The 1031 Exchange-Another Tool For The Savvy Real Estate Investor

Posted by Gatlin on July 16, 2009

: Invest (photo courtesy of Gnerk on flickr.com)

The 1031 Exchange is named for the section of the Internal Revenue Code that permits the existence of this unique real estate transaction. The easiest description of the 1031 Exchange allows real estate owners to sell a property and legally defer any federal or state income tax when the proceeds are reinvested into another “like kind” property within the specified time frame. Key words in the 1031 Exchange are “defer taxes on capital gains” NOT “avoid taxes on capital gains”. However, the “1031” grants a flexibility on several levels to one’s investment. First, is the flexibility to better time and plan the payment of the tax owed on your capital gains over a longer time frame. Second, is the flexibility to exchange your investment into a wide variety of “like-kind” properties. “Like-kind” properties include any real estate property held for business or investment, such as; commercial real estate, raw land, rental properties and could even become one’s personal residence. A third flexibility in the 1031 Exchange is the ability to shift an investment around the country to take advantage of better business opportunities or personal geographic/climatological preferences. Another obvious flexibility in the 1031 Exchange is time required for the process to occur and even though there are specific rules set forth by the Internal Revenue Code there is flexibility in when you close on the property you own, etc.

As in any matter involving a degree of financial complexity, one must consult with reliable legal assistance to assure proper compliance with the tax codes and a proper fit in your personal financial/investment situation. The rules of the 1031 Exchange are being refined by on-going tax rulings so be sure to obtain reliable advice. On 1031 Exchanges and other real estate matters be sure to consult The Jason White Team to get a broad range of real estate investments and the backing of reliable advisors to fill your real estate needs.

Gatlinburg Craftsmen’s Fair

Posted by Gatlin on July 12, 2009

Smoky Mountain Vista (courtesy of Marcy Reiford on flickr.com)

Towards the end of July on the 17th through the 26, a great Gatlinburg TN community event will be hosted at the Gatlinburg Convention Center.

The Gatlinburg Craftsmen’s Fair is the perfect occasion for art, craft, and music lovers to come together and enjoy over 200 booths featuring arts and crafts from around the nation. The artisans and crafts people will be on hand in their booths to demo their skills, answer questions, and sell their wares.

Don’t forget about the country and bluegrass afternoon music shows either!

The Gatlinburg Craftsmen’s Fair will be open daily from 10am – 7pm and on Sundays from 10am – 5pm. Adult admission is $6.00 and children 12 and under are free.

Jason White, a Gatlinburg TN real estate agent, can tell prospective Gatlinburg TN real estate buyers more about other Gatlinburg TN community events. You may contact him at 877-678-2121 or by email.

Impressive Home for Sale in Sevierville TN

Posted by Gatlin on July 10, 2009

Home For Sale: 5055 Riversong Way, Sevierville TN

This home for sale in Sevierville TN is a must see! The gated, 4192 square foot, 5BD/4.5BA mountain estate home on 2.76 wooded acres with great mountain, valley, and even river views – should provide the nature loving family with plenty of room to roam.

A private yard surrounds the multi-leveled home with paved parking and a 2 car attached carport as well. The interior boasts great details throughout the house such as the gourmet kitchen with granite counter tops, stainless appliances, and cherry cabinets.

Hardwood floors flow throughout this home, as well as cathedral ceilings, 3 stone fireplaces, a fully finished basement, and even a walk through shower that opens to a large private balcony in the master bedroom. Just in case you need more room, an unfinished studio apartment with a 2 car garage sits on the back of this incredible property.

For more information on this fabulous home for sale in Sevierville TN or other Sevierville TN real estate, please contact Jason White. His expertise the local Gatlinburg real estate market will prove to be priceless. He can be contacted at 877-678-2121 or by email.

In a Challenging Economy, Real Estate is Still a Wonderful Investment in the Great Smoky Mountains

Posted by Gatlin on July 9, 2009

Let us examine some data to gain perspective on current residential real estate for this area. June 2008 saw 430 homes listed with 133 sold or 30.93%. The average sale price sold was $199,545, with average “days on the market” at 146. Figures for June 2009 show 540 homes listed with 19.07% or 103 residences sold. The average sale price sold was $187,824, with average “days on the market” at 157. With half a year data now available, 2008 saw 2,586 homes listed with 29.04% sold at 751. The 2008 average sale price sold was $194,617 with an average “days on the market” of 157. The same year to date time frame of Jan-June 2009 saw 3,177 residences listed with 18.63% or 592 homes sold. The average sale price sold was $190,690 at an average “days on the market” of 163.

In digesting this data some trends are apparent. Inventory of residences for sale is up, average sale price sold is slightly longer. Given the fact that there is alot of foreclosure property mixed into these figures, prices are holding up well and days for sale on market for selling residences is not radically longer. This bodes well for those listing residential property to sell.

However, this is awesome news for those interested in real estate in the Great Smoky Mountain area. Increased inventory of homes for sale combined with an in flow of bargain-priced foreclosures keeps pricing reasonable and allows for ample opportunities to find your dream home or investment property. When you look at the current, historically low mortgage rates and the Obama First-Time Home Buyer Tax Credit, today’s real estate market looks better than many current investments. So check out the web or contact Jason White for solutions to your real estate needs.

There Is A Window Of Opportunity Open In Today’s Real Estate Market

Posted by Gatlin on July 3, 2009

One of the hottest segments in the current real estate market is the purchase of foreclosed property. Year to date figures in Sevier County’s MLS show 105 foreclosed single family homes sold at an average price of $160,853 with an average days on the market of 125. When you combine the low cost of foreclosures with today’s historically low mortgage rates it can be a recipe for opportunity.

Trends indicate that foreclosure inventory is modest and steadily being absorbed, but prices for this type of property are going up. Foreclosures are a low percentage of homes (only 3.4% currently) on the market. Current figures reveal 116 foreclosures out of 3,454 available homes on the MLS and the current average foreclosure price is $238,563 with an average days on the market of 91.

News out of Washington DC indicates that foreclosed home supply, at least for the present, should continue. The Obama Administration has allowed the Freddie Mac/Fannie Mae moratorium on foreclosures to expire on March 1st of this year. This should allow more foreclosed properties to enter the market and become quickly absorbed. If this opportunity for bargain-priced homes, combined with historic low mortgage rates sounds great, then be sure to contact Jason White a realty professional with foreclosure experience.

Pigeon Forge TN Area 4th of July Activities

Posted by Gatlin on June 29, 2009

Fireworks (courtesy of A Million To One on flickr.com)

There are many great activities celebrating our nation’s independence during the next week or so in Pigeon Forge, TN.

These Pigeon Forge TN area 4th of July activities are kicked off by the 3rd Annual Smoky Mountain Music & Heritage Series. This event on July 3rd begins at 6:30pm at the Old Mill Square. Free admission gets you in to see Logan Murrell – just remember to bring your own lawn chair.

July 4th offers plenty of activities in the local Pigeon Forge TN area to enjoy. The 19th Annual Patriot Festival from July 4-8 will feature music, food, children’s games, and of course, fireworks in Patriot Park.

A fireworks show will also be lit off in downtown Gatlinburg.

With so many great 4th of July community activities in the Pigeon Forge TN area, it will be hard to fit them all in this weekend.

For more information on other Pigeon Forge TN community activities or Gatlinburg TN events, please contact Jason White, a Pigeon Forge real estate agent.

Unique-Time Sensitive, Opportunity in Real Estate Available Now

Posted by Gatlin on June 24, 2009

The Real Estate Opportunity we are speaking about is the 2009 First Time Home Buyer Tax Credit which provides an $8000 tax credit for first time home buyers purchasing a principal residence from Jan 1, 2009 thru Dec 1, 2009. This tax credit is potentially a great invitation to buy a home, and with about six months left it is generating activity in home buying across the country according to Realtor.org

There is some flexibility in this plan and some are taking the credit up front to use for larger down payments, lower mortgaged amounts, etc. It is certainly worth talking to your financial advisors to see if you qualify and be sure to check out the knowledgeable people at the Jason White Team for a wide range of possibilities that could fit the tax credit or could fill your other real estate needs.

Sevierville TN Real Estate Summary

Posted by Gatlin on June 23, 2009

Sevierville TN Covered Bridge (courtesy of Brent & Marilou on flickr.com)

The Sevierville TN real estate summary for the week ending on June 17th reports that 1,663 homes are for sale in this area.

Of those Sevierville TN homes for sale, 42 homes are in the pre-foreclosure, auction, or bank-oned processes.

There were no open houses to date for last week, and the average listing price was $303,922 which is down about $5,000 from the prior week.

The median sales price for Sevierville homes for sale was $151,800 based on a one year period of 62 home sales.

Compared to the same period last year the median home sales price increases $17,300.

Jason White, a Sevierville TN real estate agent can provide more information for all your Sevierville TN real estate questions.

Gatlinburg TN Home for Sale – 522 Otter Run

Posted by Gatlin on June 20, 2009

If you are looking for serene privacy and a low maintenance home to enjoy your next visit from family, then 520 Otter Run in Gatlinburg TN is the home for you.

This unique, custom built home is in the exclusive gated estates of Norton Creek has all the quality and beauty you would expect from a Gatlinburg TN home for sale nestled into the Smoky Mountains.

This new home features 4 bedrooms and 3.5 baths throughout its 3212 square foot layout. Spectacular 180 degree mountain views highlight the daily sunrises, and the rushing trout stream will lull you asleep at night.

This house is soundly built with maintenance free timber tech decking, a 50 year roof, Masonite siding,and custom oak flooring. The attention to detail in this Gatlinburg TN home for sale is truly worth seeing.

To set up a viewing of this house or other Gatlinburg TN properties for sale, please contact Jason White, a Gatlinburg TN real estate agent, at 877-678-2121 or by email.

Pending Home Sales Up for Third Month in a Row

Posted by Gatlin on June 18, 2009

Good News out of Washington for the Real Estate Market!! Indicators released out of Washington, for June 2009, point to good activity for real estate. The Pending Home Sales Index is up for the third consecutive month from 84.6 in March to 90.3 in April. This is a 6.7% increase from last month and 3.2% higher than April last year.

National Association of Realtors announce that “housing affordability conditions have been at historic highs”. These markers of increasing activity are certainly assisted by low mortgage interest rates and the first-time buyer tax credit.

With official news like this hitting the media, timing is perfect to contact Jason White to check out great buys in the Smoky Mountain Real Estate or to explore listing your property for sale with a consistant leader in Smoky Mountain Real Estate sales.

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