Over the last year or so, the U.S. housing market has seen two major and predominant trends in terms of the market as a whole. The first of these trends focuses on higher home prices, which has been reflective in many different regional markets, as well as nationally. The other trend has focused on the beginning of decreased housing inventory, which has also taken place in many different regional markets, as well as nationally. These two trends have been fairly consistent for the last year or so, and now, as of the month of May 2014, the national housing market showed its biggest gains from month-to-month since 2011, showing a possible continuing sign of a recovering national housing market.
For previously-owned homes in May 2014, as opposed to April 2014, purchases went up by 4.9% for the month, which is the biggest increase in this statistic since August 2011, according to the latest figures from the National Association of Realtors. In addition, according to the same NAR report, this level was the strongest since October 2013, in the same category. This statistic may show a potentially more balanced market emerging, including such factors as: 1) a wide selection of properties available on the market, 2) smaller price gains (although national home prices are still showing an increase), and 3) still-lower borrowing costs, which has led to greater demand as more homes have been placed back on the market for sale, along greater overall buyer interest nationally. Whether or not these national trends will continue is too early to say, but these trends do show some greater, albeit cautious, optimism on the part of the national market as a whole.
Another piece of good news focuses on new home sales nationally. From April 2014 to May 2014, according to a recent report by U.S. Department of Commerce and the Census Bureau, new home sales month-to-month increased by 18.6%. This actually shows the greatest month-to-month increase for new homes sales since January 1992, according to the same report. This shows a real sense of greater optimism on the part of sellers and buyers, in terms of the recovery of the national real estate market.
Finally, another sign of a recovering real estate market relates to the recent drop of foreclosure activity nationally. According to RealtyTrac, which tracks foreclosures across the nation, June 2014 foreclosure activity fell by 16% across the United States. In addition, foreclosure filings are also now at their lowest levels since July 2006, and are now at pre-2008 economic downturn levels. With more states beginning to clear their books of foreclosures, judicially and otherwise, inventory has begun to stabilize nationally, leading to greater confidence in the market as a whole.
What do all of these emerging trends mean? With a recovery in the national real estate market, more potential sellers and buyers have taken the opportunity to begin realizing their own home ownership dreams at a greater pace, and now have greater confidence in the market as a whole. This also includes the Great Smoky Mountain real estate market, as well, and with historically-low interest rates still in place, there are many great properties available for people looking for properties here in the Smokies.
Why not see what the Great Smoky Mountains can do you for you and your real estate needs today? Please feel free to browse our Featured Properties, and see how The Jason White Team can help realize your home ownership dreams today! You can also learn more about who we are and what we can do for your real estate needs, and even make us one of your “Likes” on Facebook!
Here Are A Few of My Featured Properties:
Luxurious, 6 BD/5 BA Chalet Located in Beautiful, Scenic Cobbly Nob – Back on the Market! Made nearly $29K in rental income in 2013 alone! Very spacious home, w/lower level extra rm usable an as extra BD, & a spacious Loft area, great as a den or extra sleeping space. Incl. Massive Great Rm, Large Lower Level Rec Rm, & 2 deck levels. Amazing views of the Smokies; in a well-managed subdivision, w/access to many comm. amenities! Only mins. from dwtn. Gatlinburg, the Nat’l Park & the attractions; a luxurious home w/luxurious mtn. views! Type: Single-Family Residential Location: Gatlinburg, TN Price: $289,900 For more information > Private, 3 BD/3 BA Chalet Located in Beautiful, Scenic Cobbly Nob – Back on the Market! Made over $11K in rental income in each of the last 2 years alone; has great rental potential! Includes Massive Great Rm, each BD having its own Private BA, Large Lower Level Rec Rm, & 2 decks on the main & lower levels, complete w/broad mtn. views of the Smokies. Located in a well-managed subdivision, w/access to many community amenities! Only mins. from dwtn. Gatlinburg, the Nat’l Park & the attractions; a great location & value! Type: Single-Family Residential Location: Gatlinburg, TN Price: $169,900 For more information > Private, Cozy, 1 BD/1 BA Chalet, Only Mins. to Dwtn. Gatlinburg – New Listing! Great permanent or 2nd home; also has great potential as an overnight rental! Located in a beautiful, wooded setting, w/a very rustic feel, giving you a real sense of mtn. living. Very spacious home, w/a Massive Main Level Great Rm, & an even larger 2nd floor Master Suite, incl. Master BD w/an in-room W/P, Master BA, & Private Laundry Rm! Only mins. to dwtn. Gatlinburg, the Nat’l Park, & the attractions; a very well-kept home in a great location! Type: Single-Family Residential Location: Gatlinburg, TN Price: $139,900 For more information >
The Jason White Team
Century 21 Four Seasons Realty, Inc.
1441 Wiley Oakley Drive
Gatlinburg, TN 37738
Toll Free: (877) 678-2121
Fax: (865) 436-7227