Are We On Our Way To A Housing Market Recovery?

Posted by Gatlin on

As we follow market statistics, news and other sources it seems that we may be headed towards recovery. This week let’s take a look at what everyone is saying, what the trends are and what it all means as you are looking at the purchase or sale of a home.

On January 9th The added 40 new metro areas to its NAHB/First American Improving Markets Index. This is up from  only 41 improving areas  in December, with 31 states represented by at least one entry.The index identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. In a on January 12th David Crowe, NAHB Chief Economist states “2011 ended on a positive note with economic activity continuing to expand at a moderate rate and the housing sector finally gaining some positive momentum after bouncing along the bottom for most of the year.”

We are seeing banks taking measures to streamline the processing of  backlogged foreclosure inventory and aggressively seeking alternatives to foreclosure. Bank of America and a few other lenders are currently testing a few pilot programs to entice homeowners to pursue a short sale of their property in lieu of letting it go to foreclosure. So what does it all mean?

For sellers:
If you are thinking of selling your Smoky Mountain property, this is all good news. The Smoky Mountain area remained relatively stable throughout 2011, with only minor changes from 2010. You can find the 2011 statistics in our earlier blog post . At the turn of 2012 we have seen a definite spike in activity with interest rates at extreme lows & more qualified buyers entering the market looking for their own Smoky Mountain get away. With the phones ringing, email inquiries pouring in and the influx of people visiting the area to look at property, sellers are seeing a big increase in exposure of their homes to qualified buyers. We would be happy to provide you with a of your property to help you see what it’s true value is in the current market.

For buyers:
Looking to purchase a second home or investment property in the smokies? As mentioned above, we may begin to see less foreclosures, more stabilized prices and a more competitive market as the year progresses. There are many great opportunities still available in the current market and now may be the time to start looking to see what is available. Interest rates are remarkably low & we would be happy to assist you in getting pre-qualified for a mortgage to begin your buying process. For more information about getting pre-approved and why it is so important in today’s market please visit last week’s blog post .

See what opportunities the Smoky Mountain home market has to offer by viewing available homes at our .

Here are a few of my featured listings:

 

Small Price – Large Mountain Home
Almost $27,000 rental income for 2011! Great bargain for future income. Beautiful chalet with lots of room for entertaining.
Type: Single Family Home
Location: Chalet Village
Price: $189,900
Get more information >

 

Charming & Authentic Log Cabin
Did $22,907 in rental income from April – December of 2011. Charming and authentic log cabin located in desirable Sky Harbor community between tourist centers of Gatlinburg and Pigeon Forge.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $179,900
Get more information >

 

Smoky Mountain Money Maker
Smoky Mountain money maker did over $26,000 in rental income for both 2010 & 2011. Nestled in a resort like neighborhood this large cabin is filled with amenities & is close to Dollywood.
Type: Single Family Home
Location: Pigeon Forge
Price: $179,900
Get more information >

 

Deals On Homes For Sale In Gatlinburg Could Be Slowing

Posted by Gatlin on

Discounted mountain homes could soon become a rarity.  An article in USA todayindicates that the number of homes getting some kind of  foreclosure notice fell from January to February 2011.  In this real estate story out of Los Angeles, author Alex Veiga says, foreclosure notices are at a 36 month low.  Our recent February’s numbers are 15% lower than this January and February 2011 vs February 2010 is 27% less.  Much of the background data for the story was supplied by foreclosure listing company Realty Trac.  Before everyone gets ready to celebrate an end to the large foreclosure mess, consider this.  In most of the nation we had a severe winter.  The inclement weather gets some credit for aiding the decline. However, the primary reason for the current decrease in foreclosures is state and federal investigations which began last fall.  This intervention became serious when evidence appeared to show that some banks railroaded through loads of foreclosures each day, without giving the borrowers a fair chance to keep their homes.  As Congress and State legislatures got involved, the banking industry and other home lenders in effect froze the foreclosure process.  All of these currently stalled delinquent homes, will eventually enter the foreclosure pipeline.  However, that could take some time.

Here at the Jason White Team, we have seen alot of activity in financially stressed property.  If you are interested in these bargain priced items, be sure to read our earlier blogson how to prepare.  One of the best preparation is to get preapproved for financing or get a certificate of funds for a cash purchase.  This way you can move fast when your bargain property appears. Call us today to see how we can help you find just the right property here in the mountains 877-678-2121.

Here are a Few of My New and Current Listings: (These are not foreclosures)

Fantastic View- Top Floor Condo!
You get fantastic mountain, valley and city light views with this top floor condo. Tastefully decorated with furnishing that are included. Outdoor pool/indoor pool, hot tub and sauna on site for your use as well.
Type: Single Family Home
Location: Chalet Village
Price: $69,900
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 acres 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: $1,250,000
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: $235,000
Get more information >

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

Posted by Gatlin on

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

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

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

First Quarter 2009 Real Estate Figures Show Promising Results in the Smoky Mountains

Posted by Gatlin on

Smoky Mountain Real Estate insiders know that the 4th Quarter of any calendar year usually is the busiest and most profitable.  This is primarily driven by end of the year tax planning.  Given the bloodbath experienced by much of the world’s 2008 equities markets, it is safe to assume that a lot of real estate was bought or sold in 2008’s 4th Quarter to cover the gains or more probably the losses experienced in stocks, bonds and other related assets.  These extra-ordinary events that rocked the 2008 investment picture no doubt made the 4th Quarter strong for buying or selling TN Real Estate as more investors scrambled for safety.

When reviewed in this perspective the Smoky Mountain Real Estate 1st Quarter of 2009 seems quite robust. The number of sold Single Family Homes was 230 vs. 265 only 13.2% off the 2008 4th Quarter.  Dollar volume of Single Family Homes was $46,293,043 vs. $54,139,458 in 2008 (off only 14%).   

 The average price (Single Family Homes) was $201,274 in 2009 vs. $204,300 in 2008.  The average price difference only about 1 1/2%.  

 

 

 

The median price in 2009 was $167,000 vs. 2008 of $168,000 with a difference slightly above 1/2%. 

 

The average Days on the Market shows a winner in 2009 with 164 vs. 188 days in 2008.  On Market days in 2009 appears to be almost 13% better than 2008’s 4th Quarter. 

The 1st Quarter results on Sold-Single Family Homes shows strength with average and median price almost unchanged and average days on market dropping 24 days less in 2009.

According to the National Association of Realtors the national pending home sales index in the South rose 8.5% to 93.2 in March 2009 and is 7.7% above a year ago.  The national median existing-home price for all housing types was $175,200 down 12.4% from March 2008.  The average price increase from February to March was 4.2%, which is much higher than the typical 1.8% seasonal increase between those two months.  Distressed properties accounted for just over half of all transactions in March. For more information visit the National Association of Realtors Website.

Foreclosures are assisting in this scenario, but employed home buyers with good credit will find 2009 is an excellent time to buy.  Seasonal home buying interest makes this a great time to list your home for sale as well.

Contact Jason White, a local Smoky Mountain Real Estate Agent at 877-678-2121 or visit www.smokymountainlifestyle.com for more information.