Total Existing Home Sales in July Nationally on the Rise

Posted by Gatlin on August 29, 2013

As a further sign of continued gradual growth in the housing market, the National Association of Realtors (NAR) recently announced that existing-home sales rose strongly in July, with the median price maintaining double-digit year-over-year increases.

According to the latest NAR report regarding July’s trends, total existing home sales increased 6.5 percent to a seasonally adjusted annual rate of 5.39 million in July from a downwardly revised 5.06 million in June, and are 17.2 percent above the 4.60 million-unit pace in July 2012; sales have remained above year-ago levels for 25 months.

In addition, Freddie Mac also recently indicated that the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.37 percent in July from 4.07 percent in June, and is the highest since July 2011 when it was 4.55 percent; the rate was 3.55 percent in July 2012.

Furthermore, the national median existing home price for all housing types was $213,500 in July, which is 13.7 percent above July 2012. This marks 17 consecutive months of year-over-year price increases, which last occurred from January 2005 to May 2006. Also, based on the NAR findings, Total housing inventory at the end of July rose 5.6 percent to 2.28 million existing homes available for sale, which represents a 5.1-month supply at the current sales pace, unchanged from June. Listed inventory is also now 5.0 percent below a year ago, when there was a 6.3-month supply.

Therefore, based on the findings of the NAR for July in 2013, we foresee that home prices will continue their gradual rise, in spite of recent interest rate increases, and that housing inventories continue to slowly decrease, thereby raising the home prices as demand remains steady or increases.

There are still many great deals on homes available in the Great Smoky Mountain market, and today is a good time to look for the many properties that are available right now. If you have thought about purchasing a property in the Great Smoky Mountain region, now is the time to start looking. We invite you to browse our available properties today, and see what our area has to offer for you.

Here Are A Few of My Featured Listings:

Unique Contemporary Home w/Mtn Views Come & enjoy this one of a kind, unique, contemporary home! This 5000+ sq ft, 4 BD/3 BA home is located just off the Parkway in Sevierville in a beautiful, private neighborhood! Type: Single Family Home Location: Sevierville,TN Price: $325,000 Get more information >

180 Degree City & Mountain Views Produced over $14k in rental income in 2012. Very private ridgetop retreat w/wraparound covered deck that has amazing 180 degree views of the mountains & city lights. Type: Single Family Home Location: Chalet Village Price: $189,900 Get more information >

Gone With The Wind Almost $27,000 income for 2012!! If you have dreamed of having a luxury chalet on top of the mountain with sweeping views of the valley, city and mountains then you have to look at this one. Type: Single Family Home Location: Chalet Village Price: $299,900 Get more information >

The Jason White Team
Century 21 Four Seasons Realty
1441 Wiley Oakley Dr
Gatlinburg, TN 37738
Toll Free: 877-678-2121
Fax: 865-436-7227
Email: jason@jasonwhiteteam.com
Website: www.SmokyMountainLifestyle.com

National Market and Consumer Trends Show Higher Home Prices and a Decrease in Housing Inventory

Posted by Gatlin on August 15, 2013

The recent national trends of higher home prices and decreasing housing inventory continued through the month of July. According to Realtor.com, the nation experienced a 5.24% decline in housing inventory, which is the second month in a row with year-over-year inventory declines in the single digits. In addition, this report also shows that national median home listing prices increased 5.27% year-over-year while the median age of housing inventory is down 16.67% nationally. This shows a continued trend of higher home prices, while also showing a decrease in both the amount and age of housing inventory nationally.

Furthermore, according to the latest Fannie Mae Monthly National Housing Survey for July, consumers expect home prices to climb 3.9% on average over the next 12 months, holding steady from the May and June survey results. Also, the share of survey respondents who say it is a good time to buy a house increased to 74%, while those surveyed indicating that it’s a good time to sell a house increased to 40%, matching the survey high.

According to Doug Duncan, who is a Senior Vice-President and Chief Economist for Fannie Mae, “expectations for continued improvement in housing persist, and sentiment toward the current buying and selling environment is back on track from its dip last month.” In addition, Mr. Duncan also stated that “these results are consistent with our own analysis of previous housing cycles, which finds that interest rates and home prices are not strongly correlated.”

On the whole, the national trends continue to reflect a slight decrease in housing inventory, while also showing a continued rise in home prices available on the market. In view of these trends, there are many great deals available for homes in the Great Smoky Mountain market today, and right now is a good time to look for the many properties that are still available. If you have recently thought about purchasing a property in the Smoky Mountain region, today is a good time to start looking. We invite you to browse our available properties, and see what the Smoky Mountain region has to offer.

Here Are A Few of My Featured Listings:

Picture Perfect Log Cabin Almost $25,000 in rental income for 2012! Well built log cabin with privacy and only 5 miles to Pigeon Forge. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $219,900 Get more information >

Enjoy Resort Living In The Mountains Great rental income: 2012 – $32,195 & 2011- $24,226.Private three bedroom, three bath log cabin with great mountain views from three decks. Type: Single Family Home Location: Pigeon Forge Price: $289,900 Get more information >

Come Be A Happy Bear Over $27,000 in gross rental income for 2012! This one will make you $$$. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $259,900 Get more information >

Heading Into August The Smoky Mountain Real Estate Market Continues Its Gradual, Steady Growth

Posted by Gatlin on August 8, 2013

For much of this year, we have seen both the national and local real estate markets steadily grow and show a steady climb to positive numbers. As we look at the statistics for the Great Smoky Mountain real estate market through July of this year, we will see that this gradual trend continues. Let’s now see what the numbers have to say.

In the category of Residences Sold, we see a slight decrease versus last year of 3%. This represents 21 less homes sold in comparison to the same period in 2012. Even with the decrease in this number, as we look at the rest of the statistics, we will see that the market is still fairly stable and we expect this to continue and improve.

In the category of Residential Dollar Volume for the year, we actually see a very slight increase through July of this year, as opposed to through July in 2012. This indicates that there is a slight increase while the number of homes shows a slight decrease, the recent trend of increasing home prices shows that a greater dollar volume in homes is being sold, showing a gradual and strengthening market reflective of greater confidence on the part of both buyers and sellers.

There is also continued good news for sellers in the Average Sold Price Category. In line with statistics so far for the year, prices still show a gradual rise versus 2012, reflecting the recent national trend towards higher home prices. As inventory continues to decrease, we expect prices to continue their gradual increase, in line with both national and local trends.

In addition, available homes on the market continue to decline. Through July, we see a slight decrease of 1%, or 43 less homes on the market. As activity continues to stabilize, along with the national and local trends of rising home prices, this number will continue to dwindle.

As markets continue this gradual trend of growth across the nation, home prices will continue their rise and housing inventory will continue to decrease. Mortgage rates still remain at historically low rates, and there are still plenty of housing options to choose from, especially in the Great Smoky Mountain real estate market. Why not start your Great Smoky Mountain home search now by visiting our website, browsing our available properties, and seeing what the Smoky Mountain area has to offer?

Here Are A Few of My Featured Listings:

Spacious Home w/Great Mtn Views Spacious home full of character & detail. A vintage door from the 1890’s welcomes you inside where you will find vaulted ceilings, lots of windows and lots of unique spaces. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $359,200 Get more information >

Great Views & Privacy This three level cabin has consistently produced right at $30k a year in rental income every year since 2007! Located on a private lot it features a great view and a lot of windows and deck space for enjoying the scenery Type: Single Family Home Location: Pigeon Forge Price: $279,900 Get more information >

A View Second To None Over $40,000 in rental income for 2012! Aptly named A View Second To None, this chalet has breathtaking views of Mt. LeConte. Located just minutes to downtown Gatlinburg & Ober Gatlinburg Ski Resort. Type: Single Family Home Location: Chalet Village Price: $259,900 Get more information >

The Jason White Team
Century 21 Four Seasons Realty
1441 Wiley Oakley Dr
Gatlinburg, TN 37738
Toll Free: 877-678-2121
Fax: 865-436-7227
Email: jason@jasonwhiteteam.com
Website: www.SmokyMountainLifestyle.com

Home Prices on the Rise Nationally Show a Strengthening Housing Market

Posted by Gatlin on August 1, 2013

Over the last year, U.S. home prices have jumped 12.2% as of May of this year, from that of May of 2012, which represents the largest annual gain since March of 2006. In addition, to reflect this recent trend, the Standard & Poor’s/Case-Shiller 20-city home price index released on Tuesday surged 2.4% in May from that of April, all in 2013. Furthermore, these price increases were widespread, where all 20 cities measured by the S&P Index showed gains over a month’s time, from April to May in this year.

The S&P Index covers roughly half of all U.S. homes, and measures prices compared with those in January of 2000, along with creating a three-month moving average. The May index figures, as noted here, are the latest figures available. Despite a recent increase in mortgage rates, especially since early May, the figures noted by the S&P Index have not been significantly impacted, and still show a general trend towards rising home prices across the nation.

The factors behind these home price increases primarily center on more people bidding on a scarcer supply of home that are available for sale, indicating a shrinking housing inventory nationally. In addition, steady price increases, along with stable job gains and historically low mortgage rates, have encouraged more Americans to buy homes. Also, with higher home prices, more sellers are able to put their homes on the market, which creates greater supply and contributes to the ongoing gradual housing recovery that is now currently underway.

What does all of this mean? The national trends, as reflected by the recent S&P Index, show a steady growth in the housing market, and continued strength in home prices across the board. For both buyers and sellers, the market appears to be more receptive at the present time, and is showing gradual gains amidst an ongoing economic recovery.

There are still many great deals on homes available in the Great Smoky Mountain market, and right now is a good time to look for the many properties that are available right now. If you have thought about purchasing a property in the Great Smoky Mountain region, today is a good time to start looking. We invite you to browse our available properties that we have in the area.

Here Are A Few of My Featured Listings:

Beautiful Log Cabin w/Mtn. Views Brand new log cabin w/ 2 BD/2 BA, located just 2 mi. from the Downtown Gatlinburg Strip, & is w/in walking distance to the Gatlinburg Community Center. Type: Single Family Home Location: Gatlinburg,Tennessee Price: $259,900 Get more information >

Unique Sevierville Home w/Large Backyard Beautiful, masonry-style, 3 BD/2.5 BA, 3700+ sq. ft. home located within minutes to Dollywood! Type: Single Family Home Location: Sevierville,TN Price: $339,900 Get more information >

Remodeled Condo w/Amazing Mtn Views This contemporary style 2BD/2BA home offers practically a bird’s eye view of the ski slopes at Ober Gatlinburg plus an unparalleled exhibit of the Great Smoky Mountains! Type: Condo Location: Gatlinburg,Tennessee Price: $209,900 Get more information >

The Jason White Team

Century 21 Four Seasons Realty

1441 Wiley Oakley Drive

Gatlinburg, TN 37738

Toll Free: 877-678-2121

Fax: 865-436-7227

Email: jason@jasonwhiteteam.com

Website: www.SmokyMountainLifestyle.com

Fed Seeking to Ease Recent Increase in Interest Rates

Posted by Gatlin on July 25, 2013

Federal Reserve officials recently expanded upon the latest comments by Fed Chairman Ben Bernanke, whose comments led a recent sudden spike in interest rates, including mortgage rates, which increased to the highest levels seen in nearly two years. The effects of this recent spike have led to potential increased borrowing costs for first-time and returning homebuyers, at a time when the housing market is showing slow, but steady, national growth.

Bernanke’s recent comments indicated that the Fed would reduce the amount of bond purchases that it has made since the 2008 economic downturn, along with keeping the benchmark interest rate down at all-time lows. However, according to William C. Dudley, President of the Federal Reserve Bank in New York, any increase in the Fed’s benchmark interest rate is “very likely to be a long way off,” and that any decision to reduce the pace of asset purchases wouldn’t represent a withdrawal of stimulus.

In fact, showing the reflectiveness of this recent rate spike, the average rate for a 30-year fixed mortgage recently rose to 4.46 percent from 3.93 percent, the biggest one-week increase since 1987, McLean, Virginia-based Freddie Mac said in a statement. The rate was the highest since July 2011 and above 4 percent for the first time since March 2012.

What does all of this mean? For the long-term housing market, especially for first-time and returning homebuyers, the Fed’s recent trend to consider a reduction of bond purchases and assets indicates a shift that may result in higher interest rates, including mortgage rates. While not immediate, the trends, as well as recent comments by the Fed, indicate that interest rates will go up in the long-term – it is just a matter of when and by how much.

Here Are A Few of My Featured Listings:

Beautiful & Spacious Home w/Amazing View Over $185,000 in rental income from 5/1/12-4/30/13. Self managed using VBRO.com eliminating big management fees and improving net income. Prepare to be impressed by the top quality construction and high end finish work. Type: Single Family Home Location: Gatlinburg,Tennessee Price: $1,950,000 Get more information >

Beautiful Cedar Log Home w/Mtn View Beautiful, private, and well-maintained 4 BD/2.5 BA cedar log home located with Amazing Mountain and Natural views! Type: Single Family Home Location: Gatlinburg,Tennessee Price: $589,000 Get more information >

The Jason White Team
Century 21 Four Seasons Realty
1441 Wiley Oakley Drive
Gatlinburg, TN 37738
Toll Free: 877-678-2121
Fax: 865-436-7227
Email: jason@jasonwhiteteam.com
Website: www.SmokyMountainLifestyle.com

The National Real Estate Market Continues to Hold Steady Halfway Through 2013

Posted by Gatlin on July 11, 2013

As we now reach the halfway point in 2013, there are some very noteworthy trends that are emerging nationally that continue to show a steady real estate market nationally. As we continue into 2013, here are some of the trends that are now emerging, and will have a noteworthy impact on real estate nationally, as well as locally.

According to the latest news from CoreLogic, the first indicator of note is that U.S. home prices have jumped 12.2% in May 2013 from a year ago, the most in seven years. The increase suggests the general national housing recovery is relatvively steady, and is, in fact, slowly strengthening. In addition, on average, national residential home prices rose 2.6% in May 2013 from April 2013, which is the 15th straight month-over-month increase, as measured. In many states, including Tennessee, home prices are gradually increasing and showing a generally positive increase.

The other notable indicator shows us that, according the U.S. Commerce Department, there was an increase in home construction, by 6.8%, in terms of overall pace of homes being constructed, in May 2013, as opposed to 14.8% decline in home construction in April 2013. Based on this, while not dramatically increasing, home construction is also holding steady and even gradually increasing, as well as with home prices.

Furthermore, according to Realtor.com, May of 2013 saw median list home prices were 2.10 percent higher than April 2013 home prices. This reflected a general and gradual trend towards higher home prices as a whole, and we see that the home prices are reflecting a steady national trend towards higher home prices, as well as greater consumer demand for homes.

The basic reasons for these trends are many, but generally can be attributed to greater demand, limited numbers of homes for sale, and fewer foreclosures, as well as steady hiring in the job market and relatively low mortgage rates. Based on this data, we foresee a gradual continuation of these national trends, especially with respect to home prices and available housing inventories.

There are still many great deals on homes available as we see home prices gradually rising nationally, especially in the Great Smoky Mountain market. If you have thought about purchasing a property in the Great Smoky Mountain region, now is the time to start looking. We invite you to visit our website to browse the available properties in the area.

Here Are A Few of My Available Listings:

Classic Mtn. Chalet w/Mt. LeConte View This high quality classic contemporary mountain chalet features four master suites each with deck access. Fantastic peninsula lot with beautiful views of Mount LeConte. Type: Single Family Home Location: Gatlinburg,Tennessee Price: $279,900 Get more information >

Custom-Built Home on Douglas Lake Custom built home on a lake front peninsula surround by water on three sides with expansive views. Type: Single Family Home Location: Douglas Lake Price: $899,900 Get more information >

Updated & Luxurious Move in ready, recently painted & in excellent condition. Lovely patios front & rear and lawn in back, extras such as dimmable lights, upgraded light fixtures, beautiful 18 heated tile in master bath & oak flooring make the home feel special. Type: Single Family Home Location: Sevierville,TN Price: $239,900 Get more information >

The Real Estate Market Holds It’s Ground Through May

Posted by Gatlin on June 6, 2013

So far in 2013 the news has been positive for both the local and National real estate market. As real estate affects the economy directly by creating jobs, spurring marketplace activity and more it is a breath of fresh air to see the recovery in process. Today we will take a look at the Sevier County, Tennessee statistics through May for single family homes.

Number of homes sold is slightly down with a decrease of 55 homes versus the same period last year.

With the decrease in number of homes sold, total dollar volume was affected as well with a small decrease, inventory constrictions may be contributing to these numbers.

Great news for sellers! The average sold price continues to show gains over last year showing an 8% increase. As inventory continues to shrink prices will continue to get a boost.

The number of available homes is down 4% from last year. This will continue to help prices however now may be a good time to think about getting a free price analysis to determine if it is the right time to sell.

Although inventory is down there is still a wide variety of properties to choose from. As prices continue their steady rise now is the time to get started on making your dream of owning a Smoky Mountain home a reality. We invite you to visit our website and begin the search.

Here Are A Few Of My Featured Listings:

Perfect Country Cabin Over $21,000 gross rental income in 2011 & 2012! Perfect country cabin for a romantic get-away. Great rental history and tidy condition make this an easy choice. Type: Single Family Home Location: Pigeon Forge Price: $129,900 Get more information >

Custom Built Dream Home This is a well built custom one owner home on a 3/4 acre level corner lot with mountain views of the Great Smoky Mountains National Park. Type: Single Family Home Location: Cosby Price: $239,900 Get more information >

Rustic Log Cabin W/Amazing Views! Authentic & rustic log cabin with breathtaking mountain views. Located in desirable Chalet Village, this cabin is just minutes from Ober Gatlinburg Ski Resort and downtown Gatlinburg. Type: Single Family Home Location: Chalet Village Price: $139,900 Get more

What Role Does The Real Estate Market Play In The Economy?

Posted by Gatlin on May 9, 2013

We have witnessed a continued stream of good news flowing in for the housing market so far this year and there is no doubt that a recovery is underway. Trulia’s Housing Barometer shows each month how quickly the market is heading back to “normal.” Trulia is showing that the market is currently 56% of the way back compared to only 33% one year ago. This number comes from averaging 3 key indicators:

*Construction starts were up 47% year over year, the highest level since June of 2008 – 55% back to normal.

*Existing home sales slowed a bit but were still up 10% year over year – 66% back to normal.

*The foreclosure and delinquency rate fell to it it’s lowest level since October of 2008 – 48% back to normal.

Though it is great to hear real estate is doing well it is often mentioned that this means an overall boost to the economy. Let’s take a look at a few of the reasons why.

Many career fields and even the Government depend on real estate success. Of course lenders and builders benefit when the market is doing well but a closer look shows that the impact goes much deeper than that. Lawrence Yun, NAR Chief Economist, says that the market recovery is responsible for about 1/3 of the economy’s growth and a large number of jobs. When we think about homes being purchased many times this means a need for landscaping, remodeling, lawn equipment and numerous other items. This pours spending right back in to the economy. The effects go through several levels, as home purchases and home construction increase the demand for materials and supplies is also increased, boosting retail jobs, manufacturing jobs and labor jobs.

Another way home purchases help is in the tax sector. Most communities depend on tax dollars to provide road maintenance, parks, emergency personnel and other services. With more property tax dollars coming in cities are able to spend more on improvements. With these improvements it is easier to attract job providers or in some cases, recreational visitors to the area. This completes a loop of money being circulated in the economy.

These are just a few of the ways that real estate affects the economy and there are many more. As the market continues to level now is the time to consider a purchase. When you are ready we will be here to help you navigate the process from beginning to end.

Here Are A Few Of My Featured Listings:

Tucked Away In The Woods This two bedroom chalet with a pretty wooded view is set back in the trees to offer the kind of privacy you seldom find in today’s crowded world. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $139,900 Get more information >

Stress Free Home In The Mountains Looking for a stress free home away from home in the Smoky Mountains? You have found it here with this inviting condo atop Ski Mountain. Type: Condo Location: Chalet Village Price: $85,000 Get more information >

The Smoky Mountain Real Estate Market Holds Steady

Posted by Gatlin on May 2, 2013

An article on CNN Money this morning reports that mortgage rates for a 30 year fixed loan still hover near the record low set in November of 2012 at 3.35%. The 15 year rate fell to an all time low at 2.57%. These continued low rates are helping to push the real estate market into recovery. So far in 2013 we have seen mostly positive news both nationally and locally. As we look at the market statistics for the Smoky Mountain Region we see that the market is holding steady and still showing positive growth from last year.

In the first category of Residences Sold, we see a slight decline of 38 homes versus the same period last year.

In Residential Volume Sold we see a 2% increase. Though the number of homes sold has slightly declined this number continues to stay positive as home prices are still showing an increase.

Total Dollar Volume Of Homes Sold The Average Sold Price of Smoky Mountain Homes shows an increase of 12% versus last year. We believe this number will continue to improve as the market keeps growing.

In the final category of Available Homes we continue to see inventory decrease. April finished out with 181 or 6% less homes on the market than the same period last year. As this number continues to show a decrease it will contribute to helping prices rise.

There are still plenty of properties to choose from and though prices are rising they are still lower than when the market was at it’s prime. Now is the time to begin searching if you have ever thought of buying a get away or investment in the Smoky Mountains. We invite you to visit our new home search website and begin the process of finding the one that’s perfect for you.

Here Are A Few Of My Featured Listings:

Rustic Charm – Modern Comfort Over $20,000 in rental income in both 2011 & 2012. This log cabin nicely displays a nice balance of rustic charm blended with modern comfort. It features true log construction with high ceilings and an open floor plan. Type: Single Family Home Location: Chalet Village Price: $139,900 Get more information >

Top Of The Line – Borders National Park Tucked away on a HUGE wooded lot bordering the Great Smoky Mountains National Park this oasis of privacy offers top of the line stainless steel appliances, breakfast bar, hardwood floors and much more. Type: Single Family Home Location: Chalet Village Price: $369,900 Get more information >

As Foreclosures Ease, The Market Benefits

Posted by Gatlin on April 25, 2013

Recovery We have watched as inventory decreases and prices rise both locally and nationally. This is due in part to a steady decline in foreclosures entering the market. In March the number of foreclosure filings fell 21% from a year earlier and repossessions were at the lowest number we have experienced in five and a half years. Let’s take a closer look at all of the factors in play that are helping ease the numbers.

Stronger guidelines for processing short sales have been put into play for some loans helping the process move along more quickly. As buyers see that short sales are not taking as long they are more interested in these listings resulting in more of them being sold instead of moving into foreclosure.

Banks are also approving more loan modifications and refinances to help owner’s stay in their home instead of considering foreclosure proceedings as the first option. According to a new report for March by Lender Processing Services, the number of owners who are behind on payments or in danger of foreclosure dropped below the 5 million mark for the first time since 2008. LPS reports that by the end of March the number of homes in foreclosure dropped to 3.4%, down from 4.2% just a year ago.

We are also seeing a huge increase in banks using deeds-in-lieu of foreclosure. A deed-in-lieu of foreclosure allows the bank to take possession of a home while foregoing the foreclosure process. Often times a deed-in-lieu comes with an offer of “cash for keys” an incentive for owners to vacate the home without letting it fall into foreclosure. Nationwide, in 2012, deeds-in-lieu were up 40% from 2011 according to RealtyTrac.

There are still many great deals on homes available as we see prices rising slowly. For the week we saw average mortgage rates drop .02% to 3.65% keeping home affordability at record lows. If you have thought about purchasing a property in the Great Smoky Mountain region now is the time to start looking. We invite you to visit our website to browse all of the available properties in the area.

Here Are A Few Of My Featured Listings:

Great Income, Perfect Location Over $40,000 in rental income for 2012! Big open floor plan with 5 bedrooms & bath suites. Four of the suites have whirlpools & 3 feature fireplaces. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $299,900 Get more information >

Charming River Front Cottage Almost $15,000 in rental income for 2012. Sitting right along the Little Pigeon River, this charming cottage is just minutes to the Pigeon Forge Parkway. Type: Single Family Home Location: Pigeon Forge Price: $177,900 Get more information >

Category: National Housing Statistics