December, but still up 8% year over year.

By analyzing listing views and age of inventory in the nation’s largest markets, Smoke’s team was able to identify the top 20 that are beating the winter chill. Listings in these markets are viewed two to five times more often than the national average, and houses move 30 to 50 days more quickly than the rest of the U.S. They have also seen days on market drop by a combined average of 7% year over year.

San Francisco retains the first spot this month—again—as California maintains its dominance with seven of the top 10 markets. One surprise: Nashville is the biggest gainer, moving up six spots to end at No. 7. Also, Texas and Florida now feature multiple markets on the list. Overall, Florida real estate markets just keep getting hotter, and the state will give California a run for its money in 2016 as the warm-weather housing market to beat. Maybe.

The hot list

  1. San Francisco, CA
  2. San Jose, CA
  3. Dallas, TX
  4. Vallejo, CA
  5. San Diego, CA
  6. Sacramento, CA
  7. Nashville, TN
  8. Stockton, CA
  9. Denver, CO
  10. Los Angeles, CA
  11. Santa Rosa, CA
  12. Oxnard, CA
  13. Palm Bay, FL
  14. Yuba City, CA
  15. Modesto, CA
  16. Detroit, MI
  17. Midland, TX
  18. Santa Cruz, CA
  19. Tampa, FL
  20. Fort Wayne, IN

Source: Cicely Wedgeworth, realtor.com

Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular (615) 371-2474 office kb@bargers-solutions.com email
www.bargers-solutions.com web kennethbargers.com blog
2 Cadillac Drive, Brentwood Tennessee address

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94% of Young Renters Want to Buy

94% of Young Renters Want to Buy
Article by Daily Real Estate News | December 17, 2015

REALTORlogoNearly all renters 34 years of age or younger questioned in a new survey from the National Association of REALTORS® say they want to own a home in the future. The survey, Housing Opportunities and Market Experience (HOME), tracks topical real estate trends, and asks consumers whether or not it’s a good time to buy or sell a home and about their expectations and experiences in the mortgage market.

“Despite entering the workforce during or immediately after the worst of the financial and housing crisis, the desire to become a homeowner appears to be a personal goal for a convincing majority of young renters,” says NAR Chief Economist Lawrence Yun, adding that market conditions are creating a “sizeable, pent-up demand for buying.”

Meet the New HOME Survey
From March 2015 until earlier this month, survey research firm TechnoMetrica Market Intelligence contacted U.S. households via random-digit dial (one-third via cell phones and two-thirds via land lines). Approximately 900 qualified households responded to the survey each month, adding up to a total of 9,034 household responses being represented in this iteration of the report. The association may add new questions to the survey as the need arises to gather data about timely topics impacting real estate. The next quarterly report of HOME Survey data is scheduled to be released by NAR on Tuesday, March 15, 2016.

Looking at renters overall, 83 percent say they want to own, and 77 percent believe homeownership is part of their American Dream.

The monthly survey, the results of which NAR will release quarterly, also fuels an index tracking the financial outlook of households. The Personal Financial Outlook Index has slowly trended upward since the tracking began in March, and in December reached its highest reading. While responses have been steadily becoming more positive overall within the index, the most optimistic segments were younger households, renters, and those in urban areas.

“Young adults, who make up the majority of all renter households, are typically more optimistic about their future,” says Yun. But, despite a sunnier view of their own prospects, only half of all respondents (both renters and owners) believe the economy is currently improving, and 44 percent think the economy is actually in a recession. Renters were slightly more optimistic about current economic conditions, with 57 percent believing the economy is improving. Yun says this “can be attributed to the fact that some areas have been slow to recover and wages have yet to grow in a meaningful way for far too many families.”

Thankfully, confidence in the economy is not a prerequisite for an interest in home ownership; 76 percent of renters who don’t think the economy is improving still want to eventually buy a home. Among all surveyed age groups, 84 percent believe owning a home is a good financial decision. A majority of both homeowners (82 percent) and renters (68 percent) say they believe that it’s a good time to buy a home, and 61 percent of current owners believe it is a good time to sell.

So what’s keeping some out of the market? The top two reasons given by renters for not currently owning was the inability to afford it (53 percent) and needing the flexibility of renting (19 percent). When asked what would likely be the main reason for buying in the future, 33 percent of renters cited getting married, starting a family, or retiring as a trigger. Another 26 percent said an improvement in their financial situation would make the difference.

Also, consumers are not nearly as bullish about the mortgage market as they are about housing. Around two-thirds of respondents predict it would be very or somewhat difficult to obtain a mortgage at this time, and 5 percent of renters surveyed had recently tried and failed to obtain financing for a home.

Source: “NAR HOME Survey: Desire to Buy Strong despite Affordability, Economic Concerns,” Realtor.org (Dec. 17, 2015); REALTOR® Magazine Online, Daily Real Estate News 121715

Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular (615) 371-2474 office kb@bargers-solutions.com email
www.bargers-solutions.com web kennethbargers.com blog
2 Cadillac Drive, Brentwood Tennessee address

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Do you need marketing assistance for special projects or contract assignments? visit the Marketing page of Bargers Solutions

Mortgage Rates Move Higher

Mortgage Rates Move Higher
Article by Freddie Mac | December 17, 2015

FreddieMac-LogoMCLEAN, VA–(Marketwired – Dec 17, 2015) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates ticking slightly higher for the second week in a row amid the Federal Reserve’s decision to raise short-term interest rates for the first time since 2006.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.97 percent with an average 0.6 point for the week ending December 17, 2015, up from last week when it averaged 3.95 percent. A year ago at this time, the 30-year FRM averaged 3.80 percent.
  • 15-year FRM this week averaged 3.22 percent with an average 0.5 point, up from last week when it averaged 3.19 percent. A year ago at this time, the 15-year FRM averaged 3.09 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.03 percent this week with an average 0.4 point, unchanged from last week. A year ago, the 5-year ARM averaged 2.95 percent.
  • 1-year Treasury-indexed ARM averaged 2.67 percent this week with an average 0.2 point, up from 2.64 percent last week. At this time last year, the 1-year ARM averaged 2.38 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

As of January 1, 2016, the PMMS will no longer provide results for the 1-year ARM. Additionally, the regional breakouts will not be provided for the 30-year and 15-year fixed rate mortgages, and the
5/1 Hybrid ARM.

Quote Attributed to Sean Becketti, chief economist, Freddie Mac.
“As was almost-universally expected, the Federal Open Market Committee (FOMC) of the Federal Reserve elected this week to raise short-term interest rates for the first time since 2006. We take the Fed at its word that monetary tightening in 2016 will be gradual, and we expect only a modest increase in longer-term rates. Mortgage rates will tick higher but remain at historically low levels in 2016. Home sales will remain strong, but refinance activity should cool somewhat. Novel policy approaches such as quantitative easing injected significant liquidity in the economy over the past seven years. As a result, the Fed is forced to employ some new tools, such as reverse repos, as it tightens monetary policy. We are likely to see some short-term volatility in fixed-income markets as market participants adjust to these new tools.”

### Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog. ###

Source: Freddie Mac 121715

Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular (615) 371-2474 office kb@bargers-solutions.com email
www.bargers-solutions.com web kennethbargers.com blog
2 Cadillac Drive, Brentwood Tennessee address

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Greater Nashville Exceeds All 2014 Home Sales in November

Greater Nashville Exceeds All 2014 Home Sales in November
Press Release by Greater Nashville Association of REALTORS® | December 8, 2015

GNAR-225x100NASHVILLE, Tenn. (Dec. 8, 2015) – There were 2,397 home closings reported for the month of November, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is down 3.1 percent from the 2,474 closings reported for the same period last year.

Year-to-date closings through November are 33,679, a 6.9 percent increase from the 30,431 closings reported through November 2014.

“With another full month to go, Middle Tennessee home sales have already exceeded those of 2014,” said GNAR President Cindy Stanton. “Even with a slight dip in year-over-year sales, our market continues to thrive.”

“With the season of the year and the tight inventory levels, the small decline in sales isn’t a surprise. In fact, in active markets such as ours, this leveling out is inevitable and healthy,” said Stanton. “Home prices continue to experience incremental gains and pending sales remain strong, both of which are positive indicators for the sustained strength of our market.”

There were 2,516 sales pending at the end of the month, compared with 2,489 pending sales at this time last year. The average number of days on the market for a single-family home was 58 days.

The median residential price for a single-family home during November was $231,925, and for a condominium, it was $178,002. This compares with last year’s median residential and condominium prices of $215,000 and $165,256, respectively.

Inventory at the end of November was 12,433, compared to 13,715 in November of last year.

“If you are considering putting your home on the market, it’s not too late,” said Stanton. “There are advantages like less competition that come with putting your home on the market now. Check with a Realtor today to learn more about those and get the process started.”

### The Greater Nashville Association of 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: GNAR Press Release 120815

Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular (615) 371-2474 office kb@bargers-solutions.com email
www.bargers-solutions.com web kennethbargers.com blog
2 Cadillac Drive, Brentwood Tennessee address

Need a home? visit Search for Properties
Do you need marketing assistance for special projects or contract assignments? visit the Marketing page of Bargers Solutions

Middle Tennessee Home Sales Remain Steady in October 2015

Middle Tennessee Home Sales Remain Steady in October
Press Release by Greater Nashville Association of REALTORS® | November 5, 2015

GNAR-225x100NASHVILLE, Tenn. (Nov. 5, 2015) – There were 3,030 home closings reported for the month of October, according to figures provided by the Greater Nashville Association of REALTORS. This figure is up .5 percent from the 3,015 closings reported for the same period last year.

Year-to-date closings for the Greater Nashville area have increased 11.9 percent. There were 31,282 closings, compared with 27,957 closings reported through October of last year.

“We are in the last quarter of the year, a time when the real estate market typically begins a seasonal slowdown,” said GNAR President Cindy Stanton. “While closings weren’t up by double digits, the market didn’t technically slow down; it merely maintained. A region looks for steady activity and growth to sustain its vitality. The leveling-off in sales is actually a good sign for the health of our market.”

There were 2,905 sales pending at the end of the month, compared with 2,730 pending sales at this time last year. The average number of days on the market for a single-family home was 58 days.

The median residential price for a single-family home during October was $230,000, and for a condominium it was $171,737. This compares with last year’s median residential and condominium prices of $205,900 and $165,000, respectively.

Inventory at the end of October was 12,894, compared to 15,051 in October 2014.

“The Nashville market rose a spot to 14 in Realtor.com’s rankings of the country’s 20 hottest real estate markets for October. This is encouraging news for both current and potential buyers and sellers as we move toward to the end of the year,” added Stanton. “At this point in the year, we’re about two thousand units away from surpassing last year’s total annual sales. There’s no evidence to show we won’t accomplish that this month and finish the year strongly.”

### The Greater Nashville Association of 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: GNAR Press Release 110515

Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular (615) 371-2474 office kb@bargers-solutions.com email
www.bargers-solutions.com web kennethbargers.com blog
2 Cadillac Drive, Brentwood Tennessee address

Need a home? visit Search for Properties
Do you need marketing assistance for special projects or contract assignments? visit the Marketing page of Bargers Solutions

Greater Nashville Home Sales Post Double Digit Increase for Third Quarter

Greater Nashville Home Sales Post Double Digit Increase for Third Quarter
Press Release by Greater Nashville Association of REALTORS® | October 7, 2015

GNAR-225x100NASHVILLE, Tenn. (Oct. 7, 2015) – There were 3,444 home closings reported for the month of September, according to figures provided by the Greater Nashville Association of REALTORS®. That number is up 10.3 percent from the 3,122 closings reported for the same period last year.

Third quarter numbers have increased from 2014 with 11,046 closings reported, which is 15 percent higher than last year’s third quarter closings of 9,606.

Year-to-date closings for the Greater Nashville area are 28,252. That total is up 13.3 percent from the 24,942 closings reported through the third quarter of 2014.

“The double-digit increases in home sales for the third quarter and year-to-date are further proof of how strong the real estate market and the overall economy is in Middle Tennessee,” said GNAR President Cindy Stanton. “Every county covered in the report showed an increase in residential sales and median price, with most showing the same for their respective condominium markets. As a region we are nearly double the sales for the third quarter compared to the same period less than five years ago in 2011.”

“With so many factors remaining unchanged, we are confident the fourth quarter will be a favorable one for our housing market. A recent report from RealtyTrac showed that because of low interest rates and market conditions, buying the average home now is 48 percent more affordable than pre-recession in 2006,” said Stanton.

There were 3,244 sales pending at the end of September, compared with 3,049 pending sales at this time last year. The average number of days on the market for a single-family home was 56 days, compared with 68 days for September 2014.

The median residential price for a single-family home during September was $236,866, and for a condominium, it was $171,325. This compares with last year’s median residential and condominium prices of $211,400 and $162,000, respectively.

Inventory at the end of September was 13,141, down from 15,182 in September 2014.

“Those who didn’t act during the summer shouldn’t be dissuaded, as fall is still a terrific time to buy or sell a home,” added Stanton. “For buyers, despite lower inventory, there are many great properties available and with likely less competition from other buyers as we enter fall. Those considering selling should take care of any repairs now, maintain their curb appeal and be sure the home is market ready.”

The Greater Nashville Association of 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 Association of REALTORS®, Press Release 100715

Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular (615) 371-2474 office kb@bargers-solutions.com email
www.bargers-solutions.com web kennethbargers.com blog
2 Cadillac Drive, Brentwood Tennessee address

Need a home? visit Search for Properties
Do you need marketing assistance for special projects or contract assignments? visit the Marketing page of Bargers Solutions