Brentwood TN Homes and Real Estate

Greater Nashville Area:August 2009 Third Month In A Row of Stable Closings

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There were 2,064 home closings reported for the month of August, according to figures provided by the Greater Nashville Association of REALTORS®. This represents an 9.2 percent decrease from the 2,273 closings reported for the same period last year.

Year-to-date closings for the Greater Nashville area have decreased 23.8 percent. There were 13,518 closings, compared with 17,758 closings reported through August of last year.

“The number of closings has stabilized in recent months and it is encouraging that we have exceeded 2,000 sales for the third consecutive month,” said GNAR President Mike Nichols. “The median price has decreased, primarily as a result of short sales and foreclosures, which makes the current real estate market a good one for investors. It is also reasonable to expect that some first-time buyers will act soon to take advantage of the $8,000 tax credit before it runs out December 1, 2009.”

A comparison of sales by category for August is:

There were 2,181 sales pending at the end of August, compared with 2,149 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 August was $160,000, and for a condominium it was $147,900.  This compares with last year's median residential and condominium prices of $177,500 and $162,500, respectively.

Inventory at the end of August was 24,404, down from 24,975 in August 2008. The current inventory of properties by category, compared to last year, is:

“Residential and condominium inventory is lower than last year, but there is still an abundant selection of quality properties all across Greater Nashville. The inventory of farms, land and lots remains high and will likely stay that way until homebuilding activity increases,” said Nichols.  “Those looking to take advantage of the Federal Housing Tax Credit, if not already looking, should immediately start the process of finding a home. Buying a home is rightfully a lengthy process and to take advantage of the

$8,000 credit, the property must be purchased by December 1.”

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 and real estate professionals. REALTOR® is a registered trademark which 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. ©Copyright 2007-2011 GNAR.

Find Nashville Franklin and Brentwood TN Homes for Sale Now!

Vanessa Stalets
615-957-6333
RE/MAX Elite
615-661-4400


Your Franklin and Brentwood TN real estate and homes expert!

HOME SALES TRENDS REMAIN

CONSISTENT IN DECEMBER

HOME SALES IN GREATER NASHVILLE

REMAIN SLOW IN NOVEMBER

©Copyright 2007-2011 GNAR.

Vanessa Stalets
615-957-6333
RE/MAX Elite
615-661-4400

Brentwood TN Real Estate

Brentwood TN Real Estate 

Mortgage bond prices rose last week pushing mortgage interest rates lower. Trading was choppy with thin conditions surrounding the holiday. Continued global economic uncertainty remained the focus. Both stocks and bonds exhibited wild swings. The US Treasury modified the earlier $700 billion bailout plan to strengthen financial institutions that offer credit instead of purchasing troubled sub-prime mortgage assets. The change caused additional uncertainty and debate. For the week, interest rates on government and conventional loans remained nearly unchanged.

The consumer price index Wednesday will be the most important event this week. Producer price index and the Fed minutes also have the potential to result in mortgage interest rate volatility.

Volatility Likely

The likeliness of mortgage interest rate volatility this week is very high considering the abundance of important economic releases.

Each piece of data has the ability to cause volatility in the financial markets. Floating ahead of the data exposes a person to a tremendous amount of risk. It is possible for interest rates to improve if the data shows continued weakness in the economy with few price pressures. However, any surprises will likely be bad for mortgage interest rates.

Governmental actions in addition to the economic data continue to weigh upon the financial markets. We are really in uncharted territory here with the wobbly underpinnings of the economy. Credit remains tight, as lending has become more stringent. However, there still remain funds available. Real estate transactions continue to take place despite perceptions to the contrary.

The important thing to remember is that even the Treasury officials trying to shore the economy do not know exactly what the future holds. With this in mind, be cautious during these times of economic uncertainty and be ready to lock in the event interest rates spike higher.
Courtesy Tonya Esquibel WR Starkey Mortgage * Permission to republish*
Brentwood TN Real Estate 

Vanessa Stalets
615-957-6333
RE/MAX Elite
615-661-4400

From Wall Street to Main Street, What Brentwood TN Home Buyers/Sellers Need to Know!Know!

Brentwood TN Homes for Sale

September 29, 2008 became a day that will be recorded in the history books. Where were you when the Dow dropped 778 points in a screaming decline that left investors breathless and America stunned? As a professional REALTOR, the state of our economy, the finance markets and housing markets impact me quite a bit. In an attempt to better educate and protect my clients I spend a great deal of time watching, deciphering and talking to industry insiders about interest rates, the bond market and the economy. That “Black Monday” of September 29, 2008 I received a frantic phone call while I was with a buyer from a colleague telling me that the bottom had just fallen out of the stock market. I spent the next several hours reading articles, listening to the television and speaking with my industry contacts. I too was stunned as I read about the major drop in our financial market, fueled by runaway fear and the failure of Congress to pass the “Bailout” earlier this week that Wall Street was sure was a no brainer.

 Immediately I began to think in terms of the consumer, the buyer and seller here, in Brentwood TN and surrounding areas. What would the impact be? How could I help? Information and a level head are the best antidotes to panic that I know. So I spent the last several days emailing and speaking directly with industry leaders and insiders about the markets and the questions that I felt would be important to my Brentwood TN Home buyers and sellers.

 Let me be clear here, I am NOT a financial analyst or advisor, nor am I a mortgage broker or an attorney. I am an affiliate Broker and REALTOR with RE/MAX Elite in Brentwood TN. So I went to those who deal with this market and the fallout everyday, an insider at a major investment firm, a mortgage loan officer for a national finance institution and a CEO/Owner of a major real estate brokerage franchise. What I asked them all was; “What are the most important actions my buyers and sellers in Brentwood TN can take in this time of crisis? What advice can you offer them?
”

My source in a major investment firm, who wished to remain anonymous, had these solid points to make. 1. Now is not the time to switch your investment portfolios from one fund to another. If you have funds that have been historically managed well, they should continue to be so. The last thing the market and the private investor need to do is start pulling from funds that should be quite safe. 2. The next point was directly to home sellers; “That offer that you just received at lower than you wanted price? Do not dismiss it out of hand. I foresee the market having more possible shake ups before the correction takes hold which could lead to further decline(at least temporarily) in the housing market. Now is the time to be realistic and if you want or need to sell your home, you need to understand and be ready to accept that you might have to do so at  a lesser amount than you wanted or you would have at another time. However, if you do need to sell, do it now! Waiting may only lead to further drops in price and loss of $$ spent in mortgage payments.”

The second industry insider I spoke with was Billy Winfree, a Senior Vice President with Pinnacle Financial Partners here in Nashville TN. Billy had this to say; “Rates are still at very favorable levels historically.  The media says it is impossible to get a loan but it is not.  It definitely is harder than it was two years ago but for buyers with good credit; stable income and some money for down payment mortgages are readily available at great terms. Sir John Templeton, one of America’s greatest investors-and actually a TN native, said "Bull markets are born on pessimism, grown on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell."  This statement can be applied to real estate as well and should help signify that now is a great time to buy as so many people are pessimistic on the real estate market.”

The final but not least important of my contacts was one of the Real Estate Leaders in our community. Robb Campbell, Owner/CEO of RE/MAX Elite with 12 RE/MAX Elite offices in the Middle TN area including the Brentwood TN office I am affiliated with.
Robb had this to say; “Now is the perfect opportunity for the consumer to take advantage of our current market conditions and to get a great deal when purchasing a home! This window of opportunity will not last long, as soon as the market shows any sign of correction sellers will immediately raise the asking prices of their homes and this golden opportunity will be gone. A word to sellers; “If you don’t have to sell or are not moving up in size and cost, don’t sell. However, if you are looking to move up into a larger more expensive home, now is the best time of all! The hit you may take on selling your home will be repaid when you purchase your bigger home for less, thus increasing your net gain”

Last I went looking for the economic numbers in our market such as unemployment rates compared to national averages. What I found is very encouraging. Williamson county unemployment is at 4.6% and Davidson County is at 5.2%, both significantly lower than the National average of 6.1%! With big industry continuing to relocate to middle TN such as; Nissan and Verizon, Middle TN continues to be a fairly stable economic based area.

So at the end of a traumatizing and fearful week, I leave you with this; what goes down will come up! If you have reasonable expectations and are willing to trust the professional expertise of your REALTOR, now is the time to buy your first home, sell your Brentwood TN home and move up to your dream home or even sell your home to restructure your financial base! Remember, the most successful people in history saw the bright future in the midst of despair and as the Wall Street boys are pointing out now, buying in a down market is truly the way to go!

Call me now to see how I can be of service to you in ANY market!

Vanessa Stalets 615-957-6333
RE/MAX Elite 615-661-4400
Brentwood TN Homes for Sale