Greater Nashville Home Sales Continue To Increase

May 092012

GREATER NASHVILLE HOME SALES CONTINUE TO INCREASE

NASHVILLE, Tenn. (May 9, 2012) – There were 2,186 home closings reported for the month of April, according to figures provided by the Greater Nashville Association of REALTORS®. This represents an increase of 25 percent from the 1,747 closings reported for April 2011.

Year-to-date closings are also up compared to 2011 with 7,041. That is a 24.5 percent increase compared to the 5,655 closings reported through April 2011.

“Total sales are the best we’ve seen since June 2010, which was the initial deadline for the First Time Buyer Tax Credit,” said GNAR President Kendra Cooke. “While some of the increase can be attributed to normal seasonal trends, the high number of closings is a clear indication that the real estate market in this region is showing significant improvement. The continuation of historically low interest rates, increasing economic confidence and increasing rental rates are all factors having a positive impact on real estate sales.”

A comparison of sales by category for April is:

	April 2011	April 2012
CLOSINGS	1,747	2,186
Residential	1,422	1,841
Condominium	203	230
Multi-Family	24	26
Farms/Lands/Lots	98	89

There were 2,436 sales pending at the end of the month, compared to the 1,909 pending sales at this time last year. The average number of days on the market for a single-family home was 88 days.

The median residential price for a single-family home during April was $165,120 and for a condominium it was $141,190. This compares with last year’s median residential and condominium prices of $159,070 and $148,000, respectively.

Inventory at the end of April was 19,622, down from 22,297 in 2011. The current inventory of properties by category, compared to last year, is:

	APRIL 2011	APRIL 2012
INVENTORY	22,297	19,622
Residential	13,998	12,185
Condominium	2,110	1,703
Multi-Family	353	294
Farms/Land/Lots	5,836	5,440

“Inventory is down, but with overall inventory at a 9-month supply and residential inventory at a very balanced 6.5-month supply. Right now, sellers will want to be sure their homes are well-prepared for showing. While market activity is increasing, buyers are very focused on properties they visit being clean and fixed-up if they are going to seriously consider making a purchase.” added Cooke.

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.

East Nashville Homes: Rates Are REALLY Low!

Buyer and Seller Resources No Responses »

May 042012

Home Buying Gets Another Boost in Affordability

DAILY REAL ESTATE NEWS | FRIDAY, MAY 04, 2012

For home buyers or refinancers, borrowing costs for home ownership just got a little cheaper as mortgage rates took another dip to new all-time record lows this week, Freddie Mac reports in its weekly mortgage market survey.

“Signs of slowing economic growth and inflation remaining subdued allowed yields on Treasury bonds to ease somewhat and brought most mortgage rates to new all-time record lows this week,” says Frank Nothaft, Freddie Mac’s chief economist.

Here’s a closer look at average rates for the week ending May 3:

30-year fixed-rate mortgages: averaged 3.84 percent, with an average 0.8 point, reaching a new historical low. The previous record for 30-year rates was 3.87 percent, which was set on Feb. 9 of this year. A year ago at this time, rates averaged 4.71 percent.
15-year fixed-rate mortgages: averaged 3.07 percent, with an average 0.7 point, another historical low. The previous record for 15-year rates was 3.11 percent set on April 12 this year. A year ago at this time, 15-year rates had averaged 3.89 percent.
5-year adjustable-rate mortgages: averaged 2.85 percent, with an average 0.7 point, holding the same as last week. Last year at this time, 5-year ARMs averaged 3.47 percent.
1-year ARMs: averaged 2.70 percent this week, with an average 0.6 point, also registering at a new all-time low. Last year at this time, 1-year ARMs averaged 3.14 percent.

5 New Rules To Home Buying

Buyer and Seller Resources, East Nashville No Responses »

May 032012

5 New ‘Rules’ to Home Buying

DAILY REAL ESTATE NEWS | THURSDAY, MAY 03, 2012
With signs of a housing turnaround getting stronger, housing experts say buyers are finding several recent changes when they go to put in an offer on a home. A recent article at U.S. News & World Report highlights some of these changing “rules” for your home buyer clients:

1. Lowball offers won’t likely stick: Sure, deals are still around, but lowball offers that aren’t in line with comparable sales data are increasingly proving to be a waste of time. Buyers may be better off asking for seller concessions, such as closing cost assistance or making home repairs, rather than making offers way below the asking price. “Keep in mind that a lowball number may turn off the seller and close down any chance at negotiation,” the U.S. News & World Report article cautions potential buyers.

2. Get pre-approved: Getting a loan isn’t easy nowadays as lenders have tightened their credit standards in recent years. Serious buyers should check their credit and get pre-appoved for a loan to determine how much of a home they can even afford even before they start their home search.

3. Get realistic about the market: Real estate agents can show buyers comparable nearby sales to help educate them about local market conditions. Transactions from the last six months are the most important. Another important piece of information for buyers is knowing how long properties are staying on the market.

4. Expect some competition. Housing inventories are dropping in many areas and spurring an increase in demand. Home buyers may face increased competition for the home they want, particularly among short sales and foreclosed properties, in which they may be up against investors who are making all-cash offers. That’s why experts say it’s important bank-financed buyers know their financial situation in advance to better compete.

5. Conduct property research: Real estate agents will help guide clients on what all they need to do when they find a property they like, but one important step nowadays: Buyers should hire a title company to check for any liens or tax arrearages, the article notes. Housing experts also recommend hiring a home inspector, verifying the accuracy of the property line (by asking seller for the survey or having your own conducted), and make sure all necessary disclosures about the property, required by the state, have been made.

East Nashville Homes: What Are Buyers Looking At? A Breakdown By Price Range

Buyer and Seller Resources, East Nashville Home Prices, East Nashville Home Sales, East Nashville Listings No Responses »

May 022012

So what are buyers looking at in East Nashville? It is all across the board. Most Brokers now use a showing service. Village uses a company called Centralized Showing Service and they produce a report that tracks showings by area and price range. Note, this is only showings by agents who use this service.

Summary

Total Between
$195,000.00 And
$445,000.00

02/22
To
02/28

02/29
To
03/06

03/07
To
03/13

03/14
To
03/20

03/21
To
03/27

03/28
To
04/03

04/04
To
04/10

04/11
To
04/17

04/18
To
04/24

04/25
To
05/01

116

114

125

157

185

224

131

151

Price Analysis

Price Range

02/22
To
02/28

02/29
To
03/06

03/07
To
03/13

03/14
To
03/20

03/21
To
03/27

03/28
To
04/03

04/04
To
04/10

04/11
To
04/17

04/18
To
04/24

04/25
To
05/01

116

114

125

157

185

224

131

151

Mixed Use Development Underway In East Nashville at 10th and Fatherland.

East Nashville No Responses »

May 022012

Construction began in April at 10th and Fatherland on a mixed use development by developer Mark Sanders in partnership with developers Brett and Meg McFadgen ( Idea Hatchery next to Art and Invention ) Mark Sanders is well-known for his work on MC3 a condo / loft development nearby.

The Shops on Fatherland which are nearly 50% leased will house a variety of shops and restaraunts. Businesses that have already committed are a bead shop, herbal apothecary, juice bar and photography studio. this is exciting news for community that keeps on growing.

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