Things to Know Before You Buy Your First Home

Posted by Gatlin on October 17, 2009

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

Posted by Gatlin on October 15, 2009

In 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:

*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!!

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Hand Crafted Quality And Stunning View! Reduced $102,900!!
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Use Horse Power as a Unique, Fun Way to View the Smokies

Posted by Gatlin on October 14, 2009

Today’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

Posted by Gatlin on October 12, 2009

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

Posted by Gatlin on October 9, 2009

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”.

Sept 2008 vs. Sept 2009 Smoky Mountains Residential Real Estate Results

Posted by Gatlin on October 8, 2009

Comparing residential real estate numbers for our Smoky Mountains can be helpful for spotting trends in the market, and September’s results are now available. As a veteran real estate professional, I realize that a yearly month versus month comparison will not completely reveal market directions. However, they are good for loosely tracking the accuracy of our theories on residential real estate pricing and general movements.

In September of last year there were 1739 residences sold. This September of 2009 there were 1408 sold. This is 331 less than last year or a 19% decrease.

Last year’s September dollar volume sold was $346,617,330 compared to this September with $262,290,678. The difference is $84,326,652 less for 2009 or 24% lower.

The average residence sold in 2008 was $199,320 versus this year’s $186,286. This nets a 7% lower average in 2009 or $13,034. In the category of active listings we see September 2009 winning out with 8,973, while active listings for September 2008 were 8,254. September 2009 has 719 more active listings or a 9% increase over the prior year.

In distilling this data to sense a trend, I believe you need to exercise some caution. First, realize that the housing market is currently stimulated by government intervention as are other sectors of our country like automobiles, banking, etc. It may take some time for real market trends, without massive government stimulation to reveal themselves. This being said, guessing market timing in any investment is challenging at best. With any larger investment, like property, the investor needs to do their due dillegence.

This is currently a good time for either buying or selling real estate. As a seller you could get money out of your current real estate with the possibility that prices might decline further down the road and you might reinvest your funds into a better investment in the future. As a real estate buyer, the increased active listings give you an awesome selection to choose from. With the printing of paper money here in the U.S. for bailouts, combined with international moves toward a lower value in the dollar, nothing holds its value like hard assets. Good real estate is a hard asset that has shown its ability to hold value. If you are considering real estate as primary or secondary home or as an investment, be sure to contact The Jason White Team. We have the experience and knowledge to put you in the property of your dreams.

Here are a couple of My Lastest Listings:

	Great Location w/Lush Forest and Stream This well kept tree house is private with lots of woods and year round stream. It’s open floor plan and vaulted ceilings w/master bedroom loft allow a spacious feeling. Conveniently located and level parking are a bonus for this home. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $149,900 Get more information >

	Gorgeous Mountain Views and Private! This totally secluded log cabin has incredible mountain views and lots of space. The unfinished basement/garage has hugh potential to become an extra living area. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $229,900 Get more information >

Real Estate in the Smokies Could Score Golfers a Hole-in-One

Posted by Gatlin on October 6, 2009

The Great Smoky Mountains are known for many things, but great golf might be one of their best kept secrets. Many visitors to our area expect to see our beautiful outdoor landscapes. The scenic wonders of these mountains are legendary. They become an awesome tourist draw especially when they are combined with man-made attractions like; entertainment, shopping, amusement parks, and other vacation fun. With all these attributes working in their favor, the Smokies have never been considered a golf center by most golf enthusiasts. The topography of our area alone makes it difficult to put in a golf course here in the Smokies. However, despite these challenges, there are still places for the avid golfer to enjoy. Golf Digest’s August 2009 issue, rated Gatlinburg Golf Course as one of the best in Tennessee. It was designed by golf course architect William Langford. Today the beautiful 18 hole course offers players, from beginner to advanced, challenging layouts and awesome views in the heart of the Smokies. The course is easy to find, it is located only five miles from downtown Gatlinburg, adjacent to Dollywood. Gatlinburg Golf Course is open year-round accomodating golfers in all seasons of breath taking beauty. Other courses in our area include; Eagle’s Landing Golf Club and Bent Creek Golf Course. Click on links to find more details of courses.

Another golf-related activity that involves the entire family, is playing putt-putt or mini golf on a multitude of Smokies area courses. These family oriented fun spots allow serious golfers to work on the putting aspect of their game while enjoying the company of friends and relatives. Local golfers have always known that these East Tennessee mountains are not home to the country’s greatest numbers of golf courses. They know however, that the golf courses we have, may be among the most scenic and beautiful on the planet. If you are planning on returning to our area or are perhaps visiting for the first time with the desire to play some golf, be sure to check out the internet links on our golf courses.

If you are contemplating a visit to the Smokies with a mission to find real estate, then take these steps to make your search more effective. First, decide whether you want to make our area your primary or secondary home or even a vacation destination. Second, establish a target price and if financing is required get pre-approval. Third, call The Jason White Team in advance of your visit so we can share internet match-ups to your property requirements and narrow your search before your visit to the area. We have the local resources and the professional expertise to find just the right property for you.

Low Mortgage Rates Instrumental in Turning Real Estate Around

Posted by Gatlin on October 5, 2009

Heres is a tip. — Low mortgage rates are doing the job to make real estate more affordable

Keeping mortgage rates low is helping to stimulate real estate across the Country. For the past few months the public and private sectors have been putting their heads together to get our Country out of the mess we are in and real estate and lending have been the primary focus. The lowering of mortgage rates and keeping the interest rates low has been playing a major role in turning real estate around and getting potential home buyers off of the sidelines and into property. Low mortgage rates are helping keep the cost of buying real estate low, enticing people to buy property.

Mortgage rates have been holding at historically low rates. The current average rate for a 30 year fixed mortgage is 5.12%. The average rate for a 15 year fixed mortgage is 4.69%. A recent article at Realty Times points out “Low rates contributed to existing home sales rising for the fourth consecutive month to an annual pace of 5.24 million in July, the most since August 2007, according to the National Association of Realtors.”

There is a drive to continue to keep mortgage rates low as the low rates appear to be doing the trick as the real estate sales volume continues to increase across the Nation.

For more information about mortgage rates visit Realty Times by clicking here and call me at The Jason White Team.

Real Estate Reports, Read Between the Lines

Posted by Gatlin on October 2, 2009

Real Estate has a lot of conflicting reports these days but overall appears to be on the upswing

Gloom and doom reared its ugly head as real estate sales reports declared a 2.7% drop in August, however, if you read between the lines the data isn’t as disappointing as one would think. The two biggest highlights of real estate sales in August are:

August sales are up compared with last year, 3.4% compared with August 2008.

August 2009 had the second highest sales figures of 2009

Hand in hand with the negative news is more positive news, mortgage rates dropped again last week leaving 30 year rates hovering at 5.04%. There is still time to take advantage of the first time home buyer tax credit and lobbyists are hard at work trying to get the tax credit extended, as well as amended to include all home buyers.

The reality of real estate is that while the recession may be over or nearing its end, recovery does not happen overnight. Real estate sales are improving with dips in data here and there. Feel free to contact me, Jason White, at the Jason White Team to discuss your options for real estate.

Click here for more information on August real estate sales and a look at an article recently posted in the New York Times.

Continued Good News in U.S. Home Prices Support Housing Market Stabilization

Posted by Gatlin on October 1, 2009

One of my news sources referenced a Thomson Reuters story out of Washington DC for September 29th, 2009 which continues to support U.S. housing market stabilization. Here are the key points. Economists who work on the S & P Case-Shiller 20 city home price index were initially expecting prices to fall by 14.2% for 2009. These economists were surprised by only a year-to-date 13.3% decline. While this is still a decline, it is less than forecasted. The official month end figures are due out next week, but an early look shows that S & P 20 city and 10 city home price indexes are trending upward for the 6th consecutive month. Eighteen out of 20 cities showed price gains while Las Vegas and Seattle declined. Chairman, David Blitzer of the S & P Index Committee urged caution during the early stages of national real estate price stabilization. The chairman, felt challenges to a full recovery lie ahead in 3 areas; unemployment rates could increase in the months ahead, more foreclosures might follow the unemployment, and the Federal First-Time Buyers Tax Credit is due to expire the end of November. These factors influence the housing market and their impact has yet to be seen.

However, guessing the timing in any investment market is the most challenging component. Cashing out at the peak of an investment or buying in at its’ bottom is everyone’s ideal. For most people, if a home or property is financially affordable and matches their criteria for; quality, style, and location, anytime can be appropriate for buying or selling. If you are looking for a home, property, or real estate investment in the area of the Great Smoky Mountains, the professionals at the Jason White Team are your answer. We can match you to your real estate dream. Contact me or my co-workers today to get started.

Here are two of my current listings!

	Great Rental Cabin w/ Mountain Details! This very cute log cabin is in a planned unit development but is very secluded. It offers many unique touches with woodsy/themed decorations and details. Many upscale updates and convenience to Gatlinburg. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $147,500 Get more information >

	Private with Lots of Rock and Creek Centrally located in upscale community of Riversong just minutes from Gatlinburg. 5 Bedroom with 5 in suite baths. Private and wooded with common access to River for swimming and fishing. Plus listen to the sounds of water from creek on property. Type: Single Family Home Location: Pittman Center Price: $225,000 Get more information >

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