Housing Market Side-by-Side: LaV & Smyrna

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Smyrna

2007
Homes currently on the market in Smyrna: 348
Home under contract (pending): 140
Homes closed in May 2007: 82
Homes closed Jan. 1 - May 31, 2007: 376

2006
Homes closed in May 2006: 84
Homes closed Jan. 1 - May 31, 2006: 348

Current
Least expensive: $97,100 (998 square feet, 2 bedroom, 2 bath, zero lot line on Dellwood Dr.).

Most expensive: $649,900 (this home has a contract on it, but is located in Hidden Valley and has 4706 square feet, four bedrooms, three and a half baths).

Total number of homes for sale for over $300,000: 26

LaVergne

2007
Homes currently on the market: 405
Home under contract (pending): 83
Homes closed in May 2007: 72
Homes closed Jan. 1 - May 31, 2007: 304

2006
Homes closed in May 2006: 84
Homes closed Jan. 1 - May 31, 2006: 406

Least expensive: $25,900 (mobile home in Driftwood Village currently under contract. The home itself is uninhabitable according to the listing agent on the MLS). Next least expensive: $40,000 on Fergus Road that just came on the market this week.

Most expensive: $452,900 in McFarlin Pointe. Four bedrooms, two and half baths, 4008 square feet.

Total number of homes for sale for over $300,000: 28

This research definitely shows a tale of two cities. Smyrna real estate market is right on track, and perhaps a little ahead of the numbers from last year. However, the number of homes sold from last Jan-May (2006) to those sold this Jan-May (2007) in LaVergne dropped 25% this year. The good news for LaVergne, however, is the numbers seem to be leveling again when you compare May to May (2006 v. 2007), so my thoughts are the market is picking up again. I hope gas prices stabilize so that consumers can regain confidence and get back to investing in purchasing their own homes!

Housing Market Up ??

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The big players in the mortgage business, Fannie Mae and Freddie Mac, may be gearing up to help home owners in distress due to possible foreclosure, according to news today via Comcast.net. According to the article:

Richard Syron, Freddie Mac's chairman and chief executive, said the company is "working on a major effort to develop more consumer-friendly subprime products that will provide stable financing alternatives going forward," which are expected to be available by midsummer.

30-year mortgages are already commonplace, but growth is expected in 40-year mortgages. Because these mortgages are longer-term, buyers will pay more interest, but monthly payments would be expected to go down.

In other news, the housing market economic outlook is being called "modest" by forecasters. According to CNN,

The South, which accounts for about half the nation's home building, showed a 3 percent decline [in housing starts], and building fell nearly 8 percent in both the Northeast and West.

But according to the same article, the National Association of Home Builders predicts the housing market to stagger along,

The glut of new homes for sale on the market has slammed sales and profits of the nation's major builders.

On a personal note, the market does seem to be picking up after what has been my longest dry-spell since I initially got my real estate license. For that I am very thankful! I'm always available as a full-time agent to help you with any of your real estate needs. I also appreciate any referral business you can send!