Fall for Fun Here in the Smokies

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This time of year I am always amazed at my personal motivation; to complete my projects, to get out and enjoy life and to stay on track for the goals I set back in January.  Once fall arrives, it is almost like an alarm clock goes off telling me the year is winding down.  Living in the Great Smoky Mountains Area, we get reminded by the multitude of events that come with autumn. The harvest festivals, combined with scenery changes as the leaves start to color and drop off are enough to bring you to this area.  However, Gatlinburg, Pigeon Forge, Sevierville and surrounding areas host some great automobile related events in the fall as well.  The warmer temperatures of summer begin to fade and outdoor activities become more comfortable for many people.  This is a great opportunity for many car enthusiasts to polish up their prized vehicles and come to the Smokies.  It is always fun to spend time with people who share similar interests.  Many find it an ideal place to buy or sell hobby cars, or to cash out or upgrade to a more desirable vehicle. The Shades of the Past Rod Run will be held September 11th-12th at the National Parks Resort Lodge & Smoky River Ranch.  This event is followed on September 18th-20th with the Grand Fall Rod Run centered in Pigeon Forge at the Grand Resort Hotel and Convention Center.  Both events bring many car fans to the area and combined with all our local attractions, there is plenty for the entire family to enjoy.

Many people come to the Great Smoky Mountains to enjoy the array of amenities this area offers and some look for real estate while they are here.  If you are coming for a visit and are searching for the perfect piece of real estate, let us help.  The Jason White Team is filled with professional local people who know the area.  We can save you precious personal time in finding real estate that matches your specific needs.  The time you save in searching for property could be time spent with your family having fun.  Call me today to get started!

Good News In Real Estate Has Two Gifts

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In my reading of current real estate news, I read about two trends that favor today’s real estate buyer. News out of the National Association of Realtors in Washington, DC indicate that the Pending Home Sales Index is on a record-setting roll having risen for six consecutive months. Regular readers of my newsletter and blogs may remember past references to the Pending Home Sales Index. However, for new readers the “Index” we are talking about began in 2001. It has become a leading indication of real estate activity. Pending home sales indicate that a sales contract has been signed, but it is not officially a closed transaction. Generally these pending sales are finalized in 1-2 months of signing. This index is compiled from a big national sample, typically about 20% of the total national existing home sales transactions. An index reading of 100 is equal to the average level of real estate contrast activity that occured in 2001. This was the first year to be examined and it turned out to be the beginning of a 5 year period for consecutive record setting in existing-home sales. The great news for the Pending Home Sales Index is that it has never increased for 6 consecutive months in its entire history and it is at the highest level (100.7) since June of 2007.

According to chief economist Lawrence Yun of the NAR, the index and other factors are showing a shift in housing markets for the better. The second gift that current real estate news unveiled is that the Housing Affordability Index is remaining high. In July 09 it was 158.5. The index is now not at its peak, but indicates that buyers will still find housing affordable. The HAI uses data going back to 1970 and this index was utilized beginning in 1981. This index at a value of 100 means that a median-income family has adequate income to qualify for a mortgage on a median-priced existing single family home. The HAI factors in: home prices, closing costs, mortgage interest rates, etc. and assumes a 20% down payment with a qualifying ratio of 25% gross income for mortgage principle and interest. Essentially the higher the HAI number the more affordable housing is for most people.

Here is my perspective on these two good aspects for real estate. It is still too early to know for certain if the real estate market has bottomed . However, there is plenty of housing inventory available with good mortgage rates and a potential tax credit for qualified buyers who purchase before December of this year. Prices on the entire market are being kept off their high by an influx of bargain priced foreclosures. So for buying or selling homes there are opportunities available. To explore the real estate market in the Smokies contact The Jason White Team today and see how we can assist you to buy or sell in today’s unique real estate market.

Smoky Mountains Residential Real Estate- August 2009 vs. August 2008

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In this article I am analyzing Smoky Mountains residential real estate data for August 2009 vs. the same data for August of 2008.  In getting started with our comparison, let me give you the parameters.  The numbers we have are for residential properties and they cover the residences within the Great Smoky Mountains Association of Realtors.  The calendar dates for this evaluation include transactions on 8/1/2009 and go through transactions for 8/31/2009 and the same dates for 2008 as well.

For August of this year there were 117 residences sold and last year showed 128 sold.  That leaves us 11 lower, or a 9% decrease on total residences sold. For total dollar volume sold, August 2009 was $19,941,339 vs. August 2008 of $22,955,170. The difference in total volume sold was $3,013,831 or 13% lower.  The average sale per residence sold was $170,439 in August 2009.  The same sale average in August 2008 was $179,337.  The difference was $8,898 per residence higher in 2008 or 5% higher.  The last figures I want to look at are the number of active listings.  Current year shows $4,431 active against $3,730 active last year.   Year 2009 has 701 more or 10% higher active listings than in 2008. 

This is interesting, but what is it’s significance?  First of all one month does not show a trend.  It gives us clues, but must be factored into a larger framework to know where it is going.  From my perspective, the market is showing some resilience.  Numbers for August are lower but not radically.  Some of this data must be tempered with current as well as on going market conditions.  For instance, there are a large number of foreclosed properties being added into the mix.  This distressed element is adding to an already high inventory of properties for sale.  These foreclosures are entering the existing market with bargain pricing which hurts values elsewhere due to the price competition.  However, here is my silver lining perspective on the current real estate market in the Smokies.  The real estate market is showing some strength and could be nearing a bottom.  High inventories are coming down and distressed properties seem to be getting absorbed.  August 2009 homes and other properties are still selling with more listed properties going on the market than in 2008.  Factors like low mortgage rates and “first time home buyer credit” favor purchasing homes at this time.  Assess your own circumstances and if buying or selling real estate in the Smokies seems like a priority, contact us.  The Jason White Team has the professional expertise and the knowledge of the area’s properties to make your plans in real estate become a reality.  Call me today!

Anticipating the Fabulous Fall Festivals in the Great Smoky Mountains

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Throughout the years as a resident of the Smoky Mountains area, I have noticed a certain excitement that comes with the onset of autumn.  Setting aside the energy of starting back to school, there is a distinct type of urgency that compells many people to get out and enjoy the outdoors and other outside activities before winter.  Here in Sevier County and across the area that surrounds the Great Smoky Mountains National Park, there are a multitude of activities that come to life in the fall.  These diverse festivals and social gatherings appeal to almost everyone.  They include; food-oriented harvest festivals, car shows, autumn leaf viewing and more.  I will focus on several of these items in my upcoming blogs and I urge you and your friends to come enjoy our area at a great time of year.  Humidity is usually lower and the hotter summer temperatures are moderating.

One of the first items on the fall agenda is our Sevier County Fair.  Beginning Monday, September 7th and running through Saturday, September 12th this fair is a cornucopia of events.  There are agricultural shows of livestock and produce interlaced with amusement rides, carnival games and food items.  Each day offers different opportunities from; wrestling and seeing local celebrities to culinary demonstrations and concerts.

Just as our Smoky Mountain area abounds with fall activities, this time of year also is great to purchase or sell real estate.  Many people get serious about investments and goals before year end.  Opportunities to buy or sell are plentiful with first-time buyer incentives and low mortgage rates still in place.  Allow me or other members of The Jason White Team to help you sell or purchase real estate in the Smokies.

Why Use A Realtor?

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A Realtor can be an invaluable tool when buying or selling real estate

An often perused question is: Should I use a Realtor or not?  People often underestimate Realtors and their importance in a real estate transaction.  On both sides of a deal a real estate professional can be an invaluable asset, helping to keep deals together and run more smoothly.

For sellers Realtors are valuable in a number of ways.  Realtors know the local market and how to evaluate the price your home should be sold at.  A real estate professional will advertise, market and expose your home to other real estate professionals as well as the community at large, not to mention the large customer base that they may already have.  A Realtor can help you set your home up for success by helping you present your property in a way that will appeal to potential buyers.  Realtors are indispensable when it comes to contracts and making sure each step is carried out to the seller’s best interest.

For buyers a real estate broker can be an incredibly helpful tool when looking for real estate.  Not only does a competent Realtor know his local real estate market and what is available but he also knows the community, its amenities and all that it has to offer.  A Realtor will write a contract when a buyer has found his ideal property and will help the buyer follow through with each step until closing.

In a nutshell, Realtors are incredibly helpful in diminishing the stresses involved with buying and/or selling real estate.  Please contact me at The Jason White Team to learn more about the benefits of using a realtor.

New Home Building Increases for 5th Consecutive Month

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I was delighted to read in the August 19, 2009 Business Section of the Knoxville News Sentinel that new home building is up. Through sources at Associated Press in Washington, the Commerce Department reported July 2009 was the 5th month in a row for increases in single family home construction.  Numbers showed a 2% increase and building permits for future construction climbed almost 6%.  The National Association of Home Builders reports that confidence levels are the highest in July in over a year.  Figures show new construction is up 37% from the bottom this past winter. This news could mean that the housing industry will be helping to improve the national economic output.  Housing has not been a significant contributor in almost 3 1/2 years.

All of this data is good news!  It shows strength in the housing market and could be a signal that the worst of the downturn is over.  Mortgage rates are low on a historical perspective and the $8,000 new home buyer tax credit is still in effect through November of this year.

To be a participant in this improving trend in the housing sector, contact us at The Jason White Team immediately.  See how the real estate professionals of my team can sell your existing real estate in the Great Smoky Mountains or help you to find that perfect home or real estate investment in this beautiful location.

Trying to Sell Your Home? Helpful Things to Prioritize

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Paying attention to how your home will appear to others will help you sell your home

If you are trying to sell a home in today’s market there are a few things to keep in mind that will help your home stand apart from the pack.  Prioritize and analyze what will fit in your budget and take the steps necessary to make your home show well and appeal to prospective buyers.

  • Fresh & Clean: Inspect your home inside and out. Does it need a coat of paint? A fresh coat of paint will always be recouped in the sale of a home and is well worth the cost.  Does it look clean and bright?  Pack up the mess, the more clutter free a home the better it will show.  Likewise, an empty house shows better.
  • Curb appeal: Pay attention to your home as if you were a potential buyer.  Is it inviting?  Clean?  Shore up your landscaping, make sure that your lawn is green and well-kept, that your flower beds are weeded and mulched, and that the exterior of your house is clean and respectable.
  • Inspection: There will be a home inspection completed by the buyer, be prudent and do one yourself.  Attend to items that could possibly hold up the sales process.
  • Best areas of a home to update and remodel? The Master Bathroom and the Kitchen.  Don’t spend the money to gut and redo your entire home but remodeling the master bath and kitchen areas of your home will make your home more appealing and grab a buyer’s eye.
  • Evaluate: Are the remodel/updates going to net you more than you are putting into them?  It is very important to pay attention to your local market and make the improvements that will help you not hurt you.  If you are not going to get the money back that you are intending to put into your home don’t do the changes.  Do the low-cost improvements and make do by making your home clean in its appearance.

Check out YahooRealEstate.com for more information and ways to sell your home or contact me , Jason White at The Jason White Team.

Hiking in the Great Smoky Mountains- A Treat for Everyone

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Cascade Falls 2 (courtesy of Shane o mac's) Flickr.com
Cascade Falls 2(courtesy of Shane o mac)

I have found that hiking is one of those outdoor activiities that can be tailored to fit just about everyone.  It’s flexibility and adaptability make it one of those rare sports that can be done by the full spectrum of age groups.  From the youngest in all-terrain strollers or infant backpacks to the elderly with canes or wheelchairs, this activity can accommodate people at all levels of fitness.  Hiking lends itself to a wide variety of interests on the same trail.  Bird watchers, waterfall lovers, extreme sports participants, autumn leaf viewers, spring wildflower photographers, and countless other outdoor enjoyment can be experienced simultanously by different participants hiking together.  In an age of technological advancement, hiking can help bring families and humanity back together, yet it still permits an individual interpretation.  It also brings a side benefit through physical exercise which again caters to the abilities/fitness level of the hikers. 

The Great Smoky Mountains National Park has 850 miles of trails.  These trails vary greatly in their; elevation change, ruggedness of terrain, length to destination, and the scenery along the way.  Selecting the appropriate elements to match the abilities and needs of your group is important.  There are many sources of hiking trail data from free brochures and web sites to detailed books and maps that you can purchase.  In any outdoor activity safety precautions are key.  Let people know where you are going and when you anticipate your return.  Wear supportive footwear and protective clothing.  Longer hikes require drinking water, snacks, sunscreen, rain gear and first aid preparations.  Matching your skills to the hike is key.  There are many resources to help you in your selection.

Hiking in the Great Smoky Mountains has almost a universal appeal much like buying real estate in this area.  There is a broad spectrum of real estate to choose from, similar to hiking this wonderous area.  It helps to use reliable knowledge from those who know the trail in hiking and in buying real estate.  Allow the experience and knowledge of my team at Jason White to put you into the real estate of your dreams.  Contact us today to get started.

Learn From Some Mistakes That Sellers Have Made When Staging Their Homes

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Home interiorThere really is some very good tried and true advice for a seller when they are staging their home for prospective buyers. The following are things that sellers have done mistakenly assuming that it will help them to sell their home, but all it did was cause them to miss their chance to make a great first impression. Never do the following to your home for a showing:

  • Leave your pet in the house, assuming that prospective buyers are probably pet owners as well, and will enjoy meeting your beloved furry friend.
  • Let shrubs get so big that it blocks out light and has the look of an abandoned house.
  • Assume that a buyer will not mind having a list of unfinished jobs to do around the house, if they purchase the home, that is.
  • Throw all of your personal items that are laying about into your closets to make the house look clutter-free. One of the first things a prospective buyer does when they step foot into an entryway is to open that closet door, to see how much space it has…
  • Assume that a prospective buyer is interested in all of the details of your extremely long kitchen renovation – with a photo album detailing each step.
  • Forget to put away your personal papers, such as bills or bank statements.
  • Use sickeningly sweet scented candles. Most buyers consider it an alarm bell for deeper odor issues.

For more information on Home Staging Tips view this website or call me at The Jason White Team.

The Uptrend Continues in Pending Home Sales for July

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I was excited to read research out of the National Association of Realtors in Washington DC, that pending home sales are up for the fifth consecutive month.  An uptrend of this duration has not occurred since July of 2003 (over 6 years ago).  The Pending Home Sales Index is a future oriented indicator that is based on contracts signed in June 2009.  Numbers for this index rose 3.6% to 94.6% from a revised reading of 91.3% in May of 2009.  This is 6.7% above June of 2008’s reading of 88.7%.  Our Pending Home Sales Index here in the South is among the strongest in the Nation with comparative figures as follows:
To better understand what these figures mean and how the Pending Home Sales Index is compiled, I have included some background information.  The figures came from the National Association of Realtors which is the largest trade association in America.  It represents about 1.2 million members who work in various parts of the residential and commercial real estate industries. The Pending Home Sales Index is one of the key indicators for evaluating the housing sector’s performance.  A home sale is listed as pending when a contract has been signed, but the sales transaction is not officially closed.  Generally, a sale is finalized within 1-2 months after signing.  The Pending Home Sales Index is compiled from a large national sample, usually about 20% of the transactions for existing home sales.  The significance of the index shows trends in sales-contract activity.  Data since 2001 shows greater accuracy in viewing the annual index changes or from the comparison of the same month vs that month a year earlier, rather than predicting trends through month to month changes of the same year.

An index reading of 100 equals the average level of contract activity in 2001. This was the first year to be examined and it was the first of 5 consecutive record years for existing home sales.

Examining the Index with this background information gives you better understanding of what it means.  However, to really find the answers to your real estate questions here in the Great Smoky Mountains area feel free to contact me at The Jason White Team.