January 2023 Sevier County Real Estate Market Statistics

Posted by Jason White on

Sevier County Market Statistics for Homes

The average price during the month of January 2023 was $735,033 a substantial drop from the average price of $829,234 in December 2022.

Properties spent an average of 68 days on the market in January 2023, down from 78 days on the maket during the month of December 2022.

Price per square foot saw a slight increase from $369 in December 2022 to $373 in January 2023.

Sevier County Market Statistics for Land

The average price for land/lots saw an increase to $158,542 in January 2023 from just above $102,244 in December 2022.

The average days on market decreased from 160 days in December 2022 to 132 in January 2023.

 

 

A snapshot of average home prices in 2022.

 

A snapshot of days on market in 2022.

Mortgage Rates Fall for Fourth Week in a Row: An Analysis

Posted by Jason White on

The mortgage industry has been closely following the recent decision made by the Federal Reserve (Fed) to raise the interest rates. The Fed’s action to slow down the pace of increases sends a clear message that the central bank is seeing progress in its battle with inflation. This article provides an in-depth analysis of the current state of mortgage rates and what it means for homebuyers and homeowners.

How the Fed Influences Mortgage Rates

The Fed does not set the interest rates directly, but its actions do have an impact on them. Mortgage rates tend to track the yield on 10-year US Treasury bonds, which is influenced by the Fed’s actions, expectations, and investors’ reactions. When Treasury yields go up, so do mortgage rates, and when they go down, mortgage rates tend to follow.

“The Federal Reserve controls short-term rates, but long-term rates, including 30-year mortgage rates, are a function of market expectations for the path of the economy and investors are betting that the economic slowdown and the Fed’s eventual victory over inflation will result in lower rates over time.” –  Mike Fratantoni, senior vice president and chief economist at the Mortgage Bankers Association. 

 

Expert Predictions for February

According to Rick Sharga, Executive Vice President of Market Intelligence for ATTOM, “unless the Fed unexpectedly raises the Fed Funds rate dramatically at its next meeting, or we get a surprisingly bad inflation report, it seems most likely that mortgage rates will plateau or perhaps decline slightly.” Sharga expects rates to average between 6.0% and 6.25% for the 30-year mortgage and between 5.25% and 5.50% for the 15-year mortgage loan in February.”

Nadia Evangelou, Senior Economist and Director of Real Estate Research for the National Association of Realtors, also predicts a continued downward trend in mortgage rates for February. 

What the Market Thinks

After the recent Fed meeting, Chairman Jerome Powell acknowledged that the US has made progress on inflation, but stopped short of saying that inflation was tamed. 

A word from our friends at Fairway Mortgage

“The Fed raised the fed funds rate by .25% as expected.  We knew this – lately we always know this going in. What markets were interested in was the Fed statement and Fed Chair Jerome Powell’s statement and subsequent press conference. Right now mortgage bonds and treasuries are rallying (mortgage rates are getting better) and stocks are rallying on the news.” – Corey Freels 

Powell’s comments and the market’s reaction indicate that the market believes inflation is cooling, which means mortgage rates are coming down.

 

In conclusion, the recent Fed decision to raise interest rates has had a positive impact on the mortgage industry, with experts predicting continued downward trends in mortgage rates. Homebuyers and homeowners should keep an eye on the market and consider taking advantage of these favorable conditions while they last.



Septic Tank Facts!

Posted by Jason White on

Septic tanks are an important part of many homes and businesses that are not connected to a public sewage system. These tanks are used to treat and dispose of wastewater, and they play a crucial role in ensuring that properties are able to properly and safely dispose of their waste.

 In this blog post, we will take a closer look at septic tanks, their functions, and the process for installing a new septic system.

What is a septic tank?

A septic tank is a large underground tank. Septic tanks are typically made of concrete, fiberglass, or plastic. Septic tanks are designed to hold wastewater, the tank allows waste to settle to the bottom while the liquid waste is filtered and discharged into the surrounding soil. 

The main function of a septic tank is to treat and dispose of wastewater in a safe and environmentally friendly manner. The tank contains bacteria that help to break down the waste and reduce the amount of harmful pollutants in the water. The solid waste is held in the tank until it can be pumped out and disposed of. 

Why is a septic tank important?

Septic tanks are important for a number of reasons:

  1. Environmental protection: Septic tanks help to protect the environment by treating and disposing of wastewater in a safe manner. They prevent pollutants and harmful bacteria from entering nearby bodies of water and groundwater, which can have a detrimental effect on the ecosystem.
  2. Health and safety: Septic tanks help to prevent the spread of disease by treating and disposing of waste in a sanitary manner. 
  3. Cost-effective: Septic tanks can be a cost-effective solution for homes and businesses that are not connected to a public sewage system. They eliminate the need for expensive and complex connections to a public sewage system, and they can also help to reduce the cost of waste disposal.
  4. Durability: Septic tanks are made of durable materials such as concrete, fiberglass or plastic, they can be expected to last for decades if properly maintained, keeping the cost of replacement low!
  5. Reliability: Septic tanks are a reliable solution for waste disposal. They are designed to work effectively and efficiently, and they can handle large volumes of waste without the need for frequent maintenance

What’s the process for septic tank installation?

Installing a septic system typically involves the following steps:

  1. Site evaluation: The first step in installing a septic system is to conduct a site evaluation. This will include a review of the soil conditions, the topography of the land, and the location of any nearby wells or bodies of water. This information will be used to determine the suitability of the property for a septic system.
  2. Design: Once the site has been evaluated, the next step is to design the septic system. This will include determining the size of the tank and the size of the drain field. The design will be based on the results of the site evaluation and will take into account the number of bedrooms in the home, the expected volume of waste, and the soil conditions of the property.
  3. Permits and approvals: After the design has been completed, the next step is to obtain any necessary permits and approvals from local authorities. This will vary depending on the location and regulations of the area, but typically includes permits from the health department and the building department.
  4. Installation: Once all necessary permits and approvals have been obtained, the septic tank can be installed. The installation process typically involves digging a hole for the tank, installing the tank and connecting it to the drain field, and then backfilling the hole. The installation should be done by a licensed and experienced septic system installer.
  5. Inspection: After the installation is complete, the system will be inspected by the local health department or other appropriate agency to ensure that it has been installed correctly and that it meets all local regulations.
  6. Maintenance: Once the septic system is installed, it is important to schedule regular inspections and maintenance to ensure that it continues to function properly. This typically includes having the tank pumped out every 3-5 years, and inspecting and maintaining the drain field.

How much does a new septic tank installation cost?

The cost of a new septic system can vary widely depending on several factors, such as:

  1. Size of the tank: The size of the septic tank will affect the cost of the installation. Larger tanks can hold more waste and will typically cost more to install.
  2. Type of tank: Different types of tanks, such as concrete, fiberglass, or plastic, can have different costs associated with them. Concrete tanks are typically more expensive than fiberglass or plastic tanks, but they are also more durable and longer-lasting.
  3. Soil conditions: The soil conditions of the property can also affect the cost of the installation. If the soil is not suitable for a septic system, additional work may be required to prepare the site, which can increase the cost.
  4. Drain field: The size and type of drain field required will also affect the cost. A larger or more complex drain field will cost more to install.
  5. Accessibility: If the site is hard to access, it can increase the cost of the installation. For example, if the site is located on a hill or in a remote area, it may require additional equipment or labor to install the tank.
  6. Permits and inspections: The cost of permits and inspections can vary depending on the location and regulations, they can add an additional cost.
  7. Labor: The cost of labor can also vary depending on the location and the experience of the septic system installer.
  8. Additional features: Some septic systems come with additional features, such as alarms, that can increase the cost of the installation.
  9. Maintenance: The cost of regular maintenance also should be taken into account when budgeting for a septic system installation.

On average, however, a new septic system can cost anywhere from $3,000 to $15,000 or more. It is important to obtain multiple quotes from different septic system installers to get an idea of the average cost of a new septic system in your area.

In conclusion, septic tanks play an important role in ensuring that homes and businesses are able to properly and safely dispose of their waste. They are a crucial component of many homes and businesses that are not connected to a public sewage system. While the cost of a new septic system can be substantial, it is a necessary investment that will ensure that your home or business is able to properly treat and dispose of its waste for many years to come.

2022 Real Estate Market Statistics

Posted by Jason White on

This week we segmented certain areas of the market to provide specific market statistics for those areas.
Below you’ll find market statistics for Condos and Single Family Homes in Gatlinburg and Pigeon Forge.

 

Condos in Gatlinburg

Average Price: $357,930
Average Reported Rental History: $42,697
Average Days on Market: 44
Average Price Per Square Foot: $384
Number of Units Sold: 64

 

Single Family Homes In Gatlinburg

Average Price: $818,501
Average Reported Rental History: $84,127
Average Days on Market: 56
Average Price Per Square Foot: $405
Number of Units Sold: 336

 

Condos in Pigeon Forge

Average Price: $397,794
Average Reported Rental History: $36,909
Average Days on Market: 44
Average Price Per Square Foot: $335
Number of Units Sold: 42

 

Single Family Homes in Pigeon Forge

Average Price: $787,740
Average Reported Rental History: $82,559
Average Days on Market: 44
Average Price Per Square Foot: $409
Number of Units Sold: 271

December 2022 Real Estate Market Statistics in Sevier County, Tennessee

Posted by Jason White on

Homes in Sevier County, Tennessee

The average price during the month of December was $829,234 the highest price we’ve seen all year.

Properties spent an average of 78 days on the maket during the month of December, which was the same amount of time homes spent on the market in November, down from 85 days in October.

Price per square foot saw a decrease from $445 in November to $369 in December.

 

Land in Sevier County, Tennessee

The average price for land/lots in December is just above $102,244.

The average days on market saw a large increase to 160 days.

 

Read the past month’s market statistics for Sevier County, Tennessee here! 

Your Land Survey Questions Answered

Posted by Jason White on

What is a boundary survey?

A survey is a tool that provides valuable information about the boundaries, size, and shape of a piece of land. It is used to establish the legal boundaries of a property and to ensure that it is properly described in legal documents.


Why are surveys conducted?

There are several reasons why land surveys are conducted:

  1. To establish the legal boundaries of a property: A land survey is used to determine the exact location of the boundaries of a piece of land. This is important for establishing ownership and resolving boundary disputes.
  2. To create a map or plat of the property: A land survey creates a map or plat of the property that shows the location of the boundaries, buildings, roads, utilities, and other features on the land.
  3. To support the sale or transfer of property: A land survey is often required when a piece of property is being sold or transferred. It provides accurate and reliable information about the features of the land as well as the boundaries of the property. 
  4. To support construction projects: A land survey is important for construction projects because it provides accurate information about the boundaries and topography of the land. 
  5. To support land development and planning: A land survey provides important information about the topography, elevation, slope, and contours of a piece of land. 


What’s included in a land survey?

A land survey typically includes a map or plat of the property, which shows the legal boundaries of the land and any improvements or features on the property. 

The map or plat is usually accompanied by a written report, which typically includes a description of the property, including its size, shape, and location.

The map or plat of the property will typically show the location of the property in relation to nearby landmarks and other properties, easements, rights-of-way, or other encumbrances and may also include the location of any buildings, roads, utilities, and other improvements on the property. 

The written report accompanying the map or plat will typically include a description of the property, including its size, shape, and location. The written report may include information about the history of the property, such as any prior owners or uses of the land or information about the land survey process, including the methods and equipment used to gather data and the sources of information used to prepare the survey.

A survey may also include other materials, such as photographs, drawings, or other documentation to provide additional information about the property or to support the conclusions reached in the survey.

 

Why surveys are important..

A land survey is important because it can provide accurate and reliable information about the boundaries of a property, helping to resolve disputes and prevent costly legal battles.

In addition to resolving boundary disputes, a land survey is also important for construction projects. Before beginning any construction work, it is important to know the exact boundaries of the property and to ensure that the construction does not encroach on the property of others. 

A land survey is also useful for land development and planning purposes. It can provide important information about the topography of a piece of land, including the elevation, slope, and contours of the land. This information is useful for determining the suitability of a piece of land for a particular use, such as building a home or commercial development.

It is well worth the investment to obtain a land survey to ensure that a piece of property is properly described and its boundaries are accurately established.

 

How much does a property survey cost?

Land survey cost can vary widely depending on a number of factors, such as the size of the property, the complexity of the survey, and the location of the property. In general, a land survey can cost anywhere from a few hundred dollars to several thousand dollars.

Some of the factors that can affect land survey cost include:

  • Size of the property
  • Complexity of the survey
  • Location of the property
  • Type of survey

It is important to obtain multiple quotes from different surveyors to get an idea of the average land survey cost in your area.


How can I find a licensed land surveyor?

There are a few different ways you can find a licensed land surveyor:

  1. Ask for recommendations: You can ask friends, family, or colleagues if they have used a land surveyor in the past and if they would recommend them. 
  2. Search online directories: There are several online directories, such as the American Society of Land Surveyors (ASLS) directory or the National Society of Professional Surveyors (NSPS) directory, where you can find a list of licensed land surveyors in your area. These directories usually include information about the surveyors’ qualifications and areas of expertise.
  3. Contact your state licensing board: Each state has a licensing board that is responsible for issuing and regulating the licenses of land surveyors. 

 

It is usually a good idea to obtain quotes from multiple surveyors to get an idea of the average cost of a land survey in your area.

 

November 2022 Sevier County Tennessee Real Estate Market Report

Posted by Jason White on

Homes in Sevier County, Tennessee

The average price during the month of November was $785,613, up from $746,590 in October and $667,609 in September.

Properties spent an average of 78 days on the maket during te month of November, down from 85 days in October.

Price per square foot saw a jump from $379 to $445 during the month of November.

 

Land in Sevier County, Tennessee

The average price for land/lots in November is under 100,000 at $82,254.

The average days on market dropped below 100 this month, at 85 days.

2023 Housing Market Forecast

Posted by Jason White on

 

Our friends at the LTW Group shared with us a presentation by Chief Market Strategist for Residential Finance, Barry Habib.

He answered the questions:

  • What’s going to happen with interest rates?
  • Is the value of my home going to decrease?
  • What’s the forecast for the real estate market in 2023?

What is going to happen with  interest rates?!

The ten year treasury bond and the mortgage rate have a normal spread of 175 – 200bp. 

Should this trend continue – Barry Habib, chief market strategist for Residential Finance, predicts that treasury bonds will come down to three which means mortgage rates will be closer to 5%.

Will the value of my home decrease?

According to the S&P Case-Shiller U.S. National House Price Index, during 8 of the last 9 recessions homes home values went up during and after the recession. 

The only time this didn’t happen was during 2006. 

In 2006 builders built more homes than ever before. 

Household formations dropped! (A household formation is the formation of a new household – think when your adult child moves out of your home.) 

Why did household formations drop in 2006?

On average, an adult moves out of their parents home at the age of 33. When we step back to look at the birth rates of Generation X we see a sharp decline. 

Are we on the brink of another housing bubble?

Quick answer – no! There are no outlandish mortgaging programs out there right now. 

Ultimately, a housing bubble comes down to supply and demand. 

What effects supply?

  • Builders finishing homes 
  • The number of homes that have to be retired. 

Where does demand come from?

  • Household formations. 

 

Babib’s forecast for 2023:

  • Low single digit appreciation
  • Rents will continue to rise

Huge thanks to our friends at the LTW Group for sharing this fantastic information with us!! 

The LTW Group has a ton of resources and programs that allow buying right now a painless process. Reach out to them today! 

Are housing prices going to drop in Gatlinburg, Tennessee?

Posted by Jason White on

A question everyone wishes we knew the answers to!

While we might not know for sure, we can share a few opinions from industry experts.

Are housing prices going to drop in Gatlinburg, Tennessee?

The short answer: Prices are likely to drop further, but not by as much as they did during the housing bust. 

“It was different in 2008, 2009 because that drop in prices was because of a push from sellers,” said Jeff Tucker, senior economist at Zillow. “Because of foreclosures and short sales there were a lot of extremely motivated sellers who were willing to take a loss on their homes.”

The previous housing crash the inventory of homes for sale was 4x high that it is now! Current inventory is still lower than pre-pandemic levels, which is keeping prices strong.

 

How much are housing prices going to drop?

“Unlike the run-up in prices during the pandemic that caused home values in markets across the country to surge, the cooling off will be more regional, said Tucker.”

 

Tucker predicts there will be a small decline in the Southeast.

 

What does a housing price decline mean for sellers?

Because we’re likely to see a smaller decline in prices in our area – it’s still a great time to sell.

Steven James, the president and chief executive of Berkshire Hathaway HomeServices New York Properties, suggests, “The best strategy for sellers is to start at the right price. The last thing you want in a shifting market is to have something sit.”

We keep a beat on the market statistics monthly, you can see the latest one here. 

 

Sevier County, Tennessee Real Estate Market Report

Posted by Jason White on

Homes in Sevier County, Tennessee

The average price during the month of October in Sevier County, TN was $746,590, up from September’s average price of $667,609.

We’ve seen ups and downs in our average market this year, but they have continued to stay between $660,000 and $750,000. 

The average days on market in October was 85 days, up from last month at 75 days. 

Price per square foot saw a slight increase during October 2022 to $379, up from $372 in September. 

 

 

Land in Sevier County, Tennessee

The average price for land/lots in October in Sevier County, Tennessee was $207,162 – a large jump from September at $111,390. 

The average days on market saw a reduction from 137 days days on market in September to 106 days on market in October.