The primary function of my blogs and newsletters is to help educate my readers on real estate market conditions. I like my readership to be savvy to current real estate trends. When a good opportunity appears, readers can then move with confidence to acquire or sell their property. I utilize many sources to track the realty markets, but today we will review information from GSMAR. This local Great Smoky Mountain Association of Realtors tool gives us a focused look at all facets of Smokies real estate.

Today’s look compares Smokies residential sales for February 2010 vs February of 2009. In total residences sold, 2010 has 107 with 2009 at 74. The current year’s February, leads 2009 with 33 more residences sold (a  45% increase).

Dollar volume sold for February 2010 is $20,591,043 vs February 2009 at $12,444,120. This is a 2010 increase of $8,146,923 or a 65% improvement over February 2009.

 In comparing the average residential sale for February 2010 to February 2009, our current year wins out 2010 is $192,440 vs 2009 at $168,164. 2010’s average sale is 14% higher or $24,276 larger than 2009.

 Comparing the category of active listings February of 2010 is again superior. February 2010 has 3,779 listings, with February 2009 at 3,260. This shows an improvement of 16% or 519 more active listings for our current year’s February over the last.

Clearly there is robust improvement in this year’s residential sales for February, compared to the same time period in 2009. Units sold are up, sold dollar volume increased, average residence price sold increased, and active listings are higher. This data is certainly worth celebrating. However, I would advise my readers to be cautious. Some of this recovery is government driven, courtesy of the homebuyer stimulus tax credits. With that being said, there are still many factors that make this a favorable time to purchase or sell real estate in the Smokies. First, the tax credit for new homebuyers and repeat buyers is good through April 30th, 2010, and the purchase must be finalized by June 30th 2010 to qualify. Second, mortgage interest rates for qualified buyers are very low. Third, prices are stabilizing in many areas. It could be a time to lock in lower prices before they climb. In addition there are a lot of active listings, for a good selection of properties. Today’s data indicates that higher priced residences may be selling, with the average residence price increasing over February of 2009.

The uncertainties in the worlds stock markets, world currencies, and other investments, could make real estate a good asset in your personal portfolio. To get started on the path of Smokies real estate, contact the professionals on the Jason White Team today! You can reach us online or by phone to commence your property quest within a time frame that meets your personal requirements.

Here are a Couple of My Current Listings:

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: $379,900 Get more information >

Short Sale’ Great Location!! This conveniently located home is within walking distance of Community Center, Mills Park, schools, and Gatlinburg shopping and dining. Lovely wooded setting and nice furnishings. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $179,900 Get more information >

Existing Homes Sold

My sources in Washington, DC have finished their number crunching on fourth quarter U.S. existing-home sales. The data out of the National Association of Realtors shows favorable results. Fourty-eight states plus  D.C.  had sales  increases from the third through the fourth quarter of 2009. Thirty-two of these states saw double-digit gains. Furthermore, the District of Colombia and 49 states had higher year-over-year sales. In year-over-year sales, only three states among the 49 lack double digit annual gains.  More analysis of 4th quarter information reveals almost one third of the quarter’s sales was in financially-distressed property. The influence of these discounted properties may be a major contribution to the 4.1% decrease in the national median price of an existing single family home. However, this decline was the smallest price decrease for homes in over 2 years. The current national median price on an existing home in the U.S. stands at $172,900.

NAR’s Chief economist, Lawrence Yun feels that home buyer stimulus from the tax credit is fueling the improving conditions. Another factor bringing buyers into the housing market is the record low mortgage interest rates. The influx of home buyers is lowering the inventory of property for sale. In turn, this assists in stabilizing home prices. The rapid turnover on foreclosures and deep-discounted real estate also helps in price stabilization, by removing their low price influence from the market. In addition, today’s home buyer appears more savy, after the recent challenges in real estate. Tighter qualifications are keeping buyers within their budgets, and buyers are avoiding adjustable-rate mortgages. The low rates on long term mortgages currently available,  should help in real estate’s recovery. Chief economist Yun and NAR President Vicki Cox Golder expect good results especially for the near-term, as buyers take advantage of the tax credit.

If you are considering the purchase or sale of real estate in the Tennessee Great Smoky Mountains, contact the Jason White Team immediately, to maximize the current market conditions. There is ample inventory for a great selection of property. The tax credit for new or repeat buyers will expire soon. Homes must be under contract by April 30, 2010 and finalized by June 30, 2010,  to be available for the tax incentive. Real estate prices especially on residential property seems to be stabilizing. This could be an opportunity to buy before prices climb. On a similar note, long-term fixed mortgage interest rates are low, and most predictions call for increases as 2010 rolls along. The year 2010 is starting out stronger and if real estate is on your agenda, contact us today, to begin fulfilling your property dream.

Here are a Couple of My Current Listings:

Gatlinburg Home in Enclave w/ Mtn 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 >

Spectacular Mtn Views & Unique Features! This charming home offers a spectacular mountain view and really unique features. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $229,700 Get more information >

Throughout my assessment of the current real estate market, I like some diversity in the analysis of data. Today’s blog will focus on information out of New York via Standard & Poor’s/Case-Shiller Home Price Indices. This index provides both seasonally adjusted and non-seasonally adjusted data that helps track the path of single family homes in 20 large metropolitan areas across the country. Most analysis requires a time lag to post and interpret the data. The figures we are viewing are from November of 2009. With S&P/C-SHP Index we can look at individual metro areas or view the index from a 10-city or a 20-city composite to assess trends in home pricing. The good news is that most markets are showing improvement. Home prices are off their peak, but the rate of decline has slowed. Some of the country’s best markets are entering positive territory for the first time in 2 years like; Dallas, Denver, San Diego, and San Francisco. On the flip side, markets in; Las Vegas, Charlotte, Seattle, and Tampa are putting in lower prices that may establish the bottom for higher values in the future.

All this information is interesting, but each of us must utilize it in some way that benefits our lives. For some, the figures show that extreme bubble-inflated real estate markets are still searching for a bottom. There also seems to be a trend that; upbeat, fun, climatically-favorable markets are among the first real estate markets to recover. For those of you considering the Great Smoky Mountains, as a place for real estate purchase or sale, this current data supports us. While this area of East Tennessee saw growth at the peak, we were not unrealistic like other markets. Our area is like many of the markets that are first to recover. The Smokies has a great location, we have fun amenities available, and our climate and scenery are beautiful. We are a top location for the eastern half of the nation. Contact the Jason White Team today, to secure your personal slice of paradise for; a primary residence, a vacation home, or an investment property.

Now is a great time to view vacant land!!  Here are a few of my outstanding current listings nestled in the upscale neighborhood of Riversong:

Private-Close to Gatlinburg/Pigeon Forge This private upscale subdivision has a common access to boulder strewn river for swimming and fishing. This lot can be built on the downside allowing for sloping drive. Type: Land Location: Sevierville,TN Price: $54,900 Get more information >

Upscale Neighborhood-Close to Smoky Mtns This property is convenient to Gatlinburg, Pigeon Forge and Sevierville but in a private, serene, wooded, upscale, subdivision which offers common access to the river for swimming and fishing. Type: Land Location: Sevierville,TN Price: $64,900 Get more information >

One Mile to Great Smoky Nat’l Park! This private lot is gently rolling, mountainous and wooded. Located in the upscale subdivision of Riversong which offers common access to the river for swimming or fishing and is centrally located for convenience. Type: Land Location: Sevierville,TN Price: $64,900 Get more information >

Exclusive Home Site w/Mountain View This level road access property offers a exclusive home site in a private, serene, wooded environment with mountain view. Type: Land Location: Sevierville,TN Price: $54,900 Get more information >

Two Mtn Lots/ Serene/Wooded /Sevierville Two lots combined in subdivision to make one fantastic private lot with no close neighbors and common area access to the river for swimming and fishing. Type: Land Location: Sevierville,TN Price: $74,900 Get

My news sources out of the National Association of Realtors in Washington, DC, show improvement continues in pending home sales. For new readers, the Pending Home Sales Index is a tool for measuring U.S. residential sales. A pending home sale is a home under a written contract, but not officially closed. Usually, these pending sales officially close within 1-2 months.

This index uses a level of 100 to be equal to the average home contract activity of 2001. This was year one in utilizing the “PHSI” and it was the first of five back-to-back record years, in existing-home sales. NAR’s data on the “Index” figures, combined with comments from Lawrence Yun, confirmed my views on recent Smokies’ home sales. Mr. Yun is NAR’s chief economist and his comments are valuable in understanding U.S. real estate trends. The chief economist feels last year’s home market responded to the homebuyer tax credit stimulus. We saw robust activity in the Smokies and across the U.S. as the homebuyer stimulus approached it’s deadline. Congress later renewed and expanded the homebuyer tax credit for qualified buyers, to get new homes under contract by April 30, 2010. Buyers have until June 30th, 2010 to finalize their contracts and be eligible for the tax credit. In retrospect, last year’s home market was driven by lower-end new home sales and by deep-discount foreclosures. Sales reached a crescendo with the deadline of the home buyer stimulus. Activity plummited with the end of the first tax credit.

However, the expanded extension of the homebuyer tax credit is slowly rebuilding a momentum that will likely peak in April of this year, and then possibly back off. The analysis of monthly raw data always lags current activity, but here is the latest PHSI data. November of 2009 dropped 16.4% from its upward trend in previous months to an index reading of 95.6. Then December of 2009 increased 1% to an index of 96.6. This gain is most likely stimulus-driven, but it remains 10.9% above December of 2008.

 A quick look at this material indicates a home buying market that was government-driven. However, a deeper focus reveals some positive indicators. The underlying trend seems to be a firming in price stability and a gradual improvement in overall home buyer sentiment. The downturn in new home construction is not building the inventory of homes for sale. The current lack of a good safe haven for people’s savings combine with uncertainty over the future of the U.S. dollar. This makes real estate attractive as an investment. Market demand for low priced homes and discounted foreclosures removes their lingering influence from forcing home values lower, thus allowing prices to stabilize.

Today’s real estate buyer or seller faces uncertainty across a global economy. At some point each individual must decide for themselves what is best. Here in the Smokies, we have; location, climate, and natural beauty in our favor. Currently, mortgage rates are near historic lows, and there is a good inventory of property for sale. If you are buying or selling real estate in Tennessee’s Great Smoky Mountains, enlist a professional with a great track record. Please contact me, Jason White, at the  Jason White Team today to get started on your goal.

                                  Here are a Couple of My Latest Listings:

Mt LeConte Views from Gatlinburg Home!! Custom built,many hand crafted features,gourmet kitchen with Brazilian granite counter tops,plus huge master bedroom on the main level. Even a separate living quarter on lower level. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $598,700 Get more information >

Level Lot/ Walk to Club House,Ski Resort This gently rolling property is convenient to everything. community pools, tennis courts, ski resort and tram to take you into town. Type: Land Location: Gatlinburg ,Tennessee Price: $35,000 Get more information >

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 >

This week’s blog is an open letter of appreciation and gratitude to all our clients from the past and present, extending to future clients as well. It is your trust and belief in us that makes this all possible. Because of your client support, the following results occured last year. Our parent company, Century 21 Four Seasons was ranked #1 in real estate sales for Sevier County. The Jason White Team was in the top 5 or top 1% of the Great Smoky Mountains Association of Realtors.  It is an honor to achieve this status, especially with the challenging economic environment that has impacted almost every part of today’s world. Once again, thank you for selecting the Jason White Team to represent you in buying or selling your real estate in the Smokies.

As we move into 2010, let me assure you that my team is already working to make this year more successful than last, for our clients and ourselves. The people on my team are continually upgrading their training and education. Our website, www.smokymountainlifestyle.com/ continues to receive the latest tools and upgrades to assist you in selling or buying your property. The intended goal is to make our website as user friendly, as possible.  Time is often an overlooked commodity. If we can allow you to search for and pre-screen properties before a visit to the area, you can focus on the top choices.  This allows you time to enjoy East Tennessee’s ammenities.  The process permits us to better serve you, both as a buyer or seller.

In viewing 2010, as a good year to either buy or sell real estate, there are several factors to consider. Prices in most phases of real estate are off their highs. The current state of East Tennessee property shows that values seem to be stabilizing.  Inventoryof homes for sale is declining, but there is still a great selection of properties available. Mortgage interest rates are still historically low, and there are some tax incentives available from the government through early 2010. With uncertainty on the future value of the dollar, this could be a good time to anchor the value of a portion of your savings, in a hard asset like real estate.  The Jason White Team has the knowledge and experience to assist you in selling or in buying your property in the Smokies. Call us today!

Here are a Couple of My Latest Listings:

Outstanding Mtn Views, family retreat!! This classic mountain chalet has spectacular mountian views and used previously as a private family retreat. High ceilings, lots of glass and 2 beautiful mountain stone fireplaces, plus lots of level parking and walking distance to community club house. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $269,900 Get more information >

Fully Furnished Log Home w/Covered Deck This fully furnished log home has a spacious covered spa tub porch, floor to ceiling glass, privacy and level parking. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $139,500 Get more information >

In my news sources out of New York that track Standard & Poor’s S&P/Case-Shiller Home Price Indices, there is favorable news. The S&P/C-S Home Price Indices are a well-respected gauge for charting U.S. home prices. This index system utilizes a broad spectrum look at 10 city and 20 city home values across the U.S.  Values peaked in 2006’s second quarter and declined to a bottom in April 2009.  During that drop, home values fell 33.5% in the 10-city composite and 32.6% in the 20-city composite. Values of homes are slowly climbing.  Through October 2009 the 10-city is 29.8% and 20 city is 29.0% off the 2006 peak.  Early in 2009 the indices began to show improvement. The spring and summer seasons showed the typically strong real estate activity and then backed off going into fall.  San Fransisco continues to lead the country on the rebound while Las Vegas continues to search for home price stability.  S&P’s Index Chairman, David M. Blitzer, feels a second dip in home prices is unlikely because of the uniform commitment we are getting from the Federal Reserve. On top of this fed action, sales of  homes have been strong and this continues to eliminate the surplus of home inventory. This surplus inventory has been a big factor in depressing home prices across the country. Dropping the excess inventory can only help to bolster home prices across the board. Chairman Blitzer does advocate using caution in today’s housing market.  Housing starts are weak. Government stimulus for homes expires early in 2010, and there could be increased foreclosures, if U.S. jobs continue to decline.

Factoring in all this information, it still could be a great time to buy or sell property in the Smokies.  Mortgage interest rates are low, and there is ample selection of great homes for sale.  Currently, there are no fantastic high-yield, safe investments out there to park your cash.  Real estate can decline in value, but it is not easily duplicated or inflated like paper assets.  With the Fed cranking out new dollars in bailouts, and aging baby-boomers looking to retire in warmer, beautiful locations, property in the Smokies could be a great investment. Contact the Jason White Team, a leader in Great Smoky Mountains real estate. You can start your search online or call us to get started today on your 2010 Smokies property quest.

                                       Here are a Couple of My Listings:

Value for the Money w/ Incredible Views! This artisan quality home has possibly the best mountain views around. Located in Prestigious Chalet Village, this home would cost over a million $ to reproduce in today’s market. Such a value for your money. It even has an elevator!! Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $799,900 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 >

                                                   

The Pending Home Sales Index fell in all 4 regions of the country. Home sales in the West fell the least. Next in line is in the South, where the Index fell 15.0% to a reading of 97.8, but stayed 14.7% above 2008’s levels. An index level of 100 is equal to the average level of contract activity on homes in 2001. This was the first year the index was used.

If you are considering a real estate purchase in the Smokies, now is a great time. Mortgage interest rates are at historically low levels and will probably increase. Inventory of properties for sale is up, so selection is good. The tax credit is in effect through April 30th and it could put $6,500-$8,000 in your pocket, if you qualify. So if you are seriously thinking about buying or selling  Smokies real estate in 2010, contact the Jason White Team. Our expertise and knowledge of the area has made us a leader in helping people buy or sell property in the Great Smoky Mountains. Contact us online or by phone to get started today.

                      Here are a Couple of My Latest Listings:

Incredible Smoky Mountain/Valley Views! This home is truly Above and Beyond. Even has an elevator! The mountain and valley views are worth viewing this home! Incredible log details throughout. Type: Single Family Home Location: Wears Valley Price: $699,900 Get more information >

Lots of Windows to Enjoy Mountain View! Beautiful views from this contemporary home. Lots of windows bring the outside in. If you need storage this home is for you with plenty of closet space and even a separate living space in the lower level with it’s own entrance. Great in-law quarter! Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $135,000 Get more information >

As we enter into 2010, it is interesting to briefly review what happened to real estate in the Smokies in 2009. Past results do not always dictate future direction, but they can show trends or motivate us to take action. For our analysis, I pulled data from the Great Smoky Mountains Association of Realtors. The figures I reference are for residential property sold, they do not include; multi-family, commercial, or vacant land.  We will compare Jan 1, 2009 through December 31, 2009 versus the same in 2008 a year ago.

In looking at the figures, there is some good news. Like the stock market last year, real estate rebounded with the number of residences sold increasing slightly. The total dollar volume sold and the average residence price sold was off 8% from 2008’s figures. I think it is safe to say that; foreclosures, short sales, and first time home buyers were a driving force in 2009’s real estate market. The active lower price sector of residential sales was driven by first-time homebuyers scrambling to utilize the tax credit. When you combine this activity with red hot foreclosure sales in ‘09, it is easy to see why dollar volume sold and average price sold is lower than in ‘08. In the area of active listings, 2009 saw an increase of 16% over the previous year.

Taking all this information into account, we can see that residential real estate is still active. For qualified buyers, it is a great time to buy.  Mortgage rates are quite low, home prices are reasonable, and there is a good selection of properties for sale. For sellers, there is good news as well. The final months of 2009 brought renewed activity across all price levels of homes. Higher priced homes may not be selling as fast as the entry level home market, but competitively-priced residences are selling. If 2010 looks like your time to buy or sell a property in the Smokies contact The Jason White Team. You can easily get started on our website. Your privacy and time-saving property searches were key elements in building our site. Log on or call us to get started finding your property today.

Events from the year 2009 are about to recede into history books. As we get ready to look back at ‘09, one aspect stands out. Government stimulus in the form of the first-time home buyer tax credit impacted the US real estate market in a big way. My news sources at the National Association of Realtors, in Washington, DC have analyzed data through the month of November. Their conclusions sync well with what the Realtors in the Smokies already know.  November of ‘09 saw a scramble of activity from people racing to make the deadline for the homebuyer tax credit. NAR Chief Economist, Lawrence Yun felt that the home buying rush was expected. With the congressional extension and expansion of the home tax credit, more buyers will enter in the market. There may be some decline in activity, as the markets make their seasonal shift from year-end holiday shopping, to a traditionally strong spring new home search. Yun expects home buying to ramp up, as the spring of 2010 progresses and buyers take advantage of the extended tax credit. So far the tax credit appears to be soaking up excess inventory in unsold homes. This has helped to stabilize home prices in much of the US. The stimulus focused on getting first time home buyers into the market. This has created a real demand for lower priced homes, which inturn impacted the national median home price for sold homes.

The government-induced real estate simulus appears to be benefiting the market in a number of ways. We previously mentioned inventories of homes for sale are dropping. Foreclosures, short sales, and other price-distressed properties are quickly being purchased, so their low prices are not around long enough to radically bring down comparable real estate. Pricing overall appears to be stabilizing across the country. Before October of this year, the only real gains were at the bottom of the market. However, for the second month in a row, property sales have risen in all price classes. The median price of sold homes is lower by 4.4% than in 2008, because of the influx of new buyers. The level of sold single family homes is 42.1% above the 2008 numbers. Here in the South, the existing home sales are 44.8% higher than last year and the median price is $151,400, only 1.4% lower than ‘08.

If you are considering real estate in the Smokies this could be a great time to buy. For qualifying buyers, mortgage interest rates are close to historical lows. Inventories of property for sale are high enough for good pricing and adequate selection. Start your search on The Jason White Team website. You can define your property search criteria to save time and money. When you are ready to visit or finalize your quest, contact us and we will assist with years of local knowledge and professional expertise.

                       Here are a couple of my vacant land properties:    

Spectacular Smoky Mountain View!! Unique opportunity to own a lot like this! Spectacular mountain and city view, with level building site. Type: Land Location: Gatlinburg ,Tennessee Price: $125,000 Get more information >

Listen To Mtn River From This Property!! Listen to the abundant sounds of nature from this 1.64 acre property with river and mountain views. Amazing that you are only minutes from the National Park, downtown Gatlinburg , and Pigeon Forge with such amenities but yet so private.Type: LandLocation: Sevierville,TN Price: $144,500 Get more information >

 Call me today for more information on these properties! 865-436-2121