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

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.

Quantity Of Homes Sold 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.

Dollar Volume Sold 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. Average Sale PriceIn 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.Quantity Of Active Homes

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

Golf in the SmokiesThe 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

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

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

Log Cabin in TennesseeOne 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 >

Come Visit and Fall in Love With Autumn Leaf Color in the Great Smoky Mountains

Fall in the Great Smoky MountainsDuring this last full week of September, I saw evidence that Autumn’s first stages of leaf color are getting started here in the Smokies. We have some time before mother nature is at her peak, but as leaf viewers know, that time is approaching. In the past week, only the first few leaves were beginning to drop and decorate the roadways. Early participants in leaf color, like the American Dogwoods, were shifting from deep green to a muted ruddy red. So for all the leaf-viewing enthusiasts who may be reading this blog, get ready, the show is starting.

The unique feature of leaf viewing in mountains like the Smokies, is that leaf color begins at the peaks with highest elevation.  It works down the mountains with the valleys at the lowest elevation getting their fall color last. This elevation feature adds a prolonged period of fall color over other parts of the country where most trees sit at roughly the same elevation making them come into color and drop off in approximately the same time frame.

As most leaf-color enthusiasts know, each year is unique in it’s; time table for peak color, length of time before leaves drop, and in the intensity of the fall color. Scientists have sought out the keys to leaf color, yet much is still unknown. However, the pre-dominant scientific opinion favors the ratio of daylight to darkness as the major trigger in bringing on leaf color. Other environmental factors like; temperature, rainfall, etc. play a roll, but not as major an influence as the length of daily light vs. darkness. I feel that an area’s major weather pattern occuring at the peak of autumn color can definitely influence how long the brilliant colored leaves remain on the trees. For instance, a mild weather pattern with little precipitation and minimal wind is less likely to rapidly bring down leaves. However, a turbulent system of weather accompanied by alot of ; rain, hail, or snow driven by gale force winds can strip the fall color to bare limbs in almost one day.

Leaf color is unique to each species of deciduous plant and can vary among members of a plant species. The colors come from pigments generated through chlorophyll and the photosynthesis process of harnessing sunlight to make sugars within the leaf. Other pigments in tree and plant leaves come from carotenoids and anthocyanins which are compounds that provide color like the orange hue of a carrot. Each species has the same basic pigments and the same general time table for leaf change. The southern Sourwoods turn early in late summer when other trees are still deep green, while oaks put on their color when much of the forest has shed it’s leaves. Once the sugar manufacturing in the leaves has stored up enough plant sugar to see a leafless tree through it’s winter dormancy, the fluid-carrying veins in the leaf stem dry up and seal off allowing the leaf to lose moisture and fall off.  After the spectacular color show of Autumn is through, the grand recycling operation begins. Fallen leaves provide dry, insulating,nesting or den material for forest animals. Other leaves become a food source for molds and fungi enabling a better breakdown that releases valuable minerals and nutrients for the growth and energy of next years forest.

For me this beautiful fall leaf display is a gentle reminder to finish projects before another year ends. If one of your projects is to purchase or sell property here in the Smokies before this year ends, then be sure to contact the Jason White Team. We have up-to-date real estate expertise and knowledge of the Smoky Mountains area. This is a winning combination to find you the real estate you desire.

New Federal-Mandated Lending Changes in 2009 Can Impact Real Estate Closing Dates

Delays in Closing DatesToday’s real estate buyers and sellers need to know that the Federal Reserve has instituted new lending changes for 2009.  These new items can impact when a real estate transaction could close.  Knowledge of these changes and working with them is crucial to assure that a particular piece of real estate closes within important time lines.  Tax planning and the timing of buying and selling assets is key to minimizing tax consequences.  That time element is vital when items like the $8,000 First Time Homebuyer Tax Credit come with an expiration date.  To avoid costly delays in your real estate closing let me briefly explore these new rules.

The 1st change impacts the closing date if the property buyer is financing the purchase. Previously, the buyer and seller chose a closing date and service providers (like lenders) worked to meet that date.  Now the earliest any home purchase transaction can officially close is 7 business days after the homebuyer is issued their initial mortgage disclosures from the lender.  Often Saturdays do not count as a business day so plan closing dates carefully based on the receipt of the initial mortgage disclosure.

The 2nd change effects the collection of upfront fees by the lender.  In the past upfront fees could be collected by a lender at the time of applicaiton either in person or via phone.  Presently, only a credit report fee can be collected upfront.  Other upfront fees can only be collected on the next business day following a business day when disclosures are received. Saturdays and of course Sundays are excluded as business days.

The 3rd change involves the homebuyer’s receipt of the appraisal.  Under new rules the homebuyers must receive a copy of the property’s appraisal a minimum of 3 business days prior to the mortgage closing.  The buyer has the right to waive this requirement if they feel 3 business days for review is unneccessary.

The 4th change by the Fed dictates extreme accuracy in computing estimated fees upfront.  Any increase of more than .125% in the Annual Percentage Rate (APR) from the initial Truth in Lending Disclosure (TIL) requires the TIL disclosure must be revised and re-issued to the home buyer.  Furthermore, the revised TIL disclosure must be received by the home buyer at least 3 business days before closing.  If mailed, a TIL disclosure is considered “received” 3 business days after mailing.

When these new rules are viewed through a filter of the recent subprime mortgage mess, it becomes clear why they were enacted.  It was evident in the past that buyers felt time pressured and often did not understand what their actual loan interest rate was, along with other critical details of the home purchase process.  All of these recent amendments are geared to insure that the home buyer has time to review and hopefully understand exactly what they are legally committing to.

It is important to know that these new rules are not a roadblock in acheiving an expedited closing.  I may explore more shortcut details in upcoming blogs, but a quick way in shortening the time for closing is to lock in the loan rate and the various closing fees as early as possible.  However, the most important element in getting a fast, worry-free closing on your real estate is to use a professional realtor who knows real estate in the area you want to purchase.  This is one of many reasons you want to consider The Jason White Team for real estate in the Smokies.  We know the area and we have the expertise.  Call us today to help find your ideal property.

      Here are a couple of my current Listings!

Spectacular Mtn Views & Unique Features!
This charming home offers a spectacular mountain view and really unique features.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $229,700
Get more information >
Prime Location at an Excellent Value!!!
Located on a quiet cul-de-sac in Chalet Village just a short distance from downtown Gatlinburg. Charming cedar home is an excellent value with magnificent woodland views.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $169,900
Get more information >

What To Do When Mother Nature Makes the Outdoor Activities Challenging

Fall Day in the Smokies This area of the Great Smoky Mountains has plenty of fun things to do even when its’ our rainy season.  This is great to know because our time for vacation and relaxation are important to all of us.  Recently the bulk of the Southeast U.S. has been mired in a lengthy rain pattern.  On one hand it has helped to erase the previous several year drought by bringing lakes and water sources back to normal levels.  However, for doing outside activities it can be a little challenging.  For this reason, I wanted to focus on some indoor activities that make our area enjoyable even it its’ raining outside.  We are in the beginning of the Smoky Mountain Harvest Festival which runs from September 18th- October 31st.  This festival is centered around Gatlinburg.  It gives visitors an in-depth look into the history of our area through it’s arts and crafts.  Vacationers can explore and purchase items from a vast Southern Appalachian Heritage of craftsmanship that continues today in areas of the Smokies.  Many of these crafts can be viewed in the Great Smoky Arts and Crafts Community.  Established in 1937 this is the largest group of independent crafts people in North America.  The shops and galleries that make up this artisan community are located in roughly an 8 mile loop on the northeast side of Gatlinburg.  Vistors can enjoy this unique area during business hours year round.

The world-renowned Arrowmont School of Arts and Crafts, open since 1945, offers courses to students as well as tours of various collections in their galleries throughout the year in Gatlinburg.  October 8th- October 25th of this year is the 34th Annual Fall Gatlinburg Craftsmen’s Fair downtown at the Gatlinburg Convention Center.  This offers a variety of crafts people in one location demonstrating skills and offering their creations for sale.

Another indoor event is “A Taste of Autumn”. This food-oriented activity will be held at the Gatlinburg Convention Center on Thursday, September 24th.  It features sampling from some of this area’s fine restaurants and businesses.  Participation allows you to benefit the United Way of Sevier County with the entire $25.00 entry fee.  This will be the 12th year for people to enjoy live entertainment while they sample tasty treats and benefit local charities in Sevier County.

As you can see, even rainy weather can’t dampen the fun here in the Smokies.  Our location often gets less extremes of weather than other areas.  If you are entertaining buying or selling real estate in Sevier County’s Smokies, contact me at The Jason White Team for professional local knowledge of our real estate market.  We have the expertise to help you sell or buy property in the Smokies.

Vacation Real Estate: Is it a Good Time to Invest?

 

Chalet in Smoky MountainsThere are many questions when it comes to investing in real estate today one of which is, is it a good time to invest in vacation real estate? Currently it is a buyer’s market almost anywhere in the Country. If you can acquire financing or have the extra cash to invest,  real estate has always been seen as a good investment because while it may take its dips, historically it has always rebounded. Many signs point to it being a great time to invest in vacation real estate. These signs include:

Low interest rates

A drop in home values

Fewer buyers, therefore less competitive market place

Lower property taxes due to drop in home values

Higher inventory, therefore more homes to choose from

 

If you have been wanting to purchase or invest in a second home there hasn’t been a more attractive time to purchase vacation real estate in quite some time.

 

For more information on investing in vacation real estate visit the Realty Times web site and contact me at The Jason White Team in Gatlinburg.

Benefit Charities When You Take a Smoky Mountain Trip Back in Time

Old fashioned wagon rides are a unique way to step back in time and enjoy a leisurely view of downtown Gatlinburg combined with the surrounding scenery of the Great Smoky Mountains National Park. While the wagon rides channel proceeds to the United Way, it is a fun opportunity to benefit charities and take in the beauty of the area at the same time. The wagon ride event starts September 1st and ends on October 29th this year. The rides depart from Traffic Light #6 at The Mountain Mall in Gatlinburg. They are running from 5:00 pm to 9:00 pm Sunday through Thursday leaving approximately every 45 minutes. Admission is $4.00 per person. For contact information call 865-436-0535.hayride

These interesting events of our area remind me how much fun it is in the Smokies. The magnitude and diversity of local attractions, combined with the awesome natural beauty make this part of our country a real magnet for visitors. If you find our mountains calling you, look into real estate to answer that need. Primary residences, vacation homes, rental income opportunties, etc. are all avenues that can bring you back to the Smokies. To find just the right solution for your real estate in the Great Smoky Mountains contact The Jason White Team. We have the local knowledge and professional expertise to find your Smoky Mountain Real Estate. Call today!