3 Common Pests Found in East Tennessee Short Term Rentals and How to Prevent Them

Posted by Jason White on

As a short-term rental property owner in East Tennessee, it is important to prevent pest infestations. Pests not only damage your property, but they can also negatively impact your guests’ experience. In this blog post, we will explore how to prevent their infestations in short-term rental properties.

East Tennessee’s warm and humid climate provides an ideal environment for various pests to thrive, including flying insects. Some common insects found in short-term rentals in East Tennessee are:

  • Carpenter bees are a common pest found in East Tennessee homes. They look similar to bumblebees but can cause significant damage to wooden structures, including decks, fences, and outdoor furniture. 
  • Carpenter ants are another common pest found in East Tennessee homes. They can cause significant damage to wooden structures, including walls, floors, and furniture. 
  • Eastern subterranean termites are a common pest found in East Tennessee homes. They can cause significant damage to wooden structures, including walls, floors, and foundations. These termites live in the soil and feed on wood, so it’s important to maintain proper moisture control to prevent infestations. 

It’s important to address any pest infestations in your home promptly to prevent damage and avoid further costly repairs.

Regular cleaning, maintenance, and inspection practices are essential to prevent pest infestations in short-term rentals. 

Below are some tips to help keep insects away:

  • Seal entry points and install screens on doors and windows. Gaps and cracks in walls and doors allow insects to enter.
  • Close doors and windows when not in use to prevent insects from entering.

In addition to regular cleaning, maintenance, and inspection hiring a professional pest control service can help eliminate pests and prevent future infestations. 

Benefits of hiring professional pest control services are:

  • Experienced technicians who can identify and eliminate pests effectively.
  • Customized treatment plans to address your property’s specific pest problems.
  • Regular inspections to prevent future pest infestations.
  • Pest control companies may set up pest monitoring stations to detect any signs of pest activity before a full infestation occurs.

Pest control companies can help prevent future infestations and keep your property pest-free. It’s important to work with a reputable and experienced pest control company to ensure that they use safe and effective methods to prevent pest activity.

Preventing pest infestations in short-term rentals in East Tennessee is crucial to ensure the comfort and safety of your guests. By following the preventative measures discussed in this blog post and utilizing professional pest control services, you can keep your property pest-free. 



Property Owners: How to Keep Your Short-Term Rental Property in Great Condition

Posted by Jason White on

Owning a short-term rental property can be a great investment, but it comes with its own set of challenges.

One of the most important aspects of owning a short-term rental property is maintaining it properly.

A well-maintained property can provide a positive experience for guests and increase the property’s value. 

In this blog post, we will discuss some tips for keeping your short-term rental property in tip-top shape!

 

Maintenance

Creating a maintenance plan is an essential step in keeping your short-term rental property in great condition.

As a short-term rental property owner, it is essential to regularly inspect your property to ensure that it is in good condition for guests. By addressing issues promptly, you can minimize the impact they have on your guests and prevent them from becoming larger, more expensive problems. Here is a list of inspections that you should complete on your short-term rental property:

 

  1. Electrical system inspection: The electrical system should be inspected at least once a year to ensure that it is in good working order. This inspection should include checking outlets, light fixtures, and the circuit breaker box.
  2. HVAC system inspection: The HVAC system, including air conditioners and heaters, should be inspected and serviced at least twice a year to ensure that they are working efficiently .
  3. Roof inspection: The roof should be inspected at least once a year to ensure that there are no leaks or other issues that could cause damage to the property.
  4. Exterior inspection: The exterior of the property should be inspected regularly to ensure that there are no issues such as cracks, leaks, or other damage.
  5. Interior inspection: The interior of the property should be inspected regularly to ensure that there are no issues such as leaks, cracks, or other damage. This inspection should include checking for water damage, mold, and pest infestations.
  6. Smoke detector and carbon monoxide detector inspection: Smoke detectors and carbon monoxide detectors should be inspected at least twice a year to ensure that they are in good working order.
  7. Fire extinguisher inspection: Fire extinguishers should be inspected at least once a year to ensure that they are in good working order.

If you are an out of state owner your property management company will likely help you complete any inspections necessary to maintain the integrity of your home.  

 

Cleaning

Cleaning is an essential part of maintaining a short-term rental property. A clean property can make guests feel comfortable and help them enjoy their stay!

Regular cleaning between guests is essential to maintain a short-term rental property’s condition and ensure that it is safe and hygienic for guests. It is also important to clean and sanitize high-touch areas such as door handles, light switches, and remote controls.

Deep cleaning should also be done regularly to prevent future issues and maintain the property’s overall condition. 

 

Repairs 

It is important to address any repairs or maintenance issues promptly to prevent them from turning into larger problems. Be sure to keep a list of reliable contractors on hand for any necessary repairs that require a professional.

  1. Plumbing issues: Plumbing issues such as clogged drains, leaking pipes, and broken toilets are common in rental properties. These issues should be addressed as soon as possible to prevent further damage to the property.
  2. Electrical issues: Electrical issues such as faulty outlets, broken light fixtures, and malfunctioning appliances can be dangerous if left unaddressed. These issues should be fixed as soon as possible to ensure guest safety. HVAC system issues:
  3. HVAC systems such as air conditioners and heaters may need repairs if they are not functioning properly. Appliance repairs: Appliances such as refrigerators, ovens, and dishwashers may need repairs from time to time. These repairs should be addressed promptly to prevent further damage to the appliance and ensure guest satisfaction.
  4. Roof repairs: Roof leaks and other roofing issues can be expensive to repair if left unaddressed.
  5. Flooring repairs: Flooring issues such as torn carpeting or cracked tiles can make the property appear unkempt and may be a safety hazard. These issues should be addressed as soon as possible to ensure guest safety and maintain the property’s appearance.
  6. Painting and drywall repairs: Paint chips and drywall damage can make the property look shabby and worn. These repairs should be addressed as soon as possible to maintain the property’s appearance.

 

Landscaping

Maintaining the outdoor space of a short-term rental property is just as important as the inside. A well-maintained outdoor area can create a positive first impression for guests. 

Keep the lawn trimmed, bushes trimmed, and remove any debris or garbage. 

Regularly check outdoor lighting to ensure that the space is well-lit and safe for guests.

 

Maintaining a short-term rental property is essential for both the guest’s experience and the property’s value. By creating a maintenance plan, cleaning regularly, addressing repairs and maintenance issues promptly, and maintaining the outdoor space you can keep your property in great condition.



What You Need to Know: Tree Removal and Liability

Posted by Jason White on

Tree Removal and Liabilities - What you need to know

Trees are an important part of our natural environment, but must be properly maintained or they can pose a risk to nearby buildings and properties.

In this blog post, we will answer some of the most common questions people have about tree removal and liability for damage to neighboring properties.

 

Who is responsible for tree removal cost?

The responsibility for the cost of removing a tree depends on a number of factors, including 

  • the reason for the removal 
  •  the location of the tree.

If the tree is on private property and needs to be removed for reasons of safety or health, the property owner is generally responsible for the cost of removal. If the tree is located on public property, such as a sidewalk or park, the cost of removal may be the responsibility of the municipality or other public agency.

 

I’m not sure a tree is mine, how can I find out?

The University of Tennessee Extension Institute of Agriculture published an article on Tree Owner’s Rights and Responsibilities. You can view it here.

 

What steps should I take to prevent tree-related damage to my neighbor’s property?

To prevent tree-related damage to your neighbor’s property, you should regularly inspect your trees for signs of disease or damage, and have any necessary maintenance or pruning done by a qualified professional. You should also be aware of any potential risks posed by your trees, such as overhanging branches or weak roots, and take steps to mitigate those risks.

 

Can my neighbor make me remove my tree if it is causing damage to their property?

If a tree on your property is causing damage to your neighbor’s property, your neighbor may ask you to remove the tree. In some cases, your neighbor may be able to take legal action to compel you to remove the tree if it is posing a significant risk or if it is causing significant damage to their property.

 

What types of damage can a tree cause to neighboring properties?

Trees can cause a range of damage to neighboring properties, including damage to buildings, fences, and other structures, as well as damage to landscaping, vehicles, and other property.

 In extreme cases, falling trees can also cause injury or death.

 

What happens if a tree falls on my neighbor’s property and causes damage?

If a tree on your property falls and causes damage to your neighbor’s property, you may be held liable for the cost of the damage. 

Liability will depend on a number of factors, including the cause of the tree’s fall and whether or not you knew or should have known that the tree was at risk of falling.

 

Can my neighbor sue me if my tree damages their property?

Yes, your neighbor may be able to sue you if your tree damages their property. 

However, liability will depend on a number of factors, including the cause of the tree’s fall and whether or not you knew or should have known that the tree was at risk of falling. 

If the tree fell due to natural causes, such as a storm or other act of nature, you may not be held liable. 

However, if the tree fell because it was diseased, damaged, or otherwise unstable, and you knew or should have known about the risk, you may be held liable for the cost of the damage. 

It’s important to note that liability for tree-related damage can be a complex issue, and may depend on local laws and regulations, as well as the specific circumstances of each case. 

If you are facing a legal dispute related to tree-related damage, it’s recommended to consult with a qualified legal expert.

 

Is it necessary to obtain permission from my neighbor before removing a tree?

In most cases, you do not need to obtain permission from your neighbor before removing a tree on your property. However, it is a good idea to inform your neighbor of your plans and discuss any potential concerns they may have.

 

What are the legal requirements for tree removal in my area?

The legal requirements for tree removal vary depending on the location and the specific circumstances. In general, it is a good idea to check with your local municipality or other relevant authorities to find out what the legal requirements are in your area.

To find out more information about the specific regulations in your area, we recommend contacting your local municipality. Here are some contact details for local municipalities:

Sevier County

Sevierville 

Gatlinburg 

Pigeon Forge

If I own a home in Sevier County, who can help me with tree removal?

The city of Gatlinburg provided a list of tree trimming and removal experts, you can find it here.

As a property owner, it’s important to take steps to maintain and manage your trees to prevent damage to neighboring properties and minimize liability for tree-related accidents. 

Regular inspection and maintenance by qualified professionals can help identify and address potential risks posed by your trees, and communication with your neighbors can help avoid disputes and legal action. If you are facing a legal dispute related to tree-related damage, it’s recommended to seek legal advice to better understand your rights and responsibilities. 

By being proactive and responsible, you can enjoy the benefits of trees on your property while minimizing the risks and liabilities they may pose.

 

*It’s important to note that the information provided in this blog post is for general informational purposes only and should not be construed as legal advice. While we have made every effort to provide accurate and up-to-date information, we cannot guarantee the accuracy or completeness of the information provided. 

 

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.

 

Five Steps to Making an Excellent Buying Decision

Posted by Jason White on

This week we partnered with Fairway Independent Mortgage in Knoxville, TN to answer the question “How do I make an excellent buying decision in this market?”

Branch Manager, Corey Freels shares his opinion with us:

According to a recent Gallup poll , only 30% of Americans believe it’s a “good time” to buy a home, while 69% of Americans believe it’s a “bad time”.  What’s perhaps more interesting is 7 in 10 Americans believe home prices will rise in their local areas… and as a whole, Americans believe real estate is the best long-term investment.

If 70% of us believe prices will continue to rise, and as a whole we believe housing to be the best long-term investment, then why do we also believe it’s a bad time to buy? 

Does something feel amiss here to you, too?

Well, if you work in the real estate industry OR you’ve waded into the treacherous waters of homebuying over the past two years, this might not surprise you all that much.  Interest rates are at their highest level in 13 years. 

Home prices are up 20% year over year nationally. Goodness, one study reports that half of Americans physically cried  at one point or more during the process. 

 

So, why in the world would we dip our toe into the housing market right now?? 

What was my greatest fear during the last two years of cheap mortgage rates, crippling supply, and a buying frenzy?  It was that we were subsequently pricing an entire generation (or more) out of owning their own home. 

I could write an entire article on the importance of the housing industry to the entire American economy, and its impact on net worth and social mobility.  Perhaps I will, but for now take my word for it: it’s crucial, non-negotiable, essential. 

You can make a great long-term buying decision in this market, and those that do will have taken advantage of what might be a generational buying opportunity. 

Housing is a basic human need (food, shelter, water) and there is no alternative.  You will participate in the housing market one way or another.  You can pay your own mortgage or cover your landlord’s.  The choice is yours. 

Whether or not you should buy a home, trade up, or sell your current home is far more about you individually than it is about market conditions. 

What volatile markets ARE good for, however, is making us stop and think so that we make a really good decision.  This is something we should be doing all of the time. 

 

Five Steps to Making an Excellent Buying Decision 

  1. Know your numbers – know what monthly payment you are comfortable with, how much cash you will need at closing, and how much you will have left over for a rainy day.  This is impossible without first meeting with a trusted mortgage advisor.  Put a lot of work and thought into this; it’s important. When you get comfortable with these numbers, do not waver.
  2. Manage your expectations – this is a deep concept, and you need a trusted real estate agent to walk you through it.  Maybe the home that was personally decorated by Joanna Gaines and has a pool with a waterfall in the back yard is out of reach, and that’s okay.  Think long term, which brings us to the next point.
  3. Think LONG term – some advice I got early on that has stuck and holds true: don’t buy a home you couldn’t OWN for 10 years. And I’m not talking about utopia here, I mean worse case, the world falls apart, will this house work for 10 years? 
  4. Fear scape – this is something you won’t read often as given advice.  Let your mind play out your fears.  A job loss, an illness, the market turns, etc.  Let your mind chase down those scenarios to their end, and then realistically see how prepared you are for those scenarios.  You’ll often find that the worst case isn’t all that bad, and that you could make things work. And then, LET IT GO.
  5. LET IT GO – there, we’ve given our mind time to be afraid, to think this through.  Now, we make decision on what we KNOW.  We know WHY we want our own home.  We know WHAT we’re looking for.  We also know WHAT we can afford.  Now, you’re ready. 

 

With the right counsel in a great mortgage lender and a great agent, you can absolutely make a great buying decision in this market.  And this market, unlike the past two years, will present opportunities for the majority of buyers who were left out of the frenzy. 

For two years, buyers with seemingly unlimited resources have dominated the market.  Now, they’re either all bought out or they’re afraid.  It’s your opportunity to participate in one of the greatest wealth building vehicles available to everyone. 

Feeling some fear about buying a home is completely normal.  I know I did.  But letting fear prevent you from making a wise decision is not productive, and we need to let logic lead us to the right conclusions. 

Fortune favors the bold, and this market will prove to be opportune for those that are bold. 

 

Fairway Independent Mortgage in Knoxville, TN can help with any of your mortgages needs!  

 

Home Inspection FAQ

Posted by Gatlin on

After choosing your new home it is now time to take a look at the inner workings.

Insight Home Inspection Services, LLC

 

What is a home inspection?
A home inspection is an objective visual examination of the physical structure and systems of a house, from the roof to the foundation.

What does a home inspection include?
The standard home inspection report will cover the condition of the home’s heating system, central air conditioning system, interior plumbing and electrical systems, the roof, attic and visible insulation, walls, ceilings, floors, windows and doors, the foundation, basement / crawlspace and structural components.

The American Society of Home Inspectors (ASHI) publishes a Standards of Practice and Code of Ethics that outlines what you should expect to be covered in your home inspection report.

Why do I need a home inspection?
Buying a home could be the largest single investment you will ever make. To minimize unpleasant surprises and unexpected difficulties, you’ll want to learn as much as you can about the newly constructed or existing house before you buy it. A home inspection may identify the need for major repairs or builder oversights, as well as the need for maintenance to keep it in good shape. After the inspection, you will know more about the house, which will allow you to make decisions with confidence.

If you already are a homeowner, a home inspection can identify problems in the making and suggest preventive measures that might help you avoid costly future repairs.

If you are planning to sell your home, a home inspection can give you the opportunity to make repairs that will put the house in better selling condition.

Below are a few examples of common issues to beware of:

 

Foundation Cracks

 

 

 

 

 

 

Foundations cracks are generally a result of soil conditions. Some soils are affected differently  by moisture and or dry conditions which cause expansion or shrinking that will create an uplifting or lowering of the foundation footing and walls. Some obvious results of these factors are: crooked doorways, cracked or bowing walls, uneven floors and believe it or not even unusual smells and humidity. These smells are due to air passing through cracks from under the earth and the humidity is elevated due to soil moisture.

 

 

 

 

 

Termites when not detected and eliminated cause billions of dollars in damage every year. Termites can cause major structural damage that cannot be seen without proper training. In our area (Tennessee) we are battling subterranean termites. These termites travel through shelter / mud tubes which consist of soil and wood cemented together with saliva and feces. Subterranean termites cause more damage to homes in the U.S. than storms and fire combined.

 

Leaks/Mold

 

 

 

 

 

Leaks and moisture entry at any location can cause wood rot and mold. Mold when not detected can grow to the point of a severe health hazard. There are several different types of mold but the worst is Stachybotrys (black mold). Symptoms of black mold can be: coughing, itchy skin, sore throat, nosebleeds and much more. An in-depth inspection uses state of the art infrared cameras and moisture detecting devices that assist in locating temperature differentials and state of the art air quality testing machines that will gather air samples into a cartridge that is sent to a third party lab for evaluation. An air quality report can assist your doctor in determining possible health issues derived from mold related conditions.

 

Electrical Panel

 

 

 

 

 

 

It is important to have a properly wired house to prevent electrical shock and make sure we have power to plug in all of our electronics. But, did you know that an improper ground can damage our new phones, tablets, game consoles and much more? An in-depth inspection will bring these issues to light by way of removing the breaker panel cover, evaluating main and branch wiring, testing receptacles and ensuring that a proper sized supply is in place.

Thank you, Mark for providing this valuable information for us!
Follow Mark on Facebook here.

 

Purchasing Land? 6 Things to Consider

Posted by Gatlin on

Purchasing Land - Things to Consider

 

We’ve created a list of six things to consider while purchasing land. This list is not all encompassing but is a great start to your research.

Zoning

You’ll want to make sure you are complying with the city, and/or country’s zoning regulations. We wrote more about the things everyone should know about zoning in Sevier County, TN.  Pay special attention to reference the most updated regulations as they are subject to change. 

If you are outside of Sevier, County a quick google search should help you find the city or county’s zoning regulations that you are looking for!

Restrictions

You will find restrictions in the legal description of your warranty deed. These may either be in the body of the deed or attach as an appendix. 

If you need a copy of your warranty deed, reach out to the county clerk’s office. Some offices have online services! 

Not exactly sure what restrictions are or why they are important? Click here to find out! 

Easements

You’ll want to determine if you are subject to any easements. 

There are a few different ways to find out! 

A survey should show your property easements. You can also contact the utility companies; electric, gas, and telephone. 

You will also find property easements on file at the local assessor’s office.

Access to Utilities

To confirm if you have access to city water or sewage, contact the city’s utility department. You can find information about utility access for land in Gatlinburg here. 

If you do not have access to city water or sewage, you will need to have a septic system installed and a well drilled to develop your land. 

We found this website to be a great resource for understanding the process of having a well installed. 

To install a septic system you must complete environmental testing, you can learn more at the Sevier County Environmental Health Department website. 

Survey or Environmental Testing

You will need a survey to determine the definite parameters of the land you are purchasing. 

A survey will also show utility easements. 

If you need to install a septic system a percolation test will need to be conducted. 

Taxes

To determine your tax liability you will need the appraised value, assessment ratio, assessed value, and the tax rate for your area. Check out our updated blog about property taxes in sevier county to learn more! 

We hope you found this information helpful as you consider purchasing land. Please, visit our website to find lots and land listed for sale in Sevier County, TN! 

 

 

Homebuyers Fuel Boost

Posted by Gatlin on

Early Spring Boost in Housing Market

Confidence in housing jumped in March in the Fannie Mae Home Purchase Sentiment Index® (HPSI), with the HPSI overall posting 88.3, 2.5 percentage points higher than one month prior and 3.8 percentage points higher than one year prior.

The boost was fueled by homebuyers preparing for real estate season this spring, says Doug Duncan, chief economist and senior vice president at Fannie Mae.  The amount of buyers who believe now is a good time to purchase leapt to 32 percent—a 10-percentage point surge.

“The HPSI’s recent run of volatility continued in March, as it recovered last month’s loss and remained within the five-point range of the past 12 months,” Duncan says.  “The primary driver of this month’s increase was the sizable rise in the net share of consumers who think it’s a good time to buy a home, which returned the indicator to its year-ago level.  On the whole, a slight majority of consumers continue to express optimism regarding the overall direction of the economy.”

The amount of homeowners who believe now is a good time to sell shimmied up, as well, three percentage points to 39 percent.  Across consumers, 42 percent believe home prices will rise, down three percentage points from one month prior.

The HPSI is derived from Fannie Mae’s National Housing Survey® (NHS).

Source: Fannie Mae

 

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Heading Into 2014, The Great Smoky Mountain Real Estate Market Continues to Show Slow, But Steady, Growth

Posted by Gatlin on

The Road To Recovery

Throughout this past year, we have seen both the national and local real estate markets continue to show slow, but steady, growth on the whole. As we look at the statistics for the Great Smoky Mountain real estate market through December of this past year, we will see that these trends, particularly in this real estate market, are largely holding steady, as we now begin into a new year. Let’s now see what the numbers have to say.

In the category of Residences Sold, we see that in comparing December 2013 to that of December 2012, the number of residences sold held steady with an increase by 1% in terms of homes sold, in that 13 more homes were sold as of December 2013, as opposed to December 2012. This continues a trend of steadiness, and even very slight growth, in the real estate market as a whole, and as we look at the rest of the statistics, we will see that the market does indeed reflect a steady and slowly growing trend on balance, and we see that the market continues to show gradual, but steady, growth on the aggregate.

RESIDENCES SOLD - GRAPH 1

In the category of Residential Dollar Volume for the year, we see an increase of 7% through December of 2013, as opposed to through December in 2012. With the steadiness of the numbers as it relates to Residences Sold, the recent local and national trends of increasing home prices still continue to show that a greater dollar volume in homes are being sold, along with still continuing to show a slow and strengthening market reflective of greater confidence on the part of both buyers and sellers.

TOTAL RESIDENTIAL VOLUME - GRAPH 2

There is also continued good news for sellers in the Average Sold Price Category. In line with statistics so far for the past year, prices still show a slow, but gradual, rise of 6% in December of this year versus that of December 2012, reflecting the recent local and national trends towards gradually higher home prices. As confidence continues to grow between potential buyers and sellers in the market as a whole, we see that the trend of higher home prices will likely continue for the foreseeable future.

AVERAGE SOLD PRICE - GRAPH 3

 

In addition, available homes on the market are actually increasing in terms of inventory. Through December 2013, as opposed to December 2012, there is a slight increase by 1% of homes being listed as available on the market, or an increase of 29 more available homes on the market, in December 2013, as opposed to December 2012. We see that higher home prices, as well as the very slight increases in homes being sold, may be contributing to more people wanting to place their homes on the market, thereby causing a slight increase in available housing inventory. While it is still too early to tell if the trend will continue into 2014, there are more available homes on the market in December 2013, as opposed to one year ago, which could further indicate greater confidence on the part of those wanting to place their homes on the market.

AVAILABLE INVENTORY - GRAPH 4

 

As markets continue this gradual trend of growth locally and across the nation, these statistics, heading into 2014, are largely expected to remain steady, showing continued slow, but steady, strength and growth into the new year. Mortgage rates still remain at historically low rates, and there are still plenty of housing options to choose from, especially in the Great Smoky Mountain real estate market. Why not start your Great Smoky Mountain home search now by visiting our website, browsing our available properties, and seeing what the Smoky Mountain area has to offer for you? Let us help you make your home ownership dreams a reality today!

 

Here Are A Few of My Featured Listings:

High Chalet Condo Near Ober Gatlinburg! Contemporary, 2 BD/2 BA, well-maintained, condominium unit w/views of Ober Gatlinburg and the surrounding Smokies! Type: Single Family Home Location: Gatlinburg, Tennessee Price: $77,900 Get more information >
Unique Chalet Adjacent to Nat’l Park! The enchanting, twinkling lights of Gatlinburg far below and majestic mountain vistas are what you’ll see from this pristine 12 acre estate. Imagine having your own 530,000 acre backyard! Type: Single Family Home Location: Gatlinburg,Tennessee Price: $697,000 Get more information >
Unique Contemporary Home w/Mtn Views Come & enjoy this one of a kind, unique, contemporary home! This 5000+ sq ft, 4 BD/3 BA home is located just off the Parkway in Sevierville in a beautiful, private neighborhood! Type: Single Family Home Location: Sevierville,TN Price: $299,900 Get more information >

The Jason White Team
Century 21 Four Seasons Realty
1441 Wiley Oakley Dr
Gatlinburg, TN 37738
Toll Free: 877-678-2121
Fax: 865-436-7227
Email: jason@jasonwhiteteam.com
Website: www.gatlinburgrealestateforsale.com

Recent New Home Sales Surge Nationally Despite Slowly Rising Mortgage Interest Rates and Possible Fed Tapering

Posted by Gatlin on

real estate investment

As we head towards the end of 2013, and into the start of 2014, there are some noteworthy national trends in real estate that are worth watching. These primarily center on the increasing likelihood of rising mortgage interest rates, as well as the possibility of the Federal Reserve beginning to taper, or slow down, its long-running bond buyback program. Both trends could foretell significant changes in the real estate market nationally in 2014.

In spite of these emerging trends, there are some other numbers worth noting in terms of the national real estate market that could also impact the coming year. One of these is that new home sales surged in October 2013 by 25% from the previous month, according to a report released by the U.S. Department of Commerce.

According to Keith Gumbinger, Vice-President of the mortgage information site HSH Associates, “It may very well be that a lot of folks are feeling better about their prospects and buying a new home.” In addition, Gumbinger also stated that there has been a general ease of financing for buyers, as “builders are motivated to get folks into homes.” Finally, Gumbinger also said that inventories of existing homes are thin in several markets, prompting people to build new homes rather than buy old ones.

The largest trend, however, in the coming year will center on the very real possibility of rising mortgage interest rates, especially since the Fed is currently weighing whether or not to start with tapering, or reducing the amount and scale to the Fed has been buying back bonds and securities since the 2008 financial crisis. The key to any real impacts will center on job and wage growth in the economy as a whole, and rising home prices will also have an impact as to whether or not there will be more buyers and sellers on the market in the coming year. At this point, it is too early to state how much of an impact this will have on the market, even though mortgage rates, from a more historical perspective, still remain low by comparison.

In view of these emerging trends, as well as recent surges in both home prices and new home sales nationally, there has never been a better time to find the home of your dreams, right here in the Great Smoky Mountains! Please feel free to browse our available inventory of properties, and see the many varieties of properties that we currently have here in the Smokies! Let us help you realize your home ownership dreams today!

 

Here Are A Few of My Featured Properties:

Private Log Cabin w/Amazing Mtn. Views! Enjoy privacy, mountain views and great outdoor spaces in this Sevierville log home that sits on over four acres! Type: Single Family Home Location: Sevierville,TN Price: $359,900 Get more information >
Luxurious Cabin w/Amazing Mtn. Views! Luxurious, scenic, 3 BD/4.5 BA, 2,600+ sq ft log cabin with spectacular views of the Smokies and a virtual bird’s eye view downtown Gatlinburg and surrounding areas! Type: Single Family Home Location: Gatlinburg, Tennessee Price: $369,900 Get more information >
Unique Sevierville Home w/Large Backyard Beautiful, masonry-style, 3 BD/2.5 BA, 3700+ sq. ft. home located within minutes to Dollywood! Type: Single Family Home Location: Sevierville,TN Price: $299,900 Get more information >


The Jason White Team
Century 21 Four Seasons Realty
1441 Wiley Oakley Dr
Gatlinburg, TN 37738
Toll Free: 877-678-2121
Fax: 865-436-7227
Email: jason@jasonwhiteteam.com
Website: www.SmokyMountainLifestyle.com