Fixed mortgage rates have maintained recent lows or set new ones for more than two months now, sinking to 4.42 percent on 30-year loans for the week ended Aug. 19. The rate is down from 4.44 percent the prior week and is the lowest ever recorded since Freddie Mac launched its survey almost 40 years ago. The fixed 15-year average also hit a new low, at 3.9 percent; while five- and one-year adjustable-rate mortgages remained flat at 3.56 percent and 3.53 percent, respectively.
[SOURCES: Wall Street Journal; Information, Inc.]
Many experts predict an upward bump in home prices this fall.  An increase in sales is forecasted as a result of the interest rates continuing to creep downwards.

Mr. Vaughn, slated to VLOG here at Nashville Real Estate Search Online about his current home purchase got lucky.  He’s been invited to the hot and wild city of Las Vegas, Nevada for a few days of R&R. Well, coming within an eyelash of buying a home that turned into an aquarium can be stressful. His revelations about his home buying experience will be posted in an upcoming edition. Unless of course he needs a vacation from his vacation. Let’s hope that we’ll be seeing a rested and relaxed new home owner here on Nashville Real Estate Search Online next week.

See you soon,
Mark

We had a great summer vacation. Where?  Manhattan Beach, California.   The Surf was running low and the California home prices are still, considering the flabby economy, HIGH. $2,000,000 will get you an ocean view/LA view 3 bedroom, 3 bath, about a half mile from the sand.

Click here to view the embedded video.

Nashvillerealestatesearchonline.com  friend and client, Roscoe Vaughan, will be featued in our next post. We’ll do a video chat on his experience with almost buying a home that was nearly destroyed in the recent Nashville flood.

Go out and buy a home in Nashville, Tennessee. It’ll do you and your personal economy wonders.

Mark

Nashville Realtor® Village Real Estate/home2nashville.com

 Nashville Real Estate is still transacting at a healthy rate    

 Greater Nashville Association of realtors reports that April proved to be a great month for home sales in the Middle Tennessee region.  There were 2,145 home closings in greater Nashville during April, representing a 33.7% percent increase from the 1,604 closings reported during April of 2009. This marks the seventh consecutive month of home sales increases.  The number of pending sales also rose to 2,505 sales pending at the end of April compared to 1,865 in April of 2009.

Sales have been affected to the positive by the federal tax credit incentive. Currently activity among agents is reportedly consistent if not better that at this time last May. Although realtor input has no numerical value, most agents I speak with are busy with the hopes of an equally summer season.

Home Tours

Here in beautiful Nashville, Tennessee, home tours are often a Spring, Summer and early Fall tradition. Neighborhood Home Owners Associations ask individual members to make their residences available for the general public to tours. The revenues, thought typically modest, go toward Neighborhood Home Association projects and charities. I was lucky enough to have been asked to be a part of last years, Hillsboro/West End home tour. It’s a lot of organization, and planning, but the results can be well worth it. See some wonderful homes, get to know a few new neighbors, and raise some money for one or two worthy causes. For those of you anticipating this year’s tours, thing are expected to be a little different. As a result of the recent flooding, some Neighborhood Associations have yet to schedule home tours for 2010. Nashville Real Estate Search Online will post this years schedules as they are announced.  In the mean time, if you’re interested in a more “casual” approach to touring, check out this recent tour that I conducted with someone very near to me.

Click here to view the embedded video.

Mark

We seldom acknowledge the role of mortgage calculators when we take out a mortgage. But these tools are indispensable in the home buying process. They not only help you to find out monthly payments on mortgage but they will help you to assess your repayment capacity.

1. When you are planning to take out a mortgage, there are many aspects that you need to assess. For instance, there are many borrowers who prefer to compare whether renting is a better option than buying. So, they use the Rent or Buy mortgage calculator to find out the same.

2. It is a well known fact that rates of interest play an important role in determining your monthly payments on mortgage. So, you can use the rate of interest calculator for the same. It will help you to find the amount you have to shell out if you opt for fixed-rate or adjustable-rate mortgage. Depending on your convenience you can opt for FRM which will keep your monthly payments on mortgage constant throughout the loan term. On the other hand, if you opt for ARM, your payments will change depending on the prevailing market rates.

3. The loan term calculator will help you to find out the amount you have to pay each month in case you opt for 15-year or 30-year loan term.

4. Your income is vital. Mortgage calculators will help you to find out the income you should have that will support your monthly payments on mortgage.

Another factor that will not affect your monthly mortgage payments but will determine the total cost of the loan is the mortgage Annual Percentage Rate. The mortgage APR will help you to compare rates offered by different mortgage lenders. However, it may not give you the exact cost of the total loan because different mortgage lenders take into account different fees and charges to calculate costs.

Location, Location, Location

Nashville is about an 8 hour drive from approximately 75% of our nation’s population. Located at the intersection of interstates 40 and 65, Nashvillians are a days drive to many friends, relatives, and business associates. Nashville International Airport is only 10 minutes from downtown, new, and an easy in and out for both departures and arrivals.

Downtown

A pleasurable walk down our historic Broadway will take you by some of the greatest country music talent you’ll ever hear. Our “Honky Tonks” are world famous and feature both young and up and coming “pickers” as well as some of the most famous names in music. Only last week, Country’s Kenny Chesney and Rock and Roll Legend Steve Miller teamed up for an impromptu set of Miller’s hits. Unsuspecting fans were treated to a dizzying night of music that could only happen in Nashville. On the flip side of the coin, walk three blocks east and you’ll find one of the most acclaimed classical music halls in the world, The Schermerhorn Center, home to the Nashville Symphony. After that, cross Demonbreum Street and you’ll find Nashville’s County Music Hall of Fame. There you can see and hear the music and the music makers who made Music City what it is today. Adjacent is our ultra modern Bridgestone Arena, home to NHL’s Nashville Predators Hockey team. The Bridgestone Arena also plays host to some of the biggest names music. Upcoming tours include Hank Williams Jr., followed by Tom Petty with special guests Crosby Stills and Nash. Downtown Nashville is keeping it’s roots in 19^th century small town America, as it builds it’s future focusing on ultra modern international style and accessibility.

Education

Nashville is home to many colleges and universities. Here are some of the more prominent schools within a few miles of downtown:

Vanderbilt University, Belmont University, Fisk University, Lipscomb University , Tennessee State University , John A Gupton College , Trevecca Nazarene University. Both Nashville Public and Private schools carry strong reputations.

For more info on our great city contact me today:

Cell: 615 496-8885

Email: Mark@home2nahville.com

Mark

We know traditionally February 2nd is a big day for you. This year’s prediction of six weeks more of winter is greatly appreciated by one and all. We, in the Nashville residential real estate market, are writing to inform you that, despite your prediction of a longer winter, Nashville homes are selling at a brisk pace that might even suggest an early spring thaw. A hot spring for Nashville home buyers and sellers from this current trend might be anticipated. Please know that even though we respectfully acknowledge your prediction of an extended first quarter chill, home sales in Nashville, Tennessee are warming.  Granted our insight is based solely on statistical data supplied to us from the Nashville Multiple Listing Service.  We can’t rely on the accuracy of simply looking at our shadows. To those of us in the Nashville real estate market, the climate currently feels a little more like spring than your prediction suggested. Helpful information regarding this season’s Nashville home sales upswing can be found at: www.home2nashville.com.

We’re looking forward to your next years’ annual visit.

Regards,

Mark

Here are the facts as reported by the Greater Nashville Association of Realtors:

2010 BEGINS WITH INCREASE IN HOME SALES

There were 1,033 home closings in Greater Nashville during January, representing a 6 percent increase from the 974 closings reported during January of 2009. Condominium sales were up considerably.

The median residential price in January was $159,000 for a single-family home and $154,550 for a condominium. That compares with median prices of $165,000 for both condominiums and residential in January of last year. There were 1,295 sales pending at the end of January, compared with 1,282 at the end of January 2009.

Inventory is down to 22,233, compared with 22,509 in January of 2009.

Just A Reminder…

Lenders are currently offering fantastic rates for home mortgages. Don’t miss out on your Federal Tax Credit, and these historically low rates.

• Extended Tax Credit: both first time and returning buyers may benefit from either a $8000 or a $6000 tax credit. To qualify primary residential buyers must meet lending requirements, and submit and accepted home offer no later the April 30^th, 2010. Consult your Mortgage professional for details
• Priced To Sell: Nashville home prices are reflecting the current “Buyer Friendly” trend. As one of my clients recently said; “I can’t afford not to buy a home in Nashville now”.
• Mortgage Rate Bonanza: Lending rates continue to be amongst the lowest in recent history for both purchases as well as re-finances. 

Nashville, TN home sales also benefit from a continued influx of corporate relocation. Nashville sits at the intersection of Interstate Highways 65 and 40. An 8 hour drive reaches almost 75% of America’s population. Manufacturers of goods target Nashville as a cost effective re-location strategy. Employees that move with a company find great value in Nashville home prices.

 What trend will occur after the end of the tax credit? No one theory seems to be resonating within the Nashville home sales community.  Most real estate professionals that I speak with feel confident that value will continue to be the Home Sellers trump card. Good homes at a fair market price will always sell. There will always be buyers in the market for a great home at a competitive price. The multiple offer days of the mid 2000’s may be a distant memory, and prices in may markets will correct themselves, but home ownership is still, in most cases, a source of long term equity for most Americans.

Tax Credit Questions? Call me direct or email me: mark@home@nashville.com.

*Results are based on 3,303 responses to 6,000 surveys delivered to small and large real estate firms nationwide. The survey questioned whether continuing home sales were strong (100 points) Moderate (50 points) or Weak (0 points). Responses were averaged to derive results.

Please share any comments you might have: mark@home2nashville.com
 
Long Term Rates Report:  Long-term Rates Drop Again!

If you’re in the market to purchase a home, you’ve probably had your eye on the cost of money lately. Freddie Mac is reporting that long term rates, such as those used attached to 15-30 home mortgages are have again fallen, Great news for those purchasing or refinancing a primary residence:

Long-term mortgage interest fell for the second straight week as the 30-year fixed rate settled at an average of 5.06 percent compared to 5.09 percent a week ago, according to Freddie Mac. Also falling were rates for 15-year fixed loans, which dipped from 4.50 to 4.45 percent; and for five-year, adjustable-rate mortgages, which sank from 4.44 percent to 4.32 percent. However, rates for one-year ARMs rose to 4.39 percent from 4.31 percent.  [SOURCES: Freddie Mac; Information, Inc.]
Need that name of a good lender?

Nashville Real Estate Search and home@nashville.com can provide you the names of several top-notch lender representatives. The lowest rate is not always the best choice. Imagine how much more you’ll spend if the lender you choose doesn’t deliver an appraisal on time,  or if a loan package does not arrive in time for the transaction to take place. These days, it’s important to work with a lender that can and will take the time to explain each step of the loan, as well as the transaction process. So many Realtors will gladly retell horror stories of lender and lender representative, that did only half of their job…obtaining the loan, only to let the Buyer down at the closing table. Agents will site huge loan fees, changes in rates, loan documents having incorrect information, and a long laundry list of problems that either delayed the transaction, or prevented the sale. Make sure that your Realtor and your lender on the same page at every step from, contract to close. Often your Realtor can give you a first hand recommendation stemming from a transaction that was done by the book, from start to finish.

So many home sellers ask their realtor, and quite appropriately, “so…when are we having an open house?”

 There are probably as many opinions regarding the success rate of open houses as there are real estate agents. I’ve heard everything from; “it’s a total waste of time” to “if you don’t hold your listings open, you’re crazy”. So, what’s a seller to do?

The National Association of Realtors reports that surveys’ conclude that a mere 3% of open houses result in a sale. It’s not a hard science, but realtors nationwide report that it’s very rare that a buyer arrives during the 2-3 hours that a home is held open on a Saturday or a Sunday, and proclaims “Oh my goodness, where has this home been all my life!”  Very few sales originate from a buyer seeing a home for the first time at an open house. Nashville Real Estate Search Online can supply you with first hand experience regarding open house success rates.   Email me, mark@home2nashville.com  and I’ll be happy to share my experiences on open houses with you.

 “For Sale Buy Owner” properties don’t fare much better.  Buyers often feel that “For Sale By Owner” (commonly referred to as FSBO’s) properties are a “deal” rather than home.  They  will view realtor held open houses, passing on a FSBO  believing “we can always see that”.

 So, why even consider putting all the time, energy, and money into an open house if it’s not going to lead to a sale?  The answer is: word of mouth. Aren’t we all curious when a home is for sale in our neighborhood? If it was as easy as walking down the street, who wouldn’t want to see what the people down the street have that we don’t. The open house often leads to that one person telling either someone who’s in the market, or who’s thinking of entering the market, in great detail, all about the house. Thank heaven for nosy neighbors – they can be your best form of advertisement!

 Here are my  tips for holding an “OPEN HOUSE” in the Nashville real estate market:

 1. Sweeten your pallet. Add fresh flowers to bring life and color into the main rooms. A bright throw pillow might just be the difference between a dull room, and an inviting room.

2. Bathrooms: linger or leave. Clean, clean, clean, I mean sparkle!   Gotta have candles or a scenting device to make the room seem  like a place that, when you stop to look in the mirror, you at least like the way you feel.

3. Aroma therapy. Set out potpourri or flowers.  Baked goods add a homey  smell, and you can give away your tasty delights.  Remediate all cooking, cigarettes or pet smells.

4. Welcome home. The entry is a promise of things to come. Green plants, flower pots, a fresh welcome mat can make a big statement.

5. Grow your rooms. Remove all unnecessary clutter and furniture.   Less is a million times more.

6. Counter space must be space. Put away kitchen appliances and personal bathroom items.  

7. Fireplace…but it’s summer. It’s best to have all active fireplaces in use.   Off season: a basket of flowers, or pine cones placed there if it’s not in use.

8. Room for everyone. Depersonalize the home so the prospective  buyer  can visualize their things in your home. Minimize all family photos, mementos, and distinctive artwork.

9. Lawn: remember green is the color of money. Cut and manicured.  No leaves, sticks, tricycles, old newspapers laying around.   Run sprinklers for 10 minutes before the open house. That way your lawn will sparkle!

Mark Haining, A Realtor with Village Real Estate Services, a Nashville, TN real estate agency.

Other considerations:

Recently the average rate on a 30-year loan was 4.71% with an average 0.7 point, the lowest rate since Freddie Mac began its weekly tracking of long-term interest rates in 1971. A point is equal to 1% of the loan amount, which a buyer pays as a lump sum at closing. While not a dramatic change, this dip is likely to get people wondering whether it’s time to actually go out and purchase the home that they’ve wanted, but were too unsure as to actually purchase. Nashville Real Estate Search Online can recommend qualified lenders to quote you up to the minute rates, as they change, in some cases, daily.

Beginning in January, 2009, the Federal Reserve has been purchasing mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae in an effort to stabilize the housing market by making homes more affordable for consumers. The Federal Reserve Bank of New York, which is managing the program, plans on purchasing $1.25 trillion of securities. These purchases have kept mortgage rates historically low. Will rates stay low?
It’s hard to predict but, but money can’t and won’t stay this low that much longer. The banking industry’s good health is in a large way determined when mortgages are a profitable investment. Increased sales activity most likely will be perceived as increased buyer confidence signaling a safe window in which rates may be hiked upward. In September 2009, the Fed said it would gradually wind down the purchase program, ending it by March 30, 2010. That has some in the mortgage lending industry worried. In a recently published mortgage survey, more than 60% of Bankrate.com’s panel of experts predicted that rates will move higher over the next 30 to 45 days. How much higher is anyone’s guess. Last year at this time, the average 30-year, fixed-rate mortgage was 5.53%.

Nashville Real Estate Search Online Recommends A Few more Things to Considering Before Purchasing

20% down payment shows banks’ that you mean business. Statistically far fewer homeowners enter foreclosure who initially financed with a sizable down payment. Lending institutions reward this buyer demographic with lower interest rates. You’ll also avoid the monthly cost of mortgage insurance.
Spend time shopping for low interest rates. Treat your loan like a medical condition. Three opinions on a purchase of this size is a good idea.
Compare closing fees from one lender to another. One lender may offer you a lower initial rate, only to recoup it with an array of fees attached to loan initiation.

Are You Considering Purchasing a New Home?

Home buyers certainly have a lot of positives going their way right now—low interest rates, large inventories, homes priced for quick sale, and an extended and expanded federal tax credit that will expire in the spring. Let Nashville Real Estate Search Online recommend a qualified Realtor to make a professional assessment of your individual Nashville residential Real Estate Market.