NAR Reveals Gatlinburg Homes For Sale and Across the Country Surged in April 2010

The National Association of Realtors data showed Smoky Mountains homes and existing-home sales across the nation continued their improvement in April 2010.  For real estate market observers, these results were totally expected.  April was the last month for buyers to sign a contract on a home to qualify for the federal homebuyer tax credit.  Sales of existing-homes include; single family houses, townhomes, condo’s, and co-ops.  This market analysis measures homes under contract, yet not officially closed.  These transactions normally close within 1-2 months.  April 2010 figures were 7.6% above March 2010 and were 22.8% above April of 2009.  Chief economist, Lawrence Yun, expects some decline in sales, as the tax credit ends.  However, he sees a growing buyer confidence returning to the U.S. home buying market.  He feels that overall economic improvement, home buyer confidence, and home price stabilization will assist the home market in regaining it’s momentum. 

NAR President, Vicki Cox Golder shares some additional observations on today’s housing market.  She sees many buyers are still remaining in the market, searching for just the right home.  Affordability conditions are good and Freddie Mac reports rates are still low at 5.10% on a 30 year fixed loan.  Total housing inventory rose slightly in April by 0.3%, but it is 11.6% below the record set in July of 2008.  The NAR President, sees buyers shifting into a “buy and stay mode”.  This may be too early to view the change, but the “buy and flip” mentality may be slowly disappearing.  April data shows 49% of homes were purchased by first-time homebuyers.  This was up 5% from March. The national median priced home for April 2010 was $173,400.  This is a 4.5% increase over the previous year.  Single family median prices rose in 18 out of 20 metropolitan statistical areas across the country, with 6 of these seeing double digit increases.  The Northeast led the nation in the number of existing -home sales as well as in the highest median-priced home.  Here in the South, existing home sales figures were close to being in the middle of the statistical results.  The Southern median price for an existing-home is $150,000 just above the Midwest at $146,400.  This makes our area quite attractive for home buyers looking for value on their purchase.

All of these current trends and statistical results indicate that our real estate market is favorable for property investment.  If buying a house or property in the East Tennessee Smokies is a priority, check us out today!  The Jason White Team has a website geared to begin a buyer’s search for property.  We have made it so user-friendly, that some may find their dream real estate totally online.  We offer all the resources and expertise to turn your dream into a reality.  Call us today to get started!  877-678-2121

Here are a Few of My Current Listings:

Sits on Beautiful Pigeon River!!
Located on the state’s most pristine river this is truly a one-of-a-kind property. Listen to the sounds of the river on this 2.8 ac in upscale subdivision of Riversong. This home offers a gourmet kitchen, huge game room and even a playroom for the kids.
Type: Single Family Home
Location: Pittman Center
Price: $1,195,000
Get more information >
Easy Access and Great for Large Groups
Three level chalet with big rooms and cathedral ceilings to accomodate that large group or family reunion. Bring the mountain views and outdoors in with all the glass windows. Fun awaits you with a gameroom and 3 levels of decks with hot tub.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $259,900
Get more information >
Short Sale’ Great Location!!
This conveniently located home is within walking distance of Community Center, Mills Park, schools, and Gatlinburg shopping and dining. Lovely wooded setting and nice furnishings.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $179,900
Get more information >

Call today to view these or any other properties!!  877-678-2121  Ask for myself or Buyer Specialist, Stephanie Huskey!

Real Estate Has Bright Spots as the Overall Market Adjusts to Stimulus Withdrawal

Homes in Gatlinburg, Tennessee and across the nation are adjusting to a real estate market without federal tax incentives for buying houses.  My news sources out of the Wall Street Journal feel the market is reacting much as expected, to life without an $8,000 tax credit for buying a new home.  Throughout the duration of this federal program, the stimulus tax credit combined with low mortgage interest rates, to bring buyers back into the real estate market.  The influx of homebuyers absorbed enough of a massive inventory of homes for sale to stall a decrease in home values.  Many areas of the U.S. are seeing home prices rebound nicely.  Obviously, the tax incentives accelerated homebuying activity and enticed buyers to purchase earlier than they may have done without the stimulus.  For this reason, a drop in homebuying was expected as the federal stimulus ended.

The highlight in the current real estate market is that mortgage interest rates are very low and there is a good selection of homes for sale.  Average 30 year rates fell to 4.8% while 15 year rates appeared to rise to 4.25%.  However, the fees charged to borrowers fell, in effect, lowering the 15 year rate.  The challenge in mortgages lie in the tougher qualification standards.  If you qualify, this is a great time to find your property and lock in a really great interest rate on your mortgage. 

In considering East Tennessee Smokies’ real estate, there are several factors that could make now a great time to buy.  First, as previously mentioned, there are great interest rates for qualified buyers and there is a great selection of property for sale.  Second, the Smokies did not see the great spike up in prices that drove other markets across the country.  One can get a lot of value for the money in this area.   Third, our area is a convenient location for over 1/2 of the U.S. population.  The area is physically beautiful and the local area caters to visitors.  In addition, an investment in Smokies real estate could be far more stable than other investments in today’s volatile investment arena.  Contact the professionals of the Jason White Team online or by phone and begin your search today to acquire the property of your dreams in East Tennessee’s Great Smoky Mountains.

Here are a Few of My Current Listings:

Private with Beautiful Mountain View
Plenty of community ammenities, private, yet close to town. Enjoy nature and wildlife at this tastefully furnished log cabin from three covered decks, all with mountain views. Spacious for family gatherings, with two game rooms as well as a living room.
Type: Single Family Home
Location: Pigeon Forge
Price: $325,000
Get more information >
Heritage Log Home w/ Views of Mt LeConte
This beautifully built Heritage Log Home in prestigious Chalet Village has great views of Mt. LeConte. Private yet close to downtown shopping and dining. Three master suites for privacy and on a open lot with level parking.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $379,900
Get more information >
Gatlinburg Home in Enclave w/ Mtn Views
This custom home has beautiful mountain views with plenty of decking and outside fireplace to enjoy. The spectacular kitchen offers plenty of high end appliances and custom details and the master bath is incredible with tumbled Italian Tile.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $1,950,000
Get more information >

Call today for information on any of these or other listings that may be of interest to you!  877-678-2121

Smokies’ Real Estate Rebounds Rather Nicely in April

As we approach late spring and head towards summer, real estate in Tennessee’s Great Smoky Mountains is picking up momentum in home sales.  April’s residential figures have been compiled, and the data looks very encouraging.  The Great Smoky Mountains Association of Realtors reported that total residences sold are up 20%.  This April there were 133 residences sold, or 22 more than April of 2009. 

Dollar volume sold in April 2010 is 8% higher over the previous year, with a total of $22,528,707.  The increase in total dollar volume sold was $1,751,237. 

The influence of first time homebuyers, combined with an influx of discounted foreclosures is continuing to be a dominant force in today’s property market.  These factors have forced the “average price per residence sold” to be less in April 2010 than in April 2009.  The average price per residence sold in April 2010 was $169,389.  This figure was $17,795 less (10% lower) than April 09′.

The number of residences actively listed for sale is up 17% with April 2010 leading last year by 569 units for a total of active listings at 3,953.

All of this data, factored with today’s market conditions, could indicate that currently Smokies’ real estate might be a good investment.  Qualified buyers can find great low interest rates on home mortgages. There is a great variety of property currently for sale.  Today’s investment market in the global stock and bond arena is volatile to the point of becoming dangerous.  This was evidenced by last week’s stock market meltdown, leading into this week’s rebound.  Owning property in a beautiful, desirable part of the country might be a good place for some of your hard-earned money.  Check out our website, or call us at 877-678-2121 today,  to get started owning your personal piece of Tennessee Smokies’ real estate.

Here are a Couple of My Current Listings:

Mt LeConte Views from Gatlinburg Home!!
Custom built,many hand crafted features,gourmet kitchen with Brazilian granite counter tops,plus huge master bedroom on the main level. Even a separate living quarter on lower level.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $598,700
Get more information >
Unparallelled View of Great Smokies!!
Contemporary home with many interior updates and incredible view of ski slopes at Ober Gatlinburg and Great Smoky Mountains.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $239,900

Call me today at the Jason White Team to view any of these listings! 877-678-2121

Pending Home Sales For February Reveal a Nice Increase

The Index for Pending Home Sales always lags real time as figures get crunched and analyzed. Much of the data takes time to collect and review.  However, my sources out of the National Association of Realtors feel this “Index” is valuable for trend prediction in U.S. real estate.  For new blog readers, Pending Home Sales tracks homes under contract, yet not officially closed.  Usually, official closings follow within 1-2 months.  February’s “pending” index figures were expected, and did not surprise the researchers.  January’s figures had dipped because of an unusually cold winter, laden with precipitation, that gripped most of the nation.  February’s data shows a rebound of 8.2% over January 2010.  This remains 17.3% above February of 2009, when the index level was 83.2. Lawrence Yun, NAR’s chief economist, remains cautiously optimistic about the data.  He sees the rise in February 2010’s PHS Index as the beginning of a second wave of home buyers, looking to cash in on the homebuyers’ tax credit.  Qualifying home purchases must be initiated by April 30th, 2010. Closing must occur by June 30th, 2010.  Yun is hopeful that buyer activity this spring will decrease home inventory across the nation.  This drop in the number of homes for sale, will in turn assist in firming up prices.  A lower inventory usually stabilizes home values. 

Current factors in today’s Smoky Mountain real estate, make this a great time to buy or sell property.  There is good inventory to provide a selection of property. Mortgage interest rates are about as low as they may ever get.  If you qualify, there is only a few weeks left to ink a contract, and get the process moving to receive your share of some stimulus money.  April 30th of 2010 is the deadline to get a house under contract and by June 30th of this year, it must be closed and finalized.  Check with your financial people immediately, if you want to utilize the tax credit.  Our website is a great place to begin your property search, and our people on the Jason White Team can help you finalize the property quest.  However, at this stage, the tax credit will require a lot of pre-planning and pre-qualifying to pull off before April 30th.  My team members are available to assist you either in buying or selling your Smokies’ property.  Contact us today to get started.

Here are a Few of my Current Listings:

Pigeon River Right Outside Your Door!
This remodeled riverfront home is a sure to please. With the calming sounds of the Pigeon River right outside your door this completely remodeled home complete with sauna and hot tub are sure to take the stress away!
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $329,900
Get more information >
11 Bedroom- Smoky Mountain Stunner!
This 11BD/11.5BA mountain top home is designed with hardwood floors, high quality furnishings and antique decor throughout. A stunning handcrafted cedar staircase, sunroom w/large swim spa, sauna, media room, over 2500 sq ft of decking to enjoy the view!
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $1,475,000
Get more information >
Sits on Beautiful Pigeon River!!
Located on the state’s most pristine river this is truly a one-of-a-kind property. Listen to the sounds of the river on this 2.8 ac in upscale subdivision of Riversong. This home offers a gourmet kitchen, huge game room and even a playroom for the kids.
Type: Single Family Home
Location: Pittman Center
Price: $1,195,000
Get more information >

Call us today to view one of these properties! 865-436-2121

Real Estate Blossoms like Spring Flowers

On several occasions, I said that home sales and real estate track Mother Nature. When the weather is cold and inhospitable, most people stay home and leave property searches for nicer weather.  Here in the Smokies, it feels like we jumped from winter straight into summer.  Temperatures have recently soared into the 80’s, dropping back soon to more seasonal weather patterns. However, springtime has arrived in an ever-increasing splash of color.  Early bloomers are in full array and the next wave of flowers is beginning to show themselves.  Just like the forces of nature, home buyers are coming out in greater numbers as springtime brings better weather.

Our Great Smoky Mountains Association of Realtor sales data is revealing this trend.  Number of residences sold is up 15% over the same period last year.

Dollar volume sold is off 6% from last year, or down $1,293,479.00.

The average price per residence sold is $173,547.00, and is lower than last year by 18% or $38,398.

The quantity of active listings is up 15% over last year, with a total of $3,854 listings.

From my perspective, this data shows that the tax stimulus for new homebuyers is working.  New homebuyers and discounted foreclosures are still a dominant aspect of today’s real estate market.  It will be interesting to see if the housing market keeps up this momentum as the tax incentives drop off at the end of April in 2010.  However, there are still favorable conditions in today’s real estate market for both buyers and sellers.  Qualified buyers can still obtain historically low mortgage interest rates for financing. 

Today’s online property searches make it easy to prescreen with your personal search criteria, so you save time and money in viewing property to buy. Here at the Jason White Team, we cater to your needs.  Our website is designed for our clients’ ease in finding their property. We back all our web technology with years of personal realtor; professionalism, expertise, and knowledge of the area.  Contact us today to get started finding your dream property.

Here are a Couple of My Latest Listings:

2.42 Acre Rocky Creek Frontage!
Level building site with beautiful rocky creek frontage. Only 1.5 miles to downtown Gatlinburg and southern exposure!
Type: Land
Location: Gatlinburg ,Tennessee
Price: $150,000
Get more information >
Fantastic Mountain Views and Private!
The private location and awesome mountain views make this home a winner. It is on a level lot with level parking and side yard, 3 mi to Gatlinburg so close to everything, open floor plan with 4 master suites which is always desirable for privacy and space
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $419,900
Get more information >

Never Underestimate Mother Nature

The U.S. real estate market in recent months has closely tracked our country’s weather patterns.  An exceptionally cold winter with ample precipitation tends to discourage leaving a warm house.  The past winter was a classic example of how humanity is still at the mercy of the forces of nature.  The federal government in Washington DC even shut down as some tenacious “Northeasters” dumped heavy snow on the nation’s capital.  All this cold weather and precipitation ranging from; flooding, monsoon-style rains, to freezing varieties like record snow fall has gripped most of our nation, off and on for the past several months.  The consequence of these challenging weather patterns has been a slow down in shopping for real estate.  The extreme weather has impacted recent trends in the Homebuilder Sentiment Index for March.  Even my realty news sources at the National Association of Realtors echo this same idea.  

NAR’s chief economist, Lawrence Yun addresses the issue of an abnormally severe and pro-longed winter on real estate shopping across the U.S. in his March 4th, 2010 report.  Yun explains that abnormal activity must be anticipated in all markets. However, the real estate arena still has pent-up demand from buyers looking to utilize the homebuyer tax credit.  With the weather improving, buyers are expected to use the tax stimulus and the first half of 2010 should be strong. 

Here in the Smokies, my team and I are seeing a growing number of buyers coming to look for property.  Old man winter is slowly releasing his icy grip on the weather.  Each weekend seems to build with additional people coming into the area.  Spring bulbs are popping up everywhere and in warm locations the daffodils are starting their bloom.  It will be a little bit before the trees flower, but it is coming.  If you are thinking about buying property in the Smokies in 2010, contact us on the web or by phone- 865-436-2121. We want to give each client the time they need and weekends sometimes can get busy.  Help us pre-plan for your arrival.  There are many ways to facilitate this process; you can pre-screen properties on our website and meet with your lenders to become pre-approved for financing. Our website allows you to create a screening filter set from your own personal wants and needs in selecting a property.  Contact us at the Jason White Team to get started today on finding your property in the Great Smoky Mountains.

Here are a Couple of My Latest Listings:

Easy Access and Great for Large Groups
Three level chalet with big rooms and cathedral ceilings to accomodate that large group or family reunion. Bring the mountain views and outdoors in with all the glass windows. Fun awaits you with a gameroom and 3 levels of decks with hot tub.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $259,900
Get more information >
Fantastic Views of Mt LeConte!!
Enjoy the fantastic views of Mt LeConte and the tram from the spacious decking of this nicely decorated cabin. Each bedroom has in suite baths as well. This is a must see!
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $249,900
Get more information >

Data From the Great Smoky Mountains Association of Realtors Reveals Our Current Rebound

The primary function of my blogs and newsletters is to help educate my readers on real estate market conditions. I like my readership to be savvy to current real estate trends. When a good opportunity appears, readers can then move with confidence to acquire or sell their property. I utilize many sources to track the realty markets, but today we will review information from GSMAR. This local Great Smoky Mountain Association of Realtors tool gives us a focused look at all facets of Smokies real estate.

Today’s look compares Smokies residential sales for February 2010 vs February of 2009. In total residences sold, 2010 has 107 with 2009 at 74. The current year’s February, leads 2009 with 33 more residences sold (a  45% increase).

Quantity of homes sold   

Dollar volume sold for February 2010 is $20,591,043 vs February 2009 at $12,444,120. This is a 2010 increase of $8,146,923 or a 65% improvement over February 2009.

 Dollar volume sold

 In comparing the average residential sale for February 2010 to February 2009, our current year wins out 2010 is $192,440 vs 2009 at $168,164. 2010’s average sale is 14% higher or $24,276 larger than 2009.

 Average sale price

 Comparing the category of active listings February of 2010 is again superior. February 2010 has 3,779 listings, with February 2009 at 3,260. This shows an improvement of 16% or 519 more active listings for our current year’s February over the last.

 Quantity of active homes

Clearly there is robust improvement in this year’s residential sales for February, compared to the same time period in 2009. Units sold are up, sold dollar volume increased, average residence price sold increased, and active listings are higher. This data is certainly worth celebrating. However, I would advise my readers to be cautious. Some of this recovery is government driven, courtesy of the homebuyer stimulus tax credits. With that being said, there are still many factors that make this a favorable time to purchase or sell real estate in the Smokies. First, the tax credit for new homebuyers and repeat buyers is good through April 30th, 2010, and the purchase must be finalized by June 30th 2010 to qualify. Second, mortgage interest rates for qualified buyers are very low. Third, prices are stabilizing in many areas. It could be a time to lock in lower prices before they climb. In addition there are a lot of active listings, for a good selection of properties. Today’s data indicates that higher priced residences may be selling, with the average residence price increasing over February of 2009.

The uncertainties in the worlds stock markets, world currencies, and other investments, could make real estate a good asset in your personal portfolio. To get started on the path of Smokies real estate, contact the professionals on the Jason White Team today! You can reach us online or by phone to commence your property quest within a time frame that meets your personal requirements.

Here are a Couple of My Current Listings:

Heritage Log Home w/ Views of Mt LeConte
This beautifully built Heritage Log Home in prestigious Chalet Village has great views of Mt. LeConte. Private yet close to downtown shopping and dining. Three master suites for privacy and on a open lot with level parking.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $379,900
Get more information >
Short Sale’ Great Location!!
This conveniently located home is within walking distance of Community Center, Mills Park, schools, and Gatlinburg shopping and dining. Lovely wooded setting and nice furnishings.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $179,900
Get more information >
  Call us today for more information or to view these properties! Call Jason or Stephanie at 865-436-2121.
 

Late Winter Real Estate Mirrors our Smoky Mountain Bears

Data just arrived for January 2010 home sales, provided by the Great Smoky Mountains Association of Realtors. The results remind me of our Appalachian black bears. Normally our East Tennessee bears are peacefully denned-up, sleeping soundly with their activity increasing with the arrival of spring.  They emerge from dens as nature once again commences growing its banquet of food. Following this timing, the bears increase their activity on a quest for calories  to carry them through these cold lean months of winter. There can always be exceptions to behavior in the animal kingdom or in real estate.  However, it was not unexpected that January 2010 residential sales are acting much like our well-known black bears.  Homesales are backing off, taking a break, before picking up their usual spring-induced activity just like our Smoky Mountain bears.

As we interpret January data from 2009 vs 2010 the strong influence of foreclosures and first-time homebuyers is evident. The total residences sold is up 3% in January 2010, with 77 sold, opposed to 75 sold in 2009.

Quantity of homes sold Jan 2009 vs 2010

Total dollar volume sold in January 2010 is off 8%, or $1,117,240.00 down from 2009’s $14,584,387 figure.

Dollar volume sold Jan 2009 vs 2010

The average sale in January 2010 is down 10% or $19,560.00 from 2009’s $194,458.00 average.

 Average sale price Jan 2009 vs 2010

In active listings, 2010 leads 2009 by 15% or 512 more, with 2010 leading at 3,866 listings.

Quantity of active homes Jan 2009 vs 2010

From previous blogs and newsletters, my readers were aware that new homebuyers and foreclosures dominated 2009’s home market. With the extended stimulus package in place through early 2010, these 2 aspects will more than likely continue for at least the early portion of 2010 as well.

If you are considering 2010 as a time to buy or sell property in the Smokies, the current environment is still favorable. Qualified buyers can obtain historically low interest rates on mortgages. Potential weakness in the dollar could make hard assets like real estate a good investment for the future. There are good opportunities to find your ideal property with the current inventory of active listings.

For sellers, well-priced properties at the lower end of the market are selling briskly. This allows one to sell less expensive homes and upgrade into more desireable residences. In either case of buying or selling real estate in the Smokies, contact a leader with a proven track record. Contact us today at The  Jason White Team , online or by phone, to get started on your property goals for 2010.

                           Here are a Couple of My Latest Listings:

1.3 acre w/ Spectacular Mountain Views
Quiet living on 1.3 acres with phenomenal MT Leconte and Smoky Mountain views and lots of level parking. 5 Private suites, with loft and game room located on cul-de-sac. Plus two huge decks to enjoy the incredible views of the mountains.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $449,000
Get more information >
Exquisite Lofty Mountain Retreat!!
Detail and excellent craftsmanship throughout this lofty mountain home will please even the most discriminating buyer. Complete with an outdoor living space with fireplace that overlooks Mt. LeConte views.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $575,000
Get more information >

Results from 2009 are in and your support placed the Jason White Team among the elite of the Smokies’ Area Real Estate

 Thank You!

This week’s blog is an open letter of appreciation and gratitude to all our clients from the past and present, extending to future clients as well. It is your trust and belief in us that makes this all possible. Because of your client support, the following results occured last year. Our parent company, Century 21 Four Seasons was ranked #1 in real estate sales for Sevier County. The Jason White Team was in the top 5 or top 1% of the Great Smoky Mountains Association of Realtors.  It is an honor to achieve this status, especially with the challenging economic environment that has impacted almost every part of today’s world. Once again, thank you for selecting the Jason White Team to represent you in buying or selling your real estate in the Smokies.

As we move into 2010, let me assure you that my team is already working to make this year more successful than last, for our clients and ourselves. The people on my team are continually upgrading their training and education. Our website, www.smokymountainlifestyle.com/ continues to receive the latest tools and upgrades to assist you in selling or buying your property. The intended goal is to make our website as user friendly, as possible.  Time is often an overlooked commodity. If we can allow you to search for and pre-screen properties before a visit to the area, you can focus on the top choices.  This allows you time to enjoy East Tennessee’s ammenities.  The process permits us to better serve you, both as a buyer or seller.

In viewing 2010, as a good year to either buy or sell real estate, there are several factors to consider. Prices in most phases of real estate are off their highs. The current state of East Tennessee property shows that values seem to be stabilizing.  Inventoryof homes for sale is declining, but there is still a great selection of properties available. Mortgage interest rates are still historically low, and there are some tax incentives available from the government through early 2010. With uncertainty on the future value of the dollar, this could be a good time to anchor the value of a portion of your savings, in a hard asset like real estate.  The Jason White Team has the knowledge and experience to assist you in selling or in buying your property in the Smokies. Call us today!

Here are a Couple of My Latest Listings:

Outstanding Mtn Views, family retreat!!
This classic mountain chalet has spectacular mountian views and used previously as a private family retreat. High ceilings, lots of glass and 2 beautiful mountain stone fireplaces, plus lots of level parking and walking distance to community club house.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $269,900
Get more information >
Fully Furnished Log Home w/Covered Deck
This fully furnished log home has a spacious covered spa tub porch, floor to ceiling glass, privacy and level parking.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $139,500
Get more information >

  

 

Pending Home Sales Slows, But Remains Above 2008 Levels

My blog readers may recall this expected market action from earlier news reports out of the National Association of Realtors in Washington, D.C., NAR chief economist, Lawrence Yun reaffirmed that the drop in the Pending Home Sales Index was anticipated. Home buyers scrambling to beat the initial deadline for the tax credit caused a wave of activity that crested with the origional deadline for the tax credit. Many analysts at the NAR predicted that the rise in the PHSI would halt as the old tax credit ended and its’ new expanded replacement builds momentum. Yun is optimistic that another surge of new home buyers will enter the market this spring. Although Pending Home Sales backed off its streak of consecutive increases, the Index remains above last year’s levels. NAR’s chief economist thinks the U.S. home market is building momentum on its own, but expects another 900,000 first-time home buyers to utilize the extended tax credit along with 1.5 million repeat buyers. Yun feels that low mortgage rates and increases in job growth will help the real estate market. Excess housing inventory will continue to decrease. All this should help in stabilizing home prices in 2010.
                                                   Pending Home Sales Index

The Pending Home Sales Index fell in all 4 regions of the country. Home sales in the West fell the least. Next in line is in the South, where the Index fell 15.0% to a reading of 97.8, but stayed 14.7% above 2008’s levels. An index level of 100 is equal to the average level of contract activity on homes in 2001. This was the first year the index was used.

If you are considering a real estate purchase in the Smokies, now is a great time. Mortgage interest rates are at historically low levels and will probably increase. Inventory of properties for sale is up, so selection is good. The tax credit is in effect through April 30th and it could put $6,500-$8,000 in your pocket, if you qualify. So if you are seriously thinking about buying or selling  Smokies real estate in 2010, contact the Jason White Team. Our expertise and knowledge of the area has made us a leader in helping people buy or sell property in the Great Smoky Mountains. Contact us online or by phone to get started today.

                      Here are a Couple of My Latest Listings:

Incredible Smoky Mountain/Valley Views!
This home is truly Above and Beyond. Even has an elevator! The mountain and valley views are worth viewing this home! Incredible log details throughout.
Type: Single Family Home
Location: Wears Valley
Price: $699,900
Get more information >
Lots of Windows to Enjoy Mountain View!
Beautiful views from this contemporary home. Lots of windows bring the outside in. If you need storage this home is for you with plenty of closet space and even a separate living space in the lower level with it’s own entrance. Great in-law quarter!
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $135,000
Get more information >