Residential
Average price has risen by 24% and by approximately $75,000 year to date.
Land
Average price in Chalet Village is up by 22% month over month.
November 2020 Market Report
Are We Facing A Housing Shortage?
There are fewer homes for sale in the U.S. today than ever recorded in data going back nearly 40 years.
“We are simply facing a housing shortage, a major housing shortage,” says Lawrence Yun, the chief economist at the National Association of Realtors which tracks home sales. “We need to build more homes. Supply is critical in the current environment.”
“Housing inventory shortages have pushed national home prices considerably higher,” says Joel Kan, vice president of economic forecasting for the Mortgage Bankers Association.
“We have been under producing for the past decade,” Yun says. “We need more construction.”
Nationally homes continue to sell more quickly than last year!
National Housing Market Data
According to Realtor.com’s Monthly Housing Market Trends Report:
- National inventory declined by 38% over the last year.
- Inventory of newly listing properties decline by 7% nationally.
- The national median listing price in October was $350,000, up 12% compared to last year.
- The typical home spent 53 days on the market this October which is 13 days less than last year, and one day less than last month.
Forbes reports, “For the first time since 2011, homes sold faster in October than September and prices remained at their summer peak of $350,000.”
“Realtor.com®’s October housing data release reveals that sellers returned to the market, as the decline in newly listed properties substantially improved…While the national price growth rate continued to accelerate to historical highs, larger metros saw a slight softening, signalling a small reprieve for buyers in this active autumnal season.”
October Market Report
There have only been 19 more transactions from January to October in 2020 than during the same period of time in 2019. The volume for the year is up 116 Million dollars, raising the average price by 22%.
Land
The volume of land sold for the year is up by eight million dollars, October accounted for five million of that increase. So far this year, land values on Bluff Mountain have increased by 137% and increased by 46% in Wears Valley.
#4 on Vacasa’s Top 25 Places to Purchase a Rental Property List
Gatlinburg landed at #4 on Vacasa’s Top 25 Places to Purchase a Rental Property List. You can see more here.
“Gatlinburg was our number one best place to buy a vacation home in 2019 (Sevierville is included in the Gatlinburg market). Tucked into a leafy mountain valley and bordered by Great Smoky Mountains National Park, Gatlinburg welcomes up to 12 million visitors annually, despite having only 4,000 full-time residents. What’s all the fuss? There’s more packed into this town than destinations twice its size—from day hikes, river rafting, guided outdoor tours, and panoramic lookouts to seasonal festivals, unique shops, and plenty of family-friendly amenities.”
Top take-aways from this article highlight a preference for drive-to markets over fly-to markets and a way to embrace the great outdoors! Did you know that the Smokies are just a day’s drive from roughly 2/3rds of the nation’s population?
#2 Most AirBNB Friendly City in the U.S.A.
When you begin your search for an investment property, one of the most important things you can do is determine what the local laws are regarding short term rentals.
Fortunately, according to Mashvisor, Gatlinburg lands at #2 on a list of the top 20 most AirBNB friendly cities in the United States!
One thing to be aware of when investing in Sevier County is the need for a Tourist Residency Permit. You obtain these by completing a short application and fee payment. Each city has a slightly different set of regulations. You can find the process for Gatlinburg here.
What questions do you have about Tourist Residency Permits?
Sevier County, TN Real Estate Market Movement During September 2020
Below is information about our market’s movement during the month of September. Notice that average price continues to increase, +28% for single family homes and is flat for land, while we continue to decline in inventory.
“Pending home sales continued with upward momentum in August. According to the National Association of REALTORS® (NAR), pending home sales for the month marked four consecutive months of growth, with gains across all major regions in both month-over-month and year-over-year transactions.
NAR’s Pending Home Sales Index (PHSI) rose 8.8 percent to 132.8 in August, with YoY contract signings increasing 24.2 percent.”
You can read the full National Association of REALTORS® (NAR) article here.
Prices are high and inventory is low, if you are think now might be the time to sell we’d love to help you determine the value of your property.
Residential
Land
Zoning in Sevier County, TN – Restrictive Covenants
*updated February 2022.
Restrictive covenants can also apply to real estate deals, where they include such reasonable provisions as not allowing pets or renovations without approval from the neighbors or community association. They can also place more-onerous restrictions on buyers, such as the number of tenants who can live in a property or even the timing of holiday decoration setup and removal.”
-Investopedia
We’ve covered the basics of Zoning, and a few specificities between Pigeon Forge zoning, Sevierville zoning, and Gatlinburg zoning.
This week we’ll cover the basics of restrictive covenants, sometimes called covenants conditions and restrictions, or cc&rs.
What are covenants and restrictions?
According to Cornell Law, Covenants, conditions, and restrictions, commonly called “CC&Rs” are a set of rules governing the use of a certain piece of real estate.
Is it important to review the restrictive covenants before purchasing a home or piece of property?
Absolutely! This is where you will find rules and regulations about what you can and cannot do on or with your property. Restrictive covenants along with the zoning map give you a clear understanding of use type for your property.
What might be addressed inside of covenants conditions and restrictions, or cc&rs?
- Limitations on exterior and roofing colors
- Whether or not retaining walls are considered common property
- Landscaping restrictions
- Who owns the roads and the grounds – you or the home owners association
- If you are building – things like materials, square footage, and height above grade
How do I find the covenants and restrictions on my property?
Covenants conditions and restrictions for your specific property are referenced on your warranty deed.
You can find Sevier County, TN warranty deeds and Sevier County, TN restrictive covenants on the Sevier County Register of Deeds website.
You can find more info about zoning in Sevier County, TN here.
Do you have any questions about restrictive covenants?
Email us at info@jasonwhiteteam.com, so we make sure to get them answered for you!
What Everyone Should Know about Real Estate Zoning in Sevier County, TN
Investopedia defines zoning as “Zoning refers to municipal or local laws or regulations that dictate how real property can and cannot be used in certain geographic areas.”
Last week we covered the basics.This week we’ll talk about a few different zoning specificities Pigeon Forge and Gatlinburg have.
When shopping for a short term rental in Pigeon Forge you’ll need to be on the look for properties located in the R1 zone, there are some restrictions on properties located in this zone related to short term rentals.
“Short-term rental of residences located in the R-1 District shall be permitted only if the residence was being utilized as a short-term rental (as that term is defined in T.C.A. § 13-7-602(3)(B)) on or before August 13, 2018, the date on which Section 511 was added to Article V of the Zoning Ordinance; however, the owner of the property must apply for a permit, in the manner set forth in Article V, Section 511, within sixty days of the passage of this Ordinance, and take the required steps to timely obtain a valid permit within a reasonable time thereafter. (Ord. 1065, 8/13/2018)”
Click here to view Pigeon Forge Zoning Ordinances.
When shopping for a short term rental in Gatlinburg you’ll need to be on the look for properties located in the R1A and R2A zones, properties located in these zones cannot be used as short term rentals.
“702. R-1A Low-Density Residential. 702.1 Any use permitted in the R-1 residential district, except tourist residences and Planned Unit Developments.
704. R-2A Medium Density Residential. It is the intent of this district to provide areas for single and multi-family dwellings; to encourage the development and continued use of the land for residential purposes, and prohibit business oriented uses which would in any way interfere with the continued residential character of the district. In order to achieve the intent of the R-2A (Medium Density) Residential District, as shown on the Zoning Map of the City of Gatlinburg, Tennessee, the following uses are permitted:
704.1 Any use permitted in the R-2 Residential District, except tourist residences. “
Click here to view the city of Gatlinburg Zoning Ordinances.
Next week we’ll answer some questions about covenants and restrictions and homeowners associations.
If you have any questions hit reply and send them to us, so we make sure to get them answered for you!
Sevier County Zoning
Do you ever wonder how the Sevier County zoning might effect your short term property investment? Is it something you should be aware of before you purchase an investment property? Of course! We’ll tell you a bit more about zoning in general and link to more specifics related to Sevier County zoning.
Investopedia defines zoning as “Zoning refers to municipal or local laws or regulations that dictate how real property can and cannot be used in certain geographic areas.”
There are multiple different types of zoning; residential, commercial, and industrial, among others.
Residential zoning covers single-family residences, multi-family structures, and planned unit developments.
Commercial zoning covers things like office buildings, shopping centers, and restaurants.
Industrial zoning covers warehouses and manufacturing facilities.
Agricultural zoning is sometimes used to protect farmland and for subsidy programs.
Next week we’ll dive into specifics concerning our area: Pigeon Forge zoning, Gatlinburg zoning , and Sevierville zoning.
The following week we’ll answer some questions about covenants and restrictions and homeowners associations.
If you have any questions hit reply and send them to us, so we make sure to get them answered for you!