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Market Update Week of August 10, 2020: Home Affordability Climbs

Black Knight reports that despite home prices rising 97 months in row, affordability is the highest since 2016. For the same monthly payment, buyers can now afford almost $32,000 more home than they could a year ago. The report notes that thanks to low mortgage rates, buying power is up 10% from a year ago. In that time, the average home price increased more than $12,000, yet the average monthly payment went down 6%! CoreLogic’s CEO says, “we expect these price increases to moderate [...]

By |2020-08-10T11:24:01-05:00August 10th, 2020|Market Trends, Updates|
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Video: Rent Studio Space? Or Own Your Studio?

https://youtu.be/mu4LfyEQb8g VIDEO DIALOGUE Are you interested in purchasing a studio space, or even just cutting down on rental fees for your projects?  I’ve been in production for over 15 years, and I’ve rented studio spaces in different parts of the country. These days, it’s important to reduce your overhead, and still ensure that you have the space  you need to do your work.  The pandemic isn’t going to last forever, but it will forever change how we work [...]

By |2020-07-28T21:20:36-05:00August 10th, 2020|Updates, Videos|
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Video: How long does it take to sell a house?

https://youtu.be/GaLdYm37fy4 VIDEO DIALOGUE How long does it take to sell a house?  Well, I’ll admit that’s a bit of a tough question to answer.  No one wants their house to sit on the market for a long time, and in some cases you really need to sell in a short period of time, and of course you want the most you can get for it. I will say around Nashville there are certain markets that seem to force [...]

By |2020-07-16T13:19:29-05:00August 3rd, 2020|Updates, Videos|
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Market Update Week of July 20, 2020: Home Sales Up

The V-shaped housing recovery continues. New Home Sales soared in June to a level higher than the one they reached before the shutdown--up 13.8% for the month, posting their highest annual sales rate since 2007! Existing Home Sales spiked 20.7% in June, their biggest monthly gain ever. Sales are still down 11.3% from a year ago, but demand is strong--62% of homes sold were on the market less than a month. Attom Data reports the typical home-sale profit hit $75,971 in the second quarter this [...]

By |2020-07-27T09:02:49-05:00July 27th, 2020|Market Trends, Updates|
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Video: Buyer’s Market

https://youtu.be/G7bcPwwH3wc VIDEO DIALOGUE Ok so we covered the Seller’s Market, but what’s a Buyer’s market?  Just the opposite right?  Mostly, yes. Again, by definition, stock is plentiful and buyer’s are able to keep the prices down.  It might seem like an idyllic scenario where we are able to dictate what we want the prices to be as the buyers.  In real estate, this might actually come to pass on a case by case scenario. Let me give you [...]

By |2020-07-16T12:10:18-05:00July 27th, 2020|Updates, Videos|
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Market Update: Week of July 20, 2020 – Housing Market in Recovery

The National Association of Realtors reports more than nine in ten Realtors say the market is recovering, as they embrace “technology and business practices to ensure the home buying process continued in a safe manner.” And that recovery is V-shaped. Purchase mortgage applications are up year-over-year between 13% and 33% the past seven weeks, and up 54% for new homes, while pending homes sales rose 44% last month. Home builders are joining the party too. Housing Starts jumped 17.3% in June to a 1.186 million annual rate. So it's [...]

By |2020-07-20T10:10:21-05:00July 20th, 2020|Updates|
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Video: Seller’s Market

https://youtu.be/9_3ml8K5iL0 VIDEO DIALOGUE Is it a Buyer’s or a Seller’s market?  What’s the difference between the two? Well let’s look at the difference between them.  Today I’m going to talk about a Seller’s Market. By definition a seller’s market is one where the seller typically is able to dictate the price of something because stock is limited.  You have seen this before, especially in our current circumstance.  My wife tried to buy a bottle of rubbing alcohol at [...]

By |2020-07-16T11:39:39-05:00July 20th, 2020|Updates, Videos|
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Market Update Week of July 13, 2020

Fannie Mae’s June Home Purchase Sentiment Index (HPSI) revealed 61% of respondents think now is a good time to buy a home and 41% feel it’s a good time to sell--big rebounds from the survey’s record lows two months ago. Also rebounding: realtor.com’s latest Housing Market Recovery Index posted the largest nationwide weekly gain since its inception, ending up just a smidge below its pre-COVID baseline. Plus, Freddie Mac’s Chief Economist likes what he sees in the housing market across the country: “The [...]

By |2020-07-13T15:08:12-05:00July 13th, 2020|Market Trends, Updates|
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Video: Remodel VS Renovate

https://youtu.be/EahRAwznih0   Some helpful links:  https://www.bobvila.com/articles/renovation-vs-remodel/ https://www.realtor.com/advice/home-improvement/remodel-vs-renovation-whats-the-difference/ VIDEO DIALOGUE: So what’s the difference between a remodel and a renovation?  These similar terms are not synonymous, and it can be important to know the difference if you’re looking for an existing home renovation, or remodel. Here’s the deal, you already know that each term refers to improvements made on a house. That’s pretty obvious. A renovation will change the look and feel of a room - or an entire [...]

By |2020-06-25T15:06:34-05:00July 13th, 2020|Updates, Videos|
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Market Update Week of July 6, 2020: Pending Home Sales are Up

The National Association of Realtors Pending Home Sales index of contracts signed on existing homes surged 44.3% in May, its biggest gain since 2001. All regions were up, though the overall index is still down a smidge annually. The NAR chief economist: “The outlook has significantly improved, as new home sales are expected to be higher this year than last, and annual existing home sales are now projected to be down by less that 10%." Plus: “All figures light up in 2021 with positive GDP, employment, [...]

By |2020-07-06T09:28:02-05:00July 6th, 2020|Market Trends, Updates|
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Joshua C. Smith

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The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of RealTracs Solutions. Real estate listings held by brokerage firms other than Benchmark Realty, LLC are marked with the Internet Data Exchange Program logo or thumbnail logo and detailed information about them includes the name of the listing brokers. Disclaimer: All information is believed to be accurate but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Some or all of the listings may not belong to this site.

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