For the past year, both local & national real estate markets have experienced a continuous, but steady, growth in several key real estate market categories. As we look at the statistics for the Great Smoky Mountains real estate market through September 2016, we find that our local market continues to reflect the trends of gradual and continuous growth both here locally and nationally. We have come to see this trend for some time now. The numbers below will reflect that continued growth for September 2016 as compared to that of September 2015.

In the category of Residences Sold, we see that comparing September 2016 to the same month the previous year, the number of residences sold increased by 18%, as 231 more homes were sold at the end of September 2016, as opposed to the year prior. This vigorous growth is largely in line with the continued growth in this same category that we have experienced for the past several months. We fully expect this trend to continue in this category.

 

 

In the category of Residential Dollar Volume for September 2016, versus September 2015, we also see an increase of 25%. This percentage is up 1% JUST from the month prior! This continues to reflect a consistent and steady climb with a high percentage growth from year-to-year. This statistic shows the largest increase in this category for the past several months. This trend shows the consistently higher home prices that have been taking place over the past couple of years on a national scale.

 

 

Sellers in our area continue to experience good news in the category of Average Sold Price!  For September 2016, compared to that of September 2015, the average sold price shows an increase of 6%, which, also reflects a steady and consistent growth of a stronger local market in this category.  The average sold price is up $12,634 from last year. As confidence continues to grow in both local and national markets, we expect that this upward trend of higher home prices will continue in the foreseeable future.

 

 

Lastly, the available homes on the market continue to show a slow decrease, which the market has reflected over the past several months.  Through September 2016 versus September 2015, the number of available homes has declined by 8%, which is a decrease of 338 homes in available inventory.  This same trend for available inventory has occurred for the past several months.  This is in-line with the national real estate trends.  With this declining inventory, the local market is showing signs toward more people wanting to buy the available properties currently on the local market, and that with higher home prices, more people may feel a greater sense of confidence in listing their homes for sale, along with a increased interest in buying what inventory is currently available.

 

 

This Week’s Featured Properties:

 

   1435 Wiley Oakley Drive, Unit 173, Gatlinburg, TN 37738 – $79,900!!! What a steal! 2BD/2BA Condo located on Ski Mountain just minutes from Ober Gatlinburg, Downtown Gatlinburg, and many attractions. This condo features a beautiful fireplace and loft area. This condo includes a gently flowing mountain stream, as well as being set in a beautiful wooded setting in the Smokies, along with having easy access to City-maintained roads & services. Inside this condo, located on the top floor, you have a large great room, combining living rm, dining rm, & kitchen into one room, along w/having high, vaulted ceilings & a large masonry F/P. Great deal–Come see for yourself!

 

  1215 Wiley Oakley Drive, Gatlinburg, TN 37738 – $875,000! Private, spacious, & well-built, 4 BD/3.5 BA, 2,800+ sq ft mountain chalet, sitting on 14+ acres, complete w/amazing mtn. views, located w/in mins. to many of the Gatlinburg area’s attractions. Access to city-maintained roads. This home has one of the best views in the county! Give us a call to schedule a showing today!

 

The 41st annual fall Craftsmen’s Fair kicks off today, and runs through October 23! More than 180 of the finest craftspeople from all over the United States will travel to Gatlinburg, Tennessee, to demonstrate their skill, answer questions and offer their unique art for sale. This fair is an excellent opportunity to fall in love with a new art, all while visiting our area during the most beautiful time of the year. Stick around for live bluegrass and gospel music, featured at 12 pm, 2 pm, and 6 pm, every day! The Craftsmen’s Fair will run 10-6 Monday-Saturday, and 10-5 on Sunday. Adult admission is $7, and children 12 and under are free. While you are in town, feel free to give us a call or stop by the office! View our website and learn about our featured properties here.

 

We are heading into one of our busiest times of the year here in Gatlinburg, Tennessee! People from all over the world come to our area to see the beautiful fall foliage and enjoy our harvest festivities. Oktoberfest in Ober Gatlinburg celebrates the 206th anniversary of the popular festival held every year in Munich, Germany. The Bavarian Fun Makers Band, in authentic costumes, will perform traditional Bavarian folk dances, yodeling, and much more as daily entertainment. Ride the TramWay from downtown Gatlinburg up the mountain– here you will receive some of the best views in the area! Taste delicious german inspired food at Ober Gatlinburg’s Restaurant and Lounge. While you are here, stop by our office and pay us a visit! We are less than a mile away from Ober Gatlinburg. Take a look at our Featured Properties and give us a call for a showing appointment!

 

 

This Week’s Featured Listings:

 

 PRICE REDUCED! $469,900 1116 Longview Court, Gatlinburg  – Well located & well-built 5BR/5BA log home in the heart of Chalet Village. Very close to downtown Gatlinburg with all the amenities at the community club house. You want to see this home!

 

 

  PRICE REDUCED! $650,000 925 Elm Road, Gatlinburg – Totally private, 4,900 Sq. Ft. 3BR/3.5BA located in Chalet Village! Has done great on a rental program, and could also be used as a permanent residence. Give us a call to see this property!

Freddie Mac is changing up income requirements for mortgage applicants in a new pilot program.  The changes announced Monday are designed to help boost mortgage originations among first-time buyers, applicants with low-to-moderate incomes and those who live in underserved areas.

Using the Freddie Mac program, applicants will be able use the income of people who will live with them but aren’t going to be on the mortgage to qualify.  In addition, income from second jobs that borrowers have held for a relatively short period will be factored in. The pilot also doesn’t require bank statements that would show a paper trail of how some borrowers save for their down payments.

Many of the pilot’s features are similar to what Fannie Mae currently allows on some mortgages. Freddie Mac is amongst the largest purchasers of mortgages in the country. Freddie Mac says it purchases one in every four mortgages originated by lenders in the U.S.

The changes, which went into effect on Monday, will apply to clients who apply for a mortgage with Las Vegas-based Alterra Home Loans or Tustin, Calif.,-based New American Funding.

Freddie Mac will determine whether to expand it beyond pilot phase if performance meets expectations.

This Week’s Featured Property:

 

 503 Dollywood Lane, Unit 112, Pigeon Forge
Golf Vista- A gorgeous, updated and inviting “Private Style” condominium. complex. There are only TWO condos on each level, this condo is quiet. This would be a wonderful rental or permanent home! Very classy and completely remodeled ground floor condo. Large Master bedroom has a two person jacuzzi and patio access to enjoy the Golf Course & mountain view. Accommodating Kitchen living & dining room area are SPACIOUS & comfortable for the entire family. Walk to Pigeon Forge, Enjoy the Dollywood fireworks at nighttime from patio, or just city lights at night. This condo is a must see! HOA Includes- Property Maintenance, trash, water, cable, phone, gas, sewer.