Data just arrived for January 2010 home sales, provided by the Great Smoky Mountains Association of Realtors. The results remind me of our Appalachian black bears. Normally our East Tennessee bears are peacefully denned-up, sleeping soundly with their activity increasing with the arrival of spring.  They emerge from dens as nature once again commences growing its banquet of food. Following this timing, the bears increase their activity on a quest for calories  to carry them through these cold lean months of winter. There can always be exceptions to behavior in the animal kingdom or in real estate.  However, it was not unexpected that January 2010 residential sales are acting much like our well-known black bears.  Homesales are backing off, taking a break, before picking up their usual spring-induced activity just like our Smoky Mountain bears.

As we interpret January data from 2009 vs 2010 the strong influence of foreclosures and first-time homebuyers is evident. The total residences sold is up 3% in January 2010, with 77 sold, opposed to 75 sold in 2009.

Total dollar volume sold in January 2010 is off 8%, or $1,117,240.00 down from 2009’s $14,584,387 figure.

The average sale in January 2010 is down 10% or $19,560.00 from 2009’s $194,458.00 average.

In active listings, 2010 leads 2009 by 15% or 512 more, with 2010 leading at 3,866 listings.

From previous blogs and newsletters, my readers were aware that new homebuyers and foreclosures dominated 2009’s home market. With the extended stimulus package in place through early 2010, these 2 aspects will more than likely continue for at least the early portion of 2010 as well.

If you are considering 2010 as a time to buy or sell property in the Smokies, the current environment is still favorable. Qualified buyers can obtain historically low interest rates on mortgages. Potential weakness in the dollar could make hard assets like real estate a good investment for the future. There are good opportunities to find your ideal property with the current inventory of active listings.

For sellers, well-priced properties at the lower end of the market are selling briskly. This allows one to sell less expensive homes and upgrade into more desireable residences. In either case of buying or selling real estate in the Smokies, contact a leader with a proven track record. Contact us today at The  Jason White Team , online or by phone, to get started on your property goals for 2010.

                           Here are a Couple of My Latest Listings:

1.3 acre w/ Spectacular Mountain Views Quiet living on 1.3 acres with phenomenal MT Leconte and Smoky Mountain views and lots of level parking. 5 Private suites, with loft and game room located on cul-de-sac. Plus two huge decks to enjoy the incredible views of the mountains. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $449,000 Get more information >

Exquisite Lofty Mountain Retreat!! Detail and excellent craftsmanship throughout this lofty mountain home will please even the most discriminating buyer. Complete with an outdoor living space with fireplace that overlooks Mt. LeConte views. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $575,000 Get more information >

We now have 11/12ths of 2009 recorded as history, so it’s time to see where we stand on real estate in the Great Smoky Mountains.  In a month to month comparison of November 2008 versus November 2009 we see a mixed bag of results.  November ‘09 saw 114 residences sold opposed to 67 in November last year. That gives us 47 more.  Certainly a spectacular increase.

In total residence volume sold the past month checked in at $18,800,425. That contrasts last November at $12,779,030. The difference is $6,021,395 or 47% improvement in 2009.  Again, a substantial gain in ‘09.

 In the category of average price per residence sold 2009 comes in at $164,916, where 2008’s average residence sold was $190,732.  The difference is $25,816 or 14% less per residence sold in 2009 over 2008.

In active residential listings 2009 again emerges victoriously with 4,087 listings vs. 3,429 in November 2008.  The difference is 658 or 19% more active listings in 2009 over 2008.

Figures for Jan 2008-Nov 2008  vs.  Jan 2009-Nov 2009

Major trends are easier to see when viewed from a greater time span.  To look back at 2009 with only 1 month left we will compare year-to-date figures with similar time frames in 2008.  1/1/09 thru 11/30/09 has witnessed 1,290 residences sold.  This same time frame in 2008 saw 1,309 units sold or a difference of 19 less in 2009 or 1% difference.  In the category of total volume sold, 2009 had $231,031,528 in residential volume against $252,417,644 in 2008.  The current year is off $21,386,116 or 8% down.  Average price per residence sold is 2009 at $179,094 vs. $192,832 (in 2008) or currently $13,738 less or 7% off.  Current YTD active listings are 8,121 vs ‘08 at 6,932.  2009 is 1,189 higher or 17% more.

These figures may reveal some trend activity prevalent in the Great Smoky Mountains real estate. It appears that the stimulus package for new home buyers with the new home buyer tax credit is working. The lower price per residence indicates that new homebuyers are a dominant force in the current residential real estate market. Their influence in purchasing lower priced residences is evident. It appears the national stimulus package in real estate is keeping the market active. For qualified residential homebuyers, this is a great time to purchase a home. Inventories of residences are abundant, so there are multiple options to choose. Real estate mortgage rates are quite low allowing great deals for qualified buyers. In either case, as a buyer or seller, this is a real estate market where you need professional expertise and knowledge of the local area. The Jason White Team is an ally to have on your side in today’s market. We are leaders in Gatlinburg home sales as well as other key areas of the Smokies real estate. Call or contact us online to let us help you find your property in the Smokies. Click here to view my featured listings.  To view all our local  listings click here.

                             Here Are a Couple of My Listings  

Surrounded By the Great Smoky Mountains! Nothing has been spared in the design and construction of this magnificent 4BD/5.5BA luxury home located in prestigious Riversong subdivision in Gatlinburg. Type: Single Family Home Location: Sevierville,TN Price: $799,900 Get more information >

Incredible Smoky Mountain Home &Views !! Prepare to be Awe Struck!! If views are what you are looking for this home is the one! The exquisite workmanship with 5 master suites and huge one of a kind recreation room make this a must see! Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $899,900 Get more information >

 Call today for more information on either of these listings!  865-436-2121 – Ask for Jason or Stephanie

My sources at the National Association of Realtors in Washington D.C. report continuing good news in existing-home sales for October 2009. Existing-home sales include; single family homes, townhouses, condominiums, and co-ops. Lawrence Yun, NAR’s chief economist was suprised by the size of October’s gain. The increase was 10.1% for October ‘09 at 6.10 million units vs. September ‘09 at 5.54 million. This represents a 23.5% increase above October 2008 which registered 4.94 million units. The October 2009 numbers are the highest indicators of sales activity since February 2007 set the record at 6.55 million untis. The record sales are methodically working down the large inventory of homes for sale. As this trend continues, the oversupply of homes on the market will drop and home pricing could stabilize. Economist Yun feels that much of the current home buying has been fueled by the deadline of the original first-time buyer tax credit. Initially,  this was set to expire at the end of November 2009. Congress’s extension of the home buyer credit until April 2010 will help bring more home contracts to close. NAR’s research estimates that there is still pent-up demand for homes, and buyers will utilize the tax credit. However, at some point a decline from these increases in home buying is very likely to occur. Historically low interest rates are also helping to motivate today’s home buyers. A 30 year conventional fixed rate mortgage in October ‘08 was 6.20%, in September ‘09 it was 5.06%, in October ‘09 it was 4.95% and in November ‘09 it dropped to 4.83%

NAR President ,Vicki Cox Golder out of Tuscon, AZ , says that activity by first-time buyers is causing unique conditions in housing markets across the country. Foreclosure properties are rapidly getting purchased, with many lower end units getting multiple bids. Low-end home inventory is in demand and it is important to work with qualified realtors to get what you want. The inventory of homes on the market has dropped to an estimated 7 month supply. That is the lowest supply in 2 1/2 years. The national median price for existing homes is down, because of strong pressure from distressed properties. Foreclosures and other distressed real estate are deeply discounted and they tend to force other properties to be more competitive in their pricing as well. All regions of the country are up in existing-home sales, but the median pricing of homes is down from last year.

If you are contemplating, buying or selling real estate in the Great Smoky Mountains area, it is a good time. Inventories are dropping, but they still offer a great selection. Buying activity fueled by the first-time buyer tax credit is good and mortgage rates are very attractive. Let the local market knowledge, and the professional expertise of the Jason White Team help you buy or sell your real estate in the Smokies. View my featured and latest listings now.

Here are a few of my featured listings. Condos in the middle of Downtown Gatlinburg. You can leave your car for your vacation and walk or ride the trolley. The trolley goes to Dollywood and several parts of the National Park. Aquarium is just two blocks away by foot.

Hugh Price Reduction in Gatlinburg! Hugh Price Reduction with great location! Type: Condo Location: Gatlinburg ,Tennessee Price: $199,900 Get more information >

Relaxing Garden Patio- Gatlinburg Condo! Recently refurbish in excellent taste!! This downtown Gatlinburg condo is located on ground floor and corner unit for privacy. Easy access to private outdoor pool. Type: Condo Location: Gatlinburg ,Tennessee Price: $199,900 Get more information >

Gatlinburg Condo Close to Pool! This unit is close to the pool on ground level. It is refurbished and professionally decorated. Type: Condo Location: Gatlinburg ,Tennessee Price: $199,900 Get more information >

Refurbished Gatlinburg Condo! Fine living plus a highly desirable ground level corner location for privacy! Professionally decorated with flowing floor plan. Type: Condo Location: Gatlinburg ,Tennessee Price: $199,900 Get more information >

Condo in Downtown Gatlinburg Great condo in Downtown Gatlinburg. Within walking distance to the Aquarium, restaurants, and shopping. Type: Condo Location: Gatlinburg ,Tennessee Price: $199,900 Get more information >

News out of my sources at the National Association of Realtors in Washington, DC, report good data for September 2009. Blog and newsletter readers are familiar with the Pending Home Sales Index. The PHS index is a key measurement used to gauge strength in the U.S. housing market. Home sales are “pending” when a sales contract is signed, but the transaction is not officially closed. Typically a home officially closes in 1-2 months of signing.The Pending H.S. Index takes a large U.S. sample usually 20% of existing home sales, and it evaluates sales in 4 regions. An index reading of 100 equals the average level of contract activity that occured in 2001. This was the first year the index was implemented and it was the first of five consecutive years of record sales in existing homes. Use of the “Index” shows trends more accurately looking back 1 year than in a month to month comparison.

The September 2009 Index reading rose 6.1% to 110.1 vs. the August 2009 reading of 103.8. The September ‘09 reading is 21.2% above September 2008 which measured 90.9. The gain over 2008 is the largest annual increase on record and the index is at the highest reading since December 2006 when it registered 112.8. Lawrence Yun, NAR Chief Economist feels that current index levels are meaningful. He feels first time home buyers were racing to beat the expiration of the homebuyer tax credit. The credit has recently been extended, but this government stimulus has created a home buying momentum that may assist in stabilizing home prices across the country. Home price stabilization will help the American middle class and aid in a lasting economic recovery. In a look at Pendng Home Sales Index figures across the nation, the Northeast dropped 2.0% to 83.6 in September ‘09, but it is 16.9% above September ‘08. The Midwest Index increased 8.1% to 98.2 and is 17.8% over September 2008. The South Index is up 4.9% to an index reading of 109.7, this is 22.8% above September ‘08. The West index is up 10.2% to 143.8 and is 23.7% above September of last year.

NAR’s Yun urges some caution. He feels the market shows good indicators of improvement. However, there is still an over abundance of home inventory on the market and there are lower home price forces coming from an ongoing stream of foreclosures impacting the home market. The history of all investing requires taking on some risk and it is rare to time a top or bottom in any market. Today’s property market has adequate inventory to choose from and mortgage rates are still reasonable. If you are interested in homes for sale in Gatlinburg or other parts of the Great Smoky Mountains, then contact one of the leaders in the area’s real estate. Contact The Jason White Team via phone or on my website to get started finding your property in the Smokies.

                              Here are a Few of My Listings

Home In The Enclave w/ Mountain Views This custom home has beautiful mountain views with plenty of decking and outside fireplace to enjoy. The spectacular kitchen offers plenty of high end appliances and custom details and the master bath is incredible with tumbled Italian Tile. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $1,950,000 Get more information >

Phenomenal 15 Acre Mountain Lodge !! A mansion vacation retreat like no other. Located in prestigious Chalet Village in Gatlinburg, you won?t believe your eyes when you see this Grand Lodge situated atop a private 15acre estate lot w/270 degree views from Douglas Lake to Mt. LeConte to Ober Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $2,150,000 Get more information >

Smoky Mountain Stunner!! This custom built home is truly a one-of-a-kind architectural achievement featuring every amenity & luxury conceivable! Type: Single Family Home Location: Gatlinburg, Tennessee Price: $1,550,000 Get more information >

 

If you are looking to move your  family Thanksgiving celebration to a new level, consider a clan gathering in Pigeon Forge, TN.  Having everyone at Mom’s or Grandmother’s house can get out of hand for large family gatherings. This year give the perennial hostesses a break and rendezvous everyone to Pigeon Forge, TN. This “fun for everyone” city is centrally located for over 1/2 of the U.S. population, so travel to Pigeon Forge is economical in today’s challenging financial scenario.  With 10,000 rooms available for lodging throughout the city, there is plenty of rooms for families to stay. The Smokies around Pigeon Forge have countless; log homes, cabins, chalets, and condos for the family gathering where a personally prepared Thanksgiving meal is still important, or where staying together as a family enhances the celebration. Restaurants of every description abound in the immediate area and most will offer traditional Thanksgiving meals as well as a vast variety of delicious restaurant specific foods. More than a dozen dinner theaters offer entertainment of many styles as well as dining for large groups.

As Thanksgiving typically kicks off the year-end holiday shopping season, family shoppers will find Pigeon Forge the perfect location. Within the area are 6 outlet malls and over 100 specialty shops. TV sports viewers will find lodging throughout the region loaded with large screen TVs as well as sports viewing in restaurants and pubs across the area. Weather at this time of year can often be mild so outdoor activities like; hiking, golf, miniature golf, go-carting, etc. are great ways to burn off calories from the feasting. The entire Sevier County area including; Sevierville, Pigeon Forge, Gatlinburg and Dollywood are into their Winterfest lighting. This makes evenings delightful for holiday light viewing on the multitude of displays throughout the county.

If you want a family Thanksgiving to remember, consider a gathering in Pigeon Forge, TN. It is an economical place to visit, with all the amenities to enjoy set against the beauty of the Great Smoky Mountains. To perpetuate holiday memories in all seasons, consider owning Pigeon Forge real estate. Property here or nearby Gatlinburg or elsewhere in The Great Smoky Mountains is a good investment. It gives your family members a great place to vacation or gather for holidays. Pigeon Forge and the Smokies could be an investment in family memories for years to come. Contact  me at The Jason White Team or go on our website to view property and get started today.

Foreclosures are expected to subside in the coming year. Homes in Gatlinburg may see some relief as well.

The latest data released by UFA L.L.C., a firm located in Ann Arbor Michigan that researches mortgage activity, states that foreclosures are expected to decrease in the next year.  After four years on the rise there is no doubt that it will be nice to see foreclosures start to subside.

Improvements in the foreclosure arena are seen linked to tighter lending practices, home prices stabilizing, and an improving economy.  The one element working against foreclosures is the increasing unemployment which will leave some without the ability to make their mortgage payments.

The onslaught of no-doc loans and inflated home prices led to four years of increasing foreclosures.  The decline of real estate values is largely attributed to an elevated rate of foreclosures.  A decrease in foreclosures will be a welcome sign for a real estate market that has seen better times. Click here to view my featured listings in the Gatlinburg real estate market and click here to view the latest listing which will include foreclosures in the Smoky Mountain real estate market.

Click here to read an article at Business Week about foreclosure rates.

The U.S. Congressional extension of the home buyer tax credit into 2010 is sure to help home owners with homes in Gatlinburg for sale and across the nation. The stimulus of bringing new home buyers into the market was significant enough over the past months, that congress decided to continue the program. In the news flashes out of the National Association of Realtors, I have been following developments on this story for some time. NAR President, Charles McMillian and many of the key NAR economists have felt that the stimulus from the homebuyer tax credit is crucial to getting the U.S. housing industry back on track. Some sources feel the current tax credit has put $22 billion into the U.S. economy and they estimate some 2 million individuals will utilize the tax credit this year. Many NAR members felt that extending the home buyer tax credit would bring in more home buyers that currently are waiting for the right opportunity to buy. This influx of homebuyers would help to reduce high inventory levels of homes and it could “prime the pump” for home buying in other real estate sectors.

Let us look into the details of the tax credit extension as it stands currently. Those who qualify are first-time home buyers purchasing November 7, 2009 to April 30, 2010. Current home owners buying a home 11/7/09 thru 4/30/10 who have used the home being sold or vacated as a principal residence for 5 consecutive years within the last 8 years. Qualifying “first-time home buyers” is a purchaser or their spouse who has not owned a residence in the 3 years before a home purchase. The following types of properties are eligible for the extended Home Buyer Tax Credit. These properties include; single-family homes, condos, town homes, and co-ops. Maximum allowable credit on first-time home buyers is $8,000 and the maximum allowable credit for current homeowners is $6,500. An $800,000 home is the maximum priced home available for the extended tax credit. The amount of tax credit available to a home buyer is based on the price of the home and the buyer’s income. Tax credit limits on a buyer’s income are as follows:

Single Buyer Income to $125,000- Full credit

Single Buyer Income 125,000-145,000- Tax credit decreases

Married Buyers Joint Income to $225,000- Full credit

Married Buyers Joint Income 225,000-245,000- Tax credit decreases

The extended home buyer tax credit should be approached like many other aspects of one’s financial and legal affairs. You need sound, reliable advice from professionals with updated schooling on these matters. Their expertise can help you maximize beneficial items and avoid detrimental unseen consequences on various courses of action. The same advice applies to buying Smoky Mountain Real Estate or Homes in Gatlinburg and other locations in the Smokies. Working with professionals like the Jason White Team can save you valuable time and help you to find your perfect piece of real estate. We know real estate in East Tennessee and we know the area inside and out. Contact us today to let us help you find your property in The Great Smoky Mountains. Click here to view my featured listings.  

                       Here are a Couple of My Latest Listings

Custom Built Log Home in Norton Creek This property is located in the Mountain Community of Norton Creek, nestled among 13+ acres of green space. Layout of custom built log home ideal for retirement living. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $399,000 Get more information >

Beautiful Log Home!! Hand hewn log home with open floor plan. Mtn stone fireplace and vaulted ceilings Walking distance to many conveniences. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $199,900 Get more information >

The incredible magic of the winter holidays, here in Gatlinburg and surrounding areas of the Smoky Mountains is well known to the homeowners and some visitors of the area. However, the winter festivities of 2009 going into 2010 will see some unique new attractions in Gatlinburg. Starting  Friday, November 27, 2009, each Friday and Saturday night will feature some elvish entertainment for eight evenings working deep into the month of December.

The Whimsical Elves of award-winning designer Dewayne Kirchner are sure to spark some new fun into downtown Gatlinburg during their performances. On each of the eight evenings the parkway of Gatlinburg becomes the stage for; storytelling, singing, and dancing performed by the colorfully-clad elves from the land of Elfdom. The child in all of us will be charmed by the 20 different elf characters who come from Elfdom locations like; Jolly Town, Cinnamon City, Gum Drop Lake, and more.

 Jilly Bean, Cinny Mon, Holly Berry, and other distinctly elvish personalities are sure to amuse the audience with interesting stories of Elfdom and dancing. The crowd watching the show on the sidewalks of Gatlinburg will have their holiday spirits boosted by classical Christmas songs that the elves sing during their various performances. These fun shows with their stories, dancing, and songs are free to the public. To attend, simply check the schedule of events and head out to the streets and sidewalks of Gatlinburg.

If you are planning to visit Gatlinburg or other parts of the Great Smoky Mountains for any of the year-round beauty or entertainment, then also consider the benefits of a home or cabin purchase in our area. When you own real estate in Gatlinburg, you own a ticket to the Gatlinburg attractions in all seasons. Contact the Jason White Team for your professional representation to buy real estate in the Great Smoky Mountains. Our website is the ideal place to begin your search. Click here to view my featured listings.

The Senate has approved an extended and expanded tax credit for home buyers

On Wednesday the senate passed an expanded tax credit.  The First Time Home Buyer Tax credit has been seen as a huge success and it’s expiration on November 30 has had many feeling nervous about what it’s end will mean.  Those fears can now be put aside.  While the bill still has to pass through the House, which it is expected to do next week, it was overwhelmingly approved by the Senate in a 98-0 vote.

What is new and improved with the extended and expanded tax credit?  The new and improved tax credit is still for first time home buyers but will also include home buyers who have owned their current home for 5 years or more.  The credit is up to  $6,500 for these current homeowners and remains at up to $8,000 for First time home buyers or home buyers who have not owned a home for the past three years.  The tax credit  is income restricted. An individual cannot make more that $125,000 annually and a couple cannot make more than $225,000 jointly.  A home must be  a primary residence and valued at $800,000 or less.  Buyers must have a property under contract to purchase by April 30, 2010, and the property must close by June 30, 2010.

The passing of this extended, expanded tax credit is good news on the real estate front and is expected to be the last tax credit offered for a long time to come.

A year-to-date comparison of Smoky Mountains homes and cabins sold in 2009 can help us get a feel for real estate trends in Gatlinburg and nearby areas. I try to keep past and future clients aware of market movement in Smoky Mountain real estate. This can assist people in making a decision on when to buy or sell their property. I crunched some data that was available to me thru our local Great Smoky Mountains Association of Realtors in compiling the following comparisons.

Our first review is for residential real estate sold in the Great Smoky Mountains area for the month of October 2009. October’s total number of residences sold was 123 compared to October 2008 with 111 units sold. October ‘09 saw 12 more residences sold than October last year or a 12% increase.

 This October had total volume sold of $20,389,112 versus October ‘08 at $23,222,284. October ‘09 was $2,833,172 lower or 12% down in total volume.

 This October’s average sale per residence was $165,765 opposed to $209,210 in October 2008. The average residence sold was down $43,445 or 21% smaller than last October ‘08.

October ‘09 active listings was 4,321 against 3,530 for October ‘08. Active residential listings in October ‘09 were 791 more or 22% higher than the same month in ‘08.

Our second comparison is January 1st thru October 31st in these 4 parameters for 2009 vs. 2008. This year to date evaluation is often helpful. Number of residences sold in GSMAR YTD is 1,150 vs. total sold in 2008 for the same time frame of 1,242. 2009 has 92 fewer residences sold so far that 2008 or 7% less.

 Total dollar volume sold in 2009 YTD in the Great Smokies is $207,966,703 compared to $239,638,614 in 2008.  Total dollar volume in ‘09, so far is $1,671,911 loss or lower by 13% than ‘08.

 The average sale for 2009 per residence is $180,841 vs. $192,946 per residence in ‘08. The average price per residence sold is $12,105 less or 6% off from ‘08.

 The active listings in ‘09 YTD are 7,924 vs. 6,701 in ‘08. There are 1,223 more active listings or 18% higher this year than last.

This data gives us some possible current views on Smokies real estate.  Number of residences sold, overall dollar volume, and average dollar volume sold, are down from ‘08.  Active listings are up which could be influences from the first-time-home-buyer tax credit. It seems that this stimulus is working, but first time buyers are focused on lower-priced homes. Other lower price influences could be from an inventory of foreclosure properties that impact the market with their fire-sale pricing. The increase in active listings could be from home owners seeking to move into an upgraded residence, but they need to sell their existing home first. In either case, buying or selling a home, there are opportunities now to do either. Mortgage rates are low and there is certainly a good inventory of new or older homes or cabins for sale in Gatlinburg or other parts of the Smoky Mountains, then contact the Jason White Team. Our web site can get you started on finding the Smoky Mountains real estate of your dreams. Click here to see our listings.

              Here are a Couple of My Latest Listings   

Updated with Mountain Views and Privacy Enjoy the mountain view from your hot tub deck while watching the tram nearby. This private, updated, contemporary home is very close to downtown Gatlinburg and the Great Smoky Mountain Nat’l Park. This is a must see! Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $169,900 Get more information >

Private with Beautiful Mountain View Plenty of community ammenities, 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 >