Purchase a new Wolfe home during our winter sale and we’ll pay 3% of the purchase price towards your closing costs!* With record low interest rates as low as 3.75% and high affordability, there’s never been a better time to finally buy a home. You can purchase a new Wolfe home with modern amenities and with upgraded finishes for about the same price as you’d pay for an older home. Plus, all our new homes come with a 10-year warranty, backed up by our professional customer service team. Resale homes just can’t compete with that. Come see a new Wolfe home today. It’s the home you deserve built by people you trust.

*with a full price offer.

Reuters, 9/21/11

Existing home sales rose more than expected in August to the fastest annual pace since March as falling prices and low interest rates drew more buyers into the market, the National Association of Realtors said.

Sales climbed 7.7 percent month over month to an annual rate of 5.03 million units, the NAR said Wednesday. The median price was 5.1 percent lower than a year earlier.

Rising rents are also helping Americans decide to buy homes, the NAR said.

“Favorable affordability conditions and rising rents are underlying motivations,” Lawrence Yun, chief NAR economist, said in a statement.

Yun said the increase in sales came despite some disruptions from Hurricane Irene, which battered much of the East Coast at the end of the month.

Economists polled by Reuters had expected sales to rise 1.4 percent to a 4.71-million-unit pace. Compared to August 2010, sales were 18.6 percent higher.

The U.S. Federal Reserve is expected to hold interest rates near zero following a two-day policy review that concludes on Wednesday, and many expect policymakers will unveil new measures to ease credit further. The Fed’s policy has helped keep mortgage rates historically low.

Aug 28 (Johnson City Press, Kate Prahlad) – Strong employment gains in Northeast Tennessee, combined with record-low mortgage rates, have buoyed up the area’s housing market, according to the latest home sales and prices from the Northeast Tennessee Association of Realtors.

Regional home sales for the month of July, totaling 384, were almost 26 percent higher than in July 2010, and the average sales price has increased by about 24 percent to $176,064 in the same time period, NETAR said. In the 11-county area monitored by NETAR, sales rose in nine counties and he average price increased in eight. Sales also increased in six of the cities monitored by the report and the average price increased in all seven cities.

The most recent numbers are “especially encouraging” because July was the first month in 2011 when sales and prices could be compared to a 2010 month not influenced by tax credits offered as incentives, said NETAR President Gwen Lilley.

“The last closing date that people could use the tax credit last year was June 30, and of course that gave some first-time buyers the initiative to purchase a house because they were getting the credit,” she said. “But then July of last year there was no tax credit in place, so starting July and on, all comparisons from last year to this year are on a more normal scale.”

Year-to-date data for the area show the average sales price is 12.4 percent higher than in the first seven months of last year, though sales are 5.5 percent lower. In 2011, 2,146 previously owned homes have been sold, compared to 2,271 from January through July 2010.

Nationally, existing home sales fell by 3.5 percent in July from the previous month, but still remain notably higher – 21 percent so – than in July 2010, according to the National Association of Realtors. The median existing home price was $174,000 in July, down 4.4 percent from July 2010.

Lilley said the Johnson City area escaped the housing bubble, and by doing so escaped the ensuing crash.

“Our area luckily didn’t see appreciation like other places in the country. We had more of a steady and slow appreciation,” she said. “When the big housing bust happened we weren’t so high that people lost money in their houses. We had been more of a realistic market, so that has helped us all through this.”

Yet, according to the NAR, it’s not the house selection, prices, or the quantity of people ready to buy that are holding back the market from recovery.

“Affordability conditions this year have been the most favorable on record dating back to 1970, but many buyers are being held back because banks are offering financing to only the most highly qualified borrowers, ignoring a large share of otherwise creditworthy buyers,” said NAR’s chief economist, Lawrence Yun. “Those potential buyers represent the difference between an uneven recovery and a much more robust housing market that could stimulate additional economic activity and create jobs.”

Were banks lending a normal standards, it would boost home sales 14 percent to 20 percent, NAR said.

Even without that boost, Northeast Tennessee is holding strong, making a slow but steady climb upward, Lilley said.

“We’re not back yet, but whenever you see improvements for several months in a row, it’s starting to look positive,” she said. “We have seen some trends show we’re moving in the right direction.”

Come by today from 1:00 to 3:00 and take a look at this 4 Bedroom, 2.5 Bath home with 2,100 square feet. With plenty of room and very nice finishes, hardwood floors, fireplace, an extra large master bedroom and much more, you’re sure to fall in love! See 2159 Ida Sue Dr for directions and more information.

Did you know that you can choose your lot and one of our house plans and Wolfe Development will build your home just for you? You can make modifications to the plan and choose your finishes.  Check out our plan gallery. We can even design a new plan for you!  Contact us for more information.

Aug 10 (Reuters) – Interest rates on U.S. 30-year mortgage rates fell near record lows on Wednesday, a day after the U.S. Federal Reserve pledged to keep short-term rates near zero at least through mid-2013, online mortgage broker LendingTree.com said.

The 30-year mortgage rate averaged 4.25 percent, just above the record low of 4.20 percent set on Oct 25, 2010, the Charlotte, North Carolina-based company said.

Top-notch borrowers could obtain a 30-year mortgage at a record low rate of 3.75 percent, according to LendingTree.

The yield on benchmark 10-year Treasury notes US10YT=RR were down 15 basis points at 2.12 percent at midday Wednesday after touched a record low just below 2.04 percent on Wednesday.

U.S. mortgage rates are benchmarked against U.S. Treasury yields. (Reporting by Richard Leong; editing by Jeffrey Benkoe)

Let’s substitute “least expensive” for “cheapest”, but overall that’s a good thing! According to the story, “The cost of living in the Johnson City metropolitan statistical area, which includes Carter, Unicoi, and Washington counties, is about 13 percent lower than the national average, C2ER’s index shows. Major employers in this urban area in eastern Tennessee include the Mountain States Health Alliance and East Tennessee State University, according to the area economic development board. The U.S. Census Bureau estimates median household income in the area at $38,054.”

Wolfe Development unveils this new site to make wolfe-development.com easier to use for those searching for residential and commercial real estate in the Jonesborough and Johnson City, Tennessee area. Now our customers can find what they’re looking for while browsing from the convenience of their personal computers, laptops, tablets or mobile devices. And we’ve made it easy to connect with us on Facebook and Twitter as well. In addition to the latest property listings and photos, the site features an easy-to-use mortgage calculator, online application forms and the ability to submit maintenance and warranty requests online.

Wolfe Development is also adopting a new slogan, “The Home You Deserve Built by People You Trust.” The motto sums up what Kelly & Jennifer Wolfe’s family owned business stands for in terms of integrity in business.

Be sure to like Wolfe Development on Facebook and follow us on Twitter for specials and the latest real estate news updates.

Wolfe Development’s thanks go out to MarketingMel and Jeffery Moore for building our great new site!