Cash is King for Homes in Gatlinburg

The key to Smoky Mountain real estate is cash.  A May 9th, 2011 article for Smart Money in the Wall Street Journal is the motivation for this week’s blog.  According to this story, 60% of investment buyers are walking away from loans and are slapping down American dollars for their purchases.  The federal reserve’s blitzkrieg printing of U.S. dollars may be forcing savy investors to buy their property with cash.  For several years, many areas of the nation have lagged in purchases of investment property.  However, some locations including the Tennessee Smokies are witnessing the beginning of a turnaround.

The core members of this new cash purchase wave are buyers with uncompromised discretionary income.  These buyers are not forced to choose between sending children to college, and buying a dream vacation home.  The number of all-cash property purchases has increased from 48% in 2009 to 60% last year.  Requirements on home loans were tightened across the board to stem the number of foreclosures.  This is especially true in the second home market.  Data firm, Core Logic, reports that second home mortgages created in 2010 is down 73% from the height in 2005.  With the median price falling in investment properties, some sellers expect cash-only deals.  This has become common place at the higher end of the market.  With an ever increasing aversion to debt, the all-cash deal guarantees a greater likelihood that the transaction will go through.  Cash deals eliminate many last-minute cost surprises, and move to closing in record time.

Despite all these benefits, some feel that low interest rates are too great to pass up. Other advisers think that it is easier to get money out of other investments (like stock) than real estate.  Some feel that returns from other investments are greater than being debt-free in a home.  Decisions like this requires knowledgeable expertise.  Consult with your attorney, CPA, and financial experts.  Our website and trained staff is here to help you lock in your ideal property.  Begin with your advisor and move to our team when you feel confident to proceed.  We are ready to assist at any step in the real estate sale, or acquisition process.

Here are a Few of My Current Listings:

A-Frame w/Serene Setting/Incredible View
Total privacy with this A Frame home with incredible mountain vista and mature native mountain laurel. Located in Gatlinburg and walking distance to community pools, tennis courts, and Ski Resort.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $169,900
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Just Reduced!! Premier View of Smoky Mountains!
Condo with sought after mountain views and 3 bedroom plan. Indoor and outdoor pools, hot tubs and saunas and really close to the Great Smoky Mountain Nat’l Park and ski resort.
Type: Condo
Location: Gatlinburg, Tennessee
Price: $99,900
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Pigeon River Right Outside Your Door!
This remodeled riverfront home is a sure to please. With the calming sounds of the Pigeon River right outside your door this completely remodeled home complete with sauna and hot tub are sure to take the stress away!
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $299,900
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