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What will Buyers pay EXTRA for?

M & Y — Tue, 30 Apr 2013 21:59:12 +0000

What will buyers pay EXTRA for? Using data from NAR, a recent USA Today article identifies eleven features. Eight of them and how much extra buyers, on average, would pay for them are:

Central air conditioning: $2,520

New kitchen appliances: $1,840

Walk-in closet in master bedroom: $1,350

Granite countertops: $1,620

Hardwood floors: $2,080

Ensuite master bath: $2,030

Kitchen island: $1,370

Stainless steel appliances: $1,850

VERY low rates available for homebuyers! 15-year rates hit a new record low last week (2.61%), while 30-year rates (3.40%) were near their all-time low as well!

Big Predictions for Housing

M & Y — Tue, 09 Apr 2013 14:09:15 +0000

Outlook for the next 2 yrs.

Home sales are projected to post some big gains in the next two years, according to Fannie Mae’s latest monthly economic outlook.

Fannie Mae economists predict that existing-home sales will rise by 10.5 percent this year, and by 6.2 percent in 2014. The economists made even bolder projections for new single-family home sales -- growing 15.1 percent this year and 44.1 percent in 2014.

Fannie Mae projects that mortgage rates will stay low by historical averages this year, but the 30-year fixed-rate mortgage will rise from an average of 3.5 percent during the first quarter to an average of 4 percent during the final three months of 2013. During the fourth quarter of 2014, mortgage rates are projected to tick up to a 4.5 percent average.

Best Cost vs Value

M & Y — Thu, 21 Mar 2013 21:03:51 +0000

As ranked in March issue of REALTOR Mag. Exterior projects dominated the list with six of the top 10 most cost-effective midrange projects and eight of the top 10 upscale projects.

Top 10 Midrange Projects

1. Entry Door Replacement (steel)
Job Cost: $1,137
Resale Value: $974
Cost Recouped: 85.6 percent

2. Deck Addition (wood)
Job Cost: $9,327
Resale Value: $7,213
Cost Recouped: 77.3 percent

3. Garage Door Replacement
Job Cost: $1,496
Resale Value: $1,132
Cost Recouped: 75.7 percent

4. Minor Kitchen Remodel
Job Cost: $18,527
Resale Value: $13,977
Cost Recouped: 75.4 percent

5. Window Replacement (wood)
Job Cost: $10,708
Resale Value: $7,852
Cost Recouped: 73.3 percent

(tie) 6. Attic Bedroom Addition
Job Cost: $47,919
Resale Value: $34,916
Cost Recouped: 72.9 percent

(tie) 6. Siding Replacement (vinyl)
Job Cost: $11,192
Resale Value: $8,154
Cost Recouped: 72.9 percent

7. Window Replacement (vinyl)
Job Cost: $9,770
Resale Value: $6,961
Cost Recouped: 71.2 percent

8. Basement Remodel
Job Cost: $61,303
Resale Value: $43,095
Cost Recouped: 70.3 percent

9. Major Kitchen Remodel
Job Cost: $53,931
Resale Value: $37,139
Cost Recouped: 68.9 percent

10. Deck Addition (composite)
Job Cost: $15,084
Resale Value: $10,184
Cost Recouped: 67.5 percent

Top 10 Upscale Projects

1. Siding Replacement (fiber-cement)
Job Cost: $13,083
Resale Value: $10,379
Cost Recouped: 79.3 percent

2. Garage Door Replacement
Job Cost: $2,720
Resale Value: $2,046
Cost Recouped: 75.2 percent

3. Siding Replacement (foam-backed vinyl)
Job Cost: $13,818
Resale Value: $9,926
Cost Recouped: 71.8 percent

4. Window Replacement (vinyl)
Job Cost: $13,055
Resale Value: $9,295
Cost Recouped: 71.2 percent

5. Window Replacement (wood)
Job Cost: $16,361
Resale Value: $11,194
Cost Recouped: 68.4 percent

6. Grand Entrance (fiberglass)
Job Cost: $7,088
Resale Value: $4,528
Cost Recouped: 63.9 percent

7. Deck Addition (composite)
Job Cost: $34,403
Resale Value: $20,532
Cost Recouped: 59.7 percent

8. Major Kitchen Remodel
Job Cost: $107,406
Resale Value: $64,113
Cost Recouped: 59.7 percent

9. Bathroom Remodel
Job Cost: $50,007
Resale Value: $29,162
Cost Recouped: 58.3 percent

10. Roofing Replacement
Job Cost: $33,880
Resale Value: $19,194
Cost Recouped: 56.7 percent

Greater Nashville Housing Chart 2013

M & Y — Thu, 21 Mar 2013 20:59:55 +0000

2013 Monthly Home Sales Chart

January

	Closings	Median Price	Inventory
Total	1,634		15,478
Residential	1,344	$167,000	9,342
Condominium	174	$150,000	1,153
Mutli-Family	22		207
Farms/Land/Lots	94		4,776

Pendings: 1,968
Days on Market: 81

February

	Closings	Median Price	Inventory
Total	1,784		15,651
Residential	1,481	$175,000	9,491
Condominium	180	$138,473	1,223
Mutli-Family	24		213
Farms/Land/Lots	99		4,724

Pendings: 2,269
Days on Market: 84

Terry McAlister quoted on Move.com

M & Y — Tue, 14 Feb 2012 20:18:50 +0000

Best Back to School Real Estate Investment Cities (DATA)

“Nashville has been, is and will continue to be a strong investors market for those looking to target the college & graduate student renters,” said local broker Terry McAlister. “Nashville has 16 diverse colleges & universities, all at freshman capacity, so where do the upperclassmen and graduate students go? To renting.”

click here to read the full article.