Pending Home Sales For February Reveal a Nice Increase

The Index for Pending Home Sales always lags real time as figures get crunched and analyzed. Much of the data takes time to collect and review.  However, my sources out of the National Association of Realtors feel this “Index” is valuable for trend prediction in U.S. real estate.  For new blog readers, Pending Home Sales tracks homes under contract, yet not officially closed.  Usually, official closings follow within 1-2 months.  February’s “pending” index figures were expected, and did not surprise the researchers.  January’s figures had dipped because of an unusually cold winter, laden with precipitation, that gripped most of the nation.  February’s data shows a rebound of 8.2% over January 2010.  This remains 17.3% above February of 2009, when the index level was 83.2. Lawrence Yun, NAR’s chief economist, remains cautiously optimistic about the data.  He sees the rise in February 2010’s PHS Index as the beginning of a second wave of home buyers, looking to cash in on the homebuyers’ tax credit.  Qualifying home purchases must be initiated by April 30th, 2010. Closing must occur by June 30th, 2010.  Yun is hopeful that buyer activity this spring will decrease home inventory across the nation.  This drop in the number of homes for sale, will in turn assist in firming up prices.  A lower inventory usually stabilizes home values. 

Current factors in today’s Smoky Mountain real estate, make this a great time to buy or sell property.  There is good inventory to provide a selection of property. Mortgage interest rates are about as low as they may ever get.  If you qualify, there is only a few weeks left to ink a contract, and get the process moving to receive your share of some stimulus money.  April 30th of 2010 is the deadline to get a house under contract and by June 30th of this year, it must be closed and finalized.  Check with your financial people immediately, if you want to utilize the tax credit.  Our website is a great place to begin your property search, and our people on the Jason White Team can help you finalize the property quest.  However, at this stage, the tax credit will require a lot of pre-planning and pre-qualifying to pull off before April 30th.  My team members are available to assist you either in buying or selling your Smokies’ property.  Contact us today to get started.

Here are a Few of my Current Listings:

Pigeon River Right Outside Your Door!
This remodeled riverfront home is a sure to please. With the calming sounds of the Pigeon River right outside your door this completely remodeled home complete with sauna and hot tub are sure to take the stress away!
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $329,900
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11 Bedroom- Smoky Mountain Stunner!
This 11BD/11.5BA mountain top home is designed with hardwood floors, high quality furnishings and antique decor throughout. A stunning handcrafted cedar staircase, sunroom w/large swim spa, sauna, media room, over 2500 sq ft of decking to enjoy the view!
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $1,475,000
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Sits on Beautiful Pigeon River!!
Located on the state’s most pristine river this is truly a one-of-a-kind property. Listen to the sounds of the river on this 2.8 ac in upscale subdivision of Riversong. This home offers a gourmet kitchen, huge game room and even a playroom for the kids.
Type: Single Family Home
Location: Pittman Center
Price: $1,195,000
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Call us today to view one of these properties! 865-436-2121

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