Buying your first home can be a daunting experience.

The decision to buy ,to make that big commitment for usually your first and biggest investment you have made and most people make in their lives is the first hurdle to get over.  Then come the really big decisions,
I need a lender and a realtor.  Where do I start?

Your first stop needs to work with a lender that has experience with programs available specifically for first time homebuyers.  There are lenders that specialize in commercial loans, non-conforming loans etc.  You want to find that lender that has the experience in dealing with different financing sources available to your needs as a first time homebuyer.  You have special needs as a first time homebuyer that the lender needs to be aware of and capable of helping you with.  They can guide you about programs for down payment assistance, rural housing loans, etc.  Once they have your financial info, they should be able to sit down and go through the different programs available to you ie how much in purchase price, monthly payment, down payment, cash needed to close.

Once you have that info, you are ready to select your realtor.  Your decision should be focused on realtors that have experience working with first time home buyers.  You definitely do not want someone new getting their experience with you making the biggest investment of your life.  Find a realtor that truly listens to your fears, needs, concerns.  No question is stupid if it is a concern in your mind!!  You should have a comfort level with the person you choose that they have your best interest at heart and know that you will have many emotions, questions, fears that will need to be addressed.

I find the biggest questions first time homebuyers don’t ask realtors during their process of selecting their agent is, “How many first time homebuyers do you work with a month?”   Find that realtor that works with first time homebuyers on a regular basis, knows the finance options available and advise you on the different communities that are viable options based on your needs. .

Team Lowery works with first time homebuyers on a regular basis.  We have helped hundreds of buyers find their first dream home.  Our team consistently wins top awards with THDA which is a first time homebuyer designed to help you get into a home with little or no money down.  So give us a call!!  We are here to listen to your needs and take you through the process

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What is your advice to buyers in this sellers market?

My first advice to future homeowners is “if you see one you like ,and it fits your needs and your budget. go for it!!!”  There is probably several other buyers out there that like it and want it as well.
The first rule is “do your homework”  Be ready to jump when you find that home that says “Welcome Home”  .  So get with a good realtor and a good lender.  You will need a lender letter to submit with any offer you make.  Most sellers will not consider an offer  without it!  Get pre-qualified with the lender first!.  Know how much you can afford, how much money you are going to need to get into that home and
what your payment is going to do.   Once you have that and your letter in hand , you can then go shopping!!   Be ready with letter in hand, with your realtor that can provide you the info you need immediately, and make a decision and get there as early as possible.  Don’t be afraid to make the very best offer you can!  Because if you don’t, one of those other buyers will!  If you wait too long, it will be sold, have multiple offers and/or asking for highest and best!!
For those that say, I’ll just wait…….
Here are a few facts you need to be aware of:
the median single family home price is up from april 2014 to april 2015 nationwide 10%
Housing affordability is down in all major regions of the US from a year ago
Mortgage rates are on their way up!!  Freddie Mac reported last week that the 30 year fixed rate mortgage set a new high for 2015 averaging above 4%
The United States is not building enough homes to meet the nation’s housing demand.  THE OLD SUPPLY AND DEMAND RULE!  New home building peaked 10 years ago and new residential construction has declined to historically low levels.  This unprecedented weakness in construction activity has persisted for past 6-7 years, with only limited signs of recovery.
WHY DO YOU WANT TO BUY A HOME NOW INSTEAD OF CONTINUING TO RENT?  CONSIDER THESE FACTS:
Between 2010 and 2030- the year millennials are to reach peak homebuying age-new renters will exceed new home owners by 4 million.
In the next 15 years many more rental households will form because of size and ethnic composition of millennial generation.  Rental housing vacancy rates are already low, and rents are rising. RENTAL RATES ARE RISING FASTER THAN WAGES! This leaves an increasing number of households “behind” with millions more now spending more than half of their income on rent!  Unless construction ramps up over the next 5 years, the gap will widen , putting significant pressure on family formation, raising homelessness and dampening economic growth.
Call TEAM LOWERY!  With over 27 years of experience , we have been through many different real estate markets!  We have the experience to guide you now!
sources: REALTORMAG AND SOBER LOOK

Simple Laws of Supply and Demand pushing Nashville Real Estate

Nashville real estate for sale – 2313 Nashville homes sold in March at an median price of $222,400. That’s an increase of 13% over the number of homes sold last March, and an increase of 36% over last month. The inventory level is now down to 8238 homes making the absorption rate 3.5 months and dropping fast. Nashville home buyers need to expect that most good homes get offers the first day on market sometime with multiple offers. Nashville real estate is in a sellers market.

  • 2313 homes sold in the month of March compared to 2036 during the same month last year, an increase of 13%
  • The median sales price of homes sold was $222,400 compared to $195,000 last year, an increase of 14%
  • inventory of available homes is down 14% to 8238 homes
  • 334 Nashville condos sold during the month, an increase of 13%
  • the median sales price of Nashville condos was $171,831 up slightly from last year
  • inventory levels of Nashville condos are down 20.6% to 867 units
  • The absorption rate for Nashville condos based on March sales is 2.6 months

Nashville real estate sales continue to increase as inventory levels continue to decline. The laws of supply and demand will continue to push home prices higher as more people continue to move to the Nashville area.

The cost of rent in Nashville went up 10 percent in the FIRST quarter this year!!!

While San Francisco was again the most expensive market this April, the real story continues to be the rise of rents across the entire Bay Area. San Francisco proper saw the median rent for a one bedroom rise 1.8% in the month, tying the record from February at $3,460.

At the same time, San Jose apartments had a 10.3% rise in the trailing quarter, and is now tied with Washington DC as the fourth most expensive city to rent in the US at $2,040. Oakland remained flat in the prior month, but is up 6.4% in the past quarter to a median of $2,000.

– New York Rents Up, Narrowing Gap Between San Francisco

Second only to San Francisco on our list, New York City one bedroom rents increased 3.3% in the month, to a median of $3,100. Two bedrooms also were up slightly, with a median of $3,600.

At a neighborhood level, NoMad and Tribeca, the two most expensive neighborhoods, were up in the period. Off a fresh jump to number one on our list, NoMad increased a further 5.2% to $4,490, while Tribeca also increased 6% to $4,450. Downward movers last month included the West Village (-5.1%, $3,700), Murray Hill (-1.5%, $3,300), and Vinegar Hill (-5.5%, $3,100).

– Los Angeles Now 7th Most Expensive Market In US

LA is now the 7th most expensive rental market in the country. One bedroom rents were up 4% to $1,800, ahead of Miami, Chicago, and Seattle. The city is up two spots since last month’s report.

– Nashville Breaks Top 25 List, Up Over 10% In Quarter

For the first time since we’ve been tracking, Nashville rents ranked in the top 25 on our list, up four spots since last month. Median one bedroom rents have increased 10.5% in the trailing quarter to $950, ahead of Virginia Beach, Charlotte, and Sacramento.

– Chicago Rents Dip 2.3% This April, Now 9th On List

The market in Chicago dropped 2.3% in April, and is flat within the trailing quarter. Rents in the city are now cheaper than Oakland, Los Angeles, and Miami. The one bedroom median was $1,720, while two bedrooms came in at $2,300.

April Rent Report Top 25 Cities

Trending

Upward

  • Boston, MA maintained third position on the list, with rents increasing 3.1%, with a one-bedroom median of $2,350. Two bedrooms were similarly up 2.2% in April, to $2,750.
  • San Diego, CA came eleventh on the list, with one bedrooms increasing 3.4% in the month and 5.5% in the quarter to $1,530. Two bedrooms were up 2.6% to $1,950.
  • Long Beach, CA jumped three spots to sixteen, up 13.6% in the quarter to $1,250 for a one bedroom. Two bedrooms have increased 8.3% in the quarter to $1,700.

Downward

  • Minneapolis, MN dipped 3% in the month, with a median one bedroom of $1,280. Two bedrooms were even at $1,540.
  • Baltimore, MD fell one spot to eighteen, with one bedrooms down 2.6% to $1,120. Two bedrooms were even at $1,450.
  • Houston, TX one bedrooms dipped 7.3% in April to $1,010. Two bedrooms also dipped 7.4% to $1,250.

Credit : Zumper National Rent Report

DONT MISS OUT!!! Experts Predict Housing Prices to Surge

“This should be a  good year for housing, buoyed by  sustained job growth, rising customer confidence that is back to pre-recession levels and a gradual uptick in household formation: says NAHB Chief Economist David Crowe. ” We expect 2016 to be even better, due to a significant amount of pent-up demand and an economy that will be entering a period of reasonable strength and consistency”

Over the last seven years due to the uncertainty in the job and housing markets. 7.4 million home sales have been lost in the form of home sales as job and economic. Crowe estimates.

“While some of these sales will never take place, this does indicate how many sales were lost as fewer households decided to move” Crowe says” We expect at least some of these to return in the form of new home sales as job and economic growth continue to firm”

Behind a lot of this forecasted upswing will be millennials and first-time home buyers, Crowe says, First-time buyers have been averaging 30 percent of the normal activity, traditionally, they average 40 percent. But as unemployment declines, Crowe believes millennials will enter into home ownership.

A Return to Normal

NAHB economists, using the 2000-2003 period as a healthy benchmark for single-family homes, predict that single family production will rise to 61 percent of normal activity by the fourth quarter of this year. Economist also predict that single-family  starts will rise to 81 percent of normal by the end of 2016.

Whats more, economist say that by the end of 2016, the top 40 percent of states will be back to near normal production levels.

“Housing demand is now being driven by population growth and income and employment growth” says Robert Denk, NAHB senior economist. ” We are reconnecting to underlying fundamentals. We really have turned to corner”

Overall, single family housing starts will likely post a 9 percent increase this year to 704,000 units. 2016 is forecasted for a 39 percent increase to 977,000 units.

Source : National Association of Home Builders.

Welcome to Team Lowery!!!

We would like to welcome you to our first blog for The Brenda Wilson-Lowery Team. We are very excited to add some interaction with some of our existing and new customers. As we continue to work and learn about using this blog in conjunction with our other social media platforms, you will see we are committed to not only buying and selling homes but also building relationships with our customers. The home buying process can be stressful and we do everything we can to take that stress out of the process.

In the upcoming weeks, you will see some changes to our website http://www.brendawilsonlowery.com as well as some additional social media platforms.

Thank you to our existing customers and to ones we might not have meet yet. We look forward to serving you in the future.

Kris Todd

Team Member since 1975