2012 saw a flurry of activity in January with February picking up even more momentum. There was a marked increase in the number of buyers in the area looking at property and offers being written. So how did January end up for the Smoky Mountain real estate market? Let’s take a look at the numbers released by The Great Smoky Mountain Association of REALTORS. Please note that in an effort to provide the most accurate data available with a focus on our specific area, going forward our monthly market statistics will exclude any properties outside of Sevier County.

In the category of Residences Sold we see great numbers with only 7 less residences sold than the same month last year.

Residential Dollar Volume for January is down $3,911,688. This may seem like a large number however, with the end of the year this may be largely attributed to foreclosure listings that went under contract in December and closed in January or received price reductions as the banks work to get them off the books. This is actually positive news, knowing that other properties on the market will be competing with less foreclosures in inventory.The Average Sold Price was also down somewhat from last year with a 17% decrease. This may also be related to the liquidation of foreclosure properties.

The category of Active Listings for January 2012 shows an increase of 13%. With the increase of buyer activity and the relative stability of our market the beginning of this year has proven to be a great time to list property for increased exposure to qualified buyers.

As we see lending rules getting tighter we are seeing that getting a property from accepted offer to closing has been taking a little longer than it used to. Because of this we would also like to note that an additional 97 properties went under contract in January but have not yet reached closing. Most will likely close in February and we will begin to see the positive effects of how busy January turned out to be in terms of buyer activity.

 Are you thinking of purchasing your own Smoky Mountain dream? Now may be a great time to start looking. With the expansive inventory of property available and extremely low mortgage rates there are many great opportunities to take advantage of. Take the first step by visiting our website to see if your perfect Smoky Mountain get away is already on the market waiting for you.

 Here are a few of my featured listings: 

Hot Buy On Authentic Log Cabin Over $30,000 in rental income for both 2010 & 2011!! Soaring ceilings and three walls of glass create a dramatic feel and bring the expansive views into the living space of this modern day cabin. Type: Single Family Home Location: Pigeon Forge Price: $149,900 Get more information >

Smoky Mountain Dream Come True Produced $24,329 in rental income for 2011! This is what Smoky Mountain dreams are made of, the perfect mountain get-away that combines the best features the area has to offer. Type: Single Family Home Location: Gatlinburg, Tennessee Price: $259,900 Get more information >

Come Home To A Resort Setting Just one mile from Ober Gatlinburg is where you will find this super affordable condo. Nestled in a resort like community you will enjoy all of the best amenities the Smoky Mountain area has to offer. Type: Condo Location: Gatlinburg ,Tennessee Price: $75,000 Get more information >

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 National Association of  Home Builders 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 release 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 here. 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 complimentary market analysis 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 here.

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

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 >

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 >

Mountain homes across the East Tennessee Smokies have been attractive investments for many years. A recent article through the National Association of Realtors cites some evidence that the U.S. housing market could recover in 2012. Everyone knows that 2011 was a tough year for our country’s housing market. The market has been struggling to find a bottom and build some momentum for most of this year. However, there are forces building that will eventually propel sales and improve prices. NAR Chief Economist Lawrence Yun thinks 2012 will show improvement. Currently the Chief Economist feels restrictive mortgage credit conditions are keeping home sales low. In addition, confidence among consumers has been uncertain. These major factors are holding the market back. When new jobs begin to increase an escalating buyer confidence will emerge. Demand will be driven by the increase in human population growth.

If we see the economic improvements in 2012 inventories of homes should decline aided by weak new home construction. The decline in home inventory would stabilize prices and perhaps drive them higher. Mortgage interest rates are also currently projected to move up in 2012.

None of the 2012 improvements are guaranteed to occur. However, our year-end market in 2011 has good factors for home buyers. First, prices are well off of their highs and the inventory of properties for sale is abundant. Second, for qualified buyers, mortgage interest rates are close to historical lows. In addition, many foreclosures and other distressed properties are forcing prices down. When market forces change and buyer confidence rises, demand will lower inventory and prices will rise. If real estate is in your plans go on our website and begin your search at home. When you narrow your possible residences to purchase, call and set up an appointment with our team of professionals. Everything we do is geared to find you the Smoky Mountain home of your dreams. Call today!

Here are a few of my featured listings:

Wonderful Family Home/Fenced Yard!! Great family home with additional space for possible, media room, in-laws quarters, or teenage paradise. 2 car garage, fenced back yard, and close to Knoxville or Sevierville. Type: Single Family Home Location: Sevierville,TN Price: $269,900 Get more information >

Mountain Streams/View/Private Home Fantastic creekside location on 1.84 acres in beautiful Pittman Center. Enjoy the ridge top views and private mountain stream from this log cabin. If privacy is what you want this is it. Even a level driveway and easy parking. Comm swimming pool access. Type: Single Family Home Location: Pittman Center Price: $299,900 Get more information >

Sky Walk To Balcony & Mountain Views Want a great investment property? Then this is it! Already on a rental program and has a great rental history. Recently updated, offers private bedroom suites, and has a sky walk to balcony and mountain views. Type: Single Family Home Location: Chalet Village Price: $229,900 Get more information >

Our month end look at Smoky Mountain homes continues to reveal areas of strength. We work to give our blog readers helpful material. The Great Smoky Mountains Association of Realtors published their month totals of residential sales through the end of October 2011. The GSMAR data we use is year to date and it compares this year to the same timeframe for last year. As we mentioned in earlier blogs, some areas in GSMAR are outperforming last year by significant margins. Given our current national property market this is great news.

 In the category of Total Residences Sold, this year lags 2010 (1,343) by 114 residences sold or 8% lower in 2011.

Total Residential Dollar Volume Sold was also lower in 2011. 2010 had $224,584,192 or 11% more.

The average 2011 residential sale was close to the 2010 average at  3% or $4,996 lower.

In the last category of Active Listings, 2011 leads 2010 by 572. This 9% gain over 2010 leaves 2011 with 6,628 active listings.

Our local market within GSMAR is reasonably healthy. The change from last year is 11% or less in most categories. This could be a great time for some of our blog readers to pick up some great property. Sale inventory is up and mortgage rates are still very low. Kick things around and begin looking online. You can shop discreetly from your own home. Our team of professionals is ready to assist in many ways to help secure your dream property. Call us today to get started.

Here are a few of my featured listings:

Active Location for Office/Residential! Great, busy location ideal for commercial office site. Has a separate entrance for lower level so could be used for two businesses or in-law quarters if used for residential. Type: Office Location: Sevierville,TN Price: $329,900 Get more information >

Fantastic Rental Property/Mtn View Fantastic rental income in 2010- $94,303!! Outstanding view of Mt LeConte in Smokies, with 5 master suites, media room, close to Gatlinburg, ski resort and National Park! Fully furnished! Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $699,900 Get more information >

WHAT A BARGAIN! JUST REDUCED AGAIN!!! Formal, custom built home on a very nice and private corner lot in beautiful neighborhood of Belle Meadows. Close to hospital and all the amenities that Sevierville has to offer. Type: Single Family Home Location: Sevierville,TN Price: $269,900 Get more information >

Some of my sources suggest that mountain homes could be at a good time to buy. Recently, The Wall Street Journal printed an interesting article by Jack Hough of smartmoney.com. Mr. Hough puts forth some intriguing ideas on why it could currently be a great time to buy a house. United States home prices have dropped almost 1/3 since 2006 and homeownership rates are falling like they were in the great depression. This may appear alarming, but there is a silver lining. First, lower prices are bringing value to home ownership and there is plenty of home inventory to consider. Number crunchers dance the line between renting vs. buying. The benefit of renting over buying changes with current market conditions. Home price/rent ratios are much like stock price/earnings ratios. Lower price/rent ratios favor owners over renters. Moody’s Analytics reports that price/rent ratios at the peak of the bubble were 18.5. Now the ratio is down to 11.3. For comparison from 1989-2003 the national average was approximately 10. Mortgage rates are a primary factor in overall home costs. Rates across the country are close to all time lows. The rates move from 3.94% to 4.12%. This makes house payments more affordable than in years. The hurdle comes in qualifying for today’s tighter lending standards.

It is important to factor in the location of the housing market you are considering. Some, like Detroit or Miami are bargains, while New York or San Francisco are in demand and command a premium. The author favors a “buy and hold” position and discourages an invest and flip position. He also recommends careful shopping as prices could decline farther. However, high yields are challenging in many of today’s investments, so homes offer a firm, reasonable opportunity.

If you want to explore your options in today’s East Tennessee Smokies, begin on our website. There are ample options available to explore at your own pace in the privacy of your own home. Begin today to explore these exciting opportunities.

Here a few of my new & featured listings: 

Great Four Level Chalet/Nice Ridge View Very large 4 level chalet that sleeps 16. Big open space in all rooms and 4 levels of decks. Nice mountain views and walking distance to owners club and pools. Type: Single Family Home Location: Chalet Village Price: $279,900 Get more information >

A-Frame w/Serene Setting/Incredible View Total privacy with this A Frame home with incredible mountain vista and mature native mountain laurel. Located in Gatlinburg and walking distance to community pools, tennis courts, and Ski Resort. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $159,900 Get more information >

Great Price For Beautiful Mountain View Plenty of community amenities, private, yet close to town. Enjoy nature and wildlife at this tastefully furnished log cabin from three covered decks, all with mountain views. Spacious for family gatherings, with two game rooms as well as a living room. Type: Single Family Home Location: Pigeon Forge Price: $325,000 Get more information >

This blog works to provide relevant data on Smoky Mountain homes  and how that ties to the overall U.S. real estate market. The National Association Of Realtors reported in late September of this year that August 2011 pending home sales had declined nationally. However, the pending home sales index remains above August of 2010. The PHSI is a future oriented market indicator. It focuses upon signed home sales contracts which are not officially closed. These typically close in 1-2 months. Our interest is not centered exclusively upon this news but on material related to this story.

Four regions comprise the PHSI. Pending home sales here in the South was the only region across the country to have an increase in August 2011. NAR Chief Economist, Lawrence Yun feels that Hurricane Irene certainly impacted home sales in some parts of the nation. In addition, Mr. Yun is concerned that overly strict mortgage underwriting standards are rejecting a sizable number of financially qualified potential home buyers. The Chief Economist is hopeful that standards will be relaxed to allow more qualified buyers to enter the market.

For some time , we have advised our blog readers to get pre-approved for financing. This simplifies the home buying process by eliminating some of the guesswork. Go on our website  today to get started finding your dream property in the Tennessee Smokies.

*Information was obtained from: http://www.realtor.org/press_room/news_releases/2011/09/phs_august

Here are a few of my new listings:

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 >

Mt. Leconte Views On A Pond $17,832 rental income for 2010 & $17,444 already for 2011. Fantastic Mt. Leconte & community pond views. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $179,900 Get more information >

Unparallelled View of Great Smokies!! Contemporary home with many interior updates and incredible view of ski slopes at Ober Gatlinburg and Great Smoky Mountains. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $224,900 Get more information >

The key to Smoky Mountain real estate is cash.  A May 9th, 2011 article for Smart Money in the Wall Street Journal is the motivation for this week’s blog.  According to this story, 60% of investment buyers are walking away from loans and are slapping down American dollars for their purchases.  The federal reserve’s blitzkrieg printing of U.S. dollars may be forcing savy investors to buy their property with cash.  For several years, many areas of the nation have lagged in purchases of investment property.  However, some locations including the Tennessee Smokies are witnessing the beginning of a turnaround.

The core members of this new cash purchase wave are buyers with uncompromised discretionary income.  These buyers are not forced to choose between sending children to college, and buying a dream vacation home.  The number of all-cash property purchases has increased from 48% in 2009 to 60% last year.  Requirements on home loans were tightened across the board to stem the number of foreclosures.  This is especially true in the second home market.  Data firm, Core Logic, reports that second home mortgages created in 2010 is down 73% from the height in 2005.  With the median price falling in investment properties, some sellers expect cash-only deals.  This has become common place at the higher end of the market.  With an ever increasing aversion to debt, the all-cash deal guarantees a greater likelihood that the transaction will go through.  Cash deals eliminate many last-minute cost surprises, and move to closing in record time.

Despite all these benefits, some feel that low interest rates are too great to pass up. Other advisers think that it is easier to get money out of other investments (like stock) than real estate.  Some feel that returns from other investments are greater than being debt-free in a home.  Decisions like this requires knowledgeable expertise.  Consult with your attorney, CPA, and financial experts.  Our website and trained staff is here to help you lock in your ideal property.  Begin with your advisor and move to our team when you feel confident to proceed.  We are ready to assist at any step in the real estate sale, or acquisition process.

Here are a Few of My Current Listings:

A-Frame w/Serene Setting/Incredible View Total privacy with this A Frame home with incredible mountain vista and mature native mountain laurel. Located in Gatlinburg and walking distance to community pools, tennis courts, and Ski Resort. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $169,900 Get more information >

Just Reduced!! Premier View of Smoky Mountains! Condo with sought after mountain views and 3 bedroom plan. Indoor and outdoor pools, hot tubs and saunas and really close to the Great Smoky Mountain Nat’l Park and ski resort. Type: Condo Location: Gatlinburg, Tennessee Price: $99,900 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 >

There are some people who believe Smoky Mountain homes are at their lowest prices.  Recently the Wall Street Journal ran an interesting article by Simon Constable entitled “Why 2011 May be the End of the Housing Crash“.  In this article, there were some reasons to consider that the current housing crash may be at, or near it’s bottom.  The first reason is that houses are currently a good deal.  Historically, homes today are more affordable than they have been, in decades.  Homes on a national level cost about 19 months of total pay, for a typical family.  This may be the lowest in 35 years, for this statistic in housing affordability.  Naturally, there are exceptions to this, in various residential markets across the nation.  However, the benefits and cost savings of buying a home are enticing renters to step up, and purchase.  Some market experts feel that 2011 is the year of the housing bottom, and the downside might only be 5% less.  This possible 5% drop is minimal, when one views the huge drop that has already occured, in many of the nation’s hot property markets.

Another potential indicator for a housing bottom is the large number of cash buyers entering the market.  At the peak of the bubble, there was a small percentage of cash buys.  The bulk of the action was financed. In some former hot peak markets like; Miami and Arizona, realtors are seeing a significant increase in all cash buyers.  This indicates that savy buyers want to lock in deals, where speedy cash transactions are important.  Real estate experts warn buyers to abandon the old “buy and flip” mentality.  Today’s buyer needs to select property carefully and plan to stay put.  Remaining in a home that was well-chosen for it’s location, and it’s ability to accomodate your changing life style, is important.

Timing the purchase or sale of a home, is always a personal decision.  Here at the Jason White Team, we gear our website and personnel to assist you in all facets of the real estate process.  Contact us today to get started.

Here are a Few of My Current Listings:

Private Acreage with Creek Frontage/View Private acreage with beautiful mountain view and creek frontage and waterfall. Panoramic view with easy road access. Truly a dream come true for just the right person. Type: Land Location: Gatlinburg ,Tennessee Price: $149,900 Get more information >

Corner Condo with Spectacular Mtn Views! Ground floor, corner unit with spectacular Great Smoky Mountain views. Wonderful indoor facility w/ pool as well as an outside pool. Type: Condo Location: Gatlinburg ,Tennessee Price: $92,500 Get more information >

Top Floor w/ Best Mountain Views !! Best views in the county. Really close to the Great Smoky Mountains with direct views of large peaks and city lights of Gatlinburg. This top floor condo is furnished nicely with access to outdoor pool and indoor pool area with amenities. Type: Condo Location: Gatlinburg ,Tennessee Price: $110,000 Get more information >

Regular blog readers know that we like to keep everyone aware of market trends through sources, like the Great Smoky Mountains Association of Realtors.  The following data from GSMAR is for yearly total residential sales through October 31, 2010.

Total residences sold: 2010 leads 2009, with 127 more at 1318 residences sold.  This shows an 11% increase in residences sold year-to-date for our current year. 

Dollar volume sold: 2010 lags 2009 year-to-date by 15%.  The 2009 figures lead by $39,292,611.00 with a total of $259,992,803.00.  

Average residence sold:  2009 also leads 2010 by 23%.  The average residence in 2010 is $167,451.00 or $50,847.00 less than 2009 year-to-date. 

Active listings:  2010 year-to-date leads last year by 13% with active listing totals of 7,297.

Remember, our markets are still in the process of reaching balance after a barrage of serious federal stimulus.  Market improvement is showing mixed results that will take some time to resolve.  However, for the present, many aspects remain favorable for buying real estate in these beautiful East Tennessee Mountains.

Call today to inquire about purchasing your permanent residence, vacation home, or investment property  877-678-2121.

Here are a Couple of My Latest Listings:

Unobstructed Mtn Views/Immaculate!! Immaculate, custom, well built home with incredible views. Enjoy the sunsets and sunrise from this unobstructed property, owning all the way to the street below. Main floor living on a cul-de-sac and walk to the Owners Club. Type: Single Family Home Location: Chalet Village Price: $259,900 Get more information >

Excellent Views /Architectural Icon! This commanding architectural icon is an award winning design. Fantastic floor plan, quality contruction, outrageous mountain views from all rooms, gas generator, lots or level parking and 5 master suites all with their own screened in porch. Must see! Type: Single Family Home Location: Chalet Village Price: $990,000 Get more information >