HummerHomes Team Now Has Corporate Housing

The HummerHomes Team is proud to release our new Nashville Corporate Housing program that features brand new condos in urban core of Nashville. In 2008, we will release 8 condos in the Encore, 6 condos in the Icon, 4 condos in the Viridian, 4 flats in District Lofts, and 4 townhomes in Madison Square for corporate lease. In 2009, we will release 10 condos in the Rhythm and 5 townhomes in West End Station. All units will be brand new construction and fully furnished by Cort furniture, the industry leader in Nashville.

Pre-leasing will being in January 2008, for more information on floor plans and rates, please contact Grant Hammond at 615-945-7123 or via email Grant@HummerHomes.com

Nashville Mortgage Rates Bump Up

Freddie Mac reports that 30-year fixed mortgages averaged 6.11% on Friday, an increase from the week-ago rate of 5.96%. Until this past week, interest on 30-year loans had either been holding steady or declining each week since mid-October. The increase to 6.11% prompted Freddie Mac chief economist Frank Nothaft to remark: "The national housing segment of the economy still has a way to go before bottoming out."

Rates on 15-year fixed mortgages, meanwhile, climbed to 5.78% from 5.65% a week earlier; while five-year adjustable-rate mortgages jumped to 5.89% from 5.75%, and one-year ARMs bumped up to 5.50% from 5.46%. The rate jump was a true surprise as the Fed met earlier this week and lowered prime 0.25%, but Wall street hoped for a full half point drop causing the market the fall over 250 points. The HummerHomes Team predicts that Nashville mortgage rates will fall consistently over the next 3-4 months and the 30-year fixed rate may be as low as 5.75% by early March.

Even with this small mortgage set back, the Nashville real estate market continues to sell more homes than it ever has in history. The downtown condo market has really spurred our market as there are more than 2,000 units delivering in 2008, over 90% of which are already sold! Now is a fantastic time to own real estate in Nashville, our market has appreciated in 2007, condos are flying off the shelf, and you can buy so much for your money!

The Encore in downtown Nashville, TN

I was driving through downtown Nashville today and happened to notice that the Encore condo tower was shimmering in the late afternoon sun. This project will be complete in mid 2008 and will set a new standard in downtown Nashville living! On another great note, the Nashville Predators extended their lease in the Sommet Center ensuring Encore owners will continue to enjoy NHL games for years to come.

This project is currently 85% sold out, but our clients bought more than 20 premium units and some would be willing to sell to you at less than current market rate in return for a simultaneous closing in 2008! Email Grant@HummerHomes.com to find out more about these opportunities.

Nashville Mortgage Rates Hit Two-Year Low!

The 30-year fixed mortgage rate fell to a more than two-year low in the week ended Nov. 29, slipping to 6.1% from 6.2% the prior week. Freddie Mac further reported that the 15-year fixed loan rate fell to 5.73% from 5.83% over that same time span, and that interest on five-year adjustable-rate mortgages dipped to 5.86% from 5.88%. Meanwhile, the one-year ARM bumped up to 5.43% from 5.42%. Freddie Mac chief economist Frank Nothaft attributed the decline in Nashville mortgage rates to worries about an economic downturn tied to the weak housing and credit markets, which has pushed down interest rates on U.S. Treasuries.

If you are considering purchasing an investment property in Nashville, now is the time to get off the fence! With the NAR predicting 5.8% to 12.2% appreciation in 2008, mortgage rates at 2005 levels, and the ability to shake nervous buyers down, there has not been a better time in more than 22 months. In addition to residential investments, we offer many "off market" commercial real estate opportunities in Nashville.