Manier and Exton Real Estate Appraisers

11/13/2020

Mortgage delinquency rates are at a 20-year high ⸺ worse than the 2008 high if that tells you anything (and it should), and there are predictions that at least two million mortgages will soon go into default.

The residential real estate market doesn't seem to be taking into account the large number of foreclosures that will soon hit the market.

06/17/2020

For Davidson Country Residents: How to calculate the increase in your residential property tax. First go the the Property Assessor's search website - http://www.padctn.org/prc/ #/search/1. When you have found your property look for the Total Appraised Value. Then multiply that number by 0.0266.

For commercial multiply the Total Appraised Value by 0.0426.

These calculations only reflect the increase NOT the total tax due. That calculation is more complex depending on whether or not you are in the General Services or Urban Services District. You can see what you paid in 2019 at https://bit.ly/37F2aNP and add the increase based on the calculation above.

06/05/2020

And now for some good new for the real estate community. The Mortgage Bankers announced that "Purchase applications continued their recent ascent, increasing 5 percent last week and 18 percent compared to a year ago. The pent-up demand from homebuyers returning to the market continues to support a recovery from the weekly declines observed earlier this spring,"

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05/22/2020

I think this article is reflective of the situation in Nashville. Decreased demand coupled with decreased supply equals stable pricing.

COVID-19 has caused volatility in seemingly everything but housing.

05/08/2020

Mortgage Credit Availability Index fell by 12.2 percent in April 2020.

"The abrupt weakening of the economy and job market - and the uncertainty in the outlook - drove credit availability down in April for the second consecutive month," said Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting. "The overall index fell to its lowest level since December 2014, and the sub-indexes pointed to tightened credit supply for all loan types. The decline was largely driven by lenders dropping many low credit score and high-LTV programs, as well as further reduction in jumbo and non-QM products."

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05/08/2020

Again keeping up with market trends the Mortgage Bankers reported purchase mortgages were up 7% over last week, but 19% lower than the same week in 2019. The mirrors the Realtors report yesterday that sales were down 17% compared to last year.

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05/07/2020

What can we glean for the Greater Nashville Realtors monthly sale figures? First read beyond the Headline. Overall sales were down 17% compared to April 2019.

Residential sales were down 12.5% month over month, Condos were down 18.3% month over month

Residential sales were down 13.1% compared to April 2019. More troubling was that pending (or future) sales were down 25.7% compared to April 2019.

Residential inventory was down 14.3% compared to April 2019, but up 3.8% compared to the end of March 2020. In 2019 the inventory rose 3.9% from March to April.

NASHVILLE, Tenn. (May 7, 2020) – There were 2,887 home closings reported for the month of April, according to figures provided by Greater Nashville Realtors. This figure indicates a 17 percent decrease from the 3,479 closings reported for the same period last year. “We are seeing the remaining e...

05/01/2020

As I continue to monitor the market for signs of COVID-19's impact, I see that the Mortgage Bankers are reporting that purchase mortgages were up 13% from last week, but down 20% for the same week last year. Last Friday they had reported them being down 30% from the previous year. This is a positive sign that the real estate market is continuing to function and maybe beginning to improve.

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04/24/2020

The Mortgage Bankers Assoc. reported that purchase mortgages were up 3% last week over the previous week, but that they were down 31% from the same time last year.

WASHINGTON, D.C. (April 22, 2020) - Mortgage applications decreased 0.3 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending April 17, 2020.

04/17/2020

I have been looking for a market indicator for the impact on Covid-19's impact on the real estate market. While this is a nationwide indicator the Mortgage Bankers report that purchase mortgages are down 35% compared to last year:

"Purchase applications decreased less than 2 percent last week - the fifth straight weekly decline. Compared to the first week of March, the purchase index was down around 35 percent, as the economic downturn and nationwide mitigation practices to slow the spread of COVID-19 have disrupted the spring homebuying season. The purchase market is still expected to rebound, as long as the public health measures to reduce the pandemic's spread are successful and result in a broader recovery."

WASHINGTON, D.C. (April 15, 2020) - Mortgage applications increased 7.3 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending April 10, 2020.

04/03/2020

This is a surprise to me -

WASHINGTON, D.C. (April 1, 2020) - Mortgage applications increased 15.3 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending March 27, 2020.

The Market Composite Index, a measure of mortgage loan application volume, increased 15.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 15 percent compared with the previous week. The Refinance Index increased 26 percent from the previous week and was 168 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 11 percent from one week earlier. The unadjusted Purchase Index decreased 10 percent compared with the previous week and was 24 percent lower than the same week one year ago.

https://www.mba.org/2020-press-releases/april/mortgage-applications-increase-in-latest-mba-weekly-survey

03/27/2020

Mortgage applications decreased 29.4 percent from one week earlier,

WASHINGTON, D.C. (March 25, 2020) - Mortgage applications decreased 29.4 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending March 20, 2020.

The Market Composite Index, a measure of mortgage loan application volume, decreased 29.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 29 percent compared with the previous week. The Refinance Index decreased 34 percent from the previous week and was 195 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 15 percent from one week earlier. The unadjusted Purchase Index decreased 14 percent compared with the previous week and was 11 percent lower than the same week one year ago.