2012 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 free price analysis 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 our website 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 >|