Featured Listing for November 5, 2013 – Misty Mountain (808 San Remo Drive)

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The enchanting, twinkling lights of Gatlinburg far below and majestic mountain vistas are what you’ll see from your own pristine 12 acre estate. Imagine having a 530,000 acre backyard! It is here that the Great Smoky Mountain National Park wraps around your very own unique, wildlife sanctuary.  You can walk out your back door and in minutes be at Cataract Falls or stroll along the river into town. Perhaps, you might like instead to drive an easy mile from your 6000 square foot home into town for fine dining and entertainment, which you can do in minutes. All of this and so much more awaits your inspection of this incredible, one of a kind property.

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This 12 acre property has access to water and sewer lines for any possible future development. It features a level yard with an orchard of peach, cherry and plum and well as plenty of space for a garden. This mountain estate features three levels with four bedrooms plus numerous other rooms with plenty of room for dining and entertainment. It also includes a sauna, hot tub and gym. Totally remodeled and ready to be used as a residence, vacation rental, or retreat center. New hardwood flooring, new HVAC, new roof, new appliances, and new light fixtures. Additionally, two massive hand-crafted, wood burning stone fireplaces which feature the artistry of a master stone mason. The one in the main living area soars upward seventeen feet to the skylighted ceilings. Additionally there are two gas stone fireplaces, stone and slate patios, open sun deck, enclosed sun room, mature gardens, and several fenced acres for pets to create an environment that is truly one of kind. You’ll never find another unique place like this one! Especially, since it’s priced $100,000.00 below appraisal!!! Once this is grabbed up, there isn’t another one like it.  So when might be the best time for you to see it? Give me a call at: 865-654-2121. Right now, before it’s gone!
Unique Chalet Adjacent to Nat’l Park! The enchanting, twinkling lights of Gatlinburg far below and majestic mountain vistas are what you’ll see from your own pristine 12 acre estate. Imagine having a 530,000 acre backyard! Type: Single Family Home Location: Gatlinburg,Tennessee Price: $697,000 Get more information >


The Jason White Team
Century 21 Four Seasons Realty
1441 Wiley Oakley Dr
Gatlinburg, TN 37738
Toll Free: 877-678-2121
Fax: 865-436-7227
Email: jason@jasonwhiteteam.com
Website: www.SmokyMountainLifestyle.com

Now Could Be The Time To Consider Selling

sellers-marketNext week we will be sharing the February statistics for the Great Smoky Mountain region however,  looking at preliminary numbers we expect to have very positive news to share. As in our area, nationally reports of market improvement continue to come in. Let’s see what our sources have to say.

Last week the National Association Of Realtors said it is becoming a seller’s market. NAR reported that the current inventory of homes on the market represents a 4.2 month supply at the current pace, the lowest we have experienced since April of 2005. This is a 25.3% decrease from the same time last year. Lawrence Yun, NAR Chief Economist has concerns that the limited inventory presents challenges for increasing sales volume as buyers are faced with lack of choice. “Buyer traffic is continuing to pick up, while seller traffic is holding steady,” he said. “In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We’ve transitioned into a seller’s market in much of the country.” Yun went on to say, “We expect a seasonal rise in inventory this spring but it may be insufficient to avoid more frequent incidences of of multiple bidding and faster than normal price growth.”

The national median price for existing homes of all types was up in January by 12.3% from January of 2012. In the Smoky Mountains, single family homes remained even with last year and we expect to see them starting to rise as we are experiencing a decrease in inventory as well. As buyer activity continues and inventory shrinks prices will show gains.

We are also seeing properties spending less time on the market as buyers are not hesitating to move forward with offers once a property has been identified. Mortgage rates remain low and buyers are taking advantage of available opportunities. With all of these positive changes happening now is a great time to get a free market analysis of your property and see if now may be the prime time to get your property on the market. Email me or give me a call at 877-678-2121 and I am happy to prepare a detailed report for you.

If you are considering a purchase, there are still plenty of great homes at this time but as we expect prices to begin a rise now is the time to start searching. It is very important with the current market conditions to work with an experienced Buyer’s Agent who will help you to balance between moving quickly on the perfect home and protecting your interests. We also strongly encourage speaking to a mortgage lender to begin the process of getting pre-qualified prior to viewing homes to make your negotiation position stronger once you have identified a property. We are here and ready to help with all the details.

Here Are A Few Of My Featured Listings:

Creek Front Charmer Pull up a chair and enjoy the soothing sounds of the mountain stream. This 2BD/2.5BA chalet is on a large creekside lot but just a 5 minute drive to downtown Gatlinburg. Type: Single Family Home Location: Gatlinburg,Tennessee Price: $189,900 Get more information >
Money To Be Made!!! Income potential with consistent rental history. $25,737 in 2009, $26,127 in 2010 & $20,352 in 2011. Don’t miss out on all these features! Type: Single Family Home Location: Chalet Village Price: $149,900 Get more information >
Hot Buy On Authentic Log Cabin Right at $30k in rental income for both 2010, 2011 & 2012!! Soaring ceilings and three walls of glass create a dramatic feel and bring the expansive views into the living space of this modern day cabin. Type: Single Family Home Location: Pigeon Forge Price: $149,900 Get more information >

 

The Smoky Mountain Real Estate Market Keeps Climbing

As we take a look back at the first 11 months of 2012 we see signs that 2012 will be a year marked as the time when things began a steady turn around for the real estate market. With positive news from economists, various markets throughout the country and improving statistics it is hard to ignore that real estate is climbing towards a recovery. Let’s take a look at the year to date numbers for Sevier County.

In the category of Total Residences Sold Through November we see an improvement of 14% versus the same period of 2011. As mortgage rates are staying low and the cost of rent rises we expect to see more first time buyers enter the market with Trulia reporting that almost 80% of renters surveyed said they plan to buy a home.

Total Dollar Volume Sold maintains it’s pace with an 8% increase from last year.

The Average Sold Price is still slightly down but shows an improvement from last month. New home construction is slow and is helping to push prices up. The presence of foreclosures as competition also continues to decrease as many owners have been able to take advantage of new programs to stay in their homes.

Average Time On The Market stays steady at 3% less time than last year. Properties in the area are spending just at six months on the market as an average.

According to CoreLogic National home prices have been moving up for eight consecutive months with the largest increase since June 2006. The National Association of REALTORS reported in October that the  inventory of available homes was down 22% from last year and at the lowest inventory since February 2006. As the numbers continue to improve it could be time to request a free price analysis to determine what price the current market will bear for your property, you may be pleasantly surprised. If you are considering a purchase now is the time to take advantage of still low interest rates as NAR predicts that mortgage rates will stay low in 2013 but will rise to an average of 4%. Ready to browse? Visit our website for access to all Smoky Mountain area properties that are available.

Here Are A Few Of My Featured Listings:

 

Build Your Dreams
Great opportunity to make your Smoky Mountain Dreams come true. 1.8 acre residential lot located centrally to both Gatlinburg and Pigeon Forge.
Type: Land
Location: Gatlinburg ,Tennessee
Price: $69,900
Get more information >

 

Impressive Remodel
The effective year built on this cabin is basically 2009. A very impressive top to bottom remodel has totally transformed it into one the nicest and most up to date you’ll find.
Type: Single Family Home
Location: Chalet Village
Price: $488,000
Get more information >

 

Custom Built Home On The River
Custom built home on the Pigeon River with year around mountain views in one of Sevierville’s most sought after neighborhoods.
Type: Single Family Home
Location: Sevierville,TN
Price: $379,700
Get more information >

 

Foreclosures Hit A Five Year Low

Throughout this year we have watched the signs of a market recovery begin to happen. The Federal Reserve has pushed mortgage rates to all time lows, buyers are active in the market, homes are selling faster and prices are beginning to stabilize. In a report released last Thursday by Realty Trac we see even more good news. The online foreclosure website reports that foreclosure filings were more than 16% down from last year. That is a large percentage and can have a huge impact on the market. Numerous factors have contributed to the improvement. Many of the programs and new guidelines that the government and the banks have put in to play to assist homeowners are getting firmly rooted. Many banks are aggressively working to get short sales approved and to assist owners with refinancing at these new lower rates when possible. The government’s Home Affordable Modification Program has helped more than a million borrowers obtain more affordable mortgages allowing them to avoid a foreclosure situation according to an article on CNN Money.

As the pace of foreclosure filings slows down it will begin to be harder to find deeply discounted deals on the market. This will push the market more towards stability as prices are forced to level out. Barclays Capital recently reported that home prices could be back to peak levels as soon as 2015. Rick Palacios, senior analyst with John Burns Real Estate Consulting said “We think the recovery is for real this time around. If you look across the U.S. economy right now, there are only a handful of industries looking at 20-30% growth over the next 4-5 years and housing is one of those.”

The housing market deeply touches the overall economy and we believe an improving market will help the entire economy to improve. Roger Altman, chairman of Evercore Partners and former Deputy Treasury Secretary, said in an article for Financial Times “That turn in the housing market is occurring now and it should become a boom by 2015. It will be powerful enough to lift the entire U.S. economy.” Altman expects housing to add 4 million jobs to the economy over the next five years.

Though we are all excited to see the market improve it does mean that the days of hugely discounted properties are coming to their end. There are still plenty of very well priced homes available on the market and now is the time to start looking if you are thinking of an investment or second home purchase in the Smoky Mountains to take advantage of still low prices.

Here Are A Few Of My Featured Listings:

 

Enjoy Views Of Mt. LeConte Over $25,000 rental income so far in 2012! The scenic setting with views of Mt. LeConte along with lots of native flowering shrubs and dogwoods make this a peaceful place to spend time. Type: Single Family Home Location: Chalet Village Price: $219,900 Get more information >

 

View City Lights Against The Mountains Absolutely amazing views of downtown Gatlinburg and the Great Smoky Mountains National Park. Incredible close up night lights view, you can actually see people on the sidewalks with a dramatic mountain backdrop. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $339,900 Get more information >

 

Close Up City & Mountain Views Over $40,000 rental income for 2010 & 2011! This is designed to be a year around home or an income producing rental. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $439,900 Get more information >

 

 

Navigating The Changes In The Real Estate Market

In an article dated September 12th, CNN Money reported that several markets are seeing up to a 24% drop in available inventory and multiple offer situations becoming a regular occurrence. Throughout the year the statistics have shown that the Sevier County market continues to improve with more homes sold and total days spent on the market decreasing almost monthly from last year. There are still plenty of great buys to be had in the Smoky Mountains but with an ever improving market and a faster pace than has been seen in recent times it is more important than ever to be prepared when you are ready to start looking for a home. There are several things to consider before entering the market, let’s take a look at a few.

We cannot stress enough how important it is to start the financing process before you start looking. With a fast paced market, having a pre-approval letter in hand when you make an offer will give you numerous advantages. The more information you are able to provide to your lender ahead of time the better as it will give the seller confidence in your offer and potentially allow you a faster closing date. A seller is not always looking for the highest offer but sometimes the one that has the least amount of contingencies. As lending guidelines remain strict many offers are taking 45-60 days to close and being ahead of the game will put you ahead of any competition for the house. For more information about getting pre-approved please visit this article.

Another consideration is researching the area and familiarizing yourself with locations that you would enjoy. Part of narrowing this down will include knowing what your goal for the use of the property is going to be. Are you looking for a get-away that only you will use or an investment that will be used as an overnight rental to help offset the costs of ownership? If it is going to be used as a rental, talk with some different rental management companies and see whom you may be comfortable with using after the closing. We work closely with the management companies in the area and are happy to assist in finding a good fit.

Knowing ahead of time what items are “must haves” and what items you are negotiable on in your future purchase will help when it is time to decide on the property you wish to make an offer on. Having this information in hand when viewing properties will help you avoid allowing time for another buyer to come along and create a multiple offer situation. Remember, if you are in a house and rating it as an 8, 9 or 10 someone else is likely to feel the same way. If you are concerned about not finding your ‘perfect’ home you may enjoy the article ‘What If It Isn’t Perfect? Should You Buy That House?’ It offers strategies for streamlining the decision process.

As the market continues to improve and mortgage rates remain at all time lows, now is the time to prepare for your potential purchase. Having the details in line ahead of time will put you one step closer to turning your Smoky Mountain dreams into a reality. We are available and happy to assist you with any of these steps and when you find the right home we will work to provide you with market data for similar homes and to make sure that your purchase and closing process move full speed ahead. Spending some time browsing our website will allow you to start on that “must have” list. Next week we will take a look at the market statistics for September and see how much the Smoky Mountain real estate market has continued to change.

Here Are A Few Of My Featured Listings:

Exquisite Smoky Mountain Views Over $60,000 in rental income for 2010, 2011 and already in 2012!! Well crafted three level chalet resting atop 1.35 private acres with views of the Great Smoky Mountains. Type: Single Family Home Location: Chalet Village Price: $497,000 Get more information >

 

Old Time Charm On 6 Acres!! Charming vintage log cabin updated with modern conveniences but with old time charm sitting on 6 beautiful wooded acres. Type: Single Family Home Location: Pittman Center Price: $189,900 Get more information >

 

Functional Work Of Art W/Stunning Views Once you see this functional work of art that doubles as a spacious home you’ll never want to leave. Type: Single Family Home Location: Chalet Village Price: $950,000 Get more information >

 

 

 

What If It Isn’t Perfect? Should You Buy That House?

As we watch prices rising in some areas, mortgage rates staying low and foreclosures being liquidated from the market it is a perfect environment for purchasing real estate. But what if you can’t find your dream home? Let’s take a look at a few things to consider if you are torn between buying now or waiting for the perfect property to come along.

The first thing to consider when you are thinking of entering the market is financing. It is crucially important to have your financial “ducks in a row” and a mortgage pre-approval in hand before starting to look at homes. In a previous article we explain in depth why this is so important but an additional reason is that you want to be able to make a move if you do find your dream home. As the market continues to improve houses are spending less time on the market and you will not want financing to be the only thing standing between you and your new home.

Next, make a list of your “must haves”, the things that will make a home perfect for you. From there narrow the list down. Explore why each item is a must have and decide if it is really just a want that can be worked around if the other terms outweigh not having that criteria met. Place the biggest concern on items that cannot be changed like location or in some cases square footage. When you are finished with this process you will have a list of “absolute must haves” and will be opening yourself to a wider range of possible homes to consider. Once you have found a home that meets the criteria you absolutely must have you will be able to determine if there are inexpensive ways to add the other items over time. When you visit homes remember things like furniture, appliances and decor can usually be changed inexpensively to better suit your tastes. Try to look beyond these things to the condition of the property, the potential future value and if it meets the criteria you have set on your list.

When you have found a property that is suitable for your current needs we will help you in determining the financial value of the purchase. When you combine your must haves with the financial value of a particular home you will many times find that it makes sense to move forward with an offer while rates are still low and prices have not completely recovered. Make a sound investment now and it will put you one step closer to owning a home that is perfect in every way in the future.

There are so many homes to choose from in the Smoky Mountain region at this time that we are confident once you are armed with your “absolute must have” list and your pre-approval letter you will have no trouble finding a home that is so close to perfect you will know it is time to purchase. Please take some time at our website to explore some of the many options available.

Here Are A Few Of My New Listings:

Smoky Mountain Charm Has produced right around $15,000 in gross rental income for each of the last two years! Three level chalet with a bedroom and bathroom on each floor for maximum privacy. Type: Single Family Home Location: Chalet Village Price: $189,900 Get more information >

 

Breathtaking Mountain Views Gorgeous home in Cobbly Nob with an equally gorgeous Smoky Mountain view. Enjoy a spacious floor plan, currently configured with three bedrooms, level parking, a four seasons room and a two car garage with an attached car port. Type: Single Family Home Location: Gatlinburg, Tennessee Price: $298,500 Get more information >

 

Totally Updated & Great Views Almost $30,000 in rental income for 2010 & 2011! High quality construction and a great view combined with tasteful updates should put this one on your short list. Type: Single Family Home Location: Chalet Village Price: $229,900 Get more information >

 

A Prime Time To Invest In Smoky Mountain Real Estate

We know from experience and previous articles that the Great Smoky Mountains are a top tourist destination. There are over 9 million annual visitors and the numbers keep climbing. Aside from those facts there are many more reasons why we believe the Smoky Mountain area is a great pick for a real estate investment. The area boasts the largest collection of independent artisans and hosts numerous events like this week’s Annual Craftmens Fair in Gatlinburg. There are numerous attractions and it is all within a days drive for two thirds of America. Now, both Pigeon Forge and Gatlinburg have big projects going on that are going to make the list even longer. Let’s see what they have planned.

Over the last few months, Gatlinburg officials have held numerous meetings to explore and discuss the possibility of constructing a youth sports complex. On Tuesday evening it was decided that they would move forward towards making this a reality. The city entered into agreements with the Sports Facility Advisory and the consulting firm Conventions & Leisure to conduct feasibility  studies and a business pro-forma analysis. The findings were positive, showing that Gatlinburg had adequate accommodation choices and entertainment venues to attract major sports tournaments and other sports events. The facility would include a 79,000 square foot indoor complex with five basketball courts, eight full sized multi-use soccer fields and 600 new parking spaces. The effect would be more vacationers drawn to the area and planning their trips around sports tournaments. The studies reveal that the project would bring more than $34 million to the area.

In September of 2013, Pigeon Forge will open the LeConte Center. Located near Pigeon Forge attractions, shows and shopping this will be a multi-use event center that will attract many new events to the area. The facility will include a 100,500 square foot assembly hall, numerous multi-purpose rooms, catering, concessions and 1,600 parking spaces. It is expected to be home to numerous assemblies, competitive events and trade shows.

Both of these facilities will add jobs to the area and increase the already high tourism to the area. At this time we see a real estate market that is improving from last year and the addition of these new attractions for the area are on track to keep that trend going. There are numerous investment properties available on the market and we believe now is the time to start exploring the option of purchasing a home in the area. Not sure where to start with owning a vacation rental property? Our team is dedicated to providing you sound information and guiding you through every step of the process. Start at our website to get a feel for what is available and when the time is right we are ready to answer your questions and assist you on the path to owning a Smoky Mountain home.

Here Are A Few Of My Featured Investment Properties:

Picture Perfect Views Beautiful and private 2 acre site with postcard views. Literally, we have post cards from the 70’s that have the view from this home’s deck on them. A picture perfect view for sure. Type: Multi Family Home Location: Chalet Village Price: $475,000 Get more information >

 

Consistent $$$ Maker At A Great Price!! CONSISTENTLY RENTED OVER 200 DAYS PER YEAR FOR THE PAST FOUR YEARS, WITH REVENUE RANGING FROM $38,000-$41,000! Wonderful and spacious 3-level cabin tucked away in Gatlinburg and only a short drive to the Great Smoky Mountains National Park! Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $250,000 Get more information >

 

Smoky Mountain Money Maker Smoky Mountain money maker did over $26,000 in rental income for both 2010 & 2011. Nestled in a resort like neighborhood this large cabin is filled with amenities & is close to Dollywood. Type: Single Family Home Location: Pigeon Forge Price: $179,900 Get more information >

 

The Truth About These Common Homebuying Myths

Buying a home can seem like a daunting process. With the wide variety of information readily available on the internet it is easy to be left wondering what is true and what is not. Let’s take a look at a few of the prevailing myths about purchasing a home that may be holding you back from taking the first steps towards owning a home.

Myth 1: Owning a home is more expensive than renting. Mortgage rates are at all time lows making home ownership more affordable than ever before while rental prices are on the rise. It is true that owning your own home will mean that you are responsible for repairs but in exchange for that you gain the freedom to make your own choices about your living space.

Myth 2: You have to have perfect credit to buy a home. It is correct that the higher your credit score the more options you will have in choosing a mortgage. However, having a score in the lower ranges does not mean it is impossible to obtain a loan. If you are thinking of a purchase talking with a lender will help you to navigate your credit report and verify the loan options that are available to you.

Myth 3: You must have a 20% down payment. Sure, having a large down payment will lower your payments but is not always necessary. Many loan programs are available that will allow as little as a 3.5% or in some cases no down payment. We recommend talking with your lender about options such as an FHA or Rural Development loan.

Myth 4: Getting a mortgage is too complicated. Although lending guidelines have gotten tighter than they used to be, with the help of your lender and your real estate agent navigating the process is made much easier. There are some hoops to jump through and it may seem that your lender is asking for an endless supply of documentation but your agent and lender will assist you in making sense of it all and getting you to a successful closing on your home.

Myth 5: Foreclosures need a lot of work. Though some foreclosed homes are left in a state of disrepair this is certainly not the rule. Your agent will assist you with obtaining home inspections to determine the true condition of the property. In many cases you will find that like other homes a foreclosure just needs a little TLC. If the inspection reveals major items that need repaired your agent will be looking out for your best interests and help you negotiate through the inspection results.

Myth 6: Buying a foreclosure will get me a huge discount. Yes, the banks are looking to thin their inventory but they are also trying to protect their interests as well. Though some foreclosed properties are offered at lower than market value prices this is not always the case. The bank obtains a market analysis of the property and sometimes a full appraisal prior to listing it on the market and price it accordingly to see what the market will bear. In most cases the bank would prefer to lower the price in small increments until they obtain a reasonable offer rather than accept a cut rate offer.

Myth 7: The perfect home is out there if I just keep looking. Homes are a lot like people, none are perfect in every way but when we love them we accept the flaws. When you step into the house that is right for you for the first time you will know it. Prior to viewing homes make a list of the things that are most important to you in a home and of what things would be a deal breaker. Once you have an accepted offer we encourage you to have a home inspection which will reveal if any of your deal breaker items exist or if there are simple maintenance items that you are willing to address so that you do not lose the opportunity of owning the home that was meant for you.

The goal of our team is to make your home buying process as easy and stress free as possible. Armed with a great agent and accurate advice you will find the home that is right for you and be at the closing table before you know it. Take some time at our website to see the wide variety of homes that are available and when you are ready to take the next step we are available to assist with every aspect of the process.

Here Are A Few Of My Featured Listings:

View City Lights Against The Mountains Absolutely amazing views of downtown Gatlinburg and the Great Smoky Mountains National Park. Incredible close up night lights view, you can actually see people on the sidewalks with a dramatic mountain backdrop. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $359,900 Get more information >

 

180 Degree Mountain & City Light Views $14,300 rental income in 2010 with 2011 already ahead at $14,500 through October. Very private ridgetop retreat w/ wraparound covered deck that has amazing 180 degree views of the mountains & city lights. Type: Single Family Home Location: Price: $189,900 Get more information >

 

Mount Leconte Views Beautiful mountain home with view, wrap around decks, updates throughout including kitchen, new appliances, quartz counter tops and glass tile back splash. Great for permanent residence or rental. Type: Single Family Home Location: Chalet Village Price: $239,900 Get more information >

 

The Smoky Mountain Real Estate Market Is Heating Up

As we look at the statistics for single family homes in Sevier County through the end of May we are met with positive news in several categories. Buyer activity in the market continues to be strong, distressed properties are closing and disappearing from the market and higher priced homes are starting to move. Let’s take a look at what the numbers have to say.

2012 continues to stay ahead of last year in the category of Total Residences Sold. With a difference of 21% or 94 more homes than the same period last year there is no doubt that the market is active.

May gave 2012 some momentum and overtakes 2011 with a 4% increase in the Total Dollar Volume Sold category. This is an increase of just over $3,000,000 in real estate sold.

The Average Sold Price is the only category that is still not ahead of 2011, showing a 14% decrease. This can be attributed to the continued liquidation of distressed homes and as the year continues we can expect to see this number looking more positive as well.

In the last category of Average Days On Market we continue to see signs that we are in an active and improving market as we see the time on the market decrease by 9% vs. last year.

If you have been thinking of putting your Smoky Mountain property on the market now is a great time to get a free market analysis and measure what the market may have to offer. Properties are certainly moving and buyers are continuing to stream in to the market. Thinking of purchasing? There are still several great deals available and a wide variety of properties to choose from. Why not take a look at our website and see if your dream property is waiting for you here in the Smoky Mountains?

Here Are A Few Of My Featured Listings:

Consistent $$$ Maker At A Great Price!! CONSISTENTLY RENTED OVER 200 DAYS PER YEAR FOR THE PAST FOUR YEARS, WITH REVENUE RANGING FROM $38,000-$41,000! Wonderful and spacious 3-level cabin tucked away in Gatlinburg and only a short drive to the Great Smoky Mountains National Park! Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $250,000 Get more information >

 

Simply Unforgettable Over $20,000 in rental income for both 2010 & 2011! Located near Roaring Fork Motor Nature Trail this charming log cabin is sure to please. Beautiful wooded setting, very private and serene. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $199,900 Get more information >

 

Updated & Mountain Views Want a great investment property? Then this is it! Already on a rental program and has a great rental history. Recently updated, offers private bedroom suites, and has a sky walk to balcony and mountain views. Type: Single Family Home Location: Chalet Village Price: $219,900 Get more information >

 

Are Short Sales The Best Way to Get A Great Deal On Smoky Mountain Real Estate?

As we have all watched the national housing market work through difficult times in the last few years many have realized it to be a good time to buy. With mortgage rates at all time lows and a wide variety of inventory we agree that it is a great time to consider purchasing. There has been a lot of buzz that purchasing a short sale home is the best avenue for getting a deal. Although it is possible to get a great deal on a short sale, we believe there are numerous other avenues to finding a great home at a great price. Let’s explore some common questions and answers about short sales.

What is a short sale? A short sale occurs when the current owner of a home is negotiating with their current lender to accept less than the full amount of what is owed on their mortgage as a payoff. This gives homeowners the opportunity to put their home on the market at prices that may be lower than when they purchased and helps them to avoid a foreclosure if they are having trouble making their monthly mortgage payments.

Are short sales deeply discounted? Not in most cases. When a homeowner begins the process of negotiating a short sale with their lender the first thing they are usually told is get an offer to purchase and then we will negotiate. Often, homes will be put on the market at a lowered price to encourage offers with a disclaimer that the final price will have to be approved by the seller’s lender. Once there is an offer on the table the bank will usually request a comparative market analysis from two different agents to determine the current fair market value of the property. Most agents do price short sales at the current market value but this is not always the case. Though the seller is selling for less than they owe on the property the banks still look for offers that reflect the current value.

How long does it take for the bank to respond to an offer? This is the question with no true answer. Once you submit an offer the wait time for a response can range from thirty days to several months. There are many factors that go in to their decision-making process. They will require a large amount of financial information from the seller, the above mentioned comparative market analysis from an agent and sometimes an appraisal just to begin the approval. As they move forward other things may come in to play, such as a second mortgage or past due property taxes that will also have to be negotiated.

Will the bank or seller make repairs to the property? Not usually. In a short sale situation the bank does not own the property and cannot make repairs. Most homeowners in this situation do not have additional funds available to make repairs. In most cases a short sale property will be sold as is. We always recommend a home inspection by a qualified home inspector prior to purchase.

We still find that there are a wide variety of homes on the market that can be purchased at a great price whether they be short sales, foreclosures or  traditional listings. Sevier County Tennessee has held a reasonably stable market through 2011 and moving in to 2012. There are a lot of properties to choose from and homes are moving. In an active market with low mortgage rates available it will be easy to find your Smoky Mountain home or investment property. Take a look at our website to see all that is available in the Sevier County real estate market.

Have other questions about short sales? I am a Certified Short Sale Specialist and would love to hear from you! Call, email or post your questions on our Facebook page.

Here are a few of my featured listings:

Mountain Chalet With A View Over $20,000 rental income in 2010 & 2011! Nice spacious chalet with fantastic Mt. Leconte views. Type: Single Family Home Location: Chalet Village Price: $139,900 Get more information >

 

Hot Buy On Authentic Log Cabin Over $30,000 in rental income for both 2010 & 2011!! Soaring ceilings and three walls of glass create a dramatic feel and bring the expansive views into the living space of this modern day cabin. Type: Single Family Home Location: Pigeon Forge Price: $149,900 Get more information >

 

Wide Open Spaces Dances With Bears is a spacious chalet with soaring ceilings and an open floor plan. Type: Single Family Home Location: Chalet Village Price: $179,900 Get more information