Fun Facts and Inspiration for July 1


Fun Facts and Inspiration for July 1                                   

Inspiration . . .            

“Money and success don’t change people; they merely amplify what is already there.” 

Will Smith

Did you know that  . . 

Noodles got their start in China, not Italy as many people might think?

A bull shark can successfully live in both salt and fresh water?

Wearing headphones for an hour increases the bacteria in your ear 700 times?

By age 60, most people have lost half of their taste buds?

The United States has 5% of the world’s population, but consumes 25% of the world’s energy?

There are more $100 dollar bills in Russia than there are in the United States?

A fresh apple is made up of about 25% air which is why they float in water?

In real estate, the mortgage rate jumped from an average of 3.93% to 4.46% in one week.  Although 4.46% is still a great interest rate, that jump in the largest increase in 26 years!

If you need help sorting between fact and fiction in real estate, give me a call at 615 417-8182.

As always, if I can help with any of your real estate needs, please feel free to text or call me at 615 417-8182 or email me at RolandLow1@gmail.com

Roland

http://www.GreaterNashvilleRealEstate.info

 

 

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Real Estate Market Roars Back to Life


Real Estate Market Roars Back to Life

 

Reports for the last several months have indicated that the real estate market is making its comeback.  New data shows that the real estate market is not just coming back – it is roaring back into high gear.

The price for existing homes surged 15.4% in May 2013 compared to May 2012 on a national average.  It is important to remember that real estate is a very local matter.  These double digit increases are being driven in large part by the super devastate markets in California, Arizona and Florida.

Nevertheless, markets closer to home (middle Tennessee) are also showing dramatic increases in sales of existing homes and new home sales.

Williamson County, Tennessee reported a 30% increase in new home permits for May of this year and even more significant, Maury County, Tennessee which took a drastic hit during the recession had a 33% increase in new home permits for the same time period.

Couple that news with the continued low interest mortgage rates; and you will find it makes for a dynamic real estate market.  Local 30 year fixed mortgage rates with o points and only 5% down is at 3.87%.  Although the national average has crept up to 4.12% it still represents a fantastic rate for buying a home.

If you are thinking of buying a home, I urge you to talk to a REALTOR who can give you the information you need.  Recent studies have shown that renters who wanted to buy a home held back because they felt they would not qualify, when in reality many of them would qualify.  Don’t risk missing this market opportunity.

If you are thinking of buying or selling, talk to a REALTOR who can give you the answers you need to make an informed decision.

As always, if I can help with any of your real estate needs, please don’t hesitate to call or text me at 615-417-8182 or email me at RolandLow1@gmail.com.

Roland

The Impact of Rising Mortgage Rates


The Impact of Rising Mortgage Rates

As I have mentioned in earlier blogs, mortgage interest rates are expected to begin to climb from the historical lows we have had the last few months.  The mortgage interest rates have hovered around 3.9% as of late but are projected to begin to climb to 4.5 – 4.7% by the end of this year.

Mortgage interest rates are based on the 10 year Treasury and as you can see from the graph below, the 10 year Treasury note has begun to rise.

Don’t misunderstand me, the mortgage interest rate of 4.7% is still a fantastic deal when you look at buying a home, but it is important to understand that there are other factors that buyers need to keep in mind if they are trying to decide if now is the time you want to buy a home.

Let’s say for example that a buyer is looking to buy a home and wants to pay no more than $1,000 a month for principle and interest.  At a 3.9% interest rate the buyer will be able to take out a mortgage for a home valued at $212,000.  If the buyer waits until the mortgage interest rate rises to 4.5% the buyer would only be able to buy a home valued at $198,000 – nearly a 7% drop in buying power.

Another factor that buyers need to be mindful of is the amount of income needed to qualify for a mortgage.  If a buyer wanted to purchase a home valued at $212,000, at 3.9% mortgage interest rate, they would need an income of $4,000 a month to qualify.  If the mortgage rate increased to 4.5%, the qualifying income amount would rise to $4,296 a month.  In some cases, this may be enough to prevent you from buying the home you truly want.

If you are thinking of buying or selling, talk to a real estate professional who can get you the answers you need to make an informed decision.

As always, if I can help you with any of your real estate needs, or simply to answer any questions you may have, please don’t hesitate to text or call me at 615 417-8182 or email me at RolandLow1@gmail.com.

Roland

 

Sales of Existing Homes Surge 4.2% for May


    Sales of Existing Homes Surge 4.2% for May

Sales of existing homes surged in May 4.2% from the previous month showing the largest gain since 2009 according to a report in the Wall Street Journal.  The increase in 2009 was due in large part to a tax credit that was in place then but is not in effect now.

The results beat expectations.  Economists surveyed by Dow Jones Newswires had forcast sales would rise by 0.6%.  This strong rise in demand is also accompanied by a very, very strong rise in home values.

The increase has put pressure on home prices to continue to rise.  Couple that with historically low mortgage interest rates and the real estate market continues to heat up.

If you are thinking of buying or selling, this may be an ideal time.  Talk to a REALTOR who can give you the information you need to make an informed decision.

As always, if I can help with any of your real estate needs, please feel free to call or text me at 615 417-8182 or email me at RolandLow1@gmail.com.

Roland

 

Tennessee ranks 9th in Nation for Economic Growth


The top two states for economic growth in the nation are North Dakota and Texas respectively. Both of these states ranked high due to the growth of domestic oil.

Tennessee ranked a healthy 9th place with an increase of GDP of 3.3%.

This increase of GDP has also shown a healthy increase in the sale of homes in Tennessee, especially in Williamson County.

If you are thinking of buying or selling, talk to a REALTOR who can give you the information you need to make an informed decision.

As always, if I can help with any of your real estate needs, please don’t hesitate to call or text me at 615 417-8182 or email me AT&T rolandlow1@gmail.com.

Roland