October Was a Hot Month for Home Sales in Middle Tennessee

October Was a Hot Month for Home Sales in Middle Tennessee
Article by Greater Nashville Association of REALTORS® | November 8, 2016

nashville-237NASHVILLE, Tenn. (Nov. 8, 2016) – There were 3,324 home closings reported for the month of October, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 9.7 percent from the 3,030 closings reported for the same period last year.

Year-to-date closings for the Greater Nashville area were 32,696 at the end of October. That is an increase of 4.5 percent from the 31,282 closings, reported through October 2015.

“We are continuing to sell more homes with effectively less inventory every month, and that’s keeping the Nashville market among the hottest in the country,” said Creswell. “We finished 19th on the list of the hottest markets for October according to Realtor.com, and were the only southern state, not including Texas, to make the list. Even if sales remain flat for November and December, our region is set to finish ahead of 2015 with overall sales.”

There were 3,306 sales pending at the end of the month, compared with 2,905 pending sales at this time last year. The average number of days on the market for a single-family home was 51 days.

The median residential price for a single-family home during October was $261,000, and for a condominium it was $186,000. This compares with last year’s median residential and condominium prices of $230,000 and $171,737, respectively.

Inventory at the end of October was 11,785, compared to 12,894 in October 2015.

“We have entered the final quarter of 2016 in the best possible way,” said GNAR President Denise Creswell. “Our housing market is maintaining the kind of stable growth needed to sustain a healthy market in the last few months of the year. These mild gains in sales are exactly what it takes to build the foundation for a solid housing market in 2017.”

### 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 110816

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
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50 Markets Ranked: Where Does Yours Fall?

50 Markets Ranked: Where Does Yours Fall?
Article by Daily Real Estate News | October 25, 2016

NashvilleSkyBridge130x210
Nashville, TN

Who has the hottest single-family housing market this fall? Fort Lauderdale, Fla., according to a new report released by Ten-X, an online real estate marketplace. Ten-X ranked the 50 largest single-family housing markets for fall 2016 based on current and forecasted fundamentals.

Florida markets continue to dominate its list for the second consecutive season.

“Florida’s housing market continues to set the pace for the nation, with five of the top 10 metros on our report,” says Rick Sharga, Ten-X executive vice president. “While all of the top five markets took substantial hits during the housing crash, especially Las Vegas, the continued road to recovery for these destination cities is looking even brighter.”

The five single-family markets topping Ten-X’s list for this fall are: Fort Lauderdale, Fla.; Palm Beach County, Fla.; Tampa, Fla.; Orlando; and Las Vegas.

The rankings factor in pricing, sales, permit activity, and economic growth, population growth.

See how your metro stacked up.

  1. Fort Lauderdale
  2. Palm Beach County
  3. Tampa
  4. Orlando
  5. Las Vegas
  6. Phoenix
  7. Seattle
  8. Nashville
  9. Dallas
  10. Jacksonville
  11. Denver
  12. Portland
  13. Oakland
  14. Atlanta
  15. Columbus
  16. Raleigh
  17. San Francisco
  18. San Jose
  19. Miami
  20. Boston
  21. Austin
  22. San Diego
  23. Charlotte
  24. Salt Lake City
  25. DC
  26. Riverside
  27. Los Angeles
  28. Indianapolis
  29. Sacramento
  30. Minneapolis
  31. Fort Worth
  32. Orange County
  33. San Antonio
  34. Kansas City
  35. Detroit
  36. Pittsburgh
  37. Cincinnati
  38. Milwaukee
  39. Northern Virginia
  40. St. Louis
  41. Suburban Maryland
  42. Houston
  43. Memphis
  44. Philadelphia
  45. Long Island
  46. Northern New Jersey
  47. Chicago
  48. Cleveland
  49. Central New Jersey
  50. Baltimore

Source: Ten-X   Article distribution: REALTOR® Magazine Online, Daily Real Estate News 102516

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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Mortgage Rates Highest in Four Months, Still Near Record Lows

Mortgage Rates Highest in Four Months, Still Near Record Lows
Article by Freddie Mac | October 20, 2016

FreddieMac-LogoMCLEAN, VA–(Marketwired – Oct 20, 2016) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving higher for the second week in a row and marking the first time the 30-year fixed-rate mortgage has risen above 3.5 percent since June.

News Facts

30-year fixed-rate mortgage (FRM) averaged 3.52 percent with an average 0.5 point for the week ending October 20, 2016, up from last week when they averaged 3.47 percent. A year ago at this time, the 30-year FRM averaged 3.79 percent.

15-year FRM this week averaged 2.79 percent with an average 0.5 point, up from last week when they averaged 2.76 percent. A year ago at this time, the 15-year FRM averaged 2.98 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.85 percent this week with an average 0.4 point, up from last week when it averaged 2.82 percent. A year ago, the 5-year ARM averaged 2.89 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 link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote Attributed to Sean Becketti, chief economist, Freddie Mac.
“The 30-year fixed-rate mortgage moved a solid 5 basis points to 3.52 percent while the 10-year Treasury yield remained relatively flat. This is the first week in over 4 months that rates have risen above 3.50 percent. This month, mortgage rates seem to be catching up to Treasury yields and returning to pre-Brexit levels.”

### 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 the largest source 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

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
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First-Time Buyers Behind Latest Housing Gains

First-Time Buyers Behind Latest Housing Gains
Article by Daily Real Estate News | October 20, 2016

HomeFrontFlagExisting-home sales rebounded in September as first-time home buyers flooded the market. Sales to first-time home buyers topped a 34 percent share in September, the highest in more than four years, according to the National Association of REALTORS®.

Total existing-home sales – which are completed transactions for single-family homes, townhomes, condos, and co-ops – rose 3.2 percent in September month-over-month to a seasonally adjusted annual rate of 5.47 million, NAR reported Thursday. Sales are now at the highest pace since June (5.57 million) and are 0.6 percent higher than a year ago (5.44 million). All major regions across the U.S. saw a pick up in closings last month, NAR reports.

First-time home buyers were behind most of that sales momentum last month, NAR reports.

“There’s hope the leap in sales to first-time buyers can stick through the rest of the year and into next spring,” says Lawrence Yun, NAR’s chief economist. “The market sept16regionsfundamentals – primarily consistent job gains and affordable mortgage rates – are there for the steady rise in first-timers needed to finally reverse the decline in the home ownership rate.”

Still, the limited number of homes for sale on the market could prove a big roadblock.

“The home search over the past several months for a lot of prospective buyers, and especially for first-time buyers, took longer than usual because of the competition for the minimal amount of homes for sale,” Yun adds. “Most families and move-up buyers look to close before the new school year starts. Their diminishing presence from the market towards the end of summer created more opportunities for aspiring first-time home owners to buy last month.”

5 Key Housing Stats

Here are a few key housing indicators from NAR’s September housing report:

  1. Home prices: The median existing-home price for all housing types last month was $234,200, a 5.6 percent year-over-year increase.
  2. Days on the market: Forty-four percent of homes sold in September were on the market for less than a month. Properties stayed on the market an average of 39 days last month, down from 49 days a year ago. Short sales spent the longest time on the market at a median of 118 days; foreclosures sold in 67 days; and non-distressed homes sold in 38 days.
  3. Distressed sales: Foreclosures and short sales dropped to a new low in September, comprising 4 percent of sales. That is down from 7 percent a year ago. In September, 3 percent of sales were foreclosures and 1 percent were short sales. On average, foreclosures sold for a discount of 15 percent below market value while short sales were discounted 11 percent.
  4. Cash sales: All-cash sales comprised 21 percent of transactions last month, down from 24 percent a year ago. Individual investors make up the biggest bulk of cash sales. They purchased 14 percent of homes in September, up from 13 percent a year ago.
  5. Inventories: More housing stock was added to the market by the end of September, up 1.5 percent month-over-month, but inventories are still 6.8 percent lower than a year ago. Unsold inventory dropped to a 4.5-month supply at the current sales pace.

“Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in,” Yun says. “Unfortunately, there won’t be much relief from new home construction, which continues to be grossly inadequate in relation to demand.”

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 102016

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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Home Sales Steady in Middle Tennessee Through Third Quarter

Home Sales Steady in Middle Tennessee Through Third Quarter
Article by Greater Nashville Association of REALTORS® | October 6, 2016

GNAR-225x100NASHVILLE, Tenn. (Oct. 6, 2016) – There were 3,474 home closings reported for the month of September, according to figures provided by the Greater Nashville Association of REALTORS®. That number is up 0.8 percent from the 3,444 closings reported for the same period last year.

Third quarter numbers experienced a 1.2 percent decrease from 2015 with 10,920 closings reported, compared to last year’s third quarter closings of 11,046.

Year-to-date closings for the Greater Nashville area are 29,372. That total is up 3.9 percent from the 28,252 closings reported through the third quarter of 2015.

“The monthly, quarterly and year-to-date numbers are actually very similar, despite only two of the three showing an increase,” said GNAR President Denise Creswell. “Year-over-year sales for the month and the quarter are essentially flat, which is to be expected this time of year. Our region’s ability to remain stable given the inventory shortage is a strong indication of the healthy market we have.”

“Through the third quarter each county in our reporting area has experienced an increase in median sales price. Eight of the nine counties increased in sales, also,” said Creswell. “Pending sales are solid going into the last quarter of the season indicating we should finish the year well. It’s apparent investing in homeownership is still a priority for the residents of Middle Tennessee.”

There were 3,577 sales pending at the end of September, compared with 3,244 pending sales at this time last year. The average number of days on the market for a single-family home was 50 days, compared with 56 days for September 2015.

The median residential price for a single-family home during September was $256,900, and for a condominium, it was $188,495. This compares with last year’s median residential and condominium prices of $236,866 and $171,325, respectively.

Inventory at the end of September was 11,886, down from 13,141 in September 2015.

“Despite a small decline in sales, buyers and sellers remain in the marketplace,” said Creswell. “Sellers should remember they are responsible for putting the best property on the market, even in light of fewer homes for sale. They can’t take for granted that a potential buyer will act on any property simply to make a purchase, despite the property’s condition.

“For buyers, Realtors can’t stress enough how important it is to be pre-approved and ready to act. That has been true all year, and as inventory conditions tighten this fall, it’s critical. Those properties that are well-maintained and property marketed and priced will enter and exit the market rapidly.”

### 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 100616

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

Smoke Alarms Save Lives!

Smoke Alarms Save Lives!

Many of us have been touched by the devastation of fire, either personally or through a story from a family member or friend. October has long been designated as Fire Safety Awareness Month by many industry associations, organizations, government and fire entities.

Do you?… have a fire escape plan, check and test your smoke detectors, log or video your valuables for insurance, have a monitored fire and security system, have a carbon monoxide detector (carbon monoxide is considered the silent killer)…

I invite you to read and share this month’s newsletter with your family and friends and also review your own fire safety plan! All the best – Kenneth   NEWSLETTER LINK

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