Official August 2010 Pending Home Sales and Housing Affordability is Great for Gatlinburg Real Estate

Sunrise on Mt LeConte

 

The entire spectrum of Smoky Mountain real estate is currently enhanced by NAR’s data for August 2010.  As the country’s largest trade association, the National Association of Realtors uses some of its’ resources to supply members with nation-wide statistics on realty sales.  This data helps individual members better understand cycles in their own local markets.  There are 2 indices for August 2010 that are highlighted for this week’s blog.  The first index for our inspection is the Pending Home Sales Index.  Our blog has often referred to the PHSI.  This index is a future-oriented indicator.  It tracks home sales that are under contract, but not officially closed. Typically contracts on the PHSI officially close within 1-2 months.  New blog readers can trace the links on the specifics of the PHSI.  The NAR statisticians show that July 2010’s figure of 78.9 rose 4.3% to 82.3 in August.  The July and August 2010 index totals have shown increases, but they are below the August 2009 level of 103.0.  All of these need to be viewed in the light of federal government stimulus.  Last year’s figures were massively driven by federal intervention.  The current national real estate market is struggling to find it’s way back to a free market, outside of government stimulus.  This will take time since other related areas of our economy are also undergoing government intervention.   

Another influential index of note is Housing Affordability.  Current data shows that qualified buyers will find suitable factors enhancing their housing purchase.  First and foremost is the influence of low mortgage interest rates.  This along can make a home purchase very affordable.  The second key item in property purchases is the initial property costs.  Prices are certainly off their highs in almost all areas of the nation.  Most markets are seeing prices stabilize.  In prime real estate areas, prices on property may be starting to increase.  NAR Chief Economist, Lawrence Yun, cautions everyone that recovery in real estate takes time.  Factors like; job creation, consumer confidence, low inflation, and low interest rates are keys to sustained economic improvement.   

If you are considering a property purchase here in the East Tennessee Smokies, now could be a great time.  It is challenging to predict future events with precise knowing.  However, current conditions are favorable and other investment arenas are potentially more risk-prone than real estate.  Begin your search on our website in the comfort of your own home.  When it is time to finalize your purchase, the experience and expertise of the Jason White Team is available to turn your dream into reality. Contact us to get started today.   

Here are a Few of My Latest and Current Listings:  

Privacy with 5 acres!
If you are looking for privacy with acreage this is it! Covered porch with hot tub overlooking property with large boulders. Open floor plan with master on second floor and walkway leading to covered porch. Great rental history!
Type: Single Family Home
Location: Chalet Village
Price: $179,900
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Corner Condo with Spectacular Mtn Views!
Ground floor, corner unit with spectacular Great Smoky Mountain views. Wonderful indoor facility w/ pool as well as an outside pool.
Type: Condo
Location:Gatlinburg ,Tennessee
Price: $92,500
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Top Floor w/ Best Mountain Views !!
Best views in the county. Really close to the Great Smoky Mountains with direct views of large peaks and city lights of Gatlinburg. This top floor condo is furnished nicely with access to outdoor pool and indoor pool area with amenities.
Type: Condo
Location:Gatlinburg ,Tennessee
Price: $117,000
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