Are We On Our Way To A Housing Market Recovery?

As we follow market statistics, news and other sources it seems that we may be headed towards recovery. This week let’s take a look at what everyone is saying, what the trends are and what it all means as you are looking at the purchase or sale of a home.

On January 9th The National Association of  Home Builders added 40 new metro areas to its NAHB/First American Improving Markets Index. This is up from  only 41 improving areas  in December, with 31 states represented by at least one entry.The index identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. In a release on January 12th David Crowe, NAHB Chief Economist states “2011 ended on a positive note with economic activity continuing to expand at a moderate rate and the housing sector finally gaining some positive momentum after bouncing along the bottom for most of the year.”

We are seeing banks taking measures to streamline the processing of  backlogged foreclosure inventory and aggressively seeking alternatives to foreclosure. Bank of America and a few other lenders are currently testing a few pilot programs to entice homeowners to pursue a short sale of their property in lieu of letting it go to foreclosure. So what does it all mean?

For sellers:
If you are thinking of selling your Smoky Mountain property, this is all good news. The Smoky Mountain area remained relatively stable throughout 2011, with only minor changes from 2010. You can find the 2011 statistics in our earlier blog post here. At the turn of 2012 we have seen a definite spike in activity with interest rates at extreme lows & more qualified buyers entering the market looking for their own Smoky Mountain get away. With the phones ringing, email inquiries pouring in and the influx of people visiting the area to look at property, sellers are seeing a big increase in exposure of their homes to qualified buyers. We would be happy to provide you with a complimentary market analysis of your property to help you see what it’s true value is in the current market.

For buyers:
Looking to purchase a second home or investment property in the smokies? As mentioned above, we may begin to see less foreclosures, more stabilized prices and a more competitive market as the year progresses. There are many great opportunities still available in the current market and now may be the time to start looking to see what is available. Interest rates are remarkably low & we would be happy to assist you in getting pre-qualified for a mortgage to begin your buying process. For more information about getting pre-approved and why it is so important in today’s market please visit last week’s blog post here.

See what opportunities the Smoky Mountain home market has to offer by viewing available homes at our website.

Here are a few of my featured listings:

 

Small Price – Large Mountain Home
Almost $27,000 rental income for 2011! Great bargain for future income. Beautiful chalet with lots of room for entertaining.
Type: Single Family Home
Location: Chalet Village
Price: $189,900
Get more information >

 

Charming & Authentic Log Cabin
Did $22,907 in rental income from April – December of 2011. Charming and authentic log cabin located in desirable Sky Harbor community between tourist centers of Gatlinburg and Pigeon Forge.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $179,900
Get more information >

 

Smoky Mountain Money Maker
Smoky Mountain money maker did over $26,000 in rental income for both 2010 & 2011. Nestled in a resort like neighborhood this large cabin is filled with amenities & is close to Dollywood.
Type: Single Family Home
Location: Pigeon Forge
Price: $179,900
Get more information >

 

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