Homes Sales Drop….But Knoxville TN is a GREAT place to buy??? Part 2
September 1st, 2010 categories: Buyers, Market Trends, Mortgage Rates
Well if you have been watching the Knoxville real estate market you heard that homes sales dropped a whopping 27% last month So what do you do if you live in Knoxville, TN. You want to sell your current Knoxville home and buy another home?? Wait until things get better…when will that happen? From Part 1 we talked about the market from a seller’s prospective. Today I would like to cover today’s market from a buyer perspective and how i think you should proceed in making a smart buy in Knoxville real estate market.
Educate, Take your time, hire a good agent….
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Knoxville Mortgage Rates May Be Low…But Watch The Bouncing Ball..
August 31st, 2010 categories: Buyers, Market Trends, Mortgage Guidelines, Mortgage Rates
Mortgage rates are low right now but pinning them down this week could be a challenge. As Labor Day Weekend nears and Wall Streeters take their head-start on the holiday, trading volume will fall, which will cause mortgage rates in Knoxville TN to get jumpy.
As mortgage rates change, so does the long-term cost of owning a home. Every 1/8 percent adjustment changes a household budget.
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Homes Sales Drop….But Knoxville TN is a GREAT place to buy??? Part 1
August 30th, 2010 categories: Market Trends, Mortgage Rates, Sellers
Well if you have been watching the Knoxville real estate market you heard that homes sales dropped a whopping 27% last month So what do you do if you live in Knoxville, TN. You want to sell your current Knoxville home and buy another home?? Wait until things get better…when will that happen?
According to Local Market Monitor Inc., a Cary, N.C., firm that analyzes real-estate trends for lenders, builders and investors, compiled its first Investor Suitability Report using economic data through July 31 for 315 U.S. markets. Knoxville TN is the 4th BEST place to buy a home in the US according to a recent article in the WSJ.
Wow….you hear that the bottom is falling out on one hand and hear that Knoxville is one of the best places to buy on the other hand…
I’m going to cover how what you need to do as a seller and buyer in the current market here is Part 1 for sellers
So what do you do if you are a seller who wants to sell in this market? Well there are 3 things that sell a home that haven’t changed since I got in the business.
Location, Condition, and Price.
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New Home Sales Drop In July — Just Like Existing Home Sales
August 27th, 2010 categories: New Home Sales
One day after the National Association of Realtors released the softest Existing Home Sales report since 1995, the U.S. Census Bureau released a similarly-weak New Home Sales report.
Americans bought just 276,000 newly-built homes in July. That marks the fewest units sold since the government started keeping records in 1963.
In addition, although new home inventory actually dropped 2,000 units in July, the slowing sales pace still managed to push the national supply higher by 1.1 months. At July’s rate of sales, the nation’s new home inventory would be exhausted in just about 9 months.
None of this news should surprise you, though. It’s all been foreshadowed for weeks.
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Home Affordability Rankings For 225 Metropolitan Statistical Areas
August 27th, 2010 categories: Home Values
With home prices holding firm and mortgage rates still dropping, home affordability is reaching new heights.
According to the quarterly Home Opportunity Index as published by the National Association of Home Builders, more than 72 percent of all new and existing homes sold between April-June 2010 were affordable to families earning the national median income.
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Existing Home Sales Plummet In July; Home Buyers Gain Leverage
August 26th, 2010 categories: Case-Shiller Index, Consumer Confidence, Existing Home Sales, Market Trends
The number of home resales plunged by 1.4 million units in July, according to the National Association of Realtors®’ Existing Home Sales report.
It’s a drop of 27 percent from June; single-family home resales are at the report’s lowest levels since May 1999.
Furthermore, because of the sharp drop in sales volume, home inventories are spiking.
Homes for sale nationwide fell just short of 4 million units in July and, at the current sales paces, it would take 12.5 months for the existing inventory to be absorbed.
Home supply was just 8.9 months in June.
For home sellers in Maryville , the Existing Home Sales report is a bit of bad news. Fewer sales and larger inventories put negotiation leverage in the hands of the buyers which, in turn, creates downward pressure on home prices. It may also increase time-on-market.
For home buyers, however, the data is decidedly welcome. After a stimulus-driven spring buying season that favored sellers, the summer and early-fall market seem to favor buyers. More choices and more leverage is a positive.
It helps that home affordability is up, too.
Although there’s reports that home values are rising, their modest gains are more than countered by the ongoing rally in mortgage rates. Freddie Mac says that 30-year fixed rate mortgage rates are at their lowest levels in history and, at today’s rates, every one-eighth drop in mortgage rates roughly offsets a 1.5% increase to home price.
Mortgage rates are down 0.75 percent since mid-April.
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How To Re-Grout And Caulk Bathroom Tiles
August 26th, 2010 categories: Home Improvement
Over time, the grout in a shower can become dirty and discolored, and start to separate from its grout lines. This is a potentially dangerous condition for a home because broken grout lines allow water to seep into the walls, which can then lead to the growth of mold spores.
Fortunately, keeping your grout in tip-top shape is simple.
In this 2-minute video, you’ll learn how to clean the existing grout in your shower and to prepare for a new coating. You’ll also learn how to replace its caulk.
The video’s tips include:
- Why you should remove excess grout diagonally with a sponge
- How to protect your tub from damage while the re-grout is in process
- Choosing the right caulk for the job
The North American Tile Cleaning Association also offers helpful grout-cleaning advice. Visit their website at http://www.tilecleaning.org.
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Bank Mortgage Lending Policies Appear To be Easing
August 24th, 2010 categories: Market Trends, Mortgage Guidelines, Mortgage Rates
The tightening in mortgage-lending policies that characterized the last 3 years appears to be slowing.
According to the Federal Reserve’s quarterly survey of senior bank loan officers, roughly 1 in 10 lenders added mortgage qualification hurdles between April and June. It’s a huge departure from just 2 years ago when the mortgage industry was facing its first wave of challenges.
During that period, eight in 10 lenders added hurdles.
For mortgage applicants in Knoxville , this quarter’s Fed survey results signals that mortgage lending may have reached its limits of restriction.
Since 2007, mortgage guidelines have become increasingly restrictive. There’s extra scrutiny on assets and tax returns; employment history is given more weight; loan purpose matters. There’s a bevy of traits that can stand between you and an approval that didn’t exist a few years ago.
That said, lots of homeowners are still getting loans.
Verifiable income, good credit scores and equity are the “magic formula” and banks want to lend to good credit risks. And the best news for those that qualify is that mortgage rates are fantastic right now.
According to Freddie Mac, mortgage rates are as low as they’ve been in history.
So, if you’re among the many wondering if now is the right time to buy a home — or refinance one — remember that, although mortgage guidelines likely won’t get worse, mortgage rates probably will.
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Mortgage Rates Make New Lows For The 9th Week In A Row
August 20th, 2010 categories: Mortgage Rates
Another week, another new low for conforming mortgage rates. In fact, this week marks the 9th time in a row it’s happened.
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How Much Should You Expect To Pay In Mortgage Closing Costs?
August 19th, 2010 categories: Adjustable Rate Mortgages, Budgeting, FHA Mortgages, Mortgage Guidelines, Mortgage Rates
How much does a mortgage cost? The answer depends on where you live. But no matter which your locale, chances are strong that you’ll pay more for a mortgage in 2010 as compared to 2009.
According to Bankrate.com and its annual Closing Cost Survey, a typical $200,000, purchase mortgage now carries an average $3,741 in closing costs — up nearly 37 percent from last year.
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