Winter Holiday Magic Gets a New Twist in Gatlinburg

Elves of ElfdomThe incredible magic of the winter holidays, here in Gatlinburg and surrounding areas of the Smoky Mountains is well known to the homeowners and some visitors of the area. However, the winter festivities of 2009 going into 2010 will see some unique new attractions in Gatlinburg. Starting  Friday, November 27, 2009, each Friday and Saturday night will feature some elvish entertainment for eight evenings working deep into the month of December.

 

The Whimsical Elves of award-winning designer Dewayne Kirchner are sure to spark some new fun into downtown Gatlinburg during their performances. On each of the eight evenings the parkway of Gatlinburg becomes the stage for; storytelling, singing, and dancing performed by the colorfully-clad elves from the land of Elfdom. The child in all of us will be charmed by the 20 different elf characters who come from Elfdom locations like; Jolly Town, Cinnamon City, Gum Drop Lake, and more.

 

 Jilly Bean, Cinny Mon, Holly Berry, and other distinctly elvish personalities are sure to amuse the audience with interesting stories of Elfdom and dancing. The crowd watching the show on the sidewalks of Gatlinburg will have their holiday spirits boosted by classical Christmas songs that the elves sing during their various performances. These fun shows with their stories, dancing, and songs are free to the public. To attend, simply check the schedule of events and head out to the streets and sidewalks of Gatlinburg.

 

If you are planning to visit Gatlinburg or other parts of the Great Smoky Mountains for any of the year-round beauty or entertainment, then also consider the benefits of a home or cabin purchase in our area. When you own real estate in Gatlinburg, you own a ticket to the Gatlinburg attractions in all seasons. Contact the Jason White Team for your professional representation to buy real estate in the Great Smoky Mountains. Our website is the ideal place to begin your search. Click here to view my featured listings.

Senate Approved Expanded Tax Credit For Home Buyers

The Senate has approved an extended and expanded tax credit for home buyers

On Wednesday the senate passed an expanded tax credit.  The First Time Home Buyer Tax credit has been seen as a huge success and it’s expiration on November 30 has had many feeling nervous about what it’s end will mean.  Those fears can now be put aside.  While the bill still has to pass through the House, which it is expected to do next week, it was overwhelmingly approved by the Senate in a 98-0 vote.

What is new and improved with the extended and expanded tax credit?  The new and improved tax credit is still for first time home buyers but will also include home buyers who have owned their current home for 5 years or more.  The credit is up to  $6,500 for these current homeowners and remains at up to $8,000 for First time home buyers or home buyers who have not owned a home for the past three years.  The tax credit  is income restricted. An individual cannot make more that $125,000 annually and a couple cannot make more than $225,000 jointly.  A home must be  a primary residence and valued at $800,000 or less.  Buyers must have a property under contract to purchase by April 30, 2010, and the property must close by June 30, 2010.

The passing of this extended, expanded tax credit is good news on the real estate front and is expected to be the last tax credit offered for a long time to come.

Smoky Mountain Homes and Cabins Sold Year-To-Date in 2009

A year-to-date comparison of Smoky Mountains homes and cabins sold in 2009 can help us get a feel for real estate trends in Gatlinburg and nearby areas. I try to keep past and future clients aware of market movement in Smoky Mountain real estate. This can assist people in making a decision on when to buy or sell their property. I crunched some data that was available to me thru our local Great Smoky Mountains Association of Realtors in compiling the following comparisons.

Our first review is for residential real estate sold in the Great Smoky Mountains area for the month of October 2009. October’s total number of residences sold was 123 compared to October 2008 with 111 units sold. October ’09 saw 12 more residences sold than October last year or a 12% increase.Quantity of Homes Sold 2008 vs 2009

 This October had total volume sold of $20,389,112 versus October ’08 at $23,222,284. October ’09 was $2,833,172 lower or 12% down in total volume.

Dollar Volume Sold 2008 vs 2009

 This October’s average sale per residence was $165,765 opposed to $209,210 in October 2008. The average residence sold was down $43,445 or 21% smaller than last October ’08.

Average Sale Price 2008 vs 2009

October ’09 active listings was 4,321 against 3,530 for October ’08. Active residential listings in October ’09 were 791 more or 22% higher than the same month in ’08.

Quantity of Active Homes 2008 vs 2009

Our second comparison is January 1st thru October 31st in these 4 parameters for 2009 vs. 2008. This year to date evaluation is often helpful. Number of residences sold in GSMAR YTD is 1,150 vs. total sold in 2008 for the same time frame of 1,242. 2009 has 92 fewer residences sold so far that 2008 or 7% less.

Quantity of Homes Sold Jan-Oct 2008 vs 2009

 Total dollar volume sold in 2009 YTD in the Great Smokies is $207,966,703 compared to $239,638,614 in 2008.  Total dollar volume in ’09, so far is $1,671,911 loss or lower by 13% than ’08.

Dollar Volume Sold Jan-Oct 2008 vs 2009

 The average sale for 2009 per residence is $180,841 vs. $192,946 per residence in ’08. The average price per residence sold is $12,105 less or 6% off from ’08.

Average Sale Price Jan-Oct 2008 vs 2009

 The active listings in ’09 YTD are 7,924 vs. 6,701 in ’08. There are 1,223 more active listings or 18% higher this year than last.

Quantity of Active Homes Jan-Oct 2008 vs 2009

This data gives us some possible current views on Smokies real estate.  Number of residences sold, overall dollar volume, and average dollar volume sold, are down from ’08.  Active listings are up which could be influences from the first-time-home-buyer tax credit. It seems that this stimulus is working, but first time buyers are focused on lower-priced homes. Other lower price influences could be from an inventory of foreclosure properties that impact the market with their fire-sale pricing. The increase in active listings could be from home owners seeking to move into an upgraded residence, but they need to sell their existing home first. In either case, buying or selling a home, there are opportunities now to do either. Mortgage rates are low and there is certainly a good inventory of new or older homes or cabins for sale in Gatlinburg or other parts of the Smoky Mountains, then contact the Jason White Team. Our web site can get you started on finding the Smoky Mountains real estate of your dreams. Click here to see our listings.

              Here are a Couple of My Latest Listings   

 

 

 

Updated with Mountain Views and Privacy
Enjoy the mountain view from your hot tub deck while watching the tram nearby. This private, updated, contemporary home is very close to downtown Gatlinburg and the Great Smoky Mountain Nat’l Park. This is a must see!
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $169,900
Get more information >
Private with Beautiful Mountain View
Plenty of community ammenities, private, yet close to town. Enjoy nature and wildlife at this tastefully furnished log cabin from three covered decks, all with mountain views. Spacious for family gatherings, with two game rooms as well as a living room.
Type: Single Family Home
Location: Pigeon Forge
Price: $325,000
Get more information >

Halloween’s Over but, Holiday Celebrations in the Smokies are Just Beginning

WinterfestHalloween’s crazy pre-occupation with costumed characters roaming the streets in search of candy or a party is gone until next year. However, the celebrations for holiday fun are just getting started here in the Smoky Mountains. Depending on your elevation or location, autumn’s spectacular leaf colors may still be putting on a show. My past weekend activities criss-crossed the area here in the Smokies and I had a great opportunity to survey the leaves. Some locations are still awesome with their fireworks of color, while ridge tops and high elevations are dropping off in the rain and wind. The overall autumn color has peaked, but pockets of brilliance will linger, at least for a short time.

 

This entry into November heralds a beginning to the great parade of activities that bring on; Thanksgiving, Christmas, and New Year. I briefly touched on some of these Sevier County, Winterfest activities a short time ago in my blog. Our Great Smoky Mountains area is never at a loss for interesting things to do. If some of this appears slightly repetitious please bear with me, for new readers, and for emphasis. The Winterfest lighting construction is going up all over Sevier County and lighting ceremonies are kicking off the region’s awesome winter lighting displays. Tuesday,  November 3rd is the first date when cities throughout our area flip the switch and turn on the Winterfest lights. Most of these have some fun things that accompany the lights. On Tuesday, November 3rd, Sevierville kicks off their Winterfest with music, magic, free-food, games for kids and fireworks to complement the lighting. You can also pick up a free pair of 3D glasses at the Sevierville Visitor Center on Hwy 66. Supplies are limited but they allow a 3D view of the lights. For more info call 1-888-738-4378 or online http://www.visitsevierville.com/vsevents.aspx.

 

Gatlinburg hosts a chili cook off at Ripley’s Plaza and River Rd. on November 4th and starts their lights as well. You can take in the lighting on an old fashioned wagon ride thru downtown Gatlinburg call 800-568-4748 for details or online http://www.eventsgatlinburg.com/event_detail.aspx?id=11 .

 

 Pigeon Forge turns on their light displays November 5th and commences their Trolley Tour of Lights out of the trolley station at Patriot Park on

November 6th call 865-453-6444 for times and details or online http://www.pigeonforgewinterfest.com/ .

 

If you are coming into the Smokies call or check the various web sites for fun activities to enjoy during your stay. If you are coming into our area with a mission to buy or sell your real estate, then pull up The Jason White Team website. Establish your price and features parameters online. It will save you tons of time to preview properties before arrival and let us know your time table. That allows us to show you the best without wasting your valuble time. That way your trip to the Smokies is successful for finding your property and you have more time to spend enjoying the mountain beauty and relaxing.

First-Time Home Buyers Are The Driving Force In Existing Home Sales

Log-HomeMy sources at the National Association of Realtors in Washington, DC, are reporting that exisitng home sales rebounded strongly in September, with first-time buyers leading much of the sales.  The “NAR” is the largest trade association in America, representing 1.2 million members who work in various parts of the residential and commercial real estate industry.  Our association closely monitors activity in various segments of the real estate industry.  September’s existing-home sales marked another gain for the year, making 5 gains in the past 6 months.  Existing home sales include; single family homes, townhomes, condominiums and co-ops.  Data reveals sales jumped 9.4% to a seasonally adjusted annual rate of 5.57 million units in September 2009 vs 5.09 million in August 2009.  This is 9.2% higher than September 2008 figures of 5.10 million units. Sales activity is at the highest level in over 2 years.  July 2007 set the record with 5.73 million units. 

NAR chief economist, Lawrence Yun ,was cautiously optimistic in his monthly assessment. Yun felt that much of the current momentum is due to people utilizing the first-time buyer tax credit.  He was hopeful that the tax credit would be extended or expanded  into next year.  This would allow rising sales momentum to build into a point of self-sustaining recovery.  Yun feels despite the improvement, that the market in real estate has been lagging.  There is a lot of wealth tied to home values especially for the middle class.  Home prices are appearing to stabilize, but there needs to be a steady supply of genuine buyers to reduce the large inventory of unsold homes.  This action would calm consumer fears and boost the overall economy.  Without a middle class participation, recession recovery could be lengthy and weak. 

NAR President, Charles McMillan was optimistic that conditions for home affordability are favorable.  Home affordability this year is as good as records dating back to 1970.  However, he feels that the expiration of the tax credit for new home buyers may hold potential buyers out of the market.  Current homes are selling below current construction replacement costs.  Total inventory of unsold homes is dropping, but not as fast as industry leaders might desire. 

All of this data shows that home price stabilization could be in it’s early stages of recovery.  Home affordability is reasonable.  Mortgage interest rates are historically close to their lows.  There is a lot of inventory still out there for buyers to consider.  Well-priced, properly staged homes are still selling.  So, if you are considering the real estate market as a buyer or seller, now is a good opportunity. Contact The Jason White Team to get started and find out how our professional team of experts can help you achieve your real estate goals. Click here to view our local listings.

          Here are a Couple of My Latest Listings 

 

 

Heritage Log Home w/ Views of Mt LeConte
This beautifully built Heritage Log Home in prestigious Chalet Village has great views of Mt. LeConte. Private yet close to downtown shopping and dining. Three master suites for privacy and on a open lot with level parking.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $379,900
Get more information >
Value for the Money w/ Incredible Views!
This artisan quality home has possibly the best mountain views around. Located in Prestigious Chalet Village, this home would cost over a million $ to reproduce in today’s market. Such a value for your money. It even has an elevator!!
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $799,900
Get more information >

 

Lucky Autumn Leaf Peepers in Tennessee’s Mountains Could Get an Elk Bonus

ElkA potential number of visitors to Tennessee’s Mountains might spot a herd of elk among the glowing beauty of the autumn foliage. For me and other nature-lovers, the sight of a rarely-seen animal can make an outdoor trip truly memorable. Most people consider elk to be a creature of the Western Rockies and Canadian high country. However, what many visitors to this area do not know is, that  elk herds have been reintroduced to several mountainous areas here in Tennessee and surrounding states. In most cases, these new elk herds are growing in their numbers. Current estimates show the Tennessee elk population at slightly above 300 animals. Many of these elk inhabit the Cumberland Mountains north of Knoxville along the Kentucky border. Kentucky has enjoyed great success in their elk program as well. The Smokies got their first re-introduction to elk in 2001 by the National Park. The first elk were released in North Carolina’s Cataloochee Valley which is just over the Tennessee border of the National Park close to Maggie Valley. Twenty-five elk were released in ’01 and twenty-seven in ’02. Further releases have been suspended for now due to fears of introducing Chronic Wasting Disease.

 

Today it seems strange to realize that elk were once plentiful all over Tennessee. The influx of European settlers combined with unregulated hunting and environmental loss of habitat, slowly decimated the native elk. The last Tennessee elk were seen in Obion County in 1865. The survival rates on these newly created elk herds seem to run about 82%. New animals are kept in a 3 acre holding pen for several weeks to adapt to their new surroundings. Many are radio collared before release to better monitor their movement. This aids wildlife officials better understanding of the species’ behavior and helps plan future releases.

 

For leaf-viewing enthusiasts coming to the Smokies, this last week of October could be close to peak color. Much of this is dictated by elevation and forces of nature, like wind and rain.  The high peaks may get stripped of color soon, with valleys being the last to go. Those of you looking for elk should know that they often favor high meadows unless weather or perceived threat drives them to thicker cover found in lower elevations. Elk dwarf the size of our common eastern white-tailed deer. White-tails are often not much larger than a big dog. Elk are 4-5 feet high. Bulls can weigh over 1000 lbs. with cow elk about 1/2 the weight of a bull. Elk are usually reddish brown with a pale yellow rump patch and a small white tail. Bulls can sport a deeper chestnut brown neck and mane with large round antlers that arch back over their body.

 

If you are planning a trip to the Smokies for leaf or wildlife viewing, this last week of October and early November is a great opportunity. If you are planning a trip here to check out real estate, the timing is great as well. Rates are still low on mortgages and there are many active listings on the market. Be sure to contact us early at the Jason White Team, so we can take time with you. You can go to our website to review our listings and refine your search online. It is always good to reveiw your price range with your lender so you can maximize your time here, find that ideal property and have time to pursue the fun that the Smokies have to offer.

September Statistics Show Stronger Real Estate Sales

North Atlanta Homes

Real Estate sales were up considerably in September

Statistics released on Friday show the highest number of real estate sales in two years, positive news indeed in an industry that has been in a slump for a couple of years now.  As expected recent reports show the combination of low interest rates, dropping home values and the First Time Home Buyer Tax Credit are all seen as the biggest boosts toward real estate nationwide.  The National Association of Realtors (NAR) released data that displayed a 9.4% increase in home sales for September 2009, the best statistics since July of 2007.

The positive signs in real estate are increasing faith in the economy as many believe that we are slowly climbing our way out of the recession.  The hope is that the First Time Home Buyer Tax Credit will be extended and possibly even expanded.  31% of homes sold in September were first time home buyers, and 29% of the sales were distressed properties.  With home continuing to remain at the most affordable values in recent years the hope is that the upward, positive trend will continue.

Please feel free to call me, Jason White at The Jason White Team to discuss real estate in the Smoky Mountains. Click here for local listings in our area.  For more information on September’s real estate activity click here.

Important Question for Home Buyers: Can You Afford the Mortgage?

Vintage keys
The key to success in purchasing a home is buying what you can afford

If there is one thing we can take away from the real estate meltdown it is a realization of the importance of purchasing something you can afford to purchase, as opposed to purchasing something you would like to purchase regardless of the cost.  The days of no-doc loans and leveraging your assets to the hilt are gone.  In today’s real estate market it is more important than ever to borrow what you can afford, no more.

According to an article at Yahoo Real Estate, “Mortgage lenders generally use a ratio of 36 percent as the guideline for how high your debt-to-income ratio should be. A ratio above 36 percent is seen as risky, and the lender will likely either deny the loan or charge a higher interest rate. Another good guideline is that no more than 28 percent of your gross monthly income goes to housing expenses.”

Keeping the percentage at 28% or lower can only improve your financial situation.  Take a good hard look at your finances, look at your income and look at your expenses, both fixed and other spending habits.  The most important thing is to be honest with yourself, avoid the adage of the “eyes being bigger than the stomach” and accept what you can afford in the current real estate market.  In the long run you and your bank account will be better off for being realistic.

Click here and find helpful information on calculating an affordable mortgage at Yahoo Real Estate and don’t forget to call me at The Jason White Team for assistance in finding just the right home for you in the Great Smoky Mountains.  Click here for local listings in our area.

Real Estate Outlook: Warning of Slow Down?

Smoky Mountain CabinThough some economic analysts are warning that the housing market’s rebound will slow down as the weather turns colder, this week’s numbers show no hints of that. In fact, they’re actually pretty warm.

Start with house prices. The Clear Capital Home Data Index, which tracks price movements in thousands of neighborhoods and ZIP codes across the country, reported a 6.3 percent gain for the period covering August 27th through September 25th.

The latest index found prices up for the first time since 2006 in two of the hardest-hit real estate markets – Riverside-San Bernadino, California, and Orlando, Florida. Though the gains weren’t big – just 1.2 percent in Orlando, and half a percentage point in Riverside- San Bernadino – just the fact that they’re finally bottoming out has got to be good news for property owners and sellers there. Baltimore also saw its first positive price change in seven quarters on the Clear Capital Index, while other major markets continued their multi-quarter strings of gains.

Dallas-Ft. Worth, for example, saw prices rise by an average 2.3 percent. Miami-Ft. Lauderdale was up 3.4 percent, Houston 3.1 percent and even New York, which has had a tough time recently in Manhattan, posted a 1.6 percent jump. Meanwhile, the mortgage market continued to provide plenty of financing fuel for home buyers looking to use the $8,000 tax credit before it possibly disappears at the end of November.

The Mortgage Bankers Association says average thirty year rates dropped again last week in its national survey — hitting 4.89 percent — the lowest they’ve been since May. Fifteen year fixed rates decreased to just 4.3 percent, which is the lowest ever recorded in the mortgage association’s survey history. Not surprisingly, record low rates are pulling in massive numbers of new loan applications. Overall applications were up by 16 percent last week. Loans to people planning to buy homes jumped by 13 percent, while refinancing applications soared by 18 percent.

And here’s a truly amazing statistic: New mortgage applications to buy houses using FHA loans were 52 percent higher last week than they were a year ago! With mortgages flying out of banks with interest rates in the mid -to -upper four percent range, you don’t spend a whole lot of time worrying about a slowdown in the real estate rebound. Unless, of course, Congress doesn’t extend the $8,000 tax credit into next year. 
Feel free to contact the professionals at the Jason White Team for an in depth look at the Gatlinburg real estate.

                    Here are a couple of Jason’s Latest Listings!!    

 

 

 

 

Cozy Condo w/ Balcony Overlooking Stream
This conveniently located condo is only 1.5m from downtown Gatlinburg’s shopping and dining. Even has a woodburning fireplace and balcony to enjoy the beautiful mountain stream.
Type: Condo
Location: Gatlinburg ,Tennessee
Price: $86,900
Get more information >
This Spacious Home Has Lots to Offer!!
This spacious home has a wrap around deck with hot tub and covered front porch to enjoy the beauty of nature. Homeowner has included the vacant lot next door in the price and if you finish off the basement it would add 948 sq ft to this property.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $185,000
Get more information >

Smokies’ Sevier County Winter Festivals Are Almost Here

winterfestI am not trying to hasten winter’s arrival, but Smoky Mountain Winter Festivals are only weeks away. Even Mother Nature agrees, as evidenced by the past weekend’s weather.  We had a cold front that  moved  in and shut off a monsoon rain pattern. As the precipitation ended, temperatures dropped and the sun revealed the high peaks of the Smokies dusted in white. The view was breath-taking and perhaps revealed an early forecast for winter.  However, the week ahead looks sunny and temperatures will warm into the 70’s. So autumn leaf viewers still have plenty of warm days to enjoy, and leaf color has not yet peaked. My prediction is that we will have leaf color overlapping the beginning of the Winter Festival season which starts November 3rd. I offer no guarantee, as even the best weather forecasters get humbled by the forces of nature.

There is a wonderful side benefit to visiting the Great Smoky Mountains and the surrounding areas.  Local events are always available to entertain almost everyone. Winter Festivals kick off all over Sevier County and surrounding areas on November 3rd.  The festivals run through February in most places. Gatlinburg, Pigeon Forge, and Sevierville kick the season off with awesome lighting displays that seem to go on forever. Gatlinburg has a chili cook-off and fireworks show on November 4th that not only is entertaining, but  is a fundraiser as well. Trolley rides in Gatlinburg give you guided tours of the city’s lighting displays leaving from the trolley center at Ripley’s Aquarium. Pigeon Forge also offers comfortable trolley tours of their lighting displays throughout the city. Trolley rides are a great way to see various attractions and shopping of the area in a leisurely fashion. You can really focus on the surroundings, because someone else is driving for you.

The craft shows, shopping. dining, and entertainment during the Winter Festival season appears endless, in the many ways visitors can enjoy our area. This is also true for the spectrum of real estate here in the Smokies. It becomes easy to avail yourself of all this area offers, once you own property in our mountains. From primary residences, to vacation homes, or rental cabins, this place has it all with natural beauty and ammenities as well. Explore the real estate possibilities on our web site before your visit. When you refine your search and budget, contract the Jason White Team.  We can make your trip more rewarding by finding your property, and fun, because you have more time available to enjoy the Smokies