October 7, 2008 (Franklin, TN)-The Williamson County Association of REALTORS® today announces the sale of homes statistics for Williamson County, Tn. for the month of September 2008. There were 243 residential and condominium closings reported for the month of September, according to figures provided by RealTracs Solutions, the multiple listing service used by REALTORS® in the Middle-Tennessee area.
Compared to September of 2007, the single family residential closings decreased 29 percent and the median price decreased by 6.5 percent. Condominiums closings have decreased by 56 percent and the median price increased by 11 percent. The average days on the market (DOM) for residential homes have increased by 20 days and condominiums have increased by 29 days. Days on the market have been consistent since the onset of 2008, with the days ranging from 74 - 89 days. Median prices have remained consistent since January 2008, ranging from $345,000 to $395,000. The median is a typical market price where half of the homes sold for more and half sold for less.
September 2008
Closings
Median Price
Average Price
DOM
Residential
218
$ 348,502
$ 387,960
88
Condominium
25
$ 222,175
$ 238,447
78
September 2007
Closings
Median Price
Average Price
DOM
Residential
307
$ 373,000
$ 452,549
68
Condominium
57
$ 199,882
$ 214,482
49
September 2006
Closings
Median Price
Average Price
DOM
Residential
441
$ 379,275
$ 437,876
44
Condominium
81
$ 183,000
$ 214,088
42
September 2005
Closings
Median Price
Average Price
DOM
Residential
431
$ 281,110
$ 356,630
55
Condominium
49
$ 142,000
$ 170,895
31
Our local economy has not been impacted as greatly as the majority of the country however Williamson County was also behind the market's decline by as much as 6 months leading many to expect the lowest point in sales and home values to be over the coming quarter. The silver lining is, this is a great time to buy a home in a great area.
The Williamson County Association of REALTORS® today announces the sale of homes statistics for Williamson County, Tn. for the month of July. There were 342 residential and condominium closings reported for the month, according to figures provided by RealTracs Solutions, the multiple listing service used by REALTORS® in the Middle-Tennessee area.
Compared to July of 2007, the residential home closings decreased 28 percent and the median price for residential homes decreased by 6 percent. Days on the market (DOM) for residential homes increased by 11 as compared to July 2007. Condominium closings decreased by 23 percent. The median prices for condominiums decreased by 2 percent and days on the market increased by 10 days compared to July 2007.
The Housing Stimulus Package will help our market by allowing many home owners to refinance and avoid foreclosure and assist in maintaining home resale values in neighborhoods across Williamson County.
The largest contributor to lower median sales price is the decrease in sales of homes in Williamson County over $1,000,000 when compared to 2006 & 2005. The decrease in the number of homes sold over $1,000,000 is significantly less that the past 3 years not only for July 2008 but for all of 2
Many of us who have been BLOGGING on AR for some time know have asked the others who are new to the world of BLOGGING on AR this question;
Are You Relevant?
One of the greatest things about Active Rain is the ability to put your thoughts and knowledge out there for the world to while learning more about your skill sets and abilities as a real estate, mortgage or title company professional
Last week during a class someone noted that my BLOGGING had put me atop our local site and had helped me with my Google ranking immensely. I noted to them that I posted relevant information about what I do in the world of real estate and I select the audiences to be the one that would be interested in this information.
Quickly I showed the class 3 Active Rain BLOGGERS who ranked high in Google but when you linked back to their BLOGS they were nothing about real estate, their market or their ability. If you want to social network recipes or good times at the beach there are sites for this information....If you feel that this will help you professionally then you are only fooling yourself. NO person looking for a professional real estate agent in this market is going to look at your web site or abilities based on a cookie recipe or a fun time at the opera. Again this is what pooped up on their site when you search their name in Google !!! All good people but all of their ability and professionalism went for naught when a consumer clicks on their name in Google for their city as a " Professional REALTOR" who must actually be an Opera critic or cookie wiz!
Keep You BLOG Relevant !!!
Post It To Sites In AR Where The Audience Want To Read The Info...
J.D. Power and Associates Reports: Among Home Buyers, Keller Williams Ranks Highest In Customer Satisfaction Among National Real Estate Companies! Despite Popularity of Online Home Buying and Selling Tools,Real Estate Agents are Key to Customer Satisfaction!!!
The inaugural study measures customer satisfaction of home buyers and sellers with the largest national real estate firms. Overall satisfaction is determined by examining three factors for the home-buying experience: agent (65%); office (21%); and services (13%). Four factors are examined for the home-selling experience: agent (43%); marketing (38%); office (12%); and services (7%). In the home-buyer segment, Keller Williams achieves a score of 831 on a 1,000-point scale, and receives highest ratings from customers in all three factors.
The study finds that despite the popularity of home-buying and -selling resources on the Internet, real estate agents are key to customer satisfaction with real estate companies. A large proportion of both home buyers and sellers rely on the Internet to facilitate the buying or selling process, with 68 percent of buyers saying that they used Internet tools to help them in the purchase process and 61 percent of sellers reporting that they used a Web site listing to market their home. In addition, among home sellers, online methods are the most important aspect of marketing. However, the agent factor carries the greatest importance among the factors that comprise overall satisfaction among both home buyers and sellers. "Although the Internet provides home buyers and sellers with the ability to perform some essential tasks -- such as listing a home for sale or researching a neighborhood in which to purchase a home -- it still does not replace the importance of a good real estate agent," said Howland. "Particularly in an uncertain real estate market, professional advice from agents can be especially valuable to buyers and sellers.
The knowledge and expertise provided by experienced agents is an important benefit of using a full-service real estate company." The study also finds that the average time a home for sale remained on the market was slightly more than six months, although home sellers represented by the top-ranking real estate companies report that their homes were on the market for slightly less time -- approximately five and a half months, on average. "Satisfaction averages 794 among those customers whose homes sold within 5 months or less, but declines considerably to an average of 730 among customers whose homes took 7 months or longer to sell," said Howland. "A real estate company that provides agents who are skilled at determining the appropriate market value and listing price for homes, and who can effectively market properties, can help minimize the time that clients' homes remain on the market -- which can not only save the seller money, but also diminish inconvenience and anxiety." Additional noteworthy study findings include the following: --
Nearly one-half of respondents (46%) report using recommendations from family or friends to find their real estate agent. Approximately 28 percent used the Internet, while 23 percent used an agent they had used previously and 11 percent used a printed real estate guide. -- On average, home buyers were shown approximately 13 homes before making a purchase. -- Home sellers report that, on average, their home was shown approximately 11 times and approximately five open houses were conducted before the sale occurred. The 2008 Home Buyer/Seller Study includes 3,670 evaluations from 3,205 respondents who bought or sold a home between April 2007 and June 2008.
The House of Representatives has passed the nearly 700 page Housing Reform Bill and the US Senate is expected to vote on it by Wednesday. President Bush has dropped his threat to veto the reform package thereby clearing the way for the legislation to be finalized.
Here is a quick synopsis
Increase the Federal Housing Administration's role. The FHA could insure up to $300 billion in new 30-year fixed rate mortgages for at-risk borrowers in owner-occupied homes if their lenders agree to write down their loan balances to 90% of the current appraised value of their homes. Lenders would also agree to pay upfront fees to the FHA equal to 3% of a home's appraised value. Borrowers must agree to pay an annual premium to the FHA equal to 1.5% of their new loan balance and they must also agree to share with the government any profit they realize from selling or refinancing their home. The cost of the new FHA program - which would begin on Oct. 1 and be in place for just a few years - would be funded by fees from Fannie and Freddie
Create a stronger regulator for the GSEs: The new regulator will have a greater say over how well funded the agencies are - a major concern in the markets that has sent stocks in both companies plunging.
Permanently increase "conforming loan" limits: The bill would permanently increase the cap on the size of mortgages guaranteed by Fannie and Freddie to a maximum of $625,000 from $417,000.
Increase FHA maximum loan limits for high-cost areas to $625,000. Higher loan limits will make it easier for borrowers to get mortgages, because they're more likely to be traded if they are considered conforming.
Create home buyer credit: The bill includes a tax refund for first-time home buyers worth up to 10% of a home's purchase price but no more than $7,500. The refund, however, serves more as an interest-free loan, since it would have to be paid back over 15 years in equal installments by the buyer. The refund would be reduced gradually for single filers with adjusted gross incomes above $75,000; and for joint filers with AGIs over $150,000.
Bar down-payment assistance for FHA loans: The bill eliminates a program that has allowed sellers to provide down payment assistance. The seller-funded program is largely the reason why the agency's reserve has fallen by $4.6 billion, according to FHA Commissioner Brian Montgomery. Currently, that reserve is roughly $16.4 billion.
The bill would also increase to 3.5% from 3% the down payment requirement for borrowers getting FHA loans.
Paul Moye, Your Middle Tennessee Real Estate Agent www.middletnrealty.com
June 7, 2008 (Franklin, TN)-The Williamson County Association of REALTORS® today announces the sale of homes statistics for Williamson County, Tn. for the month of June. There were 327 residential and condominium closings reported for the month, according to figures provided by RealTracs Solutions, the multiple listing service used by REALTORS® in the Middle-Tennessee area. Compared to June of 2007, the residential home closings decreased 33 percent and the median price for residential homes decreased by 3 percent. Days on the market (DOM) for residential homes increased by 14 as compared to June 2007. Condominium closings decreased by 54 percent. The median prices for condominiums increased by 1 percent and days on the market also increased by 8 days compared to June 2007.
With the glut of homes lenders now own in many of the major population centers of our country the reality of Short Sales is becoming more lucrative to those Lenders. Here's the scenario;
As the second lien holders grow weary of losing 100% of their interest in a mortgage due to foreclosure taking some $$$ from the table is better than no $$$. The "Investors Will Not Allow Us To Take Less Than xx$$$" once was a very popular phrase used by Loss Mitigation Departments in the past...but not any longer. See the one thing about "Investors" is they will take something over nothing and those investors are tired of 'nothing" coming to them as these loans evaporate into foreclosure.
Remember also that almost every major second mortgage lender is also a first mortgage lien holder on other properties in and around the same market. Seeing property values continue to decline only perpetuates the cycle of loss and those losses grow and grow and grow. It is better for all Lenders to have Owners who can pay a mortgage living in houses sold "short" than to have vacant homes not performing and losing more $$$ after foreclosure. This mind set or business philosophy has taken a while for the Big Boys to learn but as with all things that succeed it must be 'Market Driven" to effect a change in philosophy.
As Short Sales become 'National News Headlines" on all the major news outlets it is apparent that this part of the mortgage business will continue to grow and lenders will be forced to streamline their processes as the industry has now become Market Driven by Short Sales.
June 9, 2008 (Franklin, TN)-The Williamson County Association of REALTORS® announces the sale of homes statistics for Williamson County, Tn. for the month of May. There were 346 residential and condominium closings reported for the month, according to figures provided by RealTracs® Solutions, the multiple listing service used by REALTORS® in the Middle-Tennessee area. Compared to May of 2007, the residential home closings decreased 26 percent and the median prices for residential homes remained the same, with less than a one percent change. Days on the market (DOM) for residential homes increased by 24 days as compared to May 2007. Condominium closings decreased by 60 percent. The median prices for condominiums decreased by 20 percent and days on the market decreased by 17 days compared to May 2007.
May 7, 2008 (Franklin, TN)-The Williamson County Association of REALTORS® today announces the sale of homes statistics for Williamson County, Tn. for the month of April. There were 250 residential and condominium closings reported for the month, according to figures provided by RealTracs® Solutions, the multiple listing service used by REALTORS® in the Middle-Tennessee area.
Compared to April of 2007, the residential home closings decreased 26 percent and the median prices for residential homes decreased by 12 percent. Days on the market (DOM) for residential homes increased by 9 days as compared to April 2007. Condominium closings decreased by 42 percent. The median prices for condominiums decreased by 26 percent and days on the market decreased by 17 days compared to April 2007.
April 2008
Closings
Median Price
Average Price
DOM
Residential
229
$ 345,000
$ 418,653
74
Condominium
21
$ 166,300
$ 190,443
63
April 2007
Closings
Median Price
Average Price
DOM
Residential
308
$ 391,200
$ 462,038
65
Condominium
36
$ 224,995
$ 227,367
80
April 2006
Closings
Median Price
Average Price
DOM
Residential
378
$ 322,000
$ 398,088
48
Condominium
50
$ 140,900
$ 175,642
38
"The median is the middle number in a given sequence of numbers. Comparing April 2008 to April 2007, there were less homes in the higher end of the spectrum, thus tightening the variations in home values sold and lowering the median. This data cannot be construed to indicate that any individual home value has absolutely increased or decreased, it is an indicator of the price range of home that is selling at the time interval measured.
April 8, 2008 (Franklin, TN)-The Williamson County Association of REALTORS® today announces the sale of homes statistics for Williamson County, Tn. for the month of March. There were 273 residential and condominium closings reported for the month, according to figures provided by RealTracs Solutions, the multiple listing service used by REALTORS® in the Middle-Tennessee area.
Compared to March of 2007, the residential home closings decreased 29 percent and the median prices for residential homes decreased by 1 percent. Days on the market (DOM) for residential homes increased by 16 days or 24 percent as compared to March 2007. Condominium closings decreased by 43 percent. The median prices for condominiums increased by 15 percent and days on the market also increased by 41 percent (17 days) compared to March 2007. March 2008
Paul Moye, Broker, ABR, GRI, CSP, SRES Franklin, TN More about me…
Keller Williams Realty Franklin
Office Phone: (615) 778-1818
Cell Phone: (615) 336-0382
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All Things Real Estate In Middle Tennessee.
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Paul Moye, Broker, ABR, GRI, CSP, SRES
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