I have a new listing in Smith county that would be the perfect spot for those that like to hunt…with either a gun or a camera! This 2600 square foot home has 3-4 bedrooms, 2.5 baths, a large formal dining room and an updated kitchen. You can watch the deer and turkey from the front porch, from the sunroom or from the decks around the house! There are 18+ acres teeming with wildlife!
The great room will hold a large family or tons of guests. This would be a perfect family home or a wonderful weekend getaway place. Either way, this house has a lot to offer.
Check out the details in this video: http://animoto.com/play/4qEARcR8fe4m18IFR9BOWw
See you at closing,
My son and daughter-in-law, Jake and Maria, just moved into a new apartment in Washington, DC. It is in a new building, has all the bells and whistles that young marrieds find attractive, it’s close to the Metro station and even has a grocery store right in the building. For their life right now, it is perfect. They are excited and enjoying their new home together.
Oh, I forgot to mention, it has a whopping 650 square feet and costs them $2000 per month.
Jake and Ria came home to Mississippi for a visit this weekend and I just casually told them what I could get them for a $2000 per month mortgage. Doing a quick MLS search in Madison, I found a home in a very nice neighborhood that would double their square footage 5 x over, for a little under $2000 per month….and they would own it!
It was fun to see the comparison between the two cities and the two situations. Of course I used this example to encourage my kids to move back home, but to no avail right now. They are settling into jobs and this new stage of life and in reality, I wouldn’t have it any other way. To say I am a very proud mom, would be an understatement.
There are some great houses for sale right now and one day in the future I hope to find one for my son and his family…but not today. If you are looking, however, I am ready to go…$2000 per month buys quite a home in Mississippi!
See you at closing,
I grew up in a carpenter’s home. During my childhood years, my Dad built houses. Later on, he continued his wood working hobby by making crafts and repairs around the house. He always seemed to smell like sawdust and cologne! When I got married, by father-in-law was also a carpenter. He could build most anything!
So, I guess it was only natural that at some point in life I would go back to my roots. I have started building things….mostly outdoor furniture, bird houses and picture frames. I really don’t have a method to the madness, except to say that I build whatever strikes my fancy and most of it is by trial and error…lots of error!
I have found that the sound of a miter saw, the smell of the wood and the sweat running down my face is very relaxing. I call it “sawdust therapy.”
I do realize that this post has very little to do with real estate, but after all, sometimes a change is needed.
See you at closing,
I love to work with first time home buyers! They are scared, anxious and very excited about their new chapter in life. Michael and Sandra Clark closed on their new home last Wednesday. They, along with their 2 year old daughter Lilly, (daughter #2 on the way) moved in this past weekend.
It is always a joy to help young people further along on their path.
Congratulations Mikie and Sandra!
June 2011 Market Update
The U.S. housing market continues its gradual and uneven progress, despite the expiration of the home buyer tax credit. The remarkable rebound in housing activities from the initial drop following the end of the home buyer tax credit this past July adds to the belief that the risk of a double-dip downturn in housing may be disappearing.
As the housing market continues to work through the excess supply overhang, a result from the glut of foreclosed properties which is keeping home prices below their long-term trend growth, economists anticipate mortgage rates at or above 6% by the end of 2012 and expect buying activity to continue its upward momentum.
Supporting this view is the rising concern about inflationary pressures sparked by political unrest in the Middle East. While surging gas and food prices could prove transitory and pose no major threats, these price increases may weigh down consumer spending, which accounts for two thirds of the economy. While, the Federal Reserve is committed to making necessary policy changes to address such risks. Meanwhile, core price gains, excluding food and fuel, were modest in April, offering some relief to consumers.
The number of homes home sales in April were down 12.9% compared to the same time last year when the impact of the tax credit was at its peak. Sales were relatively stable compared to the previous month: less than a 1% decline. NAR Chief Economist Lawrence Yun states that “given great affordability conditions and job creation, home sales should be stronger” and cites unnecessarily tight credit for limiting sales. Gradual but uneven improvement is expected to continue. In fact, home sales have increased six of the past nine months.
Home prices rebounded 2.4% in April with median home prices rising to $163,700. This is 5% below the year-ago level and continues to keep the median price close to 2002 levels. Three out of eight homes sold during April, or 37% of sales, were distressed properties, which typically sell at a 10%–20% discount. This is down 3% from March. Investors represented 20% of sales, and all-cash buyers were 31% of sales in April, down from a record high of 35% in March. Prices and mortgage rates remain favorable for buyers for the spring selling season.
Inventory- Month’s Supply
The supply of homes measured in months on the market, if sales continue at their current pace, inched up during April compared to March. Inventory levels remained 26% below the peak of 12.5 months in July and only 11% above April of 2010 when the tax credit was in full swing.
Source: National Association of Realtors
Rates have reached a new record low after steadily declining throughout May, primarily due to uncertainty in the global and domestic economies. Rates are still expected to follow an upward trend as the year progresses. As overall economic activity gets back on track, rates will likely rise to keep inflation in check. This window of opportunity for buyers to lock in these historically low interest rates may not remain open much longer.
This Month’s Video
Topics For Home Owners, Buyers & Sellers
Following in the footsteps of its counterpart Fannie Mae, Freddie Mac is offering a summer sales promotion for buyers who purchase a home from its inventory of foreclosures or HomeSteps properties. Since banks typically sell foreclosures “as-is” without incentives, warranties, or repairs, this incentive could help buyers view a HomePath property more like a traditional sale, and less like a distressed property, during their search process.
For offers received by July 31 that close by September 30, Freddie Mac is offering:
This is on top of the incentives already being offered:
Note that this program comes with a few eligibility requirements, which includes the home must be a single-family, owner-occupied, financed dwelling used solely for residential purposes.
For more info on buying or selling your home,
Give me a call!
Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.
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