As The Leaves Continue To Change, So Does The Smoky Mountain Real Estate Market

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As we enter the last quarter of 2012, the Smoky Mountain real estate market continues to change in a positive way. Outpacing 2011 in most categories, 2012 is shaping up to be one of the best years for real estate in recent memory. Buyers are very active in the market and property is moving. The next three months are expected to remain steady as the final quarter of the year has consistently been the busiest for the Smoky Mountain area. Let’s see how the first nine months of 2012 have shaped up.

 September continues last month’s pattern, remaining at 18% more homes sold than the same period in 2011. We expect the numbers to keep climbing through the next three months, continuing to outpace recent years.

In line with the big increase in homes sold, the total dollar volume sold is up from 2011 by 7% or just over ten million dollars.

The average sold price is the only area that has not shown an increase with prices down 9% from last year. The numbers are improving as the year continues with September showing a 2% increase from last month. As inventory keeps moving off the market the prices should continue their climb towards positive numbers.

Buyers are taking advantage of the all time low interest rates and still low prices on Smoky Mountain homes. Homes are spending an average of 8% less time on the market in comparison to 2011.

Now is a great time to begin a search for your Smoky Mountain home. There are over 4,000 single family homes available to choose from in Sevier County and we are positive we can find the “perfect” one for you. Take a minute to visit our website and browse all of the available properties. When the time is right we are ready to help you make your move towards owning in the Great Smoky Mountains.

Here Are A Few Of My Featured Listings:

Beautiful Setting On The River Consistently produces almost $40,000 gross annual income!! Once you see it you’ll never want to leave. Directly on the pristine Middle Prong of the Pigeon River, found to be the cleanest river in the state by the Tennessee Resource Defense Council. Type: Single Family Home Location: Pittman Center Price: $399,900 Get more information >

 

Large Lot & Ready To Move In To Very nice neighborhood with quality homes on big lots in a scenic setting. Easy access to both Sevier County and Knox County via pretty country roads. Type: Single Family Home Location: Sevierville,TN Price: $229,900 Get more information >

 

Busy Location for Office/Residential! Great, busy location ideal for commercial office site. Has a separate entrance for lower level so could be used for two businesses or in-law quarters if used for residential. Type: Office Location: Sevierville,TN Price: $249,900 Get more information >

 

Smoky Mountain Real Estate Continues To Gain Ground In July

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The year has been positive so far for the Smoky Mountain real estate market. Looking at the market statistics through July we see continued improvement in most categories for single family homes in Sevier County with some areas showing huge gains over last year. Buyers are very active and properties are moving. Let’s see what the numbers have to tell us.

The category of Total Residences Sold shows that buyer activity remains strong with a 15% increase from 2011.

Total Dollar Volume Sold goes hand in hand with the last category and reports $5,203,117 more real estate sold than last year. We are also seeing homes in higher price ranges selling this year which will continue to push the increases in volume.

The Average Sold Price still lags behind 2011 but continues to improve every month. With the balancing of inventory occurring as distressed sales leave the market and homes in higher price ranges are selling we believe this category will continue moving towards being stabilized.

The Average Days On Market lets us know that sellers are ready to sell and buyers are ready, willing and able. From last year homes are spending 6% less time on the market and the number has shown gains from 2011 each month.

The Smoky Mountain region is a hive of real estate activity and opportunities. If you have been dreaming of owning a home near the National Park now is a great time to take a look at the inventory and find your perfect get away. Our team is ready to help you every step of the way.

Here Are A Few Of My New Listings:

Fantastic Rental Income!! Fantastic rental income! Produced over $26,000 in rental income in both 2010 & 2011! Lots of features you want in a Smoky Mountin retreat. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $185,000 Get more information >

 

Quality Features & Mountain Views If you are looking for your own home away from home you must see this quality three bedroom. Fantastic Smoky Mountain Views, attached garage, workshop & much more. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $349,900 Get more information >

 

Great Price On A Gatlinburg Home Cute vintage chalet practically walking distance to Gatlinburg. Always used as a second home and perfectly suited for a weekend family get-away. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $89,900 Get more information >

 

Continued Improvement For The Smoky Mountain Real Estate Market

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Nationally the real estate market is improving and the statistics for single family homes in Sevier County show that the Smoky Mountain region is no exception. The numbers show strong improvement over last year in most categories for the first half of the year, let’s take a look.  

June’s numbers keep 2012 ahead of last year in the category of Total Residences Sold. With a difference of 21% or 111 more homes sold than the same period last year we see that buyer activity continues to be strong.

In the Total Dollar Volume Sold category 2012 outperforms 2011 with a 7% increase. This is just under seven million dollars more real estate sold than in the first half of 2011.

The Average Sold Price is still behind 2011 but shows improvement from last month. Through June the average price is down 11%, last month it was a 14% decrease from 2011. The number of foreclosures that are being sold and leaving the market continues to help with improving this number.  

In the last category of Average Days On Market we see signs that buyers are in the market and ready, willing and able to buy. With a 7% decrease in time on the market there is no doubt that the Smoky Mountain real estate market is active.  

The market is changing for the positive at a steady pace and we believe this trend will continue. Considering the purchase of a Smoky Mountain home? This is the time to take advantage of current mortgage affordability and the wide variety of available homes for sale. Spend some time browsing our website to see everything the area has to offer. When the time is right we are ready to assist you on your path to owning a mountain home.

Here Are A Few Of My Featured Listings:

Private Chalet Minutes To Downtown Produced $23,207 rental income for 2010 & right at $20,000 for 2011! Great location only a mile from the 441 Parkway and about 1.5 miles to downtown Gatlinburg. Type: Single Family Home Location: Chalet Village Price: $189,900 Get more information >

 

Two Acre Mountain Retreat Charming log cabin on a private two acres. Type: Single Family Home Location: Pigeon Forge Price: $189,900 Get more information >

 

Great Home Or Home Away From Home Custom built home in desirable Norton Creek. It is in such good condition, you’ll think it was just finished. Thoughtful design for year around low maintenance make it suitable for retirement, second home use or as a family home. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $269,900 Get more information >

 

 

The Smoky Mountain Real Estate Market Is Heating Up

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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 >

 

The Housing Market Sees Best First Quarter In Five Years

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Existing home sales rose 3.4 percent over last year in April and the National Association of REALTORS has reported that the first quarter of 2012 has been the strongest for home sales since 2007. Lawrence Yun, NAR Chief Economist said “It is no longer just the investors who are taking advantage of high affordability conditions. A return of normal home buying for occupancy is helping home sales across all price points and now the recovery appears to be extending to home prices.”

We believe that there are many factors contributing to improving conditions. We are seeing all time low mortgage rates with Freddie Mac reporting the national average rate for a 30 year, fixed rate, conventional mortgage at 3.91 percent in April. With that trend, first-time buyers rose to 35% of purchasers in April. As confidence in the market continues to rise we will see even more improvement.

NAR President, Moe Veissi, highlights how important it is for home buyers to look into financing at the early stages of searching for a home stating, “With the tight lending environment it’s a good idea to consult with a REALTOR about mortgages and program options in your area and tips for boosting your credit score well in advance of making an offer on a home.” Being pre-approved is one of the strongest negotiation tools a buyer can have on their side. You may find out more about the process in a previous post titled “Why Should You Get Pre-Approved To Purchase A Smoky Mountain Home?”

For sellers, we see a lowering percentage of foreclosures and distressed homes on the market which is helping home prices. Yun said, “We now have broad shortages of lower priced homes in much of the country, with very tight supply in Western states for homes through the middle price ranges. This is good news for many sellers who wish to list now or for those waiting for prices to improve.” In April, the median existing single family home price was up 10.4% from April of 2011 nationally. In the South, existing home sales rose 3.5% in April and was 6.5% higher than a year ago with the median price raising 8% from April of 2011.

As we move forward further into 2012 with an eye on 2013 economists predict that conditions will continue to improve. As a buyer, now may be just the right time to start searching for your perfect Smoky Mountain home. With plenty of inventory to choose from and favorable lending rates, why not stop by our website and see what the market has to offer?

Here Are A Few Of My Featured Listings:

Smoky Mountain Views Found Here! Magnificent mountain views but just minutes to downtown Gatlinburg. This mountain get away is perfect for the buyer looking for a prime location at a great price. Type: Single Family Home Location: Chalet Village Price: $147,900 Get more information >

 

Character, Details & Views! Pictures do not do justice to the view! Picturesque home with tons of space and lots of windows. Wine cellar/tasting room are just one of the many unique features you will enjoy. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $384,200 Get more information >

 

Come Be A Happy Bear Great rental potential with $12,270 in rental income just for August – December of 2011. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $269,900 Get more information >

 

Smoky Mountain Homes Are Moving Fast In 2012

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We are still experiencing some glitches with the Great Smoky Mountains Association of REALTORS statistical reporting however some data is available. This week we would like to take a look at how 2012 is shaping up so far for the Smoky Mountain real estate market. The numbers below are for Sevier County single family residences and show a positive trend in a few key areas over last year.

In our first category of Residences Sold Through April we see good news with a total of 58 more homes sold in 2012.

As we take a look at the Total Volume Sold through April we see the numbers very close to 2011 with only a 3% decrease.

The category of Average Sold Price is also down from last year. This is still encouraging news as we see that in April almost half of the properties sold were foreclosures being liquidated. It is positive to see banks taking the needed steps to get distressed properties sold and off the market. As this continues to happen at a rapid pace we will start to see prices leveling out again.

In the last category, Average Days On Market, we again see a positive trend over last year with 30 less days this year than in 2011.

May continues to be busy in 2012 with a flurry of buyer activity in the area. Now is the time to take advantage of some of the great deals that are still to be had. Whether you are looking for an investment, vacation home or even land to build on, plenty of opportunities are available. Take a look at our website to browse all that the region has to offer.

Here Are A Few Of My Featured Smoky Mountain Deals:

Come Home To A Resort Setting Just one mile from Ober Gatlinburg is where you will find this super affordable condo. Nestled in a resort like community you will enjoy all of the best amenities the Smoky Mountain area has to offer. Type: Condo Location: Gatlinburg ,Tennessee Price: $75,000 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 >

 

Beautiful Ridge Top Property! Great Deal Beautiful ridge top property with level building site. Clear a few trees to have a wonderful mountain view. Driveway to the top of the ridge. VERY MOTIVATED SELLERS! Type: Land Location: Gatlinburg, Tennessee Price: $33,000 Get more information >

 

Great Things Happening For The Gatlinburg Real Estate Market

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It has been not only an exceptionally busy year but also a year that has brought great news for the local housing market. Many sellers fear that buyers are not willing to spend much money and many buyers fear that banks are not willing to lend much, especially on investment or second homes. Recent events point to a very different story for both buyers and sellers. On March 14th, our team closed the largest residential real estate transaction that our local MLS service has seen in over five years. This was not a cash deal nor a distressed sale. It is simply a feel good story of willing buyer, seller and lender coming together. The home pictured above is a twelve bedroom vacation rental property here in Chalet Village above Gatlinburg. Many thought it would be impossible to sell in today’s market. With conventional bank financing and a willing and able buyer we were able to gain an acceptable offer and successfully close the transaction with a purchase price of $1,750,000. What does this mean for your real estate plans? The fears of a slow market are becoming a thing of the past. The market is saturated with buyers and banks are lending money. If you have been considering putting your home on the market, now may be a great time to request a market analysis.

This kind of market movement is combined with recent attention for the area from Forbes magazine. In a recent article they have named Gatlinburg one of the Top 10 Prettiest Towns In America. Calling upon experts from the Travel Channel, National Geographic, travel authors and others to bring the list together, Forbes cites many reasons why Gatlinburg made the list. Zain Habboo, National Geographic’s director of travel stated “The wildflowers around Gatlinburg and the Great Smoky Mountains National Park are absolutely spectacular in the spring as they burst with wildflowers at their peak.” Others pointed out access to whitewater rafting, hiking and the dramatic mountain backdrop as reasons Gatlinburg has become a hotspot. It is truly a beautiful mountain town filled with charm, history and nature. As a top tourist destination we believe the Gatlinburg area is one of the best places in America to consider purchasing an investment property.

There is plenty of inventory available, homes are moving and banks are lending. Is now your time to purchase that Smoky Mountain dream property? Take a look at our website to browse all that the Smoky Mountains have to offer. When the time is right our team is ready to help you turn dreams into reality.

Here Are A Few Of My Featured Gatlinburg Properties:

Travel Through Time Take a walk in the park just by stepping off of the deck. Perfectly preserved, this mountain home is just steps from the Great Smoky Mountains National Park Boundary and will take you back in time. Type: Single Family Home Location: Chalet Village Price: $179,900 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 >

 

Unparallelled View of Great Smokies!! Contemporary home with many interior updates and incredible view of ski slopes at Ober Gatlinburg and Great Smoky Mountains. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $224,900 Get more information >

 

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

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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

 

February Ushers In Beautiful Weather & An Active Smoky Mountain Market

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As we move out of February into March we are seeing amazing spring weather with temps in the 60’s and above. February’s real estate market in The Great Smoky Mountains also closed out with some positive activity and movement signaling good things to come for home buyers & sellers along with the spring weather. Let’s take a look at what the numbers have to say.

In the first category of Total Residences Sold, we see an increase from last year of 9% with 186 homes sold.

In the category of Total Residential Volume Sold, we have a slight decrease of 10%. We believe this relates to the number of lower priced foreclosures the banks are still working to liquidate from the market.

Relating to the previous category, the Average Sales Price also shows a small decrease of 17%. As more of the lower priced properties are closed and off the market we will begin to see these numbers move closer to positive.

In the last category of Number Of Active Listings we show an increase of 330 homes available on the market over last year.

With signs of spring all around and plenty of deals still available on Smoky Mountain homes, this is a great time to plan a visit and start searching for your Smoky Mountain dream. There are almost 3,000 homes to choose from making it easy to find the Smoky Mountain cabin, chalet or other residence that is perfect for you. Begin at our website  to view all of the Sevier County, TN homes available.

Here are a few of my featured listings:

Your Smoky Mountain Dream
Smoky Mountain dream cabin for a great price. Wrap around covered decks w/vaulted ceilings and exposed beams. Level yard, patio, spacious rooms and walking distance to Arts & Crafts shops.
Type: Single Family Home
Location:
Price: $239,900
Get more information >

 

High on a Ridge outside of Gatlinburg
Log cabin high on a ridge with spectacular views of the Smokies. Excellent location- only 5 mins to Gatlinburg or Pigeon Forge. Cozy log construction.
Type: Single Family Home
Location: Gatlinburg, Tennessee
Price: $129,900
Get more information >

 

Fantastic Rental Income & Mtn View!
Almost $37K rental income for only 8 months of 2011! Furnished rental with fantastic Mt LeConte view. Lots of decks w/hot tub to enjoy the view. Bedroom suites w/rec room and kitchenette for entertaining. Lots of room for large groups. Sleeps 18.
Type: Single Family Home
Location: Sevierville,TN
Price: $399,900
Get more information >

 

A Very Busy Start For Smoky Mountain Real Estate In 2012

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2012 saw a flurry of activity in January with February picking up even more momentum. There was a marked increase in the number of buyers in the area looking at property and offers being written. So how did January end up for the Smoky Mountain real estate market? Let’s take a look at the numbers released by The Great Smoky Mountain Association of REALTORS. Please note that in an effort to provide the most accurate data available with a focus on our specific area, going forward our monthly market statistics will exclude any properties outside of Sevier County.

In the category of Residences Sold we see great numbers with only 7 less residences sold than the same month last year.

Residential Dollar Volume for January is down $3,911,688. This may seem like a large number however, with the end of the year this may be largely attributed to foreclosure listings that went under contract in December and closed in January or received price reductions as the banks work to get them off the books. This is actually positive news, knowing that other properties on the market will be competing with less foreclosures in inventory.The Average Sold Price was also down somewhat from last year with a 17% decrease. This may also be related to the liquidation of foreclosure properties.

The category of Active Listings for January 2012 shows an increase of 13%. With the increase of buyer activity and the relative stability of our market the beginning of this year has proven to be a great time to list property for increased exposure to qualified buyers.

As we see lending rules getting tighter we are seeing that getting a property from accepted offer to closing has been taking a little longer than it used to. Because of this we would also like to note that an additional 97 properties went under contract in January but have not yet reached closing. Most will likely close in February and we will begin to see the positive effects of how busy January turned out to be in terms of buyer activity.

 Are you thinking of purchasing your own Smoky Mountain dream? Now may be a great time to start looking. With the expansive inventory of property available and extremely low mortgage rates there are many great opportunities to take advantage of. Take the first step by visiting our website to see if your perfect Smoky Mountain get away is already on the market waiting for you.

 Here are a few of my featured listings: 

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 >

 

Smoky Mountain Dream Come True
Produced $24,329 in rental income for 2011! This is what Smoky Mountain dreams are made of, the perfect mountain get-away that combines the best features the area has to offer.
Type: Single Family Home
Location: Gatlinburg, Tennessee
Price: $259,900
Get more information >

 

Come Home To A Resort Setting
Just one mile from Ober Gatlinburg is where you will find this super affordable condo. Nestled in a resort like community you will enjoy all of the best amenities the Smoky Mountain area has to offer.
Type: Condo
Location: Gatlinburg ,Tennessee
Price: $75,000
Get more information >