Current Market Conditions Are Helping Existing Home Sales Rise

Posted by Gatlin on

My news sources in Washington, D.C. at the National Association of Realtors are excited to see March “existing-home sales” rising as predicted.  The existing-home category includes; single family, townhomes, condominiums, and co-ops.  March data reveals a 6.8% increase over February. February’s figure was 5.01 million units with March increasing to 5.35 million units.  Lawrence Yun, the Chief Economist for NAR, was encouraged that home sales have experienced a broad-based recovery almost everywhere across the country.  Home sales have remained above prior year sales for nine consecutive months.  Another positive factor is that inventories of homes for sale have trended down for 20 months.  Yun feels that this decrease in homes for sale will stabilize home prices.  He feels that much middle class wealth is tied to the value of the family home. The Chief Economist is optimistic that the “home buyer tax credit” stimulus is effectively preserving middle class wealth through the stabilization of home pricing.  Yun is encouraged to see the supply of foreclosures quickly being absorbed by buyers.  This has been especially evident at the lower-end of the market where first-time homebuyers are competing for the deeply-discounted, foreclosed homes.  This process of lowering home inventories and price stabilization should continue as the tax credit stimulus expires at the end of April 2010.  NAR President, Vicki Cox Golder is also pleased with the current housing market.  Loan standards are tougher, but prices have become more reasonable and mortgage interest rates are close to historic lows.

If you are considering real estate here in East Tennessee’s Smoky Mountains, now is a great time to buy or sell.  Our selection of properties is good and qualified buyers will find good mortgage interest rates.  The real estate market in our area is favorable, with prices below their all-time highs.  Property in this area is reasonable with respect to taxes and prices.  On top of that, the scenery of the Smokies is incredibly beautiful.  If 2010 is your year for real estate in Tennessee’s Smokies, start now! You can get on our buyer-oriented website to begin.  Our site allows you to set personal criteria for your property search.  This saves everyone time.  When  you come for a visit, you look at your best selections and it allows you time to enjoy the area’s many different amenities.  Our team of professionals can assist in refining your search.  Begin today to find your property in the Smokies!

Here are a Few of My Latest Listings:

Estate Home on Lake Peninsula
This palatial,custom built, heirloom estate is a perfect home for entertaining or just relaxing by the waterside. With expansive views of Flat Creek(Douglas Lake) the surrounding mountain ridges and professionally landscaped grounds are impressive.
Type: Single Family Home
Location: Sevierville,TN
Price: $1,120,000
Get more information >
Incredible Smoky Mountain Home & Views!
Outstanding workmanship and distinctive design make this gorgeous mountain getaway with five master suites, gourmet kitchen, HUGE rec room and magnificent,unblemished views of the Smokies a one of a kind!
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $799,900
Get more information >
15 Acre Mountain Lodge!!
Breathtaking views from this Mountain Lodge, on 15 acres, located in prestigious Chalet Village. 12 Master Suites all with their own whirlpool baths, LCD TV’s,king beds & private balconies w/ views! Room to entertain 100 people with parking for 14 cars.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $1,870,000
Get more information >

Call today for more information on any of our properties!  877-678-2121

U.S. Home Sales in February Show Mixed Results

Posted by Gatlin on

In an earlier blog, I mentioned how late winter and early spring home sales are driven as much by weather as they are by economic conditions.  This theme is repeated as we examine final tallies in February Existing-Home Sales.   My source for this material comes out of the National Association of Realtors, in Washington, D.C.  The March 23rd news flash reports that overall existing-home sales declined slightly in February 2010.  The only regions of small gains were in the Northeast and Midwest.  Existing-home sales include; single family homes, townhouses, co-ops, and condominiums.  February’s figures slipped less than 1% off January’s 5.05 million figure.  The good news is that February 2010 is 7.0% higher than February 2009.  Lawrence Yun, NAR’s chief economist, feels that winter storms were the contributing factor for the lower sales.  People are unable to view property and close deals when forces of nature make travel, next to impossible.  Yun feels the market is currently still in recovery and could be fragile.  The chief economist expects that a wave of buyers will jump into the market to beat the April 30th deadline for the homebuyer tax credit.  This activity should drop home inventory levels enough, to stabilize home prices.

The article went on to review other data, but there was also good advice from Vicki Cox Golder, NAR President that could apply to some of my blog readers.  NAR’s President stressed that the April 30th, 2010 deadline is rapidly approaching for the end of tax credit.  With up to $8,000 at stake for qualifying buyers, there is no time to waste.  For most home buyers, the process from looking at homes to inking their signature on a contract takes several months.  This process can naturally be reduced in time duration if various pre-work is out of the way.  First, determine your maximum price limits.  Meet with your financial people and become pre-approved if a mortgage is needed.  Second, determine what type of property you need and what will best serve you some years from now.   Third, determine where in an area you need to be.  Do you require being close to a city’s ammenities or do you prefer to be out in nature away from it all?  Taking the time to sort out these details and requirements saves tons of time for you, and people you rely upon in your property acquisition process. 

Here, at the Jason White Team, we gear our website to assist you in this property decision process.  We make the East Tennessee real estate market only a series of keystrokes away.  We also simplify the refinement process by allowing you to set up a filter of your own parameters.  This only lets in properties that meet your specifications.  Contact us online or by phone (877) 678-2121 to get things started today!

Here are a Few of My Lastest Listings:

Take tram to Gatlinburg from this home!
Walk to Ober Gatlinburg Ski Resort or Community Pool. Updated, private and mountain views! Great investment property or personal home!
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $159,900
Get more information >
Upscale Neighborhood-Authentic Log Cabin
This authentic log home is located in an upscale neighborhood and is in excellent condition. Bedroom/Bath on each floor for privacy as well as a large gameroom for your enjoyment.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $249,900
Get more information >
Fantastic Home on Private 4.72 Acres
Amazing home with fantastic floor plan and incredible quality. Office, mud room, bonus room that could be in-law quarters with lots of storage and full bath, playroom, theater room, 3 car heated garage, and lots of composite decking to enjoy the 4.72 acre
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $699,900
Get more information >

Call us today to view any of these homes! 877-678-2121  Ask for Jason White or Stephanie Huskey!

Never Underestimate Mother Nature

Posted by Gatlin on

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 >

United States Existing Home Sales Show Continued Improvement

Posted by Gatlin on

 

Existing Home Sold
Existing Homes Sold

My sources in Washington, DC have finished their number crunching on fourth quarter U.S. existing-home sales. The data out of the National Association of Realtors shows favorable results. Fourty-eight states plus  D.C.  had sales  increases from the third through the fourth quarter of 2009. Thirty-two of these states saw double-digit gains. Furthermore, the District of Colombia and 49 states had higher year-over-year sales. In year-over-year sales, only three states among the 49 lack double digit annual gains.  More analysis of 4th quarter information reveals almost one third of the quarter’s sales was in financially-distressed property. The influence of these discounted properties may be a major contribution to the 4.1% decrease in the national median price of an existing single family home. However, this decline was the smallest price decrease for homes in over 2 years. The current national median price on an existing home in the U.S. stands at $172,900.

NAR’s Chief economist, Lawrence Yun feels that home buyer stimulus from the tax credit is fueling the improving conditions. Another factor bringing buyers into the housing market is the record low mortgage interest rates. The influx of home buyers is lowering the inventory of property for sale. In turn, this assists in stabilizing home prices. The rapid turnover on foreclosures and deep-discounted real estate also helps in price stabilization, by removing their low price influence from the market. In addition, today’s home buyer appears more savy, after the recent challenges in real estate. Tighter qualifications are keeping buyers within their budgets, and buyers are avoiding adjustable-rate mortgages. The low rates on long term mortgages currently available,  should help in real estate’s recovery. Chief economist Yun and NAR President Vicki Cox Golder expect good results especially for the near-term, as buyers take advantage of the tax credit.

If you are considering the purchase or sale of real estate in the Tennessee Great Smoky Mountains, contact the Jason White Team immediately, to maximize the current market conditions. There is ample inventory for a great selection of property. The tax credit for new or repeat buyers will expire soon. Homes must be under contract by April 30, 2010 and finalized by June 30, 2010,  to be available for the tax incentive. Real estate prices especially on residential property seems to be stabilizing. This could be an opportunity to buy before prices climb. On a similar note, long-term fixed mortgage interest rates are low, and most predictions call for increases as 2010 rolls along. The year 2010 is starting out stronger and if real estate is on your agenda, contact us today, to begin fulfilling your property dream.

Here are a Couple of My Current Listings:

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 >
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 >

New York’s S&P/Case-Shiller Home Price Indices Show a Mixed Bag of Results

Posted by Gatlin on

Throughout my assessment of the current real estate market, I like some diversity in the analysis of data. Today’s blog will focus on information out of New York via Standard & Poor’s/Case-Shiller Home Price Indices. This index provides both seasonally adjusted and non-seasonally adjusted data that helps track the path of single family homes in 20 large metropolitan areas across the country. Most analysis requires a time lag to post and interpret the data. The figures we are viewing are from November of 2009. With S&P/C-SHP Index we can look at individual metro areas or view the index from a 10-city or a 20-city composite to assess trends in home pricing. The good news is that most markets are showing improvement. Home prices are off their peak, but the rate of decline has slowed. Some of the country’s best markets are entering positive territory for the first time in 2 years like; Dallas, Denver, San Diego, and San Francisco. On the flip side, markets in; Las Vegas, Charlotte, Seattle, and Tampa are putting in lower prices that may establish the bottom for higher values in the future.

February Index Results

All this information is interesting, but each of us must utilize it in some way that benefits our lives. For some, the figures show that extreme bubble-inflated real estate markets are still searching for a bottom. There also seems to be a trend that; upbeat, fun, climatically-favorable markets are among the first real estate markets to recover. For those of you considering the Great Smoky Mountains, as a place for real estate purchase or sale, this current data supports us. While this area of East Tennessee saw growth at the peak, we were not unrealistic like other markets. Our area is like many of the markets that are first to recover. The Smokies has a great location, we have fun amenities available, and our climate and scenery are beautiful. We are a top location for the eastern half of the nation. Contact the Jason White Team today, to secure your personal slice of paradise for; a primary residence, a vacation home, or an investment property.

Now is a great time to view vacant land!!  Here are a few of my outstanding current listings nestled in the upscale neighborhood of Riversong:

Private-Close to Gatlinburg/Pigeon Forge
This private upscale subdivision has a common access to boulder strewn river for swimming and fishing. This lot can be built on the downside allowing for sloping drive.
Type: Land
Location: Sevierville,TN
Price: $54,900
Get more information >
Upscale Neighborhood-Close to Smoky Mtns
This property is convenient to Gatlinburg, Pigeon Forge and Sevierville but in a private, serene, wooded, upscale, subdivision which offers common access to the river for swimming and fishing.
Type: Land
Location: Sevierville,TN
Price: $64,900
Get more information >
One Mile to Great Smoky Nat’l Park!
This private lot is gently rolling, mountainous and wooded. Located in the upscale subdivision of Riversong which offers common access to the river for swimming or fishing and is centrally located for convenience.
Type: Land
Location: Sevierville,TN
Price: $64,900
Get more information >
Exclusive Home Site w/Mountain View
This level road access property offers a exclusive home site in a private, serene, wooded environment with mountain view.
Type: Land
Location: Sevierville,TN
Price: $54,900
Get more information >
Two Mtn Lots/ Serene/Wooded /Sevierville
Two lots combined in subdivision to make one fantastic private lot with no close neighbors and common area access to the river for swimming and fishing.
Type: Land
Location: Sevierville,TN
Price: $74,900
Get

Pending Home Sales Show Improvement and Stabilization

Posted by Gatlin on

My news sources out of the National Association of Realtors in Washington, DC, show improvement continues in pending home sales. For new readers, the Pending Home Sales Index is a tool for measuring U.S. residential sales. A pending home sale is a home under a written contract, but not officially closed. Usually, these pending sales officially close within 1-2 months.

This index uses a level of 100 to be equal to the average home contract activity of 2001. This was year one in utilizing the “PHSI” and it was the first of five back-to-back record years, in existing-home sales. NAR’s data on the “Index” figures, combined with comments from Lawrence Yun, confirmed my views on recent Smokies’ home sales. Mr. Yun is NAR’s chief economist and his comments are valuable in understanding U.S. real estate trends. The chief economist feels last year’s home market responded to the homebuyer tax credit stimulus. We saw robust activity in the Smokies and across the U.S. as the homebuyer stimulus approached it’s deadline. Congress later renewed and expanded the homebuyer tax credit for qualified buyers, to get new homes under contract by April 30, 2010. Buyers have until June 30th, 2010 to finalize their contracts and be eligible for the tax credit. In retrospect, last year’s home market was driven by lower-end new home sales and by deep-discount foreclosures. Sales reached a crescendo with the deadline of the home buyer stimulus. Activity plummited with the end of the first tax credit.

However, the expanded extension of the homebuyer tax credit is slowly rebuilding a momentum that will likely peak in April of this year, and then possibly back off. The analysis of monthly raw data always lags current activity, but here is the latest PHSI data. November of 2009 dropped 16.4% from its upward trend in previous months to an index reading of 95.6. Then December of 2009 increased 1% to an index of 96.6. This gain is most likely stimulus-driven, but it remains 10.9% above December of 2008.

Feb. Index

 A quick look at this material indicates a home buying market that was government-driven. However, a deeper focus reveals some positive indicators. The underlying trend seems to be a firming in price stability and a gradual improvement in overall home buyer sentiment. The downturn in new home construction is not building the inventory of homes for sale. The current lack of a good safe haven for people’s savings combine with uncertainty over the future of the U.S. dollar. This makes real estate attractive as an investment. Market demand for low priced homes and discounted foreclosures removes their lingering influence from forcing home values lower, thus allowing prices to stabilize.

Today’s real estate buyer or seller faces uncertainty across a global economy. At some point each individual must decide for themselves what is best. Here in the Smokies, we have; location, climate, and natural beauty in our favor. Currently, mortgage rates are near historic lows, and there is a good inventory of property for sale. If you are buying or selling real estate in Tennessee’s Great Smoky Mountains, enlist a professional with a great track record. Please contact me, Jason White, at the  Jason White Team today to get started on your goal.

                                  Here are a Couple of My Latest 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 >
Level Lot/ Walk to Club House,Ski Resort
This gently rolling property is convenient to everything. community pools, tennis courts, ski resort and tram to take you into town.
Type: Land
Location: Gatlinburg ,Tennessee
Price: $35,000
Get more information >

As Analysts Continue To Digest Data From 2009 Results Show No Digestive Aids Are Needed.

Posted by Gatlin on

Case-Shiller Report Jan.

In my news sources out of New York that track Standard & Poor’s S&P/Case-Shiller Home Price Indices, there is favorable news. The S&P/C-S Home Price Indices are a well-respected gauge for charting U.S. home prices. This index system utilizes a broad spectrum look at 10 city and 20 city home values across the U.S.  Values peaked in 2006’s second quarter and declined to a bottom in April 2009.  During that drop, home values fell 33.5% in the 10-city composite and 32.6% in the 20-city composite. Values of homes are slowly climbing.  Through October 2009 the 10-city is 29.8% and 20 city is 29.0% off the 2006 peak.  Early in 2009 the indices began to show improvement. The spring and summer seasons showed the typically strong real estate activity and then backed off going into fall.  San Fransisco continues to lead the country on the rebound while Las Vegas continues to search for home price stability.  S&P’s Index Chairman, David M. Blitzer, feels a second dip in home prices is unlikely because of the uniform commitment we are getting from the Federal Reserve. On top of this fed action, sales of  homes have been strong and this continues to eliminate the surplus of home inventory. This surplus inventory has been a big factor in depressing home prices across the country. Dropping the excess inventory can only help to bolster home prices across the board. Chairman Blitzer does advocate using caution in today’s housing market.  Housing starts are weak. Government stimulus for homes expires early in 2010, and there could be increased foreclosures, if U.S. jobs continue to decline.

Factoring in all this information, it still could be a great time to buy or sell property in the Smokies.  Mortgage interest rates are low, and there is ample selection of great homes for sale.  Currently, there are no fantastic high-yield, safe investments out there to park your cash.  Real estate can decline in value, but it is not easily duplicated or inflated like paper assets.  With the Fed cranking out new dollars in bailouts, and aging baby-boomers looking to retire in warmer, beautiful locations, property in the Smokies could be a great investment. Contact the Jason White Team, a leader in Great Smoky Mountains real estate. You can start your search online or call us to get started today on your 2010 Smokies property quest.

                                       Here are a Couple of My Listings:

Value for the Money w/ Incredible Views!
This artisan quality home has possibly the best mountain views around. Located in Prestigious Chalet Village, this home would cost over a million $ to reproduce in today’s market. Such a value for your money. It even has an elevator!!
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $799,900
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 >

Pending Home Sales Slows, But Remains Above 2008 Levels

Posted by Gatlin on
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 >

A Pleasant Look Back At 2009

Posted by Gatlin on

As we enter into 2010, it is interesting to briefly review what happened to real estate in the Smokies in 2009. Past results do not always dictate future direction, but they can show trends or motivate us to take action. For our analysis, I pulled data from the Great Smoky Mountains Association of Realtors. The figures I reference are for residential property sold, they do not include; multi-family, commercial, or vacant land.  We will compare Jan 1, 2009 through December 31, 2009 versus the same in 2008 a year ago.

Comparison Chart

In looking at the figures, there is some good news. Like the stock market last year, real estate rebounded with the number of residences sold increasing slightly. The total dollar volume sold and the average residence price sold was off 8% from 2008’s figures. I think it is safe to say that; foreclosures, short sales, and first time home buyers were a driving force in 2009’s real estate market. The active lower price sector of residential sales was driven by first-time homebuyers scrambling to utilize the tax credit. When you combine this activity with red hot foreclosure sales in ’09, it is easy to see why dollar volume sold and average price sold is lower than in ’08. In the area of active listings, 2009 saw an increase of 16% over the previous year.

Taking all this information into account, we can see that residential real estate is still active. For qualified buyers, it is a great time to buy.  Mortgage rates are quite low, home prices are reasonable, and there is a good selection of properties for sale. For sellers, there is good news as well. The final months of 2009 brought renewed activity across all price levels of homes. Higher priced homes may not be selling as fast as the entry level home market, but competitively-priced residences are selling. If 2010 looks like your time to buy or sell a property in the Smokies contact The Jason White Team. You can easily get started on our website. Your privacy and time-saving property searches were key elements in building our site. Log on or call us to get started finding your property today.

With Year-End Only A Day Away 2009 Real Estate Was Jump-Started by Government Stimulus

Posted by Gatlin on

Happy New Years

Events from the year 2009 are about to recede into history books. As we get ready to look back at ’09, one aspect stands out. Government stimulus in the form of the first-time home buyer tax credit impacted the US real estate market in a big way. My news sources at the National Association of Realtors, in Washington, DC have analyzed data through the month of November. Their conclusions sync well with what the Realtors in the Smokies already know.  November of ’09 saw a scramble of activity from people racing to make the deadline for the homebuyer tax credit. NAR Chief Economist, Lawrence Yun felt that the home buying rush was expected. With the congressional extension and expansion of the home tax credit, more buyers will enter in the market. There may be some decline in activity, as the markets make their seasonal shift from year-end holiday shopping, to a traditionally strong spring new home search. Yun expects home buying to ramp up, as the spring of 2010 progresses and buyers take advantage of the extended tax credit. So far the tax credit appears to be soaking up excess inventory in unsold homes. This has helped to stabilize home prices in much of the US. The stimulus focused on getting first time home buyers into the market. This has created a real demand for lower priced homes, which inturn impacted the national median home price for sold homes.

The government-induced real estate simulus appears to be benefiting the market in a number of ways. We previously mentioned inventories of homes for sale are dropping. Foreclosures, short sales, and other price-distressed properties are quickly being purchased, so their low prices are not around long enough to radically bring down comparable real estate. Pricing overall appears to be stabilizing across the country. Before October of this year, the only real gains were at the bottom of the market. However, for the second month in a row, property sales have risen in all price classes. The median price of sold homes is lower by 4.4% than in 2008, because of the influx of new buyers. The level of sold single family homes is 42.1% above the 2008 numbers. Here in the South, the existing home sales are 44.8% higher than last year and the median price is $151,400, only 1.4% lower than ’08.

If you are considering real estate in the Smokies this could be a great time to buy. For qualifying buyers, mortgage interest rates are close to historical lows. Inventories of property for sale are high enough for good pricing and adequate selection. Start your search on The Jason White Team website. You can define your property search criteria to save time and money. When you are ready to visit or finalize your quest, contact us and we will assist with years of local knowledge and professional expertise.

November Existing Home Sales

 

                       Here are a couple of my vacant land properties:    

Spectacular Smoky Mountain View!!
Unique opportunity to own a lot like this! Spectacular mountain and city view, with level building site.
Type: Land
Location: Gatlinburg ,Tennessee
Price: $125,000
Get more information >
Listen To Mtn River From This Property!!
Listen to the abundant sounds of nature from this 1.64 acre property with river and mountain views. Amazing that you are only minutes from the National Park, downtown Gatlinburg , and Pigeon Forge with such amenities but yet so private.Type: LandLocation: Sevierville,TN
Price: $144,500
Get more information >

 

 Call me today for more information on these properties! 865-436-2121