Inventory Decreases & Foreclosure Discount Prices Begin To Narrow

Posted by Gatlin on

Home Prices RiseIn statistics for the Great Smoky Mountain region posted to our website on February 14th we noted that prices were nearly even and inventory was down by 10% in a year over year comparison. Today, Bloomberg reports that nationally sales of previously owned homes increased by .4% with available properties dropping to the lowest level since 1999. Carl Riccadonna, senior U.S. economist at Deutsch Bank Securities said “Incomes continue to rise, interest rates are low and inventory is lean. The outlook is improving.”

Along with this we are seeing major changes in the foreclosure and distressed inventory and how it is affecting the real estate market. It is reported that foreclosure filings fell 28% in January from the previous year and are now at the lowest level since April 2007. As overall inventory continues to decrease prices will level and start to rise with distressed properties being no exception. In an article on Housing Wire, Dr. Yangling Mayer, FNC Senior Research Economist said “The fact that we are seeing a combination of rising home prices and a bottoming out of foreclosure prices is a very good sign the housing recovery is taking hold. This is the very first time in the long housing recession that the two are happening at the same time.” By the fourth quarter of 2012 the average foreclosure discount had dropped to 12.2%, a huge drop from the average 25% discounts we were seeing during the peak of the downturn. During that quarter foreclosures only accounted for 18.1% of the single family sales, down from 26.5% in the first quarter of 2012.

This all adds up to great news for the real estate market. If you own a property in the Smoky Mountain area and have been waiting for the right time to put it on the market now is the time to get a free market analysis. It is a comprehensive report showing current market statistics and what prices buyers are currently paying for homes similar to yours. If you would like to see what kind of price the market may bring for your home just to send me a request.

If you are thinking of buying a second home or investment property in the Smoky Mountain market, now is the time to start looking as there are still several great deals available but we do expect prices to begin to rise and to see more multiple offer situations as inventory continues to tighten. Spend some time at to get a feel for all the region has to offer. When the time is right we are happy to answer your questions or set up an appointment to show you homes.

Here Are A Few Of My Featured Listings:

Enjoy A Mountain Lodge Feeling Produced $58,000 in gross rental income just from March – December of 2012! From the minute you walk through the custom bear carved door you know you are stepping in to luxury. Type: Single Family Home Location: Sevierville,TN Price: $325,000 Get more information >
Live Your Smoky Mountain Dream Almost $20,000 in rental income for 2012! Enjoy stress free ownership with this true log cabin located in a gated resort community. Enjoy amazing views with the Great Smoky Mountains right at your door step… Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $225,000 Get more information >
Add Your Own Touches Here is your opportunity to create a mountain getaway with your own unique style and personality. High quality materials and construction are a great jumping off point to add your finishing touches. Type: Single Family Home Location: Sevierville,TN Price: $112,500 Get more information >

Expect Good Things For Real Estate In 2013

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Housing Recovery2012 closed out with definite signs of continued market improvement. Reports and trends are pointing to these gains continuing this year. January has started at a fast pace for the local real estate market and in recent weeks we have experienced multiple offer situations and bidding wars on homes. When we look at January’s statistics next week we expect to see an increase in activity.

New home construction is reported to have accelerated to its highest rate since 2008. As existing inventory continues to move we believe we will see new home construction continue to rise. Other reports show that repairing and remodeling of existing homes has picked up as more owners are preparing their homes for the market spurred on by positive signs of recovery.

The Joint Center For Housing Studies at Harvard University released a 32 page report on January 23rd relating to improvement of the housing industry. The report shows that in most metropolitan markets home prices have steadily risen with new home construction climbing by almost 30% in 2012 and existing home sales passing the four million mark for the first time since 2007. As momentum builds in the market it is expected that the remodeling and home improvement industry will get a boost as well. The report goes in to depth about how and why that industry will see a flurry of activity and how it relates to the current real estate market conditions. You may download a full copy at their website.

In another report released this month they go on to say that even after the housing crash, as the market begins its recovery the dream of home ownership is alive and well in America. In one survey by Pew Charitable Trusts 81% of those surveyed agreed that buying a home is the best long term investment in the United States. Using information from the National Housing Survey data from 2010-2012, Drew and Herbert found that of both owners and renters 94% of people between the ages of 18 and 44 anticipate buying a home in the future. While having the desire to own a home is different from actually purchasing, we believe that as prices are still low as long as favorable mortgage conditions remain we will see a large number of buyers entering the market this year.

There are still many opportunities to purchase a residence or investment in the Great Smoky Mountains. As conditions improve we are seeing increases in inventory as more owners are moving forward with delayed plans to sell. We believe prices will continue to rise and now is the time for buyers to take advantage of still available deals and for sellers to consider getting a to determine if now is the time to put their home on the market. We are happy to help with achieving your 2013 real estate goals. Spend some time at and let us know when you are ready to begin exploring all that the Smoky Mountain market has to offer.

Here Are A Few Of My Featured Listings:

Gone With The Wind Almost $22k in rental for the first 10 months of 2012!! If you have dreamed of having a luxury chalet on top of the mountain with sweeping views of the valley, city and mountains then you have to look at this one. Type: Single Family Home Location: Chalet Village Price: $299,900 Get more information >
Add Your Own Touches Here is your opportunity to create a mountain getaway with your own unique style and personality. High quality materials and construction are a great jumping off point to add your finishing touches. Type: Single Family Home Location: Sevierville,TN Price: $112,500 Get more information >
Amazing Views & Unique Features This charming home offers a spectacular view and some really unique features. The living room has soaring ceilings, warm wood flooring and a unique see through fireplace with the dining area on the other side. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $208,700 Get more information >

Economists Continue To Report Good News For Real Estate

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© 2012 WDeanBrown.com No use allowed without photographer's permissionIn a news release on December 20th the National Association of Realtors shows that market conditions continued to improve in November, with lowering inventory and rising prices. The article states that total existing home sales including single family homes, town-homes, condos and co-ops rose 5.9% in November which reflects a 14.5% increase from November of 2011. Lawrence Yun, NAR Chief Economist, said “Momentum continues to build in the housing market from growing jobs and a bursting out of household formation”. Let’s take a more in depth look at the breakdown of the numbers.

One of the big factors contributing to the market recovery is the lowered inventory of distressed homes on the market. Foreclosures and short sales only made up 22% of the sales in November, down from 24% the previous month and 29% in November of 2011. These properties were only showing average discounts of 16-20% from market value, a sign of increased demand. Yun said “The market share of distressed property sales will fall into the teens next year based on a diminishing number of seriously delinquent mortgages”. The current low interest rates and availability of programs to assist home owners will continue to contribute to the reduction of this type of home inventory.

Total housing inventory at the end of November represented a 4.8 month supply with sales at their current pace. This is the lowest supply the market has witnessed since September of 2005. We are also seeing time on the market decrease both nationally and locally with the national stats showing a 28.6% decrease from the same month last year.

As demand increases prices are expected to continue their steady rise. The national median price for existing homes was $180,600 last month. This is not only the ninth consecutive month of year over year gains but also represents a 10.1% increase in price from last November. The last time we were able to see price increases sustained for this many months in a row was from September of 2005 through May of 2006.

We believe that this positive trend will continue through the end of the year and in to 2013. Next week we will take a look at how 2012 finished out for the Smoky Mountain real estate market. The following months of January and February are traditionally a flurry of activity for our area when a large number of buyers visit to view homes. If you have been thinking of coming to explore the market give us a call or email, we are happy to schedule an appointment. If you have a home to sale, now may be the time to ask for a , you may find that now is the time to list.

Here Are A Few Of My Featured Homes:

Relax & Enjoy The View A true opportunity to own a relaxing and stress free home away from home in the mountains. This is a very attractive unit with stunning mountain views from it’s top floor location. Type: Condo Location: Chalet Village Price: $92,500 Get more information >
Custom Built Home On The River Custom built home on the Pigeon River with year around mountain views in one of Sevierville’s most sought after neighborhoods. Type: Single Family Home Location: Sevierville,TN Price: $349,000 Get more information >
Tucked Away Above It All What a great deal on a nice, clean & spacious mountain get away. Type: Single Family Home Location: Chalet Village Price: $112,000 Get more information

The Smoky Mountain Real Estate Market Keeps Climbing

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As we take a look back at the first 11 months of 2012 we see signs that 2012 will be a year marked as the time when things began a steady turn around for the real estate market. With positive news from economists, various markets throughout the country and improving statistics it is hard to ignore that real estate is climbing towards a recovery. Let’s take a look at the year to date numbers for Sevier County.

In the category of Total Residences Sold Through November we see an improvement of 14% versus the same period of 2011. As mortgage rates are staying low and the cost of rent rises we expect to see more first time buyers enter the market with Trulia reporting that almost 80% of renters surveyed said they plan to buy a home.

Total Dollar Volume Sold maintains it’s pace with an 8% increase from last year.

The Average Sold Price is still slightly down but shows an improvement from last month. New home construction is slow and is helping to push prices up. The presence of foreclosures as competition also continues to decrease as many owners have been able to take advantage of new programs to stay in their homes.

Average Time On The Market stays steady at 3% less time than last year. Properties in the area are spending just at six months on the market as an average.

According to CoreLogic National home prices have been moving up for eight consecutive months with the largest increase since June 2006. The National Association of REALTORS reported in October that the  inventory of available homes was down 22% from last year and at the lowest inventory since February 2006. As the numbers continue to improve it could be time to request a to determine what price the current market will bear for your property, you may be pleasantly surprised. If you are considering a purchase now is the time to take advantage of still low interest rates as NAR predicts that mortgage rates will stay low in 2013 but will rise to an average of 4%. Ready to browse? Visit our for access to all Smoky Mountain area properties that are available.

Here Are A Few Of My Featured Listings:

 

Build Your Dreams
Great opportunity to make your Smoky Mountain Dreams come true. 1.8 acre residential lot located centrally to both Gatlinburg and Pigeon Forge.
Type: Land
Location: Gatlinburg ,Tennessee
Price: $69,900
Get more information >

 

Impressive Remodel
The effective year built on this cabin is basically 2009. A very impressive top to bottom remodel has totally transformed it into one the nicest and most up to date you’ll find.
Type: Single Family Home
Location: Chalet Village
Price: $488,000
Get more information >

 

Custom Built Home On The River
Custom built home on the Pigeon River with year around mountain views in one of Sevierville’s most sought after neighborhoods.
Type: Single Family Home
Location: Sevierville,TN
Price: $379,700
Get more information >

 

Foreclosures Hit A Five Year Low

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Throughout this year we have watched the signs of a market recovery begin to happen. The Federal Reserve has pushed mortgage rates to all time lows, buyers are active in the market, homes are selling faster and prices are beginning to stabilize. In a report released last Thursday by Realty Trac we see even more good news. The online foreclosure website reports that foreclosure filings were more than 16% down from last year. That is a large percentage and can have a huge impact on the market. Numerous factors have contributed to the improvement. Many of the programs and new guidelines that the government and the banks have put in to play to assist homeowners are getting firmly rooted. Many banks are aggressively working to get short sales approved and to assist owners with refinancing at these new lower rates when possible. The government’s Home Affordable Modification Program has helped more than a million borrowers obtain more affordable mortgages allowing them to avoid a foreclosure situation according to an article on CNN Money.

As the pace of foreclosure filings slows down it will begin to be harder to find deeply discounted deals on the market. This will push the market more towards stability as prices are forced to level out. Barclays Capital recently reported that home prices could be back to peak levels as soon as 2015. Rick Palacios, senior analyst with John Burns Real Estate Consulting said “We think the recovery is for real this time around. If you look across the U.S. economy right now, there are only a handful of industries looking at 20-30% growth over the next 4-5 years and housing is one of those.”

The housing market deeply touches the overall economy and we believe an improving market will help the entire economy to improve. Roger Altman, chairman of Evercore Partners and former Deputy Treasury Secretary, said in an article for Financial Times “That turn in the housing market is occurring now and it should become a boom by 2015. It will be powerful enough to lift the entire U.S. economy.” Altman expects housing to add 4 million jobs to the economy over the next five years.

Though we are all excited to see the market improve it does mean that the days of hugely discounted properties are coming to their end. There are still plenty of very well priced homes available on the market and now is the time to if you are thinking of an investment or second home purchase in the Smoky Mountains to take advantage of still low prices.

Here Are A Few Of My Featured Listings:

 

Enjoy Views Of Mt. LeConte Over $25,000 rental income so far in 2012! The scenic setting with views of Mt. LeConte along with lots of native flowering shrubs and dogwoods make this a peaceful place to spend time. Type: Single Family Home Location: Chalet Village Price: $219,900 Get more information >

 

View City Lights Against The Mountains Absolutely amazing views of downtown Gatlinburg and the Great Smoky Mountains National Park. Incredible close up night lights view, you can actually see people on the sidewalks with a dramatic mountain backdrop. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $339,900 Get more information >

 

Close Up City & Mountain Views Over $40,000 rental income for 2010 & 2011! This is designed to be a year around home or an income producing rental. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $439,900 Get more information >

 

 

Navigating The Changes In The Real Estate Market

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In an article dated September 12th, CNN Money reported that several markets are seeing up to a 24% drop in available inventory and multiple offer situations becoming a regular occurrence. Throughout the year the statistics have shown that the Sevier County market continues to improve with more homes sold and total days spent on the market decreasing almost monthly from last year. There are still plenty of great buys to be had in the Smoky Mountains but with an ever improving market and a faster pace than has been seen in recent times it is more important than ever to be prepared when you are ready to start looking for a home. There are several things to consider before entering the market, let’s take a look at a few.

We cannot stress enough how important it is to start the financing process before you start looking. With a fast paced market, having a pre-approval letter in hand when you make an offer will give you numerous advantages. The more information you are able to provide to your lender ahead of time the better as it will give the seller confidence in your offer and potentially allow you a faster closing date. A seller is not always looking for the highest offer but sometimes the one that has the least amount of contingencies. As lending guidelines remain strict many offers are taking 45-60 days to close and being ahead of the game will put you ahead of any competition for the house. For more information about getting pre-approved please visit this .

Another consideration is researching the area and familiarizing yourself with locations that you would enjoy. Part of narrowing this down will include knowing what your goal for the use of the property is going to be. Are you looking for a get-away that only you will use or an investment that will be used as an overnight rental to help offset the costs of ownership? If it is going to be used as a rental, talk with some different rental management companies and see whom you may be comfortable with using after the closing. We work closely with the management companies in the area and are happy to assist in finding a good fit.

Knowing ahead of time what items are “must haves” and what items you are negotiable on in your future purchase will help when it is time to decide on the property you wish to make an offer on. Having this information in hand when viewing properties will help you avoid allowing time for another buyer to come along and create a multiple offer situation. Remember, if you are in a house and rating it as an 8, 9 or 10 someone else is likely to feel the same way. If you are concerned about not finding your ‘perfect’ home you may enjoy the article It offers strategies for streamlining the decision process.

As the market continues to improve and mortgage rates remain at all time lows, now is the time to prepare for your potential purchase. Having the details in line ahead of time will put you one step closer to turning your Smoky Mountain dreams into a reality. We are available and happy to assist you with any of these steps and when you find the right home we will work to provide you with market data for similar homes and to make sure that your purchase and closing process move full speed ahead. Spending some time will allow you to start on that “must have” list. Next week we will take a look at the market statistics for September and see how much the Smoky Mountain real estate market has continued to change.

Here Are A Few Of My Featured Listings:

Exquisite Smoky Mountain Views Over $60,000 in rental income for 2010, 2011 and already in 2012!! Well crafted three level chalet resting atop 1.35 private acres with views of the Great Smoky Mountains. Type: Single Family Home Location: Chalet Village Price: $497,000 Get more information >

 

Old Time Charm On 6 Acres!! Charming vintage log cabin updated with modern conveniences but with old time charm sitting on 6 beautiful wooded acres. Type: Single Family Home Location: Pittman Center Price: $189,900 Get more information >

 

Functional Work Of Art W/Stunning Views Once you see this functional work of art that doubles as a spacious home you’ll never want to leave. Type: Single Family Home Location: Chalet Village Price: $950,000 Get more information >

 

 

 

Steady Progress For The Gatlinburg Area Real Estate Market

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National real estate news continues to report positive progress for real estate as a whole and the Smoky Mountain area is no exception. The statistics through August reflect the same steady progress that we have witnessed throughout the year and with more positive changes being put in to play, such as the new we spoke about last week, we expect the trend to continue. Let’s take a look at the progress we have made so far in 2012.

In the category of Total Residences Sold we see an 18% increase over 2011. We would also like to point out that this is the highest number of single family homes sold in Sevier County since 2007.

The Total Dollar Volume Sold category shows almost $7,000,000 more real estate sold than last year. With mortgage interest rates so low buyers are very active in the market and homes are moving.

The Average Sold Price is still down however, we have maintained that as distressed properties are liquidated this will improve. The new guidelines for certain short sales that go in to place on November 1st will help move these properties along at a much more rapid pace.

Homes continue to spend less time on the market as buyers are ready willing and able to invest in real estate and sellers are taking advantage of the number of buyers in the market. Smoky Mountain properties are spending an average of 2 weeks less time on the market than they did in 2011.

We encourage those of you who have been dreaming of a home in the Smoky Mountains to take advantage of the current low interest rates and explore the wide variety of in the area. If you are thinking of selling but were holding out for the right time, we are happy to provide you with a to see what the current market value of your home may be. Our team is ready to help make your real estate goals a reality.

Here Are A Few Of My New And Reduced Listings:

Your Hillside Retreat Has produced over $27,000 in rental income for 2012 so far following great income history for both 2010 & 2011. This authentic log cabin sits atop the most beautiful lot in the subdivision. Type: Single Family Home Location: Pigeon Forge Price: $267,500 Get more information >

 

Picture Perfect Views Beautiful and private 2 acre site with postcard views. Literally, we have post cards from the 70’s that have the view from this home’s deck on them. A picture perfect view for sure. Type: Multi Family Home Location: Chalet Village Price: $422,500 Get more information >

 

Heirloom Quality Throughout Not often does a living piece of history come available for sale, perhaps once a generation. Such a time is this. Heirloom quality throughout this solidly built stone cottage boasts quality not often seen in homes built today. Type: Single Family Home Location: Pittman Center Price: $365,000 Get more information >

 

As The Market Improves, Warren Buffett Says Buy Houses

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We have seen many positive reports and predictions for the American housing market so far in 2012. Both nationwide and locally we continue to see positive signs of recovery and a slow but steady climb towards market stability. Some markets are seeing values rise as inventory decreases.

In an earlier in the year Warren Buffett praises owning homes as an investment, saying “Well, if I thought I was going to live, if I knew where I was going to want to live the next five or ten years, I would buy a home and I’d finance it with a 30-year mortgage, it’s a terrific deal. And if, literally, if I was an investor that was a handy type, which I’m not, and I could buy a couple of them at distressed prices and find renters, and again take a 30-year mortgage, it’s a leveraged way of owning a very cheap asset now and I think that’s probably as  attractive an investment as you can make now.”

Buffett also said “If I had a way of buying a couple hundred thousand single-family homes and had a way of managing—the management is enormous—is really the problem because they’re one by one. They’re not like apartment houses. But I would load up on them and I would take mortgages out at very, very low rates.”

Though most of us are not looking to purchase “a couple hundred thousand” homes, with interest rates at all time lows, it is a great time to consider adding investment homes to your portfolio. Mr. Buffett touches on the challenges of the management of investment properties, however, in the Smoky Mountain real estate market there are several options for handling the day to day care of your property. As this is a prime vacation spot, a large number of properties are used as overnight rentals which opens the door to not only making a great investment but also having a Smoky Mountain get away of your own. If you prefer a more hands on approach many investors in the area have had success with using online marketing tools and handling the rental and management of their properties themselves. With this option you may also consider the use of a company such as , which offers customized care plans for absentee owners. They work both with homes that are vacation rentals by owner and second homes that are not used as rental. They offer a wide variety of services from cleaning and maintenance to just stopping by to open the windows and make sure everything is in order. If you prefer to be less involved there are a number of vacation rental management companies in the area that will handle the daily details and offer a wide variety of services. Our team has great relationships with these companies and we will assist you in identifying the management solution that will be a fit for your investment goals.

The Smoky Mountain real estate market offers a wide variety of choices in investment properties. Why not take a look at our to see all that is available? If you see a property that looks like it has potential to add to your investments, let us know, we are here to help you obtain additional information about rental income history, market statistics and monthly expenses.

Here Are A Few Of My Featured Investment Properties:

Private Chalet Minutes To Downtown Produced $23,207 rental income for 2010 & right at $20,000 for 2011! Great location only a mile from the 441 Parkway and about 1.5 miles to downtown Gatlinburg. Type: Single Family Home Location: Chalet Village Price: $189,900 Get more information >

 

Close To Downtown Well over $30k rental income in both 2010 & 2011! Well built cabin in excellent condition within the city limits of Gatlinburg. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $289,900 Get more information >

 

A View From Above Did over $94K in rental income for 2010 & over $97K in 2011!!! Outstanding view of Mt LeConte in Smokies, with 5 master suites, media room, close to Gatlinburg, ski resort and National Park! Fully furnished! Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $699,900 Get more information >

 

Expect Strong Improvement For The Real Estate Market In 2012

Posted by Gatlin on

When we looked at the Smoky Mountain market statistics for January through May of 2012 it was noted that homes are selling faster, sales volume is up but prices are still down by 14% from last year. We believe that this is directly related to the still existing inventory of distressed homes that are lingering on the market. Distressed homes affect not only the market but families, communities and the overall economy. It is positive news that both lenders and government have been working through several new options and getting more aggressive in their  attempts to liquidate inventory and prevent more from coming to the market. The National Association of REALTORS believes that increasing access to affordable loans and committing more resources to loan modifications and short sales is the key to calming the situation.

As we move through the year we expect to see the average sales price move more and more towards stronger numbers. Buyers are actively involved in the market and mortgage rates are at all time lows. The pieces are falling in place for a market recovery and every month we see more positive news both locally and nationally. The National Association of REALTORS reports that although the last four years in home sales have been essentially flat they forecast a solid increase of around 400,000 more homes sold in 2012. Nationally all major home price trackers are showing a trend of rising home prices in many areas. Harvard University’s Joint Center for Housing Studies released it’s Annual State of The Nation’s Housing report for 2012. The report points to increasingly strong market fundamentals and says home sales could see serious improvement this year.

Slower job growth, the above mentioned distressed properties and the slow pace that young people are moving in to their own homes are a few things hanging over the recovery but things are moving in the right direction. With rentals getting pricier and mortgage affordability at an all time high, demand continues to increase. The report from Harvard includes a detailed graph showing how much more affordable mortgage payments have become compared to rental rates. We expect to see many more first time buyers entering the market as the year progresses.

With the flurry of activity in the market now could be a great time to consider putting a home on the market as buyer exposure is continuing to increase. Wondering how much the market may have changed this year? We are happy to prepare a for you to give you an idea of what buyers are currently paying for homes similar to yours.

Thinking of buying a mountain home? With plenty of properties at great prices still to be found in the Smoky Mountain region and mortgage rates so low, now is the time to enter the market. We are happy to assist you with getting pre-approved, finding the right home and assisting with your path to home ownership. Why not take a look at all that is available at our ?

Here Are A Few Of My Featured Listings:

Like Brand New
The effective year built on this cabin is basically 2009. A very impressive top to bottom remodel has totally transformed it into one the nicest and most up to date you’ll find.
Type: Single Family Home
Location: Chalet Village
Price: $488,000
Get more information >

 

Custom Built Home On The River
Custom built home on the Pigeon River with year around mountain views in one of Sevierville’s most sought after neighborhoods.
Type: Single Family Home
Location: Sevierville,TN
Price: $389,700
Get more information >

 

Secluded & Private Country Home
Over $30k rental income in both 2010 & 2011! This secluded & private country home is located in the heart of the Arts & Crafts community.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $289,900
Get more information >

 

The Housing Market Sees Best First Quarter In Five Years

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Existing home sales rose 3.4 percent over last year in April and the National Association of REALTORS has reported that the first quarter of 2012 has been the strongest for home sales since 2007. Lawrence Yun, NAR Chief Economist said “It is no longer just the investors who are taking advantage of high affordability conditions. A return of normal home buying for occupancy is helping home sales across all price points and now the recovery appears to be extending to home prices.”

We believe that there are many factors contributing to improving conditions. We are seeing all time low mortgage rates with Freddie Mac reporting the national average rate for a 30 year, fixed rate, conventional mortgage at 3.91 percent in April. With that trend, first-time buyers rose to 35% of purchasers in April. As confidence in the market continues to rise we will see even more improvement.

NAR President, Moe Veissi, highlights how important it is for home buyers to look into financing at the early stages of searching for a home stating, “With the tight lending environment it’s a good idea to consult with a REALTOR about mortgages and program options in your area and tips for boosting your credit score well in advance of making an offer on a home.” Being pre-approved is one of the strongest negotiation tools a buyer can have on their side. You may find out more about the process in a previous post titled

For sellers, we see a lowering percentage of foreclosures and distressed homes on the market which is helping home prices. Yun said, “We now have broad shortages of lower priced homes in much of the country, with very tight supply in Western states for homes through the middle price ranges. This is good news for many sellers who wish to list now or for those waiting for prices to improve.” In April, the median existing single family home price was up 10.4% from April of 2011 nationally. In the South, existing home sales rose 3.5% in April and was 6.5% higher than a year ago with the median price raising 8% from April of 2011.

As we move forward further into 2012 with an eye on 2013 economists predict that conditions will continue to improve. As a buyer, now may be just the right time to start searching for your perfect Smoky Mountain home. With plenty of inventory to choose from and favorable lending rates, why not stop by our and see what the market has to offer?

Here Are A Few Of My Featured Listings:

Smoky Mountain Views Found Here! Magnificent mountain views but just minutes to downtown Gatlinburg. This mountain get away is perfect for the buyer looking for a prime location at a great price. Type: Single Family Home Location: Chalet Village Price: $147,900 Get more information >

 

Character, Details & Views! Pictures do not do justice to the view! Picturesque home with tons of space and lots of windows. Wine cellar/tasting room are just one of the many unique features you will enjoy. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $384,200 Get more information >

 

Come Be A Happy Bear Great rental potential with $12,270 in rental income just for August – December of 2011. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $269,900 Get more information >