What Recession?

Nashville real estate agents  are a little busier than they have been the last 3 years. “I’m actually working 10-12 hours a day again” one Village Real Estate agent recently told me.  Another quipped ”I’ve actually been thinking of bringing on an assistant”.  New construction is certainly not booming, thought here in Tune Town it could be characterized as “solid”. Sellers are in fact in their third month of home sales prices increasing (source: Greater Nashville Association of Realtors).  So what might be the reason for the recent upswing? I think it’s good prices and historically low interest rates. Buyers, who in the past might have been sticking their toe in the the buying pool, are now jumping in head first. Home mortgage rates are prompting Sellers to price homes correctly so eager pre-approved home buyers can snap them up. Currently home loans are more affordable than anytime in recent history

Fed Moves To Lower Rates

The Federal Reserve plans to buy $400 billion in long-term Treasury securities by June 30 in an attempt to drive down longer-term interest rates and pump up the economy. The central bank also will keep the key Fed funds rate between 0 percent and 0.25 percent, probably through June 2013, and buy mortgage-backed securities to keep mortgage rates low.

Fixed-rate mortgages changed very little this past week amid sluggish economic, mixed housing data, and ongoing concerns over the European debt markets. The 30-year fixed remained unchanged at 4.09 percent, the lowest since Freddie Mac started tracking the statistic in 1970, while the 15-year fixed dropped a single basis point to 3.29 percent, marking a new record low.

For more information, CLICK HERE.

[SOURCES: USA Today; Information, Inc.]

If you’re considering selling and you’d like to get an idea of what your home might bring and how long it will take to sell, email me: mh@realtracs.com.

Mark

Music City Lifestyles

Did this literal dark cloud have a silver lining? Well, a lot had to be repaired so I was now presented with the opportunity to meet some local vendors.  I had contacted several for each phase who came out to estimate repair costs. Our foundation was compromised (5 feet of water in our basement cracked a block foundation wall). Our drainage system, gutters and lawns all incurred negative impact as a result of a downpour that Noah and his Arch would have been impressed with. I had 14 different bids on the various jobs. The following is a short list repair people who I’d recommend:

•  Mid–State Ornamental Ironworks

Block and concrete work is their meat and potatoes. Mike and Bruce did a great job saving my basement retaining wall. Rather than rebuilding the entire wall, we lowered the cost by installing “pilasters” in three places where the wall had cracked as a result of the flood. Fast, clean, and good!

• Chuck Thompson

Chuck showed up with a dump truck and Bobcat and leveled the front of my property that had major issues after the storm. He mentored me in re-seeding my front yard. I admit that I had fun growing my first front lawn. Thanks Chuck! (Don’t call me if you’d like help over seeding your lawn)

•  Richard Stein

Contemporary Designs in brick, tile and stone. Not only did he recommend other great vendors, he didn’t rip me off by creating a job for himself when there wasn’t one!  Richard came out and gave me some free advice that will save me thousands. Wow!

•  Alford Roofing.

The gutters needed replacing and I’ve hired Chance at Alford to do the job. He and his father Mark came out Friday to take the old gutters down, and put in the aluminum fascia. The actual gutters will be installed within the next few days. I told Chance that there was no insurance money for these repairs (true) and he worked with me on the price. Call or email me if you’d like to know the results of his efforts.

More soon,

Mark

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 Music City Lifestyles 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 next week.

See you soon,
Mark

 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.

[youtube]http://www.youtube.com/watch?v=CoErCWAEERw[/youtube]

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.

Benefits of Ownership

Owning a home is the American dream. Right now the timing for Nashville home sales is better than it has ever been.  Owning a home in Nashville not only provides amazing tax benefits but it also provides shelter and security to families. Did you know that:

— Dollar for dollar, the rate of return on an individual’s cash down payment on a house is substantial? And that repeat buyers are able to put 19% more down on a new home due to appreciation?

— Home owners move less often and are more likely to vote and volunteer time for political and charitable causes than renters?

— When you own a home in  you can deduct the property taxes and mortgage interest from your income taxes?

— The gains that you make on a primary  residence that you’ve occupied for two years out of 5 can be tax free?

Housing Market Facts

NAR has created a new website www.HousingMarketFacts.com to help consumers find out the latest information about the Nashville housing market and the issues that affect you, information specifically for buyers, how to do more research, and learn more about the benefits of home ownership.

Mortgages are at Historically Low Rates

For buyers who qualify,  mortgage rates are near historical lows. Rates are well under 6%. According to data provided by Freddie Mac, rates averaged 9.2% in the past 30 years. Go to www.FreddieMac.com and look at the Primary Mortgage Market Survey® for more information on the latest rates. In addition, low interest rates, coupled with recent corrections, give people looking to upgrade a unique opportunity to take advantage of ‘market conditions in recent home sales in Nashville.

The Value of Your Investment

Despite some contrary media reports and some moderate losses in value in the short-term, Nashville home values long-term have and will continue to rise. Real estate is a long-term investment. Home values could fall in some years, though, on average over the  past 30 years, the  median price of existing homes in Nashville has increased more than 6 percent every year. Thanks to the power of leverage, a homeowner’s return on investment is even more impressive over time. You are in the midst of a buyers’ market. There hasn’t been a better time to purchase a home in Nashville in years!  Mortgage rates are at an all time low and sellers are motivated.  Home sales in Nashville are strong.    Owning a home is a great investment in your future, and can lead to many, many years of happy memories. So why wait? It is a great time to buy!  Want to know more? Contact me, Mark, your Nashville Real Estate Agent,  about helping you achieve your American dream!

IT IS A GREAT TIME TO BUY!!

Thanks for visiting Nashville Real Estate Search Online

Nashville Real Estate Search Online and the First Time Home Buyer Tax Credit

Part 1 of a 2 Part Posting

There is a an enormous amount of interest in the new Tax Credit that is available for “First Time Buyers”.  The purpose of this posting is to give BUYERS insight as to how they might benefit from these new Federal guidelines.

I’ve made this a 2 part posting as there is a lot to digest, and because there are quite a few resources within that I recommend reviewing before making a decision.

IT”S A GREAT TIME TO BUY!!

Mark Haininig, and Village Real Estate Services can help you and represent your interests. Mark Haining, REALTOR® is a buyer’s agent with the skills and experience to help promote your interests and guide you through what can be a very complex transaction.

Motivated Sellers and Inventory

Now is an ideal time to buy, in most markets prices won’t go any lower and there is an abundance of inventory. Inventory of homes for sale in Nashville is at a 15-year high. There are many options out there for many buyers and many sellers who are willing to negotiate and work towards a win-win situation that works for both parties. Go to www.home2nashville.com to see hundreds of active listings.

Nashville  Home Sales are Getting Stronger and Every Market is Different

Remember that all real estate is local and that all markets are different. There are opportunities out there for a buyer if you’re willing  to look. The Home Buyer Tax Credit contained in the Housing and Economic Recovery Act of 2008 was updated in the American Recovery and Reinvestment Act of 2009. For 2009 purchasers the credit is $8000 and does not need to be repaid. The credit is available through December 1, 2009, meaning qualified buyers only have a short window of opportunity to take advantage of this special program. A modest recovery for existing-recent home sales in Nashville is expected in 2009. Pent-up demand, coupled with an abundance of safer mortgage products, will lead to near-term market improvements. The Emergency Economic Stability Act enacted on October 3, 2008 will help to improve credit markets and allow housing to lead the economic recovery.

FHA Loans Set to Increase

There are many choices for buyers looking for mortgages in this market. One option, FHA home loans, are a viable alternative for many first time buyers. The Federal Housing Administration (FHA)— which is part of HUD — insures the loan, so your lender can offer you a better deal, offering low down payments, low closing costs, and easy credit qualifying. FHA market share for home purchases is expected to rise significantly over the next 3 years, from an estimated 4% in 2007 to an estimated 35% in 2009. Find out about FHA and other loans, go to www.Hud.gov/buying/loans and www.REALTOR.org and do a search for Consumer Literacy.

Part II to follow.

Thanks for visiting  Nashville Real Estate Search Online

Village Sales Up 85% in May
We are happy to report that Village Real Estate Services sold a total of 111 units in May, up 85% from April. We are consistently seeing more contracts come through our offices and our agents are busier than ever!

In May, Village received 94.8% of our original listing prices. We are dominating in 37206 (East Nashville) and 37212 (Hillsboro-West End/Belmont-Hillsboro). Village sold a total of 14 units in 37206 in May – more than any other company. Check out the details here. We also sold a total of 11 units in 37212 – again, more than any other company. A graph and specifics are here.

June Stats
Village sold a total of 127 units. Listing units remained steady with 63 units sold.   Selling units increased 33% with 64 units sold.  Village received 94.6% of our original listing prices for home sales in Nashville TN.

37206
Village sold a total of 17 units (up 20% from May) – more than any other company. Market share for that zip code is 23%.  Click for graph and more details.

37212
Village sold a total of 11 units (remained steady)- more than any other company. Market share for that zip code is 26%.  Click for graph and more details.

Showing Stats
There were a total of 1,312 Village showings through Centralized Showings.

Nashville Stats
June home sales show some signs of improvement. There were 2,091 homes sold in Greater Nashville during June. That is down 19.2% from the 2,591 closings in June of 2008 and the first time there has been more than 2,000 closings in a month since last September.

2nd quarter and year-to-date information is available by clicking here for a full copy of the news release which includes that data. The median price of a single-family home in June according to recent home sales in Nashville was $177,700, down just 3percent from the $183,615 median price at this time last year. The condominium median price was $ 152,870 in June of this year, compared with $185,500 in June of last year. Inventory was down in every category except farm, land, and lots.

The total inventory in June of this year was 24,552, compared with 24,935 in June of 2008. Click here for more details and access to historical home sales data. And click here for a break-down of year-to-date information for each of the nine counties included in the data reported by GNAR.

Williamson County
There were 285 residential and condominium closings reported for the month, according to figures provided by RealTracs Solutions, the multiple listing service used by REALTORS® in the Middle-Tennessee area.

Compared to June of 2008, the residential home closings decreased 11 percent and the median price for residential homes increased by .27 percent. Days on the market (DOM) for residential homes increased by 12 as compared to June 2008. Condominium closings decreased by 30 percent. The median prices for condominiums decreased by 16 percent and days on the market also increased by 75 days compared to June 2008.

Nashville Real Estate Search  Online regularly posts current Residential Real Estate data. Data is from Multiple Listing Service records. Data does not include home sales that are by owner, or trans action that are not listed on the MLS.

I welcome your comments and questions about residential real estate here in “Music City”.

Please contact me if you have any questions regarding buying or selling homes in and around the Nashville area. I am a Nashville TN home sales expert.  You can reach me at www.home2nashville.com.

If you haven’t checked out my new “Market Snapshot”, CLICK HERE.

Mark