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

Posted by Gatlin on December 30, 2009

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 Get more information >

	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 Get more information >

Call me today for more information on these properties! 865-436-2121

Many People Dream of a White Christmas but for the Health of the Earth, How about Green Holidays Instead?

Posted by Gatlin on December 22, 2009

Year-To-Date Figures Continue to Show Improvement in the U.S. Real Estate Market

Posted by Gatlin on December 16, 2009

As we approach the end of the calender year, a better picture emerges in the direction of the country’s real estate market. The overall view of the nation’s home prices continues to show improvement toward stabilization. My news sources out of New York released their story on November 24th, 2009. The data was based on findings from the Standard & Poor’s/Case-Shiller Home Price Indices. This model from S&P/Case-Shiller is widely used in the housing industry to measure U.S. home prices. They utilize three views in the indices. There is a U.S. National, a 10-city, and a 20-city composite version in their analysis of data. The decline in the indices was dropping as we proceeded through the year.

Case-Shiller Home Price Indices

Chairman of the S&P Index Committee, David M. Blitzer reports broad improvement in home prices for most of the past six months. Recent gains have been more modest than typically strong summer months. Previous concerns were focused on the drop due to an end to the first-time homebuyer tax credit. Housing starts did back off in October, but the government extended and expanded the tax credit for first-time homebuyers. This extension should bring in additional homebuyers that have been uncommitted at this point.

With home prices approaching stabilization, now could be the right time to purchase your property in the Smokies. Housing affordability is good. The inventory of active listings for sale is high. Mortgage rates are historically quite low. Surf our website for possible purchases. With the homebuyer tax credit recently extended, check with your legal and financial advisors to see if you qualify. In any case, the year-end holiday season is a fun time in the Smokies. If real estate is on your holiday wish list, contact The Jason White Team. We have the knowledge and expertise to fill your holiday property wish.

Here are a couple of my current listings

	Stunning 4 Levels w/ Great Mtn View!! Four level log cabin style overlooks nearby ridges and valley with great night views and lights. Large suites with whirlpools, large great room and media room with projection theater style TV and lots of windows to enjoy the Smoky Mountain views. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $549,500 Get more information >

	Gatlinburg Home with River !! Get lost in the sounds of the flowing river just outside the door of this 1BD/1BA cottage offering all the amenities plus a soothing hot tub designed for perfect placement on the private stone patio.Within walking distance to attractions of Downtown! Type: Single Family Home Location: Gatlinburg,Tennessee Price: $339,900 Get more information >

Call me today for more information on these properties! 865-436-2121

New Historical Record-Nine Consecutive Monthly Gains for Pending Home Sales

Posted by Gatlin on December 9, 2009

This is a unique event in the history of the Pending Home Sales Index. This index for measuring the strength of U.S. home sales was first utilized in 2001. The National Association of Realtors in Washington, DC meticulously tracks this data to predict trends in the country’s real estate. For new blog readers, the Pending Home Sales Index is a future-oriented indicator based on home contracts signed, but not officially closed. Generally, these contracts officially close in 1-2 months after signing. The Index utilizes a large sample (approx. 20% of the nation) of existing home sales. Monthly comparisons often are not as accurate as comparing months of 2 different years or cumulative results year to year. An index reading of 100 equals the average level of contract activity that occurred in 2001. This was the first year it was used and coincidentally was the first of 5 consecutive record years in existing home sales. The index reading for October 2009 was 114.1 or 3.7% above the September ’09 index of 110. This is 31.8% above October of 2008’s index at 86.6. This rise from October ’08 is the largest increase recorded and the current October level is closing in on an all time high. March 2006 holds the record so far at an index level of 115.2 and current readings are as follows: Chart

Let us carefully look into this good news and analyze it in more detail. Lawrence Yun, the NAR chief economist gives us some perspective. Yun feels that real estate in 2008 under performed. Typical activity based on the population growth lagged the market. He feels that the current tax credit for new home buyers is helping qualified renters to purchase new homes. However, Yun thinks home sales could drop in the future, as the demand for new homes backs off due to the end of economic stimulus in real estate. Current market activity is helping high home inventories to decline. This favors price stabilization for real estate across the country.

If you are considering real estate in the Great Smoky Mountains Area, several factors are favorable. First, the inventory for various properties from; homes to rental chalets, and cabins is up, giving buyers a great selection. Another favorable condition is the low mortgage interest rates available for qualified buyers. Locking in a low rate could be a bonus, if inflation drives rates higher in the future. Real estate can be a hard asset that retains it’s value in times of inflation, protecting some of your life savings from getting inflated away. As leaders in Smokies area real estate, the Jason White Team has years of professional expertise and in- depth knowledge of the region to find you the property, that fits your needs. Call or contact us online to get started helping you today. Click here to view my featured listings. Click here to select all local listings.

Here are a couple of my listings

Extra Large Private Lot w/Great View
This updated, immaculately maintained home is a must see! The spacious decking overlooks the beautiful mountain views as well as the extra large lot that is well manicured. The community pool and club house amenities are a bonus.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $199,900
Get more information >

Gatlinburg Home is Close to Town!!
This home has room for everyone! With the fantastic views and outdoor spa it is perfect for families and large groups.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $379,900
Get more information >

With 11 Months Gone, Where Do We Stand With Smoky Mountain Real Estate?

Posted by Gatlin on December 3, 2009

We now have 11/12ths of 2009 recorded as history, so it’s time to see where we stand on real estate in the Great Smoky Mountains. In a month to month comparison of November 2008 versus November 2009 we see a mixed bag of results. November ’09 saw 114 residences sold opposed to 67 in November last year. That gives us 47 more. Certainly a spectacular increase.

In total residence volume sold the past month checked in at $18,800,425. That contrasts last November at $12,779,030. The difference is $6,021,395 or 47% improvement in 2009. Again, a substantial gain in ’09.

In the category of average price per residence sold 2009 comes in at $164,916, where 2008’s average residence sold was $190,732. The difference is $25,816 or 14% less per residence sold in 2009 over 2008.

In active residential listings 2009 again emerges victoriously with 4,087 listings vs. 3,429 in November 2008. The difference is 658 or 19% more active listings in 2009 over 2008.

Figures for Jan 2008-Nov 2008 vs. Jan 2009-Nov 2009

Major trends are easier to see when viewed from a greater time span. To look back at 2009 with only 1 month left we will compare year-to-date figures with similar time frames in 2008. 1/1/09 thru 11/30/09 has witnessed 1,290 residences sold. This same time frame in 2008 saw 1,309 units sold or a difference of 19 less in 2009 or 1% difference. In the category of total volume sold, 2009 had $231,031,528 in residential volume against $252,417,644 in 2008. The current year is off $21,386,116 or 8% down. Average price per residence sold is 2009 at $179,094 vs. $192,832 (in 2008) or currently $13,738 less or 7% off. Current YTD active listings are 8,121 vs ’08 at 6,932. 2009 is 1,189 higher or 17% more.

These figures may reveal some trend activity prevalent in the Great Smoky Mountains real estate. It appears that the stimulus package for new home buyers with the new home buyer tax credit is working. The lower price per residence indicates that new homebuyers are a dominant force in the current residential real estate market. Their influence in purchasing lower priced residences is evident. It appears the national stimulus package in real estate is keeping the market active. For qualified residential homebuyers, this is a great time to purchase a home. Inventories of residences are abundant, so there are multiple options to choose. Real estate mortgage rates are quite low allowing great deals for qualified buyers. In either case, as a buyer or seller, this is a real estate market where you need professional expertise and knowledge of the local area. The Jason White Team is an ally to have on your side in today’s market. We are leaders in Gatlinburg home sales as well as other key areas of the Smokies real estate. Call or contact us online to let us help you find your property in the Smokies. Click here to view my featured listings. To view all our local listings click here.

Here Are a Couple of My Listings

	Surrounded By the Great Smoky Mountains! Nothing has been spared in the design and construction of this magnificent 4BD/5.5BA luxury home located in prestigious Riversong subdivision in Gatlinburg. Type: Single Family Home Location: Sevierville,TN Price: $799,900 Get more information >

	Incredible Smoky Mountain Home &Views !! Prepare to be Awe Struck!! If views are what you are looking for this home is the one! The exquisite workmanship with 5 master suites and huge one of a kind recreation room make this a must see! Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $899,900 Get more information >

Call today for more information on either of these listings! 865-436-2121 – Ask for Jason or Stephanie

October 2009 Existing-Home Sales Score Another Gain While Home Inventories Keep Declining

Posted by Gatlin on November 25, 2009

My sources at the National Association of Realtors in Washington D.C. report continuing good news in existing-home sales for October 2009. Existing-home sales include; single family homes, townhouses, condominiums, and co-ops. Lawrence Yun, NAR’s chief economist was suprised by the size of October’s gain. The increase was 10.1% for October ’09 at 6.10 million units vs. September ’09 at 5.54 million. This represents a 23.5% increase above October 2008 which registered 4.94 million units. The October 2009 numbers are the highest indicators of sales activity since February 2007 set the record at 6.55 million untis. The record sales are methodically working down the large inventory of homes for sale. As this trend continues, the oversupply of homes on the market will drop and home pricing could stabilize. Economist Yun feels that much of the current home buying has been fueled by the deadline of the original first-time buyer tax credit. Initially, this was set to expire at the end of November 2009. Congress’s extension of the home buyer credit until April 2010 will help bring more home contracts to close. NAR’s research estimates that there is still pent-up demand for homes, and buyers will utilize the tax credit. However, at some point a decline from these increases in home buying is very likely to occur. Historically low interest rates are also helping to motivate today’s home buyers. A 30 year conventional fixed rate mortgage in October ’08 was 6.20%, in September ’09 it was 5.06%, in October ’09 it was 4.95% and in November ’09 it dropped to 4.83%

NAR President ,Vicki Cox Golder out of Tuscon, AZ , says that activity by first-time buyers is causing unique conditions in housing markets across the country. Foreclosure properties are rapidly getting purchased, with many lower end units getting multiple bids. Low-end home inventory is in demand and it is important to work with qualified realtors to get what you want. The inventory of homes on the market has dropped to an estimated 7 month supply. That is the lowest supply in 2 1/2 years. The national median price for existing homes is down, because of strong pressure from distressed properties. Foreclosures and other distressed real estate are deeply discounted and they tend to force other properties to be more competitive in their pricing as well. All regions of the country are up in existing-home sales, but the median pricing of homes is down from last year.

If you are contemplating, buying or selling real estate in the Great Smoky Mountains area, it is a good time. Inventories are dropping, but they still offer a great selection. Buying activity fueled by the first-time buyer tax credit is good and mortgage rates are very attractive. Let the local market knowledge, and the professional expertise of the Jason White Team help you buy or sell your real estate in the Smokies. View my featured and latest listings now.

Here are a few of my featured listings. Condos in the middle of Downtown Gatlinburg. You can leave your car for your vacation and walk or ride the trolley. The trolley goes to Dollywood and several parts of the National Park. Aquarium is just two blocks away by foot.

	Hugh Price Reduction in Gatlinburg! Hugh Price Reduction with great location! Type: Condo Location: Gatlinburg ,Tennessee Price: $199,900 Get more information >

	Relaxing Garden Patio- Gatlinburg Condo! Recently refurbish in excellent taste!! This downtown Gatlinburg condo is located on ground floor and corner unit for privacy. Easy access to private outdoor pool. Type: Condo Location: Gatlinburg ,Tennessee Price: $199,900 Get more information >

	Gatlinburg Condo Close to Pool! This unit is close to the pool on ground level. It is refurbished and professionally decorated. Type: Condo Location: Gatlinburg ,Tennessee Price: $199,900 Get more information >

	Refurbished Gatlinburg Condo! Fine living plus a highly desirable ground level corner location for privacy! Professionally decorated with flowing floor plan. Type: Condo Location: Gatlinburg ,Tennessee Price: $199,900 Get more information >

	Condo in Downtown Gatlinburg Great condo in Downtown Gatlinburg. Within walking distance to the Aquarium, restaurants, and shopping. Type: Condo Location: Gatlinburg ,Tennessee Price: $199,900 Get more information >

Pending Home Sales Sets a New Record at Eight Consecutive Monthly Rises

Posted by Gatlin on November 18, 2009

News out of my sources at the National Association of Realtors in Washington, DC, report good data for September 2009. Blog and newsletter readers are familiar with the Pending Home Sales Index. The PHS index is a key measurement used to gauge strength in the U.S. housing market. Home sales are “pending” when a sales contract is signed, but the transaction is not officially closed. Typically a home officially closes in 1-2 months of signing.The Pending H.S. Index takes a large U.S. sample usually 20% of existing home sales, and it evaluates sales in 4 regions. An index reading of 100 equals the average level of contract activity that occured in 2001. This was the first year the index was implemented and it was the first of five consecutive years of record sales in existing homes. Use of the “Index” shows trends more accurately looking back 1 year than in a month to month comparison.

The September 2009 Index reading rose 6.1% to 110.1 vs. the August 2009 reading of 103.8. The September ’09 reading is 21.2% above September 2008 which measured 90.9. The gain over 2008 is the largest annual increase on record and the index is at the highest reading since December 2006 when it registered 112.8. Lawrence Yun, NAR Chief Economist feels that current index levels are meaningful. He feels first time home buyers were racing to beat the expiration of the homebuyer tax credit. The credit has recently been extended, but this government stimulus has created a home buying momentum that may assist in stabilizing home prices across the country. Home price stabilization will help the American middle class and aid in a lasting economic recovery. In a look at Pendng Home Sales Index figures across the nation, the Northeast dropped 2.0% to 83.6 in September ’09, but it is 16.9% above September ’08. The Midwest Index increased 8.1% to 98.2 and is 17.8% over September 2008. The South Index is up 4.9% to an index reading of 109.7, this is 22.8% above September ’08. The West index is up 10.2% to 143.8 and is 23.7% above September of last year.

Pending Home Sales Index

NAR’s Yun urges some caution. He feels the market shows good indicators of improvement. However, there is still an over abundance of home inventory on the market and there are lower home price forces coming from an ongoing stream of foreclosures impacting the home market. The history of all investing requires taking on some risk and it is rare to time a top or bottom in any market. Today’s property market has adequate inventory to choose from and mortgage rates are still reasonable. If you are interested in homes for sale in Gatlinburg or other parts of the Great Smoky Mountains, then contact one of the leaders in the area’s real estate. Contact The Jason White Team via phone or on my website to get started finding your property in the Smokies.

Here are a Few of My Listings

Home In The Enclave w/ Mountain Views
This custom home has beautiful mountain views with plenty of decking and outside fireplace to enjoy. The spectacular kitchen offers plenty of high end appliances and custom details and the master bath is incredible with tumbled Italian Tile.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $1,950,000
Get more information >

Phenomenal 15 Acre Mountain Lodge !!
A mansion vacation retreat like no other. Located in prestigious Chalet Village in Gatlinburg, you won?t believe your eyes when you see this Grand Lodge situated atop a private 15acre estate lot w/270 degree views from Douglas Lake to Mt. LeConte to Ober
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $2,150,000
Get more information >

Smoky Mountain Stunner!!
This custom built home is truly a one-of-a-kind architectural achievement featuring every amenity & luxury conceivable!
Type: Single Family Home
Location: Gatlinburg, Tennessee
Price: $1,550,000
Get more information >

No Place Embraces Thanksgiving Holiday Celebration Better Than Pigeon Forge, TN

Posted by Gatlin on November 16, 2009

If you are looking to move your family Thanksgiving celebration to a new level, consider a clan gathering in Pigeon Forge, TN. Having everyone at Mom’s or Grandmother’s house can get out of hand for large family gatherings. This year give the perennial hostesses a break and rendezvous everyone to Pigeon Forge, TN. This “fun for everyone” city is centrally located for over 1/2 of the U.S. population, so travel to Pigeon Forge is economical in today’s challenging financial scenario. With 10,000 rooms available for lodging throughout the city, there is plenty of rooms for families to stay. The Smokies around Pigeon Forge have countless; log homes, cabins, chalets, and condos for the family gathering where a personally prepared Thanksgiving meal is still important, or where staying together as a family enhances the celebration. Restaurants of every description abound in the immediate area and most will offer traditional Thanksgiving meals as well as a vast variety of delicious restaurant specific foods. More than a dozen dinner theaters offer entertainment of many styles as well as dining for large groups.

As Thanksgiving typically kicks off the year-end holiday shopping season, family shoppers will find Pigeon Forge the perfect location. Within the area are 6 outlet malls and over 100 specialty shops. TV sports viewers will find lodging throughout the region loaded with large screen TVs as well as sports viewing in restaurants and pubs across the area. Weather at this time of year can often be mild so outdoor activities like; hiking, golf, miniature golf, go-carting, etc. are great ways to burn off calories from the feasting. The entire Sevier County area including; Sevierville, Pigeon Forge, Gatlinburg and Dollywood are into their Winterfest lighting. This makes evenings delightful for holiday light viewing on the multitude of displays throughout the county.

If you want a family Thanksgiving to remember, consider a gathering in Pigeon Forge, TN. It is an economical place to visit, with all the amenities to enjoy set against the beauty of the Great Smoky Mountains. To perpetuate holiday memories in all seasons, consider owning Pigeon Forge real estate. Property here or nearby Gatlinburg or elsewhere in The Great Smoky Mountains is a good investment. It gives your family members a great place to vacation or gather for holidays. Pigeon Forge and the Smokies could be an investment in family memories for years to come. Contact me at The Jason White Team or go on our website to view property and get started today.

Forecast Expects Foreclosures to Decrease in Coming Year

Posted by Gatlin on November 13, 2009

Foreclosures are expected to subside in the coming year. Homes in Gatlinburg may see some relief as well.

The latest data released by UFA L.L.C., a firm located in Ann Arbor Michigan that researches mortgage activity, states that foreclosures are expected to decrease in the next year. After four years on the rise there is no doubt that it will be nice to see foreclosures start to subside.

Improvements in the foreclosure arena are seen linked to tighter lending practices, home prices stabilizing, and an improving economy. The one element working against foreclosures is the increasing unemployment which will leave some without the ability to make their mortgage payments.

The onslaught of no-doc loans and inflated home prices led to four years of increasing foreclosures. The decline of real estate values is largely attributed to an elevated rate of foreclosures. A decrease in foreclosures will be a welcome sign for a real estate market that has seen better times. Click here to view my featured listings in the Gatlinburg real estate market and click here to view the latest listing which will include foreclosures in the Smoky Mountain real estate market.

Click here to read an article at Business Week about foreclosure rates.

The Home Buyer Tax Credit Extension is Great News for Smoky Mountain Real Estate

Posted by Gatlin on November 11, 2009

The U.S. Congressional extension of the home buyer tax credit into 2010 is sure to help home owners with homes in Gatlinburg for sale and across the nation. The stimulus of bringing new home buyers into the market was significant enough over the past months, that congress decided to continue the program. In the news flashes out of the National Association of Realtors, I have been following developments on this story for some time. NAR President, Charles McMillian and many of the key NAR economists have felt that the stimulus from the homebuyer tax credit is crucial to getting the U.S. housing industry back on track. Some sources feel the current tax credit has put $22 billion into the U.S. economy and they estimate some 2 million individuals will utilize the tax credit this year. Many NAR members felt that extending the home buyer tax credit would bring in more home buyers that currently are waiting for the right opportunity to buy. This influx of homebuyers would help to reduce high inventory levels of homes and it could “prime the pump” for home buying in other real estate sectors.

Let us look into the details of the tax credit extension as it stands currently. Those who qualify are first-time home buyers purchasing November 7, 2009 to April 30, 2010. Current home owners buying a home 11/7/09 thru 4/30/10 who have used the home being sold or vacated as a principal residence for 5 consecutive years within the last 8 years. Qualifying “first-time home buyers” is a purchaser or their spouse who has not owned a residence in the 3 years before a home purchase. The following types of properties are eligible for the extended Home Buyer Tax Credit. These properties include; single-family homes, condos, town homes, and co-ops. Maximum allowable credit on first-time home buyers is $8,000 and the maximum allowable credit for current homeowners is $6,500. An $800,000 home is the maximum priced home available for the extended tax credit. The amount of tax credit available to a home buyer is based on the price of the home and the buyer’s income. Tax credit limits on a buyer’s income are as follows:

Single Buyer Income to $125,000- Full credit

Single Buyer Income 125,000-145,000- Tax credit decreases

Married Buyers Joint Income to $225,000- Full credit

Married Buyers Joint Income 225,000-245,000- Tax credit decreases

The extended home buyer tax credit should be approached like many other aspects of one’s financial and legal affairs. You need sound, reliable advice from professionals with updated schooling on these matters. Their expertise can help you maximize beneficial items and avoid detrimental unseen consequences on various courses of action. The same advice applies to buying Smoky Mountain Real Estate or Homes in Gatlinburg and other locations in the Smokies. Working with professionals like the Jason White Team can save you valuable time and help you to find your perfect piece of real estate. We know real estate in East Tennessee and we know the area inside and out. Contact us today to let us help you find your property in The Great Smoky Mountains. Click here to view my featured listings.

Here are a Couple of My Latest Listings

	Custom Built Log Home in Norton Creek This property is located in the Mountain Community of Norton Creek, nestled among 13+ acres of green space. Layout of custom built log home ideal for retirement living. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $399,000 Get more information >

	Beautiful Log Home!! Hand hewn log home with open floor plan. Mtn stone fireplace and vaulted ceilings Walking distance to many conveniences. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $199,900 Get more information >