Nationally: Has the Inventory Crunch Begun to Subside?

Nationally: Has the Inventory Crunch Begun to Subside?
National Association of REALTORS® | July 30, 2018

Nashville June2018InventoryContract signings rose in all four major regions across the U.S. last month, a sign that dwindling home sales—which have plagued the market at an unusual time of year this summer—will reverse course in the coming months, the National Association of REALTORS® reports.

NAR’s Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 0.9 percent month over month in June to a reading of 106.9. “After two straight months of declines in pending home sales, home shoppers in a majority of markets had a little more success finding a home to buy last month,” says NAR Chief Economist Lawrence Yun. “The positive forces of faster economic growth and steady hiring are being met by the negative forces of higher home prices and mortgage rates. Even with slightly more homeowners putting their home on the market, inventory is still subpar and not meeting demand. As a result, affordability constraints are pricing out some would-be buyers and keeping overall sales activity below last year’s pace.”

Despite last month’s rise, contract signings are still down 2.5 percent compared to a year ago, NAR reports. Nevertheless, Yun says the worst of the supply crunch may now have passed. In June, existing inventory was up slightly on an annual basis, marking the first increase in three years. Several large metros saw year-over-year surges in inventory levels last month:

  • Portland, Oregon.: +24 percent
  • Providence, Rhode Island: +20 percent
  • Seattle, Washington: +19 percent
  • Nashville, Tennessee: +17 percent
  • San Jose, California: +15 percent

“Home price growth remains swift, and listings are still going under contract at a robust pace in most of the country, which indicates that even with rising inventory in many markets, demand still significantly outpaces what’s available for sale,” Yun says. “However, if this trend of increasing supply continues in the months ahead, prospective buyers will hopefully begin to see more choices and softer price growth.”

Source: National Association of REALTORS®; REALTOR® Magazine 073018

The Best Housing Markets for Home Flippers

The Best Housing Markets for Home Flippers
realtor.com   article by Daily Real Estate News | May 23, 2018

East Nashville 37206House flipping activity surged to an 11-year high this year, with more than 207,000 homes flipped, according to ATTOM Data Solutions, a real estate data firm. But the key is knowing where to be and when. “The sweet spot for successful home flipping is finding the neighborhoods just emerging as the next hot neighborhoods in a city,” says Daren Blomquist, a senior vice president at ATTOM Data Solutions. The firm says the average profit for a housing flip in 2017 was $68,100.

Realtor.com® ranked the 200 largest metros according to the share of all home sales categorized as a flip (defined as any type of home that is bought and resold within a three- to 12-month period). Researchers limited their rankings to two metros per state for geographic diversity and only included markets where the average profit was at least $30,000.

The following are the best housing markets for home flippers, according to realtor.com®:

  1. Nashville, Tennessee
    Ratio of flips to all home sales: 4.1%
    Average flip profit: $87,200
  2. Fresno, California
    Ratio of flips to all home sales: 3.5%
    Average flip profit: $53,200
  3. Palm Bay, Florida
    Ratio of flips to all home sales: 3.3%
    Average flip profit: $71,500
  4. North Port, Florida
    Ratio of flips to all home sales: 3.3%
    Average flip profit: $85,300
  5. Baton Rouge, Louisiana
    Ratio of flips to all home sales: 3.2%
    Average flip profit: $70,000
  6. Chattanooga, Tennessee
    Ratio of flips to all home sales: 3.1%
    Average flip profit: $65,800
  7. Los Angeles, California
    Ratio of flips to all home sales: 3%
    Average flip profit: $169,400
  8. Lubbock, Texas
    Ratio of flips to all home sales: 2.7%
    Average flip profit: $46,000

Source: “Flip It Good! Top 10 Home-Flipping Hotbeds Where Profits Are Through the Roof,” realtor.com® (May 23, 2018); REALTOR® Magazine Online, Daily Real Estate News 052318

U.S. News Reveals Best Places to Live List

U.S. News Reveals Best Places to Live List
U.S. News & World Report
article by Daily Real Estate News | April 11, 2018

Austin, Texas, ranked number one for the second year in a row as the top place to live in the United States, according to new rankings released by U.S. News & World Report. The magazine ranks the 125 largest metros based on affordability, employment prospects, and quality of life each year.

“When deciding on a place to settle down, it’s important to understand that where a person lives can impact their well-being,” says Kim Castro, executive editor at U.S. News. “The top-ranked places are areas where citizens can feel the most fulfilled socially, physically, and financially.”

The top 12 best places to live in 2018 are:

  1. Austin, Texas
  2. Colorado Springs, Colorado
  3. Denver, Colorado
  4. Des Moines, Iowa
  5. Fayetteville, Arkansas
  6. Portland, Oregon
  7. Huntsville, Alabama
  8. Washington, D.C.
  9. Minneapolis, Minnesota
  10. Seattle, Washington
  11. Nashville, Tennessee
  12. Grand Rapids, Michigan

Source: U.S. News & World Report; REALTOR® Magazine Online, Daily Real Estate News 041118

Beautiful Renovated Ranch Just Listed in Kensington Park of Priest Lake

3821Hillshire WPimagesRenovated Ranch in
Popular Neighborhood

3821 Hillshire Drive
Antioch, Tennessee 37013

MLS 1911684 | Area 8
Kensington Park of Priest Lake
offered at $319,900
Built 1986 | .43 Acre | 2,274 s.f.
3 Bed | 2 Bath | 2-Car Garage

Terrific home, renovation and neighborhood. Wonderful floor plan – entry leads to Great Room flowing into Dining Room, Kitchen, Sun Room. All bedrooms and main hallway on right side of home. Outdoor entertaining includes expansive deck, hot tub and above ground pool. Deep 2-car garage. Fenced back yard. A must see! Please view Property MLS Listing Sheet for details.

Owner Enhancements
Numerous upgrades in the home and lot completed by the current owners. Please view 3821Hillshire OwnerEnhancements for details.

Exclusively marketed by
Kenneth Bargers, REALTOR® Lic 318311
Pilkerton Realtors Lic 256352
(615) 512-9836 cellular
(615) 371-2474 office
kb@bargers-solutions.com email
http://www.bargers-solutions.com web
2 Cadillac Drive, Brentwood TN 37027 office

Markets with the Most Rapid Home Sales

Markets with the Most Rapid Home Sales
realtor.com   article by Daily Real Estate News | March 13, 2018

House 1034In some markets, homes are selling at record speeds. Realtor.com®’s research team scoured the listing data to find which markets are seeing the quickest sales, based on the median number of days on the market.

The number of days spent on the market is important for sellers and prospective buyers to know, says realtor.com®’s chief economist Danielle Hale.

“That info can give home buyers an idea of how much competition they face, how limited homes are in the market, and how quickly they need to make a decision if they find a home they like,” says Hale. For sellers, it can give them an idea of how long they may have to move elsewhere.

The median number of days on the market nationwide is dropping due to an imbalance in many places in the low supply of homes compared to high demand from buyers.

Out of the nation’s 300 largest metros, realtor.com®’s research team found that the following places saw the lowest number of days on the market for its homes for sale: (Note: realtor.com® limited its ranking to one metro per state for geographic diversity.)

  1. San Jose, CA.: 28.6 (median days on the market)
  2. Seattle, WA: 34.1
  3. Salt Lake City, UT: 38.2
  4. Denver, CO: 39.2
  5. Nashville, TN: 40.6
  6. Portland, OR: 44.3
  7. Boise, ID: 46
  8. Sioux Falls, SD: 46.8
  9. Omaha, NE: 47.2
  10. Minneapolis, MN: 47.3

Visit realtor.com® to find out where homes are lingering on the market the longest.

Source: “Where Homes Are Flying Off the Market—and Where They’re Lingering Longest,” realtor.com® (March 12, 2018); REALTOR® Magazine Online, Daily Real Estate News 031318

Rent No More! 10 U.S. Cities With Huge Increases in Homeownership

Rent No More! 10 U.S. Cities With Huge Increases in Homeownership
Article by Clare Trapasso; realtor.com | November 27, 2017

House 1026It’s time to tune out the chatter, the doom, and certainly the gloom: The American Dream of homeownership is alive and well. Really.

But that doesn’t mean it’s easy to buy a home these days. So what are the stumbling blocks? Stroke-inducing student loan debt. Soaring home and rent prices, and a lack of properties in many markets. And let’s not forget the Great Recession, which set so many would-be buyers back on their heels.

All this has dragged down homeownership rates, which hit 63.9% nationally in the third quarter of the year, according to the U.S. Census Bureau. That’s down about five percentage points from their pre-crash high in 2004.

But wait: There are bright beacons of hope across the nation, places where homeownership is actually on the rise.

The data team at realtor.com® set out to find those metros where homeownership rates are growing the fastest. In the process, we discovered a few trends. Ownership is shooting up the most in Rust Belt cities undergoing a resurgence; in smaller cities close to much bigger and pricier metros, where commuters can snag a home for less; and in fast-growing Southern hubs that are continuing to experience booming job markets.

Bonus: More than half of the metros on our list boast median prices well under the national median of $274,492.

“Affordability is a strong draw to these areas,” says Danielle Hale, chief economist at realtor.com®. A lot of these cities are on the outskirts of big cities where folks can snag an abode for less and then commute downtown for work, she adds.

However, interested buyers had better move fast—all this demand is steadily pushing home prices skyward.

To come up with our findings, the data team analyzed Census data comparing the homeownership rates in the first three-quarters of 2014 to the first three-quarters of 2017. The Census data only included 75 of the largest metros (with some cities moving on or off the list over the years, due to population shifts). Home list price data, from realtor.com, dates from Oct. 1.

So where are the most buyers settling into homes of their very own? Get ready for a few surprises…

1. Milwaukee, WI
Median home price: $224,950
Current homeownership rate: 68.7%
Three-year homeownership change: +11%

2. Charlotte, NC
Median home price: $327,050
Current homeownership rate: 62.8%
Three-year homeownership change: +10.5%

3. Memphis, TN
Median home price: $195,050
Current homeownership rate: 61%
Three-year homeownership change: +9.3%

4. Baltimore, MD
Median home price: $300,040
Current homeownership rate: 68.4%
Three-year homeownership change: +7.3%

5. Allentown, PA
Median home price: $225,050
Current homeownership rate: 74.8%
Three-year homeownership change: +7.3%

6. Pittsburgh
Median home price: $174,950
Current homeownership rate: 74%
Three-year homeownership change: +7.2%

7. Albuquerque, NM
Median home price: $239,950
Current homeownership rate: 66%
Three-year homeownership change: +5.7%

8. Nashville, TN
Median home price: $359,050
Current homeownership rate: 68.8%
Three-year homeownership change: +4.9%

9. Dallas, TX
Median home price: $339,950
Current homeownership rate: 60.7%
Three-year homeownership change: +4.8%

10. Syracuse, NY
Median home price: $149,950
Current homeownership rate: 66.5%
Three-year homeownership change: +4.6%

Read the complete article at realtor.com
Clare Trapasso is the senior news editor of realtor.com and an adjunct journalism professor. She previously wrote for a Financial Times publication and the New York Daily News. Contact her at clare.trapasso@move.com. Follow @claretrap


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

The Housing Hot List for October

The Housing Hot List for October
realtor.com    article by Daily Real Estate News | October 30, 2017

Nashville Union Station HotelListing prices for residential homes remained near record highs in October, according to a preliminary analysis by realtor.com®. The median list price nationwide was $274,000, near the $275,000 record set in June.

One point of relief for “market-fatigued buyers” who’ve faced low inventories for the past few years is that supplies of new listings are up slightly from a year ago, says Danielle Hale, realtor.com®’s chief economist. By the end of October, about 420,000 new listings will have hit the market over the entire month, realtor.com® predicts.

Some housing markets are more lively than others, with California continuing to see some of the most activity. Realtor.com® released its “hottest market” list for October, which is based on how quickly homes are selling and the amount of clicks cities receive on listings at realtor.com®.

The top 20 performing markets in October are:

  1. San Jose, California
  2. Vallejo, California
  3. San Francisco, California
  4. San Diego, California
  5. Boston, Massachusetts
  6. Stockton, California
  7. Sacramento, California
  8. Detroit, Michigan
  9. Denver, Colorado
  10. Modesto, California
  11. Columbus, Ohio
  12. Fresno, California
  13. Dallas, Texas
  14. Nashville, Tennessee
  15. Colorado Springs, Colorado
  16. Midland, Texas
  17. Rochester, New York
  18. Oxnard, California
  19. Santa Cruz, California
  20. Janesville, Wisconsin

Source: “Tight Inventory Drives High Prices, Quick Sales in the Nation’s Hottest Markets,” realtor.com® (Oct. 27, 2017); REALTOR® Magazine Online, Daily Real Estate News 103017


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