Gatlinburg Real Estate Updates & Community News » real estate news

Low Mortgage Rates, Catch Them While You Can

lheraty — Sat, 09 Jan 2010 13:56:28 +0000

Now might be the best time to lock in a low mortgage rate

Low interest rates have been gracing the real estate market with their presence for the past year but the word on the street is that they won’t be here much longer. While mortgage rates aren’t going to skyrocket out of sight, it is doubtful that they will decrease and certain that they will steadily begin to rise.

For those wishing to lock in at below 5.5%, the time just might be now or never (or at least for a very long time). This past week, the first week in April, the average 30 year fixed mortgage rate was 5.16%. Today, the rate is listed at 5.23%. The general sentiment among economists is that rates are not going anywhere but up from here.

The strengthening of the economy equals less chance for discounted rates. If you want to refinance or purchase real estate, now might be the best time to do so.

For more information on mortgage rates click here to look at a recent article from CNNMoney.com.

Government Pressure Expected to Help Reduce Foreclosures

lheraty — Tue, 01 Dec 2009 02:29:22 +0000

The government is putting pressure to decrease foreclosures

With unemployment figures on the rise, the number of foreclosures is expected to keep rising over the coming months and the federal government is trying to do something about it. President Obama created legislation in February that was expected to help those facing foreclosure, yet the programs set in place are reported to have been enforced sluggishly by many of the lending institutions. The pressure is starting this week. The Federal Government is saying “Help these people out!” to the 71 financing companies that are participating in the program. Teams of three people are being sent to monitor the eight largest companies, and these teams will be requested to submit reports twice a day on their progress. Another part of the problem has been incomplete paperwork on behalf of the borrowers. Those that qualify for assistance need to complete their paperwork to move forward on getting assistance. Under the mortgage assistance plan borrowers who qualify can get 2% rates for up to five years, quite a healthy boost for homeowners facing foreclosure. Borrowers will be communicated with to help them complete their part. We've seen a decrease in the number of foreclosures coming to the marketplace here in Sevier County and Gatlinburg which is creating a stabilization of pricing. If this trend continues, we have not reason to doubt it will, with foreclosures trickling on the market and not flooding it, prices may start to increase as early as Spring 2010. For more information on the government’s plan to enforce help for those facing foreclosure, click here.

Impressive October Real Estate Sales Show Signs of Recovery

lheraty — Tue, 24 Nov 2009 01:00:13 +0000

Real Estate data indicates that the overall housing market is slowly improving

Price declines are getting smaller, sales volume is getting larger and the overall real estate market appears to be mending. October sales were up for pre-existing home sales, 23.5% up compared with October of 2008. Homes sales for October were predicted to be 5.70 million, but the sales volume turned out to be 6.1 million.

Encouraging words are being spoken about real estate by NAR’s chief economist who stated that, “Existing home sales have already bottomed. Home prices are almost there. We are seeing less of a decline in house values.”

Approximately one third of home sales in October were made by first time home buyers taking advantage of the first time home buyer tax credit. The median home price fell 7.1%, still affected by distressed properties which accounted for 30% of October’s home sales .

In addition, inventory of homes for sale has dropped slightly, indicating that the housing market is indeed recovering slowly. Tax incentives, low mortgage rates and decreasing home values continue to make their mark, helping real estate sales to increase. The housing market’s recovery will hopefully seep into the minds of consumers, giving a bit of peace and spurring on recovery in other sectors.

Click here for a Yahoo Real Estate article about real estate sales.