MarketGraphics Releases September 2015 New Home Permit Reports for Greater Nashville

The Greater Nashville Area (12-County) New Home Permit Reports for September 2015
Courtesy of MarketGraphics Research Group | October 27, 2015

MarketGraphics Research, located in Franklin, Tennessee, releases September’s New Home Permit Reports for the 12-county Greater Nashville area: County/Builder/Subdivision New Home Permit Report, Permits by County New Home Permit Report, Top 50 Builders New Home Permit Report

MarketGraphics-Sept2015-imaSource: Cecilia Gonsewski | MarketGraphics Research Group, Inc.
(615) 371-2282 | cecilia@mgresearch.net | http://www.mgresearch.net

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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Fixed Mortgage Rates Move Lower

Fixed Mortgage Rates Move Lower
Article by Freddie Mac | October 22, 2015

FreddieMac-LogoMCLEAN, VA–(Marketwired – Oct 22, 2015) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates following Treasury yields lower, which continues to benefit the housing market.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.79 percent with an average 0.6 point for the week ending October 22, 2015, down from last week when it averaged 3.82 percent. A year ago at this time, the 30-year FRM averaged 3.92 percent.
  • 15-year FRM this week averaged 2.98 percent with an average 0.5 point, down from last week when it averaged 3.03 percent. A year ago at this time, the 15-year FRM averaged 3.08 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.89 percent this week with an average 0.4 point, up from last week when it averaged 2.88 percent. A year ago, the 5-year ARM averaged 2.91 percent.
  • 1-year Treasury-indexed ARM averaged 2.62 percent this week with an average 0.2 point, up from 2.54 percent last week. At this time last year, the 1-year ARM averaged 2.41 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.

Quote Attributed to Sean Becketti, chief economist, Freddie Mac.
“Following Federal Reserve Governor Daniel Tarullo’s remarks last week Treasury yields dipped. In response, 30-year mortgage rates fell 3 basis points this week to 3.79 percent. The housing market continues to benefit from low mortgage rates, with housing starts for September beating expectations and the NAHB’s Housing Market index registering a ten year high in October.”

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 atFreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog. ###

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

Fall Home Sales Rebound: 5 Stats to Know

Fall Home Sales Rebound: 5 Stats to Know
Article by Daily Real Estate News | October 23, 2015

NAR LogoExisting-home sales were on the rise last month, posting a strong gain after a decline in August, according to the National Association of REALTORS®’ latest housing report released Thursday. All four major regions of the U.S. saw sales gains in September.

Region-Sep2015Existing-home sales – which are completed transactions of single-family homes, townhomes, condos, and co-ops – rose 4.7 percent in September month-over-month to a seasonally adjusted annual rate of 5.55 million. Sales are now 8.8 percent above a year ago, NAR reports.

A slight moderation in home prices mixed with mortgage rates remaining below 4 percent is giving a boost to home sales, says Lawrence Yun, NAR’s chief economist.

“September home sales bounced back solidly after slowing in August and are now at their second highest pace since February 2007,” Yun says. “While current price growth around 6 percent is still roughly double the pace of wages, affordability has slightly improved since the spring and is helping to keep demand at a strong and sustained pace.”

Overview of NAR’s September Housing Report

  1. Home prices: The median existing-home price for all housing types in September was $221,000 — 6.1 percent higher than September 2014 ($209,100). September’s price increase marks the 43rd consecutive month of year-over-year gains.
  2. Inventories: Total housing inventory at the end of September fell 2.6 percent to 2.21 million existing homes available for sale. Inventories are now 3.1 percent lower than a year ago (2.28 million). At the current sales pace, unsold inventory is at a 4.8-month supply, down from 5.1 months in August. “Despite persistent inventory shortages, the housing market has made great strides this year, backed by an increasing share of pent-up sellers realizing the increased equity they’ve gained from rising home prices and using it towards trading up or moving into a smaller home,” says Yun. “Unfortunately, first-time buyers are still failing to generate any meaningful traction this year.” First-time buyers dropped to 29 percent of sales in September, following a climb to the highest share of the year in August at 32 percent.
  3. Days on the market: Properties stayed on the market for an average of 49 days in September – up from 47 days in August but below the 56 days in September 2014. Thirty-eight percent of homes sold in September were on the market for less than a month. Short sales were on the market the longest at a median of 135 days in September; foreclosures sold in 57 days; and non-distressed homes took 48 days.
  4. Distressed sales: Distressed sales – which include foreclosures and short sales – held steady for the third consecutive month at 7 percent in September. A year ago, distressed sales comprised 10 percent of sales. Six percent of September sales were foreclosures and 1 percent were short sales (the lowest since NAR began tracking in October 2008). On average, foreclosures sold for a discount of 17 percent below market value in September, while short sales were discounted 19 percent.
  5. All-cash sales: Buyers bringing all-cash to closing rose to 24 percent of all transactions in September – up from 22 percent in August. Individual investors, who account for the bulk of cash sales, purchased 13 percent of homes in September, up from 12 percent in August. However, investors’ share of sales is down from 14 percent a year ago.

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 102315

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

Mortgage Rates Remain Below Four Percent for Twelve Weeks Straight

Mortgage Rates Remain Below Four Percent for Twelve Weeks Straight
Article by Freddie Mac | October 15, 2015

FreddieMac-LogoMCLEAN, VA–(Marketwired – Oct 15, 2015) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates nudging higher throughout the beginning of the week. However, Fed comments suggesting it may not raise short-term interest rates yesterday, coupled with weaker than expected consumer demand, pushed Treasury yields lower suggesting interest rates may remain lower than reported a while longer.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.82 percent with an average 0.6 point for the week ending October 15, 2015, up from last week when it averaged 3.76 percent. A year ago at this time, the 30-year FRM averaged 3.97 percent.
  • 15-year FRM this week averaged 3.03 percent with an average 0.6 point, up from last week when it averaged 2.99 percent. A year ago at this time, the 15-year FRM averaged 3.18 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.88 percent this week with an average 0.4 point, unchanged from last week. A year ago, the 5-year ARM averaged 2.92 percent.
  • 1-year Treasury-indexed ARM averaged 2.54 percent this week with an average 0.2 point, down from 2.55 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.

Quote Attributed to Sean Becketti, chief economist, Freddie Mac.
“As the shock of the weak September employment report wore off, Treasury rates drifted higher. In response, the 30-year mortgage rate climbed 6 basis points to 3.82 percent, marking 12 consecutive weeks below 4 percent. Late-breaking news suggests mortgage rates may remain in this territory a while longer. After this week’s survey closed, Federal Reserve Governor Daniel Tarullo was quoted suggesting the Fed may not act this year, and Wednesday the 10-year Treasury closed under 2 percent in reaction to economic releases indicating weak consumer demand.”

### 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 101515

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

Where Millennial Home Ownership Thrives

Where Millennial Home Ownership Thrives
Article by Daily Real Estate News | October 05, 2015

Realtor-comDespite claims that millennials are just a “generation of renters,” this generation is showing itself as being just as interested in buying homes as other age groups, according to realtor.com® research.

“People who believe that millennials are disinterested in home ownership are grossly mistaken,” says Jonathan Smoke, realtor.com®’s chief economist. “This generation hit the job market during one of the largest recessions of all time, and Millenial-Financial-Profilethey’ve had to work hard to establish credit and save for a down payment. With the older segment just beginning to enjoy living the life that drives home ownership—including marriage and children—now is the most appropriate time for them to consider home ownership. And that’s exactly what the latest numbers are showing.”

Indeed, nearly 65 percent of millennials between the ages of 21 to 34 spent time on real estate websites and apps in August, according to realtor.com®’s analysis. What’s more, “older” millennials – between the ages of 25 to 34 are 70 percent more likely than the average adult to look for a home to buy on realtor.com®.

Which markets are they targeting? Realtor.com® recently identified the top 10 areas where millennials are the most represented among mortgage borrowers – accounting for 44 to nearly 60 percent of all mortgages for home purchases.

  1. Des Moines, Iowa
  2. Provo, Utah
  3. Baton Rouge, Louisiana
  4. Pittsburgh, Pennsylvania
  5. Lafayette, Louisiana
  6. Grand Rapids, Michigan
  7. Madison, Wisconsin
  8. Clarksville, Tennessee
  9. New Orleans, Louisiana
  10. Shreveport, Louisiana

Source: “Top 10 Markets for Millennials Seeking a Home,” realtor.com® (Sept. 30, 2015); REALTOR® Magazine Online, Daily Real Estate News 100515

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

Are Higher Home Prices Spooking Buyers?

Are Higher Home Prices Spooking Buyers?
Article by Daily Real Estate News | September 29, 2015

HouseForSaleContracts to buy homes dropped nationwide in August, as home prices continued to inch upward, the National Association of REALTORS® reports. Modest increases in pending home sales in the West were offset by declines in all other regions last month.

NAR’s Pending Home Sales Index – a forward-looking indicator based on contract signings – retreated 1.4 percent in August to a 109.4 reading. Despite the drop, pending home sales remain 6.1 percent above August 2014 levels.

PendingSalesAug2015Buyer demand is continuing to outpace the housing supply and it’s also prompting home prices to increase in many markets across the country, says Lawrence Yun, NAR’s chief economist.

“Pending sales have leveled off since mid-summer, with buyers being bounded by rising prices and few available and affordable properties within their budget,” Yun says. “Even with existing-housing supply barely budging all summer and no relief coming from new construction, contract activity is still higher than earlier this year and a year ago.”

Yun predicts that sales will maintain their current pace in the months ahead. But, he cautions, there are several headwinds that could impact housing.

“The possibility of a government shutdown and any ongoing instability in the equity markets could cause some households to put off buying for the time being,” Yun says. “Furthermore, adapting to the changes being implemented next month in the mortgage closing process could delay some sales.”

Still, NAR says the national median existing-home price will likely rise 5.8 percent this year, reaching $220,300. Also, existing-home sales likely will rise 7 percent to around 5.28 million – 25 percent below the prior peak set in 2005.

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 092915

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