With Year-End Only A Day Away 2009 Real Estate Was Jump-Started by Government Stimulus

Happy New Years

Events from the year 2009 are about to recede into history books. As we get ready to look back at ’09, one aspect stands out. Government stimulus in the form of the first-time home buyer tax credit impacted the US real estate market in a big way. My news sources at the National Association of Realtors, in Washington, DC have analyzed data through the month of November. Their conclusions sync well with what the Realtors in the Smokies already know.  November of ’09 saw a scramble of activity from people racing to make the deadline for the homebuyer tax credit. NAR Chief Economist, Lawrence Yun felt that the home buying rush was expected. With the congressional extension and expansion of the home tax credit, more buyers will enter in the market. There may be some decline in activity, as the markets make their seasonal shift from year-end holiday shopping, to a traditionally strong spring new home search. Yun expects home buying to ramp up, as the spring of 2010 progresses and buyers take advantage of the extended tax credit. So far the tax credit appears to be soaking up excess inventory in unsold homes. This has helped to stabilize home prices in much of the US. The stimulus focused on getting first time home buyers into the market. This has created a real demand for lower priced homes, which inturn impacted the national median home price for sold homes.

The government-induced real estate simulus appears to be benefiting the market in a number of ways. We previously mentioned inventories of homes for sale are dropping. Foreclosures, short sales, and other price-distressed properties are quickly being purchased, so their low prices are not around long enough to radically bring down comparable real estate. Pricing overall appears to be stabilizing across the country. Before October of this year, the only real gains were at the bottom of the market. However, for the second month in a row, property sales have risen in all price classes. The median price of sold homes is lower by 4.4% than in 2008, because of the influx of new buyers. The level of sold single family homes is 42.1% above the 2008 numbers. Here in the South, the existing home sales are 44.8% higher than last year and the median price is $151,400, only 1.4% lower than ’08.

If you are considering real estate in the Smokies this could be a great time to buy. For qualifying buyers, mortgage interest rates are close to historical lows. Inventories of property for sale are high enough for good pricing and adequate selection. Start your search on The Jason White Team website. You can define your property search criteria to save time and money. When you are ready to visit or finalize your quest, contact us and we will assist with years of local knowledge and professional expertise.

November Existing Home Sales

 

                       Here are a couple of my vacant land properties:    

Spectacular Smoky Mountain View!!
Unique opportunity to own a lot like this! Spectacular mountain and city view, with level building site.
Type: Land
Location: Gatlinburg ,Tennessee
Price: $125,000
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Listen To Mtn River From This Property!!
Listen to the abundant sounds of nature from this 1.64 acre property with river and mountain views. Amazing that you are only minutes from the National Park, downtown Gatlinburg , and Pigeon Forge with such amenities but yet so private.Type: LandLocation: Sevierville,TN
Price: $144,500
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