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
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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
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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

Things to Know Before You Buy Your First Home

I ve got the key
Take your time and know what you are doing before buying your first home

It is a great time to buy a first home.  Not only are home values down and mortgage rates at historic lows but the First Time Home Buyer Tax Credit will give you 10% of your home’s value (up to $8,000) at closing.  These three items can add up to significant savings for the first time home buyer, making it an ideal time to start looking at real estate.  However, there are important things to keep in mind before buying your first home to make sure this important decision is the right one for you and your wallet.

  • Get Information.  Most communities offer free seminars for first time home buyers.  There are also non-profits that offer helpful advice and information.  Visit www.HUD.gov for helpful tips and a list of agencies near you that have free information available.
  • Know What You Can Afford.  Analyze your monthly budget.  A good rule of thumb is that your mortgage should be 28% of your expenses or less to be successful financially.  Remember to factor in home owners insurance and property taxes into this scenario.
  • Talk to a Lender. Start talking with a bank or mortgage lender and get the ball rolling.  The process of being approved by a lender is a longer process these days and you want to make sure that you get approved before the First Time Home Buyer Tax Credit expires on November 30.
  • Find a Real Estate Professional.  Finding the right real estate agent to work with can make your deal run that much more smoothly.  A good real estate agent will help find you a home that works for you, not against you.  A good real estate professional can also help you find a good lender if you have had a hard time during that step.
  • Know What You Are Committing to. During a real estate deal you are signing a lot of papers.  Know what you are signing.  If your real estate agent is having a hard time explaining things to you you might want to take the extra step and get a real estate lawyer to review your documents.

When it comes to buying your first home you want to make sure your are buying something you can afford, something located in a neighborhood you want to live in and, most of all, a place that you want to call home.  Take all of the information and advice you can get, filter and decipher it and make the best decision for you.  Please feel free to call me, Jason White, at the Jason White Team or my staff for more information on purchasing your first home. Our expertise and knowledge of the local area will certainly help in finding just the right home for you here in the Smoky Mountains.

Pending Home Sales Is On A Record Streak

sale-pendingIn news out of the nation’s capital, I was delighted to read that pending home sales have increased for the seventh straight  month. Sources for this information were;  Charles McMillian, President , and Lawrence Yun, Chief Economist, of the National Association of Realtors. The National Association of Realtors represents1.2 million members of all segments making up residential and commercial real estate in America. It is also the largest trade association in the United States. For recent viewers of my blog, the data we are analyzing involves figures from the Pending Home Sales Index. This index was first used in 2001 and is derived from a large national sample. Typically the “Index” looks at approximately 20% of all pending home sales across America. A home sale is pending when contracts are signed, but the official closing has not occurred. Usually the transaction is finalized within 1-2 months of pending status.

 

 

Figures for the Pending Home Sales Index showed the following results:

 

phs-index1

*A Pending Home Sales Index reading of 100 is equal to the average level of home sales contrast activity during 2001. (2001 was the first year the index was used and it was the first of 5 consecutive record years in sales of existing homes).

 

This seven month run of increasing levels in pending home sales is important because it has never occurred since the “Index” was utilized in realty-sales calculations. The overall PHS Index results comparison; August 2009 Index reading-103.8* up 6.4%, and from July 2009 at 97.6* up 12.4% vs. August 2008 at 92.4. (*Highest index level recorded was March 2007 at 104.5). As a real estate professional, this is great news.

 

However, the article also advised people to be cautious and I want to urge my blog readers to do the same. Here are some potential roadblocks to a full recovery in real estate. First, the deadline for the $8,000 tax credit for new homebuyers is rapidly approaching. Due to time lag in the pending vs. closing process, this October’s close will probably be the end for new home buyers rushing to purchase a house. This new homebuyer tax credit has amped up home buying and unless it gets extended in some fashion, house purchases could decline. A second potential roadblock is the extended delays for final closing caused by foreclosures and short sales. The lengthy delays here have sometimes resulted in buyers signing another contract for a different property. Other factors like; excess inventory of homes for sale, delays in the foreclosure process, new federal guidelines, etc. could have unseen consequences for real estate.

 

Still, there are many reasons to consider buying or selling real estate in today’s economy. Here are some to consider. Real estate is a hard asset that holds value when currency supply and valuations fluctuate. Selling a property could free up cash for a real estate upgrade. The current inventory of new and existing homes gives today’s buyer a better selection than we have seen for some time. These are just a few reasons to consider real estate sale or purchase at this time.  For buying or selling real estate in the Smokies contract The Jason White Team for dependable professional guidance on your property adventure.

 

                Huge Reductions On Two Prime Properties!!    

Estate Home on Lake-Front Peninsula!!   Reduced $305,000!!
Custom built home on Lake-Front Peninsula with expansive views of Flat Creek and surrounding ridges. Estate style gardens complete with gazebo, commercial outdoor kitchen, and koi pond.
Type: Single Family Home
Location: Sevierville,TN
Price: $1,195,000
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Hand Crafted Quality And Stunning View!  Reduced $102,900!!
If you want peace and tranquility with stunning mountain views, this home is for you! It offers hand crafted quality along with a thoughtful design.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $597,000
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Use Horse Power as a Unique, Fun Way to View the Smokies

Forest Trail RidersToday’s blog will explore how visitors to our area can view the beauty and grandeur of the Great Smoky Mountains from horseback. Some visitors to the Smokies are experienced equestrians, while others may be novices to horseback riding. Whatever skill level you have with horses, there are trails and horses here that can accommodate your abilities. First-time visitors to the Great Smoky Mountains may be surprised to know that there are approximately 550 miles of trails in the park, that are open to horses. The avid horse enthusiast can find 5 different horse camps in various locations throughout the park. These camps allow you to trailer in your favorite mount and they give easy access to the back country horse trails of the Smokies. Please note that all horse camps require a reservation. Information is available at park visitor centers or by calling (865) 436-0120.  For more information on horseback riding stables in our area click here.  Stables in the surrounding area can provide boarding of your horse during your stay.

For visitors who want a horseback experience without the work of bringing their own animal, there are 5 different commercial stables in the park. They are open usually from Mid-March through late November and average hourly cost is $20 per hour. Additional riding stables outside the Park offer trails with less mountainous terrain, yet beautiful long-range views of the Smokies are abundant. The opportunities to enjoy horseback riding here in these mountains is limited only by one’s motivation to explore all that is available. For instance, the hardcore question may consider options to hold their wedding in the company of special equine companions here in the Great Smokies. At the opposite extreme, a novice with horses might find a carriage or wagon ride more enjoyable. The novice can still enjoy the interaction with a horse, yet the actual handling is done by someone more skilled.

Readers of my blogs become aware of the multitude of interesting avenues one can explore on a visit to the Great Smoky Mountains. Horseback riding is simply one of the many great ways to make your visit truly memorable. Another option to enjoy this area more frequently, is to purchase real estate in the Smokies. When you own property here; as an investment rental property, vacation home, or primary residence all of these enjoyable aspects of the Great Smoky Mountains can become part of your daily life. You choose how and when. If you are at a point when buying or selling real estate in this area is important, then contact the Jason White Team. Our web site is a great place to begin. You can refine your search parameters on-line to save valuable time. That way when you come for a visit, you are focused on property you like, property within your financing or cash budget, and you spend your time acheiving your real estate goal.

Tax Credit May Be Extended

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There has been a push in the House to get the First Time Home Buyer Tax Credit extended, as well as expanded.  Last week the House passed a bill extending the $8,000 tax credit into next year for military, diplomatic and intelligence workers who have been working overseas.  This bill’s passage leaves many hopeful that an extension for regular first time home buyers will pass as well.  Much of the increase of real estate sales has been attributed to the First Time Home Buyer Tax Credit.

There is a strong sentiment to extend the First Time Home Buyer Tax Credit because the real estate market is not seen as completely stable yet.  The hope is that if the tax credit is extended then real estate sales will continue to improve.  If the credit gets opened up to include all home buyers, as some would hope, then real estate sales volume is expected to pick up quite a bit.  For more information contact me, Jason White, at The Jason White Team and I would be happy to discuss your options.

For the latest from Realty Times regarding the tax credit click here.

It’s a Buyer’s Market, Especially For Luxury Real Estate

Luxurious Mansion 1
It's a great time to invest in luxury real estate

The news is more and more positive across the Country, home prices have risen for three straight months and the number of sales have increased for four straight months.  Great news?  Any positive news is great after the real estate market our Nation has been weathering.  However, real estate values are hardly skyrocketing and, while increasing, sales volume is hardly knocking homes off the shelf.

It is a buyers’ market, there is no doubt about it and the buyers getting the best deal are those buying luxury real estate.  Luxury homes have had the biggest drops in pricing and for those with deep pockets the savings can be tremendous.

A recent article in the Wall Street Journal points out the significant drop in price among luxury real estate.  Data is showing that while mainstream home prices are stabilizing, luxury real estate, homes selling for $2 million or more, are dropping their asking prices an average of 14%.  The article states, “Bottom line: At the high end, it’s a good time to be shopping for that dream home.”

If you have been dreaming of luxury real estate and have the money, this could be the time to make your dream come true. Call me, Jason White, today to discuss the possible purchase of luxury mountain  real estate in our area.  Click here to visit the Wall Street Journal article “Seeking Real Estate Bargains? Try Looking at the High End”.