For Sale: 3123 Wilmoth Road, Nashville TN 37207
So today while fidgeting with some new software I stumbled upon some Nashville housing market stats that are pretty hard to believe. Say what you will about the economy and the the tax credits, but check out these numbers:
Granted, these stats represent homes currently under contract (both contingent and pending sales) so they may not all close – but wow! Encouraging eh? I’m going to make the assumption that the vast majority of these sales can be attributed to a rush of folks hoping to take advantage of the soon-to-expire $8,00o First Time Buyer Home Tax Credit, as well as those hoping to cash in on the $6,500 Move Up Tax Credit for existing home owners. At present the guidelines require that the buyer be under contract by the end of April and closed by the end June.
Home sales always slow down during the winter months and jump up in spring, but this year, the feeding frenzy is getting started early. If you are a seller thinking of listing your home on the market in 2010, this is probably the best time to do it. Consider this: sales are up, but inventory is way down compared to last year’s peaks. I would normally tell you that this trend will correct itself in the warming months ahead, but in this market – who knows!?! Smart money is definitely in favor of the early bird right now.
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For Sale: 5025 Hillsboro Pike, Nashville TN 37215
Tips from NAR:
Private mortgage insurance is unavoidable for some homeowners, but don’t pay PMI premiums a day longer than required by your lender. Read
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Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
January 2010 Nesting In Nashville eNews Update
Springtime Calendar of Nashville TN Events
Repost from Valley Real Estate. Written by Ray Wood.
Based on a True Story
It all started in August 2005 when Fred Smith got a loan from his local mortgage company to refinance his house and pay off some high-interest credit card bills.
However, Fred’s lender didn’t keep that mortgage. They sold it to a large bank that buys lots of mortgages. That bank then sold it to an even larger bank. And that bank’s name was Goldman Sachs.
The guys at Goldman Sachs took Fred’s mortgage and mixed it in with lots of other mortgages in a big pot. This pot was called a “Collateralized Debt Obligation.” Some of the mortgages in it were good, some not so good and others were so bad they smelled terrible. It was a “derivative.”
Then, to hide the smell, the guys at Goldman Sachs bought a magic wand called a “Credit Default Swap” from AIG and waved it over the pot. It covered up the bad smell! Then they sold the pot to the people on Main Street for $100 million!
Besides covering up the pot’s terrible smell, the Credit Default Swap would be worth $100 million if the pot’s contents spoiled and started smelling bad again.
So the guys at Goldman Sachs, suspecting t h e pot that they had sold to the people on Main Street would probably go bad, called AIG and bought eight more Credit Default Swaps.
Then in the fall of 2008 the pot started to stink really bad, like a “toxic derivative” and the Credit Default Swaps became worth $100 million each. The guys at Goldman Sachs went back to AIG to cash them in.
AIG didn’t have the $800 million but it was OK because they got it from the taxpayers and gave it to the guys at Goldman Sachs. The guys at Goldman Sachs were happy and they got a raise.
Permalink: alaskahomepro.com/2010/02/13/a-mortgage-fairy-tale.aspx
Are you a first time buyer thinking of jumping in the market before the Home Buyer Tax Credit ends on April 30th? Last week’s seminar in Williamson county was so successful that we decided to add a Nashville event. Registered buyers who attend the quick 30-minute presentation will receive a coupon to save $1,000 on their closing costs from Capital Mortgage and Southland Title.
Register with Steph @ 615) 554-3745
Contact Realtor: Stephanie Crawford @ 615) 554-3745 to RSVP
