New Home Sales Hit 10-Year High Mark

Sales of newly built single-family homes rose 18.9 percent last month, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This represented the highest sales rate since October 2007, with a seasonally adjusted annual rate of 667,000 units, after an upwardly revised August reading. Compared to last year, new-home sales are 8.6 percent above their level during the same period in 2016.

“New-home sales have bounced back from a few soft months and have returned to the strong growth trend we saw earlier this year,” says National Association of Home Builders Chief Economist Robert Dietz. “As existing home inventory remains tight, we can expect new homes sales to continue to make gains in the months ahead.”

These gains in sales continue alongside tight inventory, providing downward pressure on affordability. In a recent REALTOR® Magazine column, National Association of REALTORS® Chief Economist Lawrence Yun urged the industry to recognize the impact that the “massive housing shortage” has on the overall the economy: “We need more construction. An economic boom, not unlike the one we had almost 70 years ago, could result.”

Looking deeper into the sales data, realtor.com Chief Economist Danielle Hale noted a contrast between pricing and the amount buyers ultimately pay for new homes. “The growth in prices for new homes also shows signs of slowing, though that hasn’t yet appeared in home listing prices, which are up 10 percent from a year ago,” she says. “The discrepancy between list price increases and sales price increases suggests that some buyers may have reached a limit on the price increases they can afford, but sellers have not yet caught on.”

New-home sales increased in all four regions, rising 33.3 percent in the Northeast, 25.8 percent in the South, 10.6 percent in the Midwest, and 2.9 percent in the West. Home sales in the South had been greatly hampered by hurricane-related setbacks. All regions showed an increase in sales from last month, and all regions except the Midwest also show growth when compared to a year ago.

Source: “New Home Sales Pace in September Hits 10-Year High,” National Association of Home Builders (Oct. 25, 2017) 

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Why you need a Real Estate Agent

Why do you need a Real Estate Agent??

 

When looking to buy a home, you should expect competence, efficiency, and ethics from your agent. According to All America’s Real Estate Book by Carolyn Janik and Ruth Rejnis, good agents take the time to qualify buyers and show properties in their price range. They plan showing routes carefully and have pre-inspected most properties. They have a thorough knowledge of financing options, are up on the latest housing trends, and share data on the local housing market and home sales with prospective buyers. Adhering to a strict code of ethics, good agents avoid high-pressure sales tactics, refrain from showing properties that do not fit your needs or goals, and alert you to problems about the condition of the property. And they show respect for other agents and real estate firms by not talking down about them.

 

Finding a Real Estate AgentWesthaven

 

Begin the search for a real estate agent by asking for recommendations from someone that you know. Friends, relatives, co-workers, or neighbors who have recently purchased a home can give you a firsthand account and attest to the agent’s professional abilities. Sometimes an agent you contact will refer you to another one who works more closely with buyers and sellers in your neighborhood. Once you have a list of names, interview at least three agents and ask questions about their community knowledge, professional experience, and commitment – some agents work full time, others only work at nights and on the weekends.

 

The Role of a Buyer’s Agent in Home Buying

 

A buyer’s agent represents the buyer exclusively. Thus, he works to protect your interests in the transaction and helps to negotiate the best purchase price and terms.

 

magnifyingUsing an Agent to Purchase a Newly Built Home

 

Agents can be used to purchase a newly built home, and in fact, some builders pay agents to find prospective buyers. But you also can use a buyer’s agent to help negotiate the price and upgrades on a new home. An agent can be particularly valuable directing you to newly built developments that match your needs, as well as helping you select reputable builders who are financially sound and respond promptly to buyers’ concerns. Builders normally require an agent to be present on your first visit to the site. This is a sensible procedure that allows the agent to be paid a commission should you decide to buy. Otherwise, if you find a development on your own, make a first visit without the agent, and later make a purchase, the builder may refuse to pay the commission – even if an agent became involved in the process at some point.

 

While more buyers now use the Internet to gain access to listings, or available properties for sale, it is still a good idea to use an agent. The agent brings value to the entire process: he or she is available to analyze data, answer questions, share their professional expertise, and handle all the paperwork and legwork that is involved in the real estate transaction.

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Nashville is booking with new home communities!

Middle Tennessee is booking with new home construction communities.  Below are a few examples:

Nolensville

Catalina is an upscale, yet affordable neighborhood located in Nolensville.  Located just off of Nolensville Road, Catalina offers 4-6 bedroom estate homes ranging from $599,000 to $675,000.00  Neighborhood amenities include community pool with clubhouse, sidewalks and an abundance of trees.  Conveniently located close to Franklin and Brentwood along with many local shops and restaurants.Ella-Elevation-A-3CARSL

 

Murfreesboro

Westlawn offers easy access to SR 840 on Veterans Parkway in Murfreesboro.  Offering 3-5 bedroom homes with such amenities as open concept living, gourmet kitchens, hardwood floors and front porches.  Westlawn community amenities include pool with cabana, kid water play area, park and nature trails coming in 2018.  Prices range from $320,000 to $390,000

 

Smyrna

The Villages of Seven Oaks is conveniently located near I-24 and about 20 minutes to Downtown Nashville.  The Villages of Seven Oaks offers 4 and 5 bedroom ranch and two story floorplans.  Features gourmet kitchens with granite and stainless steel appliances, open concept layouts and two car garages.  Prices range from $280,000 to $320,000Chantilly-Elevation-C

 

 

 

 

 

 

 

 

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