Archive for May, 2010
Knoxville Homeowners Is Now The Time To Refinance??
May 27th, 2010 categories: Adjustable Rate Mortgages, FHA Mortgages, Household Finances, Mortgage Rates, Sellers
Because of strife in Greece, Spain and North Korea, conforming mortgage rates are back to all-time lows. They’re at levels not seen in 50 years. For homeowners that missed the Refi Boom of November 2009, it’s a second chance.
In this well-presented, 3-minute video from NBC’s The Today Show, you’ll get tips getting low rates and choosing the best time to lock in.
Some of the topics covered include:
- Why were the experts wrong about rates moving higher this summer?
- How much money can you save with a 1 point drop in your interest rate?
- Should you buy a bigger home now that rates have fallen?
The advice in the piece is matter-of-fact and centered. There is no cheerleading and the message is honest. Mortgage rates are low and they likely won’t stay that way. If you’ve been thinking about a refinance, talk to your loan officer as soon as possible.
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Home Supplies Tick Higher In Knoxville And Around The Country
May 27th, 2010 categories: Buyers, Existing Home Sales, Home Values, Market Trends, Mortgage Rates
Creating An Opening For Today’s Knoxville Home Buyers
Sales of existing homes rose in April, buoyed by an expiring home buyer tax credit and exceptionally low mortgage rates.
As compared to March, April’s Existing Home Sales rose by 410,000 units nationwide — the second straight month of large gains. An “existing home” is a home resold by a prior owner (i.e. not new construction).
It’s a solid report for housing overall, with rising sales suggesting that the real estate market’s recovery is ongoing. However, the data presented a mixed message.
According to the National Association of Realtors®, although the number of homes sold ticked higher in April, so did the supply of existing homes for sale, too.
Sellers are now listing homes faster than buyers can buy them.
After adding another 0.3 months of supply in April, resale home supply is nearly two full months larger than at November 2009’s low-point. This put downward pressure on home prices.
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Home Price Index Rises 0.3% in March 2010
May 26th, 2010 categories: Home Price Index, Market Trends, Mortgage Guidelines, Mortgage Rates, Sellers, West Knoxville Neighborhoods
Are Prices Moving Up In Knoxville?
Home values rose in March, according to the Federal Home Finance Agency’s most recent Home Price Index. Values were reported higher by 0.3 percent, on average, from February.
We use the phrase “on average” because the Home Price Index is broad-reaching, national housing statistic. It ignores the dynamics of neighborhood real estate markets like Montgomery Cove as well as citywide markets like Farragut , too.
Instead, the Home Price Index focuses on state and regional statistics.
For example, in March 2010 as compared to February:
- Values in the East South Central region rose 2.5%
- Values in the Mountain states rose 1.1%
- Values in the Middle Atlantic states fell 1.0%
Of course, none of this data is especially helpful for today’s home buyers and sellers.
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Shadow Inventory…What Is it?? Part 1 of 3
May 25th, 2010 categories: Foreclosures, HARP, Knoxville Short Sales, Market Trends, Sellers
Will The Shadow Inventory Help The Real Estate Market In Knoxville??
Will It Increase Short Sales In Knoxville??
The real estate market in Knoxville seem to be improving somewhat?? But there is something out there that could increase Knoxville Loan Modifications as well as the number of Knoxville Short Sales. It is what is known as the “Shadow Inventory”? What is it? How will effect the Knoxville real estate market and markets around the country. Will there be more short sales in Knoxville and around the country. These are the things we will explore in this 3 part series.
In recent months, aspects of the real estate market have seem to have stabilized. Homes sales and prices have been increasing, partially to be credited to the First Time Home Buyer’s Tax Credit that ended on April 30, 2010.
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Video : The Right Way To Water A Garden
May 24th, 2010 categories: Home Gardening
From one pot to a lush garden, we all have plants for which to care in our lives. But are they getting the right amount of water? Too little water and the plant dies. Too much water and root rot sets in.
In general, plants want 1 inch of water per week but Mother Nature doesn’t always provide. It’s up to us to make up the difference.
In this short video from ExpertVillage, Doug Smiddy shows us how to make sure our plants get the right amount of water they need to survive. He answers questions including:
- How do you know if your plants need water right now?
- What is best time of day to water outdoor plants?
- What is the proper way to water a plant?
The video runs a little bit over 2 minutes and is stocked with helpful tips. If you care for any plants in your life, it’s a must-watch video.
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Foreclosure Activity Slows For The First Time In Several Years..But Is The Worst Over Yet??
May 14th, 2010 categories: Foreclosures, Knoxville Short Sales, Sellers
The national foreclosure rate is finally falling. But there is still a back log of homes where homeowners are behind on their mortgage payments. The shadow inventory is large and still going. These are homes in Knoxville and around the country where the homeowners are behind on their mortgage payments and trying to do a loan modification or considering a short sale. I personally have seen an up tick in my business with area Knoxville homeowners who want to sell their home on a short sale in order to avoid foreclosure
According to foreclosure-tracking firm RealtyTrac.com, the number of foreclosure notices dropped 2 percent between April 2009 and April 2010.
2 percent may not seem like much, but it’s the first time in the history of the RealtyTrac report that the annual foreclosure rate has dropped.
To be sure, foreclosure rates remain elevated — more than 300,000 were reported last month, but default notices appear to be approaching a plateau.
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Your Mortgage Approval Isn’t Final Until It’s Funded…
May 14th, 2010 categories: Adjustable Rate Mortgages, Existing Home Sales, FHA Mortgages, Market Trends, Mortgage Guidelines, Mortgage Rates, Pending Home Sales
Every Been To A Dry Closing??
That is where the loan doesn’t get funded at the time of the closing. We are seeing it more and more here in Knoxville at closing.
A mortgage approval is never final until it’s funded.
A host of things can “go wrong” while your home loan is underway. Some are in your control, many more are not. And just being aware of some potential pitfalls could help save your loan down the road, and your peace of mind today.
MSN Money ran a summary piece on the topic titled “10 Things That Can Kill A Home Loan“.
It’s an excellent article because, unlike most “get approved” articles that advise against things like buying a car before closing, or opening a bunch of new credit cards, the MSN Money piece addresses more uncommon factors that can lead to a similar loan turndown.
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Relocate America’s Top 100 Places To Live..Knoxville TN Does It Again!! (2010 Edition)
May 12th, 2010 categories: Rankings, Statistics
Relocate To Knoxville TN BIG Orange Country!!
Once again just like we did in 2009 Knoxville TN was picked by Relocate America as one of the BEST Places to Live
Relocate America recently released its 2010 list of Top 100 Places To Live In America. The rankings are topped by some cities you may expect, and some you may not.
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