Luxury home buyers in Mt. Juliet, Brentwood and the Greater Nashville area are starting to see some attractive Interest Rates on home Loans, once again.
According to Tom Matthews of HomeTown Lenders in Mt. Juliet, ” these are the lowest rates on luxury homes that I’ve seen in 3 or 4 years.”
Often called “Jumbo Loans”, mortgages on homes costing more than $417,000 in the Nashville area, these loans have been cost prohibitive for buyers up to now.
”Last year Jumbo rates were in the 7-8% range and no one was buying”, said Tom.
” Now we have 6.25% to 6.55% and buyers are moving again.”
The important thing here is that loans are not Federally Insured like FHA or VA loans. This money is coming from the private sector. And the private sector is saying “We believe the market has hit bottom and these homes will appreciate from this point.” A sorely needed vote of confidence from the mortgage industry.
Luxury home sellers in Brentwood, Franklin and other high end markets should take this as a positive sign.
Home Buyers can qualify with a 650 credit score AND just 10 % down.
Here are the rates:
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Hendersonville home sales in January showed a very slight improvement over January 2009 . With 800 properties for sale, just 37 were sold.
Hendersonville has for a long while been the ideal place to live. With award winning schools, access to Lake Hickory and loads of shopping, the area has had a solid market for homes over many years.
But like other Nashville areas like Brentwood and Mt. Juliet, Hendersonville is experiencing price corrections.
The Median price of a home in Hendersonville eased to just $195,000. That’s a 15% decline in one year. The average price per sq. ft. is about $90. Days on Market also slid to an average of 132 days from 91 in 2009.
Market forces are at work here. Job creation in the Hendersonville area has not kept pace with Cool Springs where Nissan and other large players have moved their HQ’s.
A positive sign for home buyers who have wanted a home here, these prices are the lowest since 2005!
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Compare to the same period in 2009
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Home sellers in Brentwood TN had a rude awakening in January 2010. Just 110 homes sold in Brentwoood, TN during the month of January.
Although this was a very slight improvement over January 2009, when just 106 properties were sold, it was far below what home sellers and Realtors were hoping for.
The other issue for Brentwood home sellers is the price of whats selling. In 2009 the median price of a home was $356,748. But in January of 2010 the median has dropped to just $312,450. Slightly more than 10%. Less than $120 per sq.ft. , a price not seen in Brentwood since 2006!
One positive note, Days On Market (DOM) for homes that sold in 2010 was 83 days! Indicating that there are buyers out there, but they are looking for deals, when they find them, they make offers.
The takeaway from this for home sellers is: Price it well and it will sell!
For home buyers: You have an opportunity to buy into Brentwood at prices not seen since 2006! Go for it!
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Home sales in Mt. Juliet rose in January 2010.
Mt. Juliet Homeowners have once again outdone the national Real Estate reports.
While homes around the country were dipping in value, Mt. Juliet saw increase in sales and home prices in January.
In 2009 just 23 homes sold in the Mt. Juliet area. This year that number increased to 36! Thats more than 33% Year Over Year (Y-O-Y).
Additionally the average home in Mt. Juliet during january sold for $245,527. That compares very favorably with the average home sale in 2009 which was just $194,000.
The large difference is attributed to 2009 buyers being mainly ‘first-time” buyers who were spurred on by the government $8000 Tax Rebate.
Here are the actual numbers from the Nashville MLS:
Mt. Juliet Home Sales January 2009