2011 February | Milestone - Kentucky Houses

Walden Mortgage Weekly Newsletter: The Housing Market Update

February 28, 2011

Housing Picture Continues to Brighten

Kentucky Mortgage

Existing Home Sales continued their upward climb in January. This is the fourth month in a row where we have seen month-over-month gains in the number of units sold. The National Association of Realtors reported that sales rose 2.7% from December. Also, the inventory levels decreased again

Kentucky Mortgage

The number one reason that the housing market tanked was due to over supply. So, with national and Bluegrass home sales increasing and inventory levels decreasing, this is certainly a trend with some momentum. All cash sales and distressed sales did increase last period. But any way that the excess inventory is gobbled up is good. It certainly shows that the demand is there and that investors are snapping up properties before prices rise. Maybe you should too?

What Happened to Rates Last Week

Kentucky Mortgage

Mortgage backed securities (MBS) gained +83 basis points last week which caused 30 year fixed rates to move lower. We had a series of stronger than expected economic reports such as Consumer Confidence, Existing Home Sales and Durable Goods Orders. Normally, this positive economic data would have moved mortgage rates higher. However, mortgage backed securities (and therefore mortgage rates) benefitted from continued concern over the stability of the Middle East. U.S. Treasuries and other bonds such as mortgage backed securities saw strong demand as a pure safety play.

Date	ET	Release	For
28-Feb	8:30	Personal Income	Jan
28-Feb	8:30	Personal Spending	Jan
28-Feb	8:30	PCE Prices – Core	Jan
28-Feb	9:45	Chicago PMI	Feb
28-Feb	10:00	Pending Home Sales	Dec
1-Mar	10:00	Construction Spending	Jan
1-Mar	10:00	ISM Index	Feb
1-Mar	15:00	Auto Sales	Mar
1-Mar	15:00	Truck Sales	Mar
2-Mar	7:00	MBA Mortgage Index	25-Feb
2-Mar	7:30	Challenger Job Cuts	Feb
2-Mar	8:15	ADP Employment Change	Feb
2-Mar	10:30	Crude Inventories	26-Feb
2-Mar	14:00	Fed’s Beige Book	Mar
3-Mar	8:30	Initial Claims	26-Feb
3-Mar	8:30	Continuing Claims	19-Feb
3-Mar	8:30	Productivity-Rev.	Q4
3-Mar	8:30	Unit Labor Costs – Revised	Q4
3-Mar	10:00	ISM Services	Feb
4-Mar	8:30	Nonfarm Payrolls	Feb
4-Mar	8:30	Nonfarm Private Payrolls	Feb
4-Mar	8:30	Unemployment Rate	Feb
4-Mar	8:30	Average Workweek	Feb
4-Mar	8:30	Hourly Earnings	Feb
4-Mar	10:00	Factory Orders	Jan

It is virtually impossible for you to keep track of what is going on with the economy and other events that can impact the housing and mortgage markets. Just leave it to us, we monitor the live trading of Mortgage Backed Securities which are the only thing government and conventional mortgage rates are based upon.

Mike Dunn, Holleigh Sharp & Jeff Sharp

Comments (0)

New Home & Remodeling Marketplace

February 23, 2011

By John Day

Kentucky house

This weekend is the Home Builder’s Association of Lexington New Home & Remodeling Marketplace and we at Milestone are getting ready for our booth as we try to reach out to new home buyers and show off what we have to offer.

Our booth is going to be technology focused and display just what exactly Milestone does to promote your Kentucky house if you list with us. Points of emphasis range from our television commercials to what our website does behind the scenes to get your home in front of potential home buyers. We will also be giving away an $500 Apple Gift Card to one lucky registrant, so we hope booth #201 will be crowded with excitement!

In addition to Milestone, a few other companies in the Milestone family will be in attendance including Ball Homes, Walden Mortgage, Via Vitae and Azalea Properties LLC. The Marketplace is being held February 25th – 27th out at the Kentucky Horse Park Exhibit Hall. The hours are 5-9 pm on Friday, 10am-8pm Saturday and 12-5pm Sunday. Admission is $6 per ticket or $10 for two tickets with free admission for all children 12 and under. For more information on the Marketplace please check the Home Builder Association of Lexington website. We hope you can make it out!

Comments (0)

Featured Property: 405 Greentree Dr Nicholasville, KY 40356

February 16, 2011

By John Day

Gerald McCauley recently sent us some additional information today’s Featured Property 405 Greentree Dr in the Orchard subdivision in Nicholasville. He took the time to answer some questions as to why you should look at this home and what it has to offer.

405 Greentree Dr

What distinctive features set this home apart?

This is a two story Nicholasville home with a nice front porch and a good size patio for your outdoor enjoyment. The interior of this home has plenty of natural light and windows for those days when you want to enjoy the sunshine or the great out door views. The good size utility room is convenient to the three bedrooms and two full baths because they are all on the second floor. The master bath has a whirlpool tub plus a separate shower, a double bowl vanity, and a vaulted ceiling.

405 Greentree Dr

What are the advantages of the location & neighborhood?

The home is located at the end of a street with a farm next to the house. The home is close to shopping, restaurants, schools, and parks. The owner has seen wildlife from their home and could include deer, rabbits, several species of birds, and other wildlife.

What makes the price of this home so great?

The kitchen and the half bath on the first floor have ceramic tile floors and all the appliances convey including the washer and dryer.

Is there anything else you’d like to tell us about the home?

The large two car insulated garage offers space for a work bench and the attic above the garage is completely floored for the extra storage that you have been trying to find.

If you would like to set up a showing or had any additional questions about this property at 405 Greentree Dr Nicholasville, KY 40356, please contact listing agent Gerald McCauley.

Comments (0)

Walden Mortgage Weekly Newsletter: The Housing Market Update

February 14, 2011

By Walden Mortgage Group

Proposed Housing Overhaul Will Increase Rates

The Obama administration released their ideas on how to overhaul Fannie Mae, Freddie Mac and the Federal Housing Administration. Currently, all three issue mortgage backed securities that are backed or guaranteed by you the tax payer. This gives these securities very low risk and has great appeal to foreign investors that seek low risk. This is why your mortgage rates are still historically very low.

However, the proposed changes will enable the government to ease away from being such a big player in the mortgage business, moving from 95% of the total market down to as low as only 40% of the total market. By doing so, rates will naturally adjust upward to equalize with the new risk levels. These proposed changes will take a long time to pass and to be put into effect, so take advantage of today’s low rates and loan programs now while housing prices are still very affordable.

What Happened to Rates Last Week

Kentucky Mortgage - What Happened To Rates Last Week

Mortgage backed securities (MBS) lost -42 basis points last week which caused 30 year fixed rates to move higher and closed at their highest levels of 2011. As we have discussed several times, mortgage rates are pushed lower when the economy is performing poorly and their is little to no risk of inflation. So, as the economy continues its upward march out of the recession, mortgage rates are pushed upward on the stronger growth and inflationary concerns. We had a couple of strong economic reports last week. The weekly Initial Jobless Claims were much lower than expected and Wholesale Inventories saw stronger gains. Both were positives for the economy and therefore negative for mortgage rates.

What to Watch Out For This Week

The following are the major economic reports that will hit the market this week. They each have the ability to affect the pricing of Mortgage Backed Securities and therefore, interest rates for Government and Conventional mortgages. We will be watching these reports closely for you and let you know if there are any big surprises:

Date	ET	Release	For
15-Feb	8:30	Retail Sales	Jan
15-Feb	8:30	Retail Sales ex-auto	Jan
15-Feb	8:30	Empire Manufacturing	Feb
15-Feb	8:30	Export Prices ex-ag.	Jan
15-Feb	8:30	Import Prices ex-oil	Jan
15-Feb	9:00	Net Long-Term TIC Flows	Dec
15-Feb	10:00	Business Inventories	Dec
15-Feb	10:00	NAHB Housing Market Index	Feb
16-Feb	7:00	MBA Mortgage Purchase Index	11-Feb
16-Feb	8:30	Housing Starts	Jan
16-Feb	8:30	Building Permits	Jan
16-Feb	8:30	PPI	Jan
16-Feb	8:30	Core PPI	Jan
16-Feb	9:15	Industrial Production	Jan
16-Feb	9:15	Capacity Utilization	Jan
16-Feb	10:30	Crude Inventories	12-Feb
16-Feb	14:00	Fed Minutes
17-Feb	8:30	CPI	Jan
17-Feb	8:30	Core CPI	Jan
17-Feb	8:30	Initial Claims	12-Feb
17-Feb	8:30	Continuing Claims	5-Feb
17-Feb	10:00	Leading Indicators	Jan
17-Feb	10:00	Philadelphia Fed	Feb

Mortgage Back Securities are the only thing government and conventional mortgage rates are based upon. That is why we are happy to monitor the live trading of these for you as it’s extremely difficult to keep track of the economy and other factors that impact Kentucky mortgage and housing markets.

Mike Dunn, Holleigh Sharp & Jeff Sharp

Comments (0)

Featured Property: 100 Portsmouth Dr Georgetown, KY 40324

February 13, 2011

By John Day

This Featured Property at 100 Portsmouth Dr in located in The Colony subdivision in Georgetown, Kentucky. Listing agent, Brandy Daugherty, recently sat down and answered some questions about this lovely ranch home.

100 Portsmouth Dr

What distinctive features set this home apart?

This beautiful ranch Georgetown home features a great room with vaulted ceilings and a gas log fireplace. All common areas have tall vaulted ceilings opening up the space. The first floor master bedroom has a trey ceiling and walk in closet complete with a built in laundry chute. There are also two other bedrooms on the first level. In the basement you will find the fourth bedroom that is currently used for an office, along with a utility room, a large bonus room, and another full bath complete with a whirlpool tub. This home also has a large 3-car garage perfect for extra vehicles, boats, or a wonderful work area.

Can you describe the architectural style of the home?

This home is a ranch style with 4 bedrooms, and 3 full baths on a basement. It also includes a 3-car garage.

100 Portsmouth Dr

What makes the price of this home so great?

The home shows very well with neutral décor throughout and tall ceilings in all common areas. All the kitchen appliances will convey with the property as well as the front-loading washer and dryer. The large 3-car garage is also a wonderful asset.

What amazing views will the homeowner be able to enjoy?

The backyard has a wooden privacy fence and a large wooden deck. The storage shed in the backyard will convey with the property. From the deck, you will enjoy beautiful sunsets, and wonderful foliage in the spring.

Is there anything else you would like us to know about the home?

The home seems very large and would be great for entertaining or raising a family.

If you have any additional questions about 100 Portsmouth Dr Georgetown, KY 40324 or would like to schedule a showing contact Brandy Daugherty or John Reffett.

Comments (0)

The Hangover Part 10

February 11, 2011

By Mike Wheatley

One month is in the books for 2011 and this is the latest edition of The Hangover, my analysis of the Central Kentucky real estate market of Bluegrass homes. Don’t look now, but is the Hangover finally over? Our official monthly market report has been released by the Lexington Bluegrass Association of Realtors®, and here is my take on the numbers, what they mean, and where we are headed.

Bluegrass homes

The three main categories I focus on are pending sales, total inventory numbers, and average sales price. Pending sales for the month of January came in at 456 representing a 43% increase over December numbers. While December is historically slow, it is encouraging to see this much Pending activity despite the regular snowfalls we received. Inventory numbers, while still very high, were basically stable from the previous month and just a little higher than the same month last year. Average sales price for the month was down a little over 12% from December 2010 and down about 6% from the same month last year. This is bad news, right? I don’t think so. I think it represents the return of the first time homebuyer to our market, which has been a key to our market recovery since the expiration of the tax credit. The ratio of final sales price vs. list price didn’t change drastically, so the lower average sales price does seem to represent stronger activity in the lower priced homes.

Bottom line: we still have way too many homes on the market but homes that are priced right and in great condition will sell, just not as quickly as we want. As we continue through the first quarter of the year, the pending sales numbers will look horrible, but remember those numbers will be compared to the first quarter of 2010 when our market was artificially stimulated by the tax credit.

Below is a summary of some of the key indicators for our local market:

Bluegrass homes

As always, my goal is to provide accurate, timely information on our local market. Feel free to call or email with any questions or comments. Should you have friends or family in need of a real estate pro, please pass my name on to them.

Comments (0)

12 Opportunities to Network

February 5, 2011

By Sherry Spanyer

Louisville houses

The Louisville Chapter of Women’s Council of Realtors® meets on the 3rd Thursday of every month at Wildwood Country Club. Our local organization was proud to accept national awards in 2010 for membership retention. Women’s Council offers many opportunities to travel and educate you with some of the top Realtors® in America. Among more than 700 U.S. women organizations, WCR is the 12th largest.

We have an exciting year planned. Our new officers for 2011 are Debbie Hassman/ President, Sherry Spanyer/ Vice President of Membership and Lynda Hines/ Treasurer. Some of our highlights this year will include a Fashion Show (April, the Magic of Derby Fashion), the return of our Business Expo (October, over 75 Vendors), and Mayor Greg Fischer as one of our Guest Speakers. Louisville houses are in great hands with our professional agents!

Comments (0)

MilestoneKY.com wins Best Website from SMC Louisville

February 2, 2011

By Becky Locknane

The Annual Home Builders Association of Louisville Sales and Marketing Council Awards of Excellence Luncheon was held on January 25th at the Hurstbourne Country Club in Louisville, KK.

This is a very special luncheon where members of Homebuilders Association of Louisville are recognized by their peers for accomplishments of the previous year. There are many different categories for Homebuilders and Associate members.

Some of the categories are marketing and selling Louisville houses while some categories recognize builders for their different designs and projects. Realtors are recognized for the personal sales achievements for new construction.

Find Kentucky Bluegrass homes for sale

Milestone won the award for “Best Overall Website-Realtor” (with the help of Active Website) this year. The new Milestone website was launched in December 2009 and has proven to be one of the best Real Estate websites in Kentucky. John Day and April Roe, Marketing and Advertising Specialists for Milestone, were present to accept this prestigious award.

Several Milestone agents that are Ball Homes specialists, were recognized for the personal sales achievements. Included were Bob White, Sherry Spanyer, Louise Miller, Krista Wilson, Jennifer Ater and Bob Middleton.

New construction of Louisville houses continues to be a driving force for Ball Homes and Milestone Realty Consultants.

Comments (0)

Archives

Enterprise Network

Categories