The National Real Estate Market Continues to Hold Steady Halfway Through 2013

Posted by Gatlin on

Housing Recovery

 

As we now reach the halfway point in 2013, there are some very noteworthy trends that are emerging nationally that continue to show a steady real estate market nationally. As we continue into 2013, here are some of the trends that are now emerging, and will have a noteworthy impact on real estate nationally, as well as locally.

According to the latest news from CoreLogic, the first indicator of note is that U.S. home prices have jumped 12.2% in May 2013 from a year ago, the most in seven years. The increase suggests the general national housing recovery is relatvively steady, and is, in fact, slowly strengthening. In addition, on average, national residential home prices rose 2.6% in May 2013 from April 2013, which is the 15th straight month-over-month increase, as measured. In many states, including Tennessee, home prices are gradually increasing and showing a generally positive increase.

The other notable indicator shows us that, according the U.S. Commerce Department, there was an increase in home construction, by 6.8%, in terms of overall pace of homes being constructed, in May 2013, as opposed to 14.8% decline in home construction in April 2013. Based on this, while not dramatically increasing, home construction is also holding steady and even gradually increasing, as well as with home prices.

Furthermore, according to Realtor.com, May of 2013 saw median list home prices were 2.10 percent higher than April 2013 home prices. This reflected a general and gradual trend towards higher home prices as a whole, and we see that the home prices are reflecting a steady national trend towards higher home prices, as well as greater consumer demand for homes.

The basic reasons for these trends are many, but generally can be attributed to greater demand, limited numbers of homes for sale, and fewer foreclosures, as well as steady hiring in the job market and relatively low mortgage rates. Based on this data, we foresee a gradual continuation of these national trends, especially with respect to home prices and available housing inventories.

There are still many great deals on homes available as we see home prices gradually rising nationally, especially in the Great Smoky Mountain market. If you have thought about purchasing a property in the Great Smoky Mountain region, now is the time to start looking. We invite you to visit our website to browse the available properties in the area.

Here Are A Few of My Available Listings:

 

Classic Mtn. Chalet w/Mt. LeConte View This high quality classic contemporary mountain chalet features four master suites each with deck access. Fantastic peninsula lot with beautiful views of Mount LeConte. Type: Single Family Home Location: Gatlinburg,Tennessee Price: $279,900 Get more information >
Custom-Built Home on Douglas Lake Custom built home on a lake front peninsula surround by water on three sides with expansive views. Type: Single Family Home Location: Douglas Lake Price: $899,900 Get more information >
Updated & Luxurious Move in ready, recently painted & in excellent condition. Lovely patios front & rear and lawn in back, extras such as dimmable lights, upgraded light fixtures, beautiful 18 heated tile in master bath & oak flooring make the home feel special. Type: Single Family Home Location: Sevierville,TN Price: $239,900 Get more information >

Moving Into July The Smoky Mountain Market Remains Steady

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The Road To Recovery

 

For much of the year, we have watched as both the National and local Real Estate markets have gained and shown a steady climb to positive numbers. As we look at the statistics for the Smoky Mountain market through June of this year, we will see that the trend continues. Let’s see what the numbers have to say.

In the category of Residences Sold, we see a slight decrease versus last year of 8%. This represents 53 less homes sold in comparison to the same period in 2012. Even with the decrease in this number, as we look at the rest of the statistics, we will see that the market is still  fairly stable and we expect this to continue and improve.

Homes Sold

In the category of Residential Dollar Volume for the year, we also see a slight decrease. This directly relates to the decrease in number of homes sold, but remains a slight number as prices are still rising.

Dollar Volume

Good news for sellers in the Average Sold Price Category. In line with statistics so far for the year, prices still show a rise versus 2012. As inventory continues to decrease, we expect prices to continue to gradually increase.

Average Price

Available homes on the market continue to decline. Through June, we see a decrease of 3%, or 109 less homes on the market. As activity continues to stabilize, this number will continue to dwindle.

Inventory

As markets continue to stabilize across the Nation, prices will continue their rise and inventory will continue to decrease. Mortgage rates are still at all time lows and there are still plenty of housing options to choose from. Why not start your Smoky Mountain home search now by visiting our website and perusing all the area has to offer?

Here Are a Few Of My Featured Listings:

 

 

Great Rental Income! Over $30K rental income in both 2011 & 2012! This Smoky Mountain chalet is just minutes to Ober Gatlinburg Ski Resort. Main level master bedroom features private bath & deck access. Type: Single Family Home Location: Chalet Village Price: $199,900 Get more information >
Spacious Home w/Great Mtn Views Spacious home full of character & detail. A vintage door from the 1890’s welcomes you inside where you will find vaulted ceilings, lots of windows and lots of unique spaces. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $359,200 Get more information >
Large Home Next to Smokies Once you see this functional work of art that doubles as a spacious home you’ll never want to leave. This home combines unique, one of a kind architecture w/an outrageous view, along with a site that borders the Great Smoky Mountains National Park. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $899,900 Get more information >

 

The Smoky Mountain Real Estate Market Is Active

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As we take a look at our month end statistics for Smoky Mountain real estate we continue to see a reasonably active and healthy market. Using data published by The Great Smoky Mountains Association of Realtors let’s explore how things are looking as we move towards year-end.  The GSMAR data we use is year to date and it compares this year to the same timeframe for last year. Though come select areas are still outperforming last year, we will look at the overall view of the entire residential market in this area through November.

In the category of Total Residences Sold, this year is down from 2010 by only 69 residences sold or 5% less.

Total Residential Dollar Volume Sold was also lower in 2011 with $225,111,411 or 9% less than the same period in 2010.

The average 2011 residential sale is still not far off from the 2010 average at  5% or $7,577 lower.

In the last category of Active Listings, 2011 shows plenty of inventory available with 6,870 homes available. This is a 10% increase over the same period in 2010 with 641 more homes on the market.

The real estate market in The Great Smoky Mountains is active. With plenty of Smoky Mountain homes to choose from and mortgage rates still very low, it could be the perfect time to start shopping. Contact your lender to see what kind of great rates are available, visit our website to look at the variety of homes available, then contact our team of professionals to take care of the rest!

Here are a few of my featured homes:

 

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 >

 

New Construction Full Of Style
Newly built this one is full of style & character. Native stone accents outside with a great exterior color combination. Hand made kitchen cabinets andbathroom vanities crafted from super rare wormy chestnut.
Type: Single Family Home
Location: Gatlinburg, Tennessee
Price: $159,900
Get more information >

 

Handcrafted Custom Home W/Views!
$35,999.58 Rental Income from June 2011 forward. This custom home overlooks the golf course and has amazing mountain views. All the custom features you are looking for are found right here.
Type: Single Family Home
Location: Gatlinburg, Tennessee
Price: $1,500,000
Get more information >

 

Homes In Gatlinburg And Other Parts Of The Smokies Are Selling Well

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The Smoky Mountain homes market is reasonably healthy. The ease of access and popularity of this area help to buffer our home sales from a challenging national housing market.

In this week’s blog, the focus will be on residential sales figures for The Great Smoky Mountains Association of Realtors. The GSMAR data provides a great tool for evaluating The Smokies’ residential sales. These numbers represent the overall area covered by GSMAR. However, there are locations within our Association that are outperforming last year by significant margins. While the sale numbers of our overall membership remain strong, these hotspots surpass all others. Please remember that residential sales include; single family homes, condos, townhouses and co-ops. These figures are cumulative year to date.

 In the category of total residences sold through the end of September, our year 2011 comes in with 1,646 residences vs. 1,764 for the same time in 2010. 2011 is off by 118 units or down by 7%.

In the category of total residential dollar volume sold through the end of September, 2010 leads with $295,887,524 or $26,760,006 more. In this category 2011 is off by 9%.

The average residential sale for 2011 is $163,504 or $4,233 less than 2010, a difference of 3% less.

Our final category for comparison is in Active Listings. The current year has 7,656. This is 575 more or 8% above 2010.

We previously mentioned that the housing market is currently seeking balance after massive federal stimulus. The evidence that all categories are less than 10% different from the previous year is reasonable. Our current year has no stimulus in effect. Some housing markets across the nation are way below the 2010 figures.

 For residential buyers, the market is good. Interest rates are quite low for qualified buyers. Property inventory offers a great selection. Pricing is well off the market highs and real estate at this point is nowhere near as volatile as other investment markets.

 Get on our website to explore your property possibilities today!

 Here are a few of my new and featured listings:

Breathtaking Mountain Views!!!!!
Enjoy the breathtaking mountain views from this chalet. Located close to town of Gatlinburg for all you shopping and dining adventures, yet private and quiet for your relaxation. Greenbrier River and Greenbrier entrance to the Nat’l Park just minutes away
Type: Single Family Home
Location: Pittman Center, TN
Price: $339,900
Get more information >
8 Bedroom/5 Bath Cabin w/Mountain View!
Wow! 8 bedroom/5bath cabin with so many amenities for your enjoyment, plus an incredible mountain view!! Sleeps 24. Great gross rental income in 2010 of $47,471 plus 2 wks of personal use during prime time! Great investment or permanent residence!
Type: Single Family Home
Location: Chalet Village
Price: $399,900
Get more information >
Mt LeConte View w/Large Open Floor Plan
5 bedrooms all with in suite baths for privacy. Huge great room for those family gatherings and could walk to trolley to take to town or to Nat’l Park.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $350,000
Get more information >

 

 

 

 

Great News for Gatlinburg Real Estate!

Posted by Gatlin on
Cabin in the Smokies

 All areas of Smoky Mountain real estate are beneficially impacted by the source for this week’s blog.  The Wall Street Journal ran an article on January 10th, 2011 that caught my attention.  This story was titled “Market for Vacation Homes is on the Rise”.  The journalist explained that in 2010, popular vacation destinations across our nation experienced a surge of buying activity unseen since real estate peaked in 2006.  The target areas for this article focused primarily on popular ocean front locations.  Cape Cod, MA saw a  9% increase, Hilton Head, SC, increased 13.6%, Mercer Island, WA, jumped 181.8%, and Palm Beach, FL, was up 39.3% in 2010.  Usually the vacation home market is not split out from other home sales.  Even with federal stimulus, 2010 was not a stellar year overall, for real estate.  However, this data reveals that the vacation home market may be outperforming everything else.  With results buried in the general home market, it is easy to see how this got overlooked. 

National Association of Realtors’ Chief Economist, Lawrence Yun feels that the U.S. economy improved enough last year, to have wealthier families begin buying second homes.  Properties in these affluent areas are off their highs, and they offer an attractive investment option in these times of economic uncertainty.  Despite their low percentage of the overall home market, vacation homes are often high dollar.  In today’s market, this vacation home surge is good news.  However, both buyers and sellers must exercise caution.  Pricing is critical and must be evaluated to attract buyers.  Financing for buyers has been a challenge.  Big down payments and clean credit is key, or go to a cash purchase. 

While our Tennessee Smokies may not be Palm Beach, we remain a popular vacation destination for much of the nation.  The scenic beauty, central location, and multitude of man-made attractions make us a tourist magnet.  If you are interested in our area for any type of property, go on our website, or contact us directly at 877-678-2121.  We can match you up with any real estate investment that you desire. 

Here are a Few of My Current Listings: 

Fantastic Mountain View & One Level!
Want one level living and great mountain views? This home is for you! Private, level ground with yard and southern exposure not to mention the shady covered front porch and sunny open deck with hot tub.
Type: Single Family Home
Location: Gatlinburg, Tennessee
Price: $179,900
Get more information >
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: $299,900
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: $349,900
Get more information >

Homes For Sale in Gatlinburg and Across the Country are Adjusting

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Smoky Mountain Real Estate joins the rest of the country in an adjustment to life without federal stimulus, for buying houses.  The May news out of the National Association of Realtors for Pending Home Sales was totally expected.  The report for May showed the Pending Home Sales Index fell 30% from the April index reading.  This forward-oriented index tracks home purchase contracts that are signed, but the transaction is not officially closed.  The Pending Home Sales Index has proven to be a useful gauge in tracking home sales.  Trends are more accurate in longer term comparisons.  For instance, there is better accuracy in time frames year vs year, than in month to  month match-ups.  The significant drop from April to May was almost a forgone conclusion.  The extension of the “homebuyer tax credit” artificially forced hesitant homebuyers into the market.  This provided robust home sales figures for; February, March, and April of this year. When the homebuying incentive ended, activity fell off. 

NAR’s chief economist, Lawrence Yun expected this homebuyer behavior from the federal stimulus.  He is pleased that congress has extended the deadline on official closings, because approximately 180,000 buyers missed the original June 30th close date.  Unusually long closing times were caused by tighter lending qualifications, and by lengthy short sale processing.  Yun also expects June figures to be low, as the adjustment to a more natural home buying market takes effect.  The Chief Economist is pleasantly surprised, that some markets have seen increased home purchases without the federal stimulus.  Furthermore, the tax credit appears to have helped stabilize home prices.  Additional good housing news appears in a congressional renewal of the National Flood Insurance Program.

Today’s housing and real estate market is still a great place for purchasing a home or investment property.  Given the uncertainty across the world’s investments markets, Smoky Mountain real estate looks quite good.  There is ample inventory for sale and  qualified buyers will find low interest rates on mortgages.  Our mountain area is geographically beautiful, with many man-made attractions throughout the region.  Check out properties on our user-friendly web site, using your personal search criteria. Contact the Jason White Team to finalize your purchase with help from our experienced real estate professionals.

Here are a Couple of My Latest Listings:

Private Bedroom Suites w/Mountain Views!
Incredible mountain views with private bathroom suites.
Type: Single Family Home
Location: Chalet Village
Price: $269,900
Get more information >
Mountain Community w/Serene Privacy
Nestled among 13+ acres this Mountain Community offers a mountain stream, tennis courts, pool and many more amenities. This hand crafted custom log home is ideal for retirement living due to the layout.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $399,000
Get more information >

U.S. Home Sales Continue to Improve

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There is encouraging news that continues to build in the country’s housing market.  My realty news sources out of the National Association of Realtors in Washington D.C. are reporting improvement on multiple fronts within U.S. home sales.  In the first quarter of 2010 more metropolitan areas of the country are seeing home price increases, over the same period in 2009. There were 91 out of 152 metropolitan statistical areas, that saw higher median existing single-family home prices over 2009’s first quarter figures.  The national median existing single-family home price for the first quarter was $166,100.  2009’s first quarter median price was $167,300.  In a median price, 1/2 sell for more and 1/2 sell for less.  This slight decline shows a resilience in the housing market because the first quarter of 2010 contained 36% distressed homes.  “Distressed” homes are bargain priced, typically 15% below market price, and include; foreclosures, short sales, REO’s, etc.  With over 1/3 of the first quarter houses selling with below market prices, the balance of non-distressed homes must be improving their value to offset this difference.

NAR’s Chief Economist, Lawrence Yun is encouraged by the growing stabilization in home prices.  He continues to believe that the drop in inventory of homes for sale will promote home price stability.  The reduction of home inventories has been facilitated by the homebuyer tax credit stimulus.  Yun hopes that this federal stimulus will be enough to allow home prices to consolidate and then resume their upward trend. NAR President, Vicki Cox Golder sees a renewed confidence returning to homebuyers.  She also sees homebuyers moving into a “buy and hold” mindset that is moving away from the “buy and flip” mentality that became prevalent in recent homebuyers.  The NAR President feels that financing of homes may be the greatest hurdle to future home purchases.  Interest rates are beginning to rise and mortgage restrictions have been a challenge to closing deals for many realtors. 

If you have been entertaining the dream of owning a home in the Tennessee Smokies, now could be the time to buy.  There is a good supply of properties for sale.  For qualified buyers, there are good interest rates that are slowly beginning to increase.  Prices are off their highs on most real estate.  With the world’s currency and stock markets moving up and down like yo-yo’s, this could be a good time to put some investment into Smokies real estate.  At least it gives you a reason to come and visit the beauty and fun here in East Tennessee’s Great Smoky Mountains.  Surf our website and get your search parameters set to find the property you want.  Getting started with leading realty professionals of the Jason White Team is only a mouse click or phone call away.  Call today!  877-678-2121

Here are a Couple of My Latest Listings:

Level Parking/Great Views of Mt LeConte!
Totally updated chalet with huge wrap around deck to enjoy the spectacular views of Mt LeConte. Private master with sitting area and custom tile shower and 2 shower heads and updated gourmet kitchen. Sold fully furnished and short walk to community pool.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $249,900
Get more information >
Contemporary Mtn Home w/Mt LeConte View
This contemporary mountain home as been updated. It offers amazing Mt LeConte views with master on main level and two bedroom suites and living room downstairs for privacy. Already on a rental program and producing great income.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $399,900
Get more information >

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

Real Estate Outlook: Warning of Slow Down?

Posted by Gatlin on

Smoky Mountain CabinThough some economic analysts are warning that the housing market’s rebound will slow down as the weather turns colder, this week’s numbers show no hints of that. In fact, they’re actually pretty warm.

Start with house prices. The Clear Capital Home Data Index, which tracks price movements in thousands of neighborhoods and ZIP codes across the country, reported a 6.3 percent gain for the period covering August 27th through September 25th.

The latest index found prices up for the first time since 2006 in two of the hardest-hit real estate markets – Riverside-San Bernadino, California, and Orlando, Florida. Though the gains weren’t big – just 1.2 percent in Orlando, and half a percentage point in Riverside- San Bernadino – just the fact that they’re finally bottoming out has got to be good news for property owners and sellers there. Baltimore also saw its first positive price change in seven quarters on the Clear Capital Index, while other major markets continued their multi-quarter strings of gains.

Dallas-Ft. Worth, for example, saw prices rise by an average 2.3 percent. Miami-Ft. Lauderdale was up 3.4 percent, Houston 3.1 percent and even New York, which has had a tough time recently in Manhattan, posted a 1.6 percent jump. Meanwhile, the mortgage market continued to provide plenty of financing fuel for home buyers looking to use the $8,000 tax credit before it possibly disappears at the end of November.

The Mortgage Bankers Association says average thirty year rates dropped again last week in its national survey — hitting 4.89 percent — the lowest they’ve been since May. Fifteen year fixed rates decreased to just 4.3 percent, which is the lowest ever recorded in the mortgage association’s survey history. Not surprisingly, record low rates are pulling in massive numbers of new loan applications. Overall applications were up by 16 percent last week. Loans to people planning to buy homes jumped by 13 percent, while refinancing applications soared by 18 percent.

And here’s a truly amazing statistic: New mortgage applications to buy houses using FHA loans were 52 percent higher last week than they were a year ago! With mortgages flying out of banks with interest rates in the mid -to -upper four percent range, you don’t spend a whole lot of time worrying about a slowdown in the real estate rebound. Unless, of course, Congress doesn’t extend the $8,000 tax credit into next year. 
Feel free to contact the professionals at the Jason White Team for an in depth look at the Gatlinburg real estate.

                    Here are a couple of Jason’s Latest Listings!!    

 

 

 

 

Cozy Condo w/ Balcony Overlooking Stream
This conveniently located condo is only 1.5m from downtown Gatlinburg’s shopping and dining. Even has a woodburning fireplace and balcony to enjoy the beautiful mountain stream.
Type: Condo
Location: Gatlinburg ,Tennessee
Price: $86,900
Get more information >
This Spacious Home Has Lots to Offer!!
This spacious home has a wrap around deck with hot tub and covered front porch to enjoy the beauty of nature. Homeowner has included the vacant lot next door in the price and if you finish off the basement it would add 948 sq ft to this property.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $185,000
Get more information >

Tax Credit May Be Extended

Posted by Gatlin on
http://img242.imageshack.us/img242/7538/financial7bb6.jpg

There has been a push in the House to get the First Time Home Buyer Tax Credit extended, as well as expanded.  Last week the House passed a bill extending the $8,000 tax credit into next year for military, diplomatic and intelligence workers who have been working overseas.  This bill’s passage leaves many hopeful that an extension for regular first time home buyers will pass as well.  Much of the increase of real estate sales has been attributed to the First Time Home Buyer Tax Credit.

There is a strong sentiment to extend the First Time Home Buyer Tax Credit because the real estate market is not seen as completely stable yet.  The hope is that if the tax credit is extended then real estate sales will continue to improve.  If the credit gets opened up to include all home buyers, as some would hope, then real estate sales volume is expected to pick up quite a bit.  For more information contact me, Jason White, at The Jason White Team and I would be happy to discuss your options.

For the latest from Realty Times regarding the tax credit click here.

Good News In Real Estate Has Two Gifts

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In my reading of current real estate news, I read about two trends that favor today’s real estate buyer. News out of the National Association of Realtors in Washington, DC indicate that the Pending Home Sales Index is on a record-setting roll having risen for six consecutive months. Regular readers of my newsletter and blogs may remember past references to the Pending Home Sales Index. However, for new readers the “Index” we are talking about began in 2001. It has become a leading indication of real estate activity. Pending home sales indicate that a sales contract has been signed, but it is not officially a closed transaction. Generally these pending sales are finalized in 1-2 months of signing. This index is compiled from a big national sample, typically about 20% of the total national existing home sales transactions. An index reading of 100 is equal to the average level of real estate contrast activity that occured in 2001. This was the first year to be examined and it turned out to be the beginning of a 5 year period for consecutive record setting in existing-home sales. The great news for the Pending Home Sales Index is that it has never increased for 6 consecutive months in its entire history and it is at the highest level (100.7) since June of 2007.

According to chief economist Lawrence Yun of the NAR, the index and other factors are showing a shift in housing markets for the better. The second gift that current real estate news unveiled is that the Housing Affordability Index is remaining high. In July 09 it was 158.5. The index is now not at its peak, but indicates that buyers will still find housing affordable. The HAI uses data going back to 1970 and this index was utilized beginning in 1981. This index at a value of 100 means that a median-income family has adequate income to qualify for a mortgage on a median-priced existing single family home. The HAI factors in: home prices, closing costs, mortgage interest rates, etc. and assumes a 20% down payment with a qualifying ratio of 25% gross income for mortgage principle and interest. Essentially the higher the HAI number the more affordable housing is for most people.

Here is my perspective on these two good aspects for real estate. It is still too early to know for certain if the real estate market has bottomed . However, there is plenty of housing inventory available with good mortgage rates and a potential tax credit for qualified buyers who purchase before December of this year. Prices on the entire market are being kept off their high by an influx of bargain priced foreclosures. So for buying or selling homes there are opportunities available. To explore the real estate market in the Smokies contact The Jason White Team today and see how we can assist you to buy or sell in today’s unique real estate market.