Archive for the 'Sellers' Category
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.
| Discussion: No Comments »
May 2010 Existing Home Sales Is Better Than The Headline Data Suggests
June 24th, 2010 categories: Existing Home Sales, Home Price Index, Home Values, Household Finances, Housing Starts, New Home Sales, Pending Home Sales, Sellers
Existing Home Sales dropped in May for the first time in 3 months but still managed to post its second-highest since November 2009, buoyed by the expiring federal tax credit program.
An “existing home” is a home that cannot be considered new construction; a resale of an existing home. Existing Home Sales fell 2.2 percent in May.
The press is calling the drop in sales “unexpected” and disappointing, but a deeper look at the data shows the news isn’t as bad as it first appears.
First, on a regional basis, sales were mostly solid. Only the Northeast region posted a loss. The West even managed a gain.
| Discussion: No Comments »
Good News For Sellers : Housing Starts Fall To 1-Year Low In May 2010
June 17th, 2010 categories: Buyers, Existing Home Sales, FHA Mortgages, Home Values, Housing Starts, Market Trends, Sellers
Single-family housing starts plummeted to a one-year low in May, just 30 days after soaring to a 20-month high. It’s no wonder home builders are confused.
Against a revised April figure, Housing Starts fell 97,000 units in May, a figure representing almost one-fifth of the total market size.
It’s the worst showing for Housing Starts since May 2009, a surprise to builders and economists alike.
Furthermore, single-family Building Permits plunged in May, too — down 10 percent from April. A permit is a certification from local government that authorizes home construction.
Housing permits are a precursor to Housing Starts with 82% of homes starting construction within 60 days of permit-issuance. Fewer permits, therefore, directly reduces the number of new homes coming to market in the coming months.
For home buyers in Knoxville , this should create a sense of urgency.
Home prices are based on supply and demand and supply appears to be falling about the same time that economists predict a surge in home demand. It could spell rising home prices and a complete loss of negotiation power with home sellers.
For now, though, home affordability remains high with properties cheap and mortgage rates near all-time lows. If you plan to buy a home later this year, the May 2010 Housing Starts data may be a reason to move up your timeframe a bit.
| Discussion: No Comments »
Bank Reposessions Reach Record Levels For The Second Straight Month
June 17th, 2010 categories: Foreclosures, Knoxville Short Sales, Market Trends, Sellers
According to foreclosure-tracking firm RealtyTrac.com, bank repossessions reached record levels for the second straight month in May, topping 93,000 properties nationwide.
As compared to May 2009, all 50 states now show an increase in annual REO activity.
Data like that won’t surprise today’s active home buyers in Farragut. Foreclosed homes are prevalent, available and accounted for one-third of all home resales made in April.
Furthermore, total foreclosure actions — the sum of REO, default notices, and foreclosure auctions in May — topped 300,000 for the 15th straight month.
Foreclosures remain a huge influence on the housing market.
However, two interesting trends emerged in the data:
| Discussion: No Comments »
Conforming Loan Costs Are Rising, Says Freddie Mac
June 9th, 2010 categories: Adjustable Rate Mortgages, Buyers, FHA Mortgages, Market Trends, Mortgage Guidelines, Mortgage Rates, Sellers
Mortgage rates may be dropping, but mortgage costs are not.
According to Freddie Mac, the average required discount points on a conforming mortgage rate are higher by 0.1 percent since early-May.
A “discount point” is prepaid mortgage interest; an up-front fee paid by a borrower in exchange for a lower mortgage rate. In most cases, discount points are tax-deductible.
Tax-deductible or not, though, rising costs are rising costs and Freddie Mac glosses over it. In its weekly press release, the government group offers mortgage rate comparisons to weeks prior, but doesn’t do the same for required points.
The press fails to mention discount points entirely.
An increase of 1/10 percent in discount points costs homebuyers and refinancing households in Maryville an extra $100 per $100,000 borrowed.
The hike reminds us that there’s more to a mortgage than just its rate — costs matter, too. And if you’ve only been watching the headlines, you would have missed how costs are rising.
| Discussion: No Comments »
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.
| Discussion: No Comments »
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.
| Discussion: No Comments »
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.
| Discussion: No Comments »
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.
| Discussion: 1 Comment »
Are You A Knoxville Home Owner With Mortgage Troubles??
April 30th, 2010 categories: Buyers, Foreclosures, Knoxville Short Sales, Market Trends, Mortgage Guidelines, Sellers
So what do I do sell my Knoxville home on a short sale, loan modification….which is best
So your a Knoxville home owner..You are having a tough time making the mortgage payments on your Knoxville home.. You are not alone… So what do you do?? You have heard about all the solutions out there for you, researched them on the internet. Should I sell my Knoxville home using a short sale because I owe more on it than it is worth? How about a loan modification how does that work.. Will my lender even work with me if I choose to sell my using a short sale? How about a deed-in-lieu instead of my home being foreclosed on by my lender..How does that work?? What if I have 2 mortgages on my home??
| Discussion: No Comments »
