Brentwood TN Real Estate/Homes - Vanessa Stalets REALTOR®

*Courtesy WCAR*

Vanessa Stalets
Brentwood TN Real Estate

RE/MAX Elite
615-957-6333/615-661-4400

TBrentwood TN Real Estate

he following changes will become effective March 31, 2008:

•· The maximum LTV/CLTV cannot exceed 97%.

•· Seller concession cannot exceed 3%.

•· All MI certificates must be dated on or prior to March 31, 2008 on any conventional loan with 97.01 - 100% LTV and/or a 6% seller concession.

•· These changes will become effective March 31, 2008, howeverCOMPLETE loan submission packages will be accepted until April 15^th with MI certificates dated correctly.

Please be advised that the following guidelines continue to apply for Conventional loans:

•· All Conventional loans must meet Fannie Mae or Freddie Mac underwriting guidelines.

•· The DU or LP report and findings must be included in the underwriting submission package and the underwriter must sign the 1008.

•· THDA's required MI coverage, as stated in the Guide remains in effect for the time being for loans with LTV's between 78-97%. We are currently in discussions with our MI Partners pertaining to future required coverage amounts and discounted rates. We anticipate increasing the required coverage in the near future and you will be advised of any changes.

*information courtesy Tonya Esquibel, WR Starkey Mortgage, Brentwood TN*

Vanessa Stalets
Brentwood TN Real Estate

RE/MAX Elite

615-957-6333/615-661-4400

Brentwood TN Real Estate

Summer is fast approaching in Brentwood TN and your air conditioner just does not work the way it used too. It barely cools, if it does anything at all. You have tried cleaning it. You have tried flushing it. You have tried everything including kick it and hit it with a mallet. The service man wants to charge you an arm and a leg, and probably a few other body parts to repair it. You are left with only one other choice. Spend all that money to repair a central air conditioning unit that is 20 years old, or spend about the same amount to buy a new, updated central air conditioning unit. If you are going to spend the money, why not get something under warranty that, theoretically, it should last 20 more years? Seems like an easy decision to me.

When purchasing a new central air conditioning unit there are several guidelines to keep in mind that will keep you on track and make sure you do not waste your hard earned money. These guidelines are just what they say they are: guidelines. They are not laws or rules you need to follow, but they are suggestions that are meant to guide you towards buying the right central air conditioner for you and your home.

WHAT TYPE OF AIR CONDITIONER DO YOU NEED?
There are many brands of central air conditioning units available to purchase from any hardware or appliance store. Some sales associates will try to sell you a window air conditioning unit. Do not let that sales associate talk you into wasting your money. These window air conditioners are a waste of money. They usually only cool one room and they suck a lot of power so you will be spending a lot more money each month on the utility bill. Remember that if you have multiple rooms, you want a central air unit. Do not let the sales associate talk you into anything else.

INSTALLATION OF MY CENTRAL AIR CONDITIONING UNIT
One more detail to consider is installation. Most people do not want to crawl under, over, around, and through the walls of their house to install a new air conditioner. That is why most places that sell these units also install them for you. Some places install these free of charge with the purchase of a new unit. Even if they don't do it free, you should get someone to professionally install your new unit. It will save you time, headaches, and sweat if you do. If they do not offer installation, you may want to look elsewhere to purchase your unit. It is much easier and cost efficient to get this all done in one step.

TEMPURATURE SETTINGS
Most new units come with a new thermostat. You should make sure this thermostat can create the ideal temperature that suits you and your family. If you are comfortable in a room that is 60°, then make sure the unit will cool to that temperature. You also need to make sure you can increase and decrease the temperature in 1° or 2° increments just in case you are not comfortable.

FILTERS
There are many filters out there today. The ones that are permanent are the best value. You simply take them out, hose them down, and stick them back in. They save you a lot of money every year, not to mention you don't have to keep track of what size you need. Just remember to clean them once a month and that your unit supports these filters.

ENERGY SAVER
You should also look to see if your new unit has a sleep setting or an energy saving setting. This allows the unit to run when you are sleeping or not home and not run up your bill. It will keep the house a little warmer when you are not home, and then cool it before you come home. This saves hundreds of dollars a year.

Keeping these in mind, finding the perfect unit will be a snap and could turn out to be a fun shopping experience. Just ask the sales associate for more details if you need help. They can be most helpful if these guidelines still have you guessing.

Be cool and get the informed jump on summer heat!

Vanessa Stalets
Brentwood TN Real Estate

RE/MAX Elite
615-957-6333/615-661-4400

Mortgage bond prices rose last week pushing mortgage interest rates lower. Trading was volatile the entire week. The Fed stepped in absorbing some of the oversupply of mortgage bonds. Inflationary pressures were eased with the consumer price index lower than expected. The financial markets were rattled a bit as the Fed and JPMorgan Chase helped Bear Stearns with funding.

For the week, interest rates on government and conventional loans fell by about a full discount point.

The Fed meeting Tuesday will be the most important event this week. The potential for market volatility is very high surrounding the Fed meeting. Industrial production, capacity use, housing starts, producer price index, and leading economic indicators data will also be important.

Economic Factors

Economic Indicator Release Date Time Consensus Estimate Analysis

Industrial Production Monday, March 17, 2008 Down 0.1% Important. A measure of manufacturing sector strength. Weakness may lead to lower rates.

Capacity Utilization Monday, March 17, 2008 81.3% Important. A figure above 85% is viewed as inflationary. A decrease may lead to lower mortgage interest rates.

Housing Starts Tuesday, March 18, 2008 Down 1.7% Important. A measure of housing sector strength. Larger than expected decreases may lead to lower rates.

Producer Price Index Tuesday, March 18, 2008 Up 0.3%, Core up 0.2% Important. An indication of inflationary pressures at the producer level. Lower figures may lead to lower rates.

Fed Meeting Adjourns Tuesday, March 18, 2008 75 basis point cut Important. Fed expected to cut rates. Volatility may surround the adjournment of this meeting.

Leading Economic Indicators Thursday, March 20, 2008 Down 0.3% Important. An indication of future economic activity. Weakness may lead to lower rates.

Philadelphia Fed Survey Thursday, March 20, 2008 None Moderately important. A survey of business conditions in the Northeast. Weakness may lead to lower rates

Fed Meeting

The United States central bank, the Federal Reserve, coordinates the borrowing and lending activities of federally chartered banks. The principal reason the Federal Reserve was created was to reduce severe financial crises. One way of accomplishing this goal is to control the amount of money that flows through the economy. By manipulating the US money supply, the Fed influences inflation, unemployment, and the level of US economic activity. The Fed has a variety of tools that it uses to control the money supply, but its chief policy tool is the manipulation of short-term interest rates.

All eyes will be focused on the Fed meeting Tuesday. Most analysts predict a 75 basis point rate cut following the consumer price index data showing tame inflation. Others are less certain that inflation is in check and view the 0.5% decrease in the energy price component of the consumer price index with some skepticism. Oil prices remain high and the dollar weaker, which do little to help inflation expectations and "limit(s) flexibility" as Fed Chairman Bernanke indicated earlier this year.

Keep in mind that a Fed rate cut does not automatically mean mortgage interest rates will improve, as has been evident from recent history. The Federal Reserve has direct control over the level of short-term interest rates. The Fed's influence over longer-term interest rates is less certain. A cautious approach to float/lock decisions is prudent heading into the Fed meeting this week. Market volatility is likely.

*Information courtesy of Tonya Esquibel, WR Starkey Mortgage, Franklin TN*

Vanessa Stalets

Brentwood TN Real Estate

RE/MAX Elite

615-957-6333/ 615-661-4400

HOME SALES DECREASE

IN FEBRUARY

There were 1,892 home closings reported for the month of February, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 26.5 percent from the 2,575 closings reported for the same period last year. "The difference in the number of home sales in Greater Nashville between February of this year and the same month last year is less that what it has been in recent months. It is still significant, but headed the right direction," said Mandy Wachtler, 2008 President of the Greater Nashville Association of Realtors. "It is encouraging to note that the number of homes sold has increased when compared to the month before and it is by a larger percentage than was the case a year ago. And, pending sales are the highest they have been since last October. These are positive signs that will likely help create positive trends for the coming months." A comparison of sales by category for February is: Closings Residential Condominium Multi-family Farms/Land/Lots Feb. 2007 2,575 2,006 341 38 190 Feb. 2008 1,892 1,488 256 27 121 There were 2,183 sales pending at the end of February, compared with 2,874 sales that were pending at the same time last year. The median residential price during February was $168,000 and for a condominium it was $154,650. That compares with median residential and condominium prices at this time last year of $169,900 and $163,000 respectively. The average number of days on the market for a single-family residence was 86 days. Inventory at the end of February was 22,473. That compares with an inventory of 17,824 at the end of February 2007. Current inventory of properties by category, compared to the same time last year, is: Inventory Residential Condominium Multi-family Farms/Land/Lots Feb. 2007 17,824 11,979 1,972 290 3,583 Feb. 2008 22,473 14,344 2,374 380 5,375 "Inventory has increased significantly over the past year, which means home buyers have meaningful choices," Wachtler said. "The conversation and outlook among real estate professionals is very upbeat. Showing activity appears to be increasing and more transactions are moving to pending status, soon to be completed and closed sales. " *info Courtesy GNAR* Vanessa Stalets Brentwood TN Real Estate RE/MAX Elite 615-957-6333/615-661-4400