The Color of the year for 2013 is….                                                                                             

Home interiors are going green!  Pantone has named

“Emerald” it’s color of the year for 2013.  Pantone

describes the jewel-like hue as a “lively, radiant,

lush green” that can offer sophistication

and luxury.  Emerald paint, accents, and

accessories will likely be decorating more home

interiors this year.

• 77% at home
• 31% at work
• 28% waiting in line
• 27% at a restaurant
• 26% at other peoples homes

Owning a Rental Property Is ‘Sweet Spot’ in Market

Marketing reports are used for determining factors, conditions, and characteristics of a real estate market.  Our most current marketing report is available for your refrence.  Gatlinburg and all of Sevier Co.

Read more at http://www.kiplinger.com/quiz/real-estate/T010-S001-how-smart-a-home-buyer-are-you/index.html#Y5gByklZqCDeyEJ0.99

932 Sourwood Drive, Gatlinburg  http://youtu.be/F6xMU1xq6O0

New Homes and Land issue has just hit the office.  Come in for your very own copy or take a look online.

There’s a bit of urgency now when we speak about the First Time Buyer Tax Credit. Mostly because it will be over by the end of November. Secondly, the Federal Reserve has given some indication, according to economist, that it may raise the prime lending rate at the end of September. If the prime lending rate increases, it could signal an increase in home lending rates as well (even before the deadline to purchase).

It can take 30 to 45 days to close a loan, so to take advantage of the tax credit most people will need to have their property under contract by the middle of October.  

There is no doubt that the first time home buyer tax credit is a great thing but there are a few things to know before you assume that you qualify for the full $8,000.  The tax credit breaks down as follows:
Who qualifies? First time home buyers and people (or spouses) who have not owned a home for the previous 3 years.  You must purchase your home between January 1, 2009 and December 1, 2009.

• What qualifies for the first time home buyer’s tax credit? Only a primary house qualifies.  It does not matter if it is a single family home, duplex, townhome, condo, apartment or co-op, if it is a primary residence it will apply.

• What is the amount of the first time home buyer’s tax credit? $8,000 is the maximum amount of the credit.  There are 2 factors at play when it comes to getting the credit: The cost of the home and the income of the person or married couple purchasing the home.  The credit can be 10% of the closing price up to $8,000 or a person making $75,000 or less or a married couple making $150,000 or less are eligible for the full $8,000.

• Do you qualify for the first time home buyer’s tax credit if your income is higher? Yes and no.  If you make more than the $75,000/$150,000 limit you get less of a credit.  The maximum income is $95,000 for singles or $170,000 for couples.  If you make more than the maximum income you are not eligible for the tax credit.

The tax credit is a real boon for first time home buyers and does not have to be repaid.  If you qualify for the tax credit and have been considering purchasing a new home there could not be a better time.  Low interest rates, low home values and the first time home buyer tax credit all add up to the right time to call your experienced Century 21 Four Seasons Realtor.

Resource and for more information: Realtor

If you are a first-time home buyer looking in the Smokies, before you even look at houses for sale, the most important thing you can do is figure out exactly how much you can afford on a mortgage payment per month. This will save you wasted time and the disappointment of looking at houses  in Gatlingurg, Pigeon Forge or Sevierville that you may later learn that you simply cannot afford. You first must figure out your debt-to-income ratio. Lenders prefer that you use 36% and under, but you might want to consider using 28% of your gross monthly income for housing expense. Following are the steps to figure out the math:

1. Figure out all of your debt. Multiply your gross monthly income by .36 to find your total allowable monthly debt.
2. Add up all of your fixed monthly expenses.
3. Subtract your fixed monthly expenses from your total allowable monthly debt.

This number is the amount that you have for your mortgage payment, your home owner’s insurance and your property taxes. Keep in mind that here in Sevier County property taxes are very low compared to most areas.

For more help figuring out your total allowable monthly debt see a home affordability calculator.