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:
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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 > |
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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