The Market Slows But Continues To Climb

Posted by Gatlin on March 28, 2013

The National Association of REALTORS reported that pending home sales slowed in February but still remained at the second highest level that has been seen in almost three years. As inventory decreases it is believed that limited available choices for buyers are causing the leveling out of activity. Let’s look a little closer at the market activity.

The Pending Home Sales Index, which reflects contracts not closings, fell less than half a percent from January but remains 8.4% higher than February of 2012. Lawrence Yun, NAR Chief Economist, said “Only new home construction can genuinely help relieve the inventory shortage and housing starts need to rise at least 50 percent from current levels.” In light of this KB Home, the fifth largest U.S. home builder has announced that they intend to invest more than a billion dollars this year in land acquisition. Jeff Mezger, KB Home Chief Executive explains “With the backdrop of a housing recovery that is now accelerating, we feel it is the right time to step up our investment growth.” Other builders are chiming in with the same sentiment. Increased builder activity will have a positive effect on the economy as jobs are created and money is spent in building materials and by new owners in the market purchasing furniture, appliances and household services.

In the Smoky Mountain area we are seeing a slight decline in inventory and a gradual rise in prices but there are still plenty to choose from. Last week we spoke about the launch of a new search website that features:

*Simplified navigation

*Photos are larger/easier to view

*Mobile site enabled

*Same page viewing of properties

*Better map search feature

*Specific and accurate saved searches

The site is now live and we invite you to log in and take a look around. For those of you whom have an account on our old search site, keep an eye out for an email from us containing your new login information. Haven’t been using our site? Take a look here. We hope you enjoy the upgrade and would love to hear your feedback.

Here Are A Few Of My Featured Listings:

A View Second To None Over $40,000 in rental income for 2012! Aptly named A View Second To None, this chalet has breathtaking views of Mt. LeConte. Located just minutes to downtown Gatlinburg & Ober Gatlinburg Ski Resort. Type: Single Family Home Location: Chalet Village Price: $269,900 Get more information >

Cozy Chalet On A Mountain Stream Over $16,000 in rental income for 2012! Sitting right on a mountain stream this cozy chalet is only about a mile from the first traffic light in Gatlinburg, which is a super handy and scenic location Type: Single Family Home Location: Chalet Village Price: $149,900 Get more information >

Turn Key Condo Near Ober Gatlinburg These condominiums are one of the best values in the area. High quality masonry construction and only 36 units. This building is in excellent condition with a newer roof, recently painted, resurfaced parking area, nice landscaping & a well managed HOA. Type: Condo Location: Chalet Village Price: $139,900 Get more information >

New Tools To Make Your Home Search Easier

Posted by Gatlin on March 21, 2013

Reports are coming in Nationally that mortgage interest rates are still at record lows and so is housing inventory. The National Association of REALTORS has said much of the country is experiencing a seller’s market. So far in 2013 the news for Sevier County Tennessee is very similar. We see prices start a gradual climb and an inventory decrease for the first time in years. For sellers, it might be a good time to see what price the market may offer for your home. For buyers, there are still plenty of great mountain properties to choose from at this point and now is the time to take the next step towards owning a mountain home.

Many of you currently use our website to view properties and our team strives to provide superior quality service. Our efforts in providing this type of customer satisfaction has lead us to update our web presence with a new home search site. Here are just a few of the enhanced benefits you will soon experience in your web based home search:

*Simplified navigation

*Photos are larger/easier to view

*Mobile site enabled

*Same page viewing of properties

*Better map search feature

*Specific and accurate saved searches

The site is not live yet but keep an eye out over the next few weeks for more updates. For those who have a current account on the site with saved searches, favorite homes etc…once the new website is live we will be emailing you detailed information about the new website and believe that you will be pleased with the changes. Haven’t searched for homes on our current website? Send us an email or give us a call and we will be happy to set up a free account for you so you can begin enjoying the benefits of using some of the best search tools available.

We believe these tech upgrades paired with the experience and dedication of our team are the right ingredients to make your home purchase a smooth transaction from the moment you start looking until the moment your purchase is complete. Stay tuned for more information as we get closer to launch date.

Here Are A Few Of My Featured Listings:

12 Acre Mountain Retreat 12 pristine acres bordering the Great Smoky Mountains National Park with direct view of downtown Gatlinburg and surrounding mountains. Cove Mountain Trail literally touches the property line. Type: Single Family Home Location: Chalet Village Price: $799,900 Get more information >

Custom Built Home On The River Custom built home on the Pigeon River with year around mountain views in one of Sevierville’s most sought after neighborhoods. Type: Single Family Home Location: Sevierville,TN Price: $329,900 Get more information >

Come Be A Happy Bear Great rental potential with $12,270 in rental income just for August – December of 2011. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $259,900 Get more information >

February Continued The Positive Trend For Smoky Mountain Real Estate

Posted by Gatlin on March 7, 2013

As we prepare to move in to the Spring market we will take a look and see what the statistics had to show for February in real estate trends. We see positive news in key categories and look forward to this continuing through March and the rest of the year. As recent posts have shown, the National real estate market is experiencing great things as well. On Monday, Freddie Mac reported record breaking profits as they closed out 2012. The mortgage giant showed an $11 billion gain, their largest ever and their first profitable year since 2006. $5.8 billion of this profit must be paid back to the United States Treasury and beginning this year 100% of profits from Freddie Mac & Fannie Mae will be given back as re-payment of the approximately $71 billion in aid they received during the housing crash. We see these gains as more evidence that the housing market has turned a corner.

As we look at the statistics for Sevier County, Tennessee we will start with the Total Number Of Homes Sold. Compared to February of last year we do see a decrease. We feel this is partly due to a lowering of inventory. As we move in to Spring we certainly expect to see this number exceeding last year’s again.

In the category of Total Volume Sold we also see a slight decline as well which relates to the numbers above.

Positive news for sellers when we look at Average Sold Prices. February shows a gain of 17% over the same period last year. Though less homes sold for the month buyers were willing to pay more for homes which may be related to less homes being on the market to choose from and the presence of a few multiple offer situations.

In the last category, Available Homes On The Market, we see a 9% reduction in inventory. This will continue to help with boosting prices.

Though there is still plenty of inventory available, as a seller now may be a good time to consider putting your home on the market. We understand that you may be wary as you may have considered it before and not been successful at getting the price you need. However as prices are rising and inventory is shrinking leaving less competition why not treat yourself to a free Market Analysis to see if things have changed? We are excited about the positive news for the area and invite you to spend some time at our website to see what opportunities are available in the Great Smoky Mountains.

Here Are A Few Of My Featured Listings:

Wooded Mountain Get Away Over $20,000 in rental income for 2012! This property is perched in a beautiful wooded location with a stunning view of the surrounding Smoky Mountains. Type: Single Family Home Location: Chalet Village Price: $165,000 Get more information >

Minutes To The Ski Resort Over $20,000 in rental income for 2012! Looking or a great deal in desirable Chalet Village? This is it! Located just minutes to downtown Gatlinburg and Ober Gatlinburg Ski Resort. Type: Single Family Home Location: Chalet Village Price: $135,000 Get more information >

Stunning Mt. Leconte Views Almost $35,000 in rental income in 2012! Enjoy stunning mountain views from inside or outside. Upon entering the home, you’ll find yourself in the expansive living room, with lots of windows that allow you to enjoy views of Mt. LeConte. Type: Single Family Home Location: Gatlinburg, Tennessee Price: $249,900 Get more information >

Now Could Be The Time To Consider Selling

Posted by Gatlin on February 28, 2013

Next week we will be sharing the February statistics for the Great Smoky Mountain region however, looking at preliminary numbers we expect to have very positive news to share. As in our area, nationally reports of market improvement continue to come in. Let’s see what our sources have to say.

Last week the National Association Of Realtors said it is becoming a seller’s market. NAR reported that the current inventory of homes on the market represents a 4.2 month supply at the current pace, the lowest we have experienced since April of 2005. This is a 25.3% decrease from the same time last year. Lawrence Yun, NAR Chief Economist has concerns that the limited inventory presents challenges for increasing sales volume as buyers are faced with lack of choice. “Buyer traffic is continuing to pick up, while seller traffic is holding steady,” he said. “In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We’ve transitioned into a seller’s market in much of the country.” Yun went on to say, “We expect a seasonal rise in inventory this spring but it may be insufficient to avoid more frequent incidences of of multiple bidding and faster than normal price growth.”

The national median price for existing homes of all types was up in January by 12.3% from January of 2012. In the Smoky Mountains, single family homes remained even with last year and we expect to see them starting to rise as we are experiencing a decrease in inventory as well. As buyer activity continues and inventory shrinks prices will show gains.

We are also seeing properties spending less time on the market as buyers are not hesitating to move forward with offers once a property has been identified. Mortgage rates remain low and buyers are taking advantage of available opportunities. With all of these positive changes happening now is a great time to get a free market analysis of your property and see if now may be the prime time to get your property on the market. Email me or give me a call at 877-678-2121 and I am happy to prepare a detailed report for you.

If you are considering a purchase, there are still plenty of great homes at this time but as we expect prices to begin a rise now is the time to start searching. It is very important with the current market conditions to work with an experienced Buyer’s Agent who will help you to balance between moving quickly on the perfect home and protecting your interests. We also strongly encourage speaking to a mortgage lender to begin the process of getting pre-qualified prior to viewing homes to make your negotiation position stronger once you have identified a property. We are here and ready to help with all the details.

Here Are A Few Of My Featured Listings:

Creek Front Charmer Pull up a chair and enjoy the soothing sounds of the mountain stream. This 2BD/2.5BA chalet is on a large creekside lot but just a 5 minute drive to downtown Gatlinburg. Type: Single Family Home Location: Gatlinburg,Tennessee Price: $189,900 Get more information >

Money To Be Made!!! Income potential with consistent rental history. $25,737 in 2009, $26,127 in 2010 & $20,352 in 2011. Don’t miss out on all these features! Type: Single Family Home Location: Chalet Village Price: $149,900 Get more information >

Hot Buy On Authentic Log Cabin Right at $30k in rental income for both 2010, 2011 & 2012!! Soaring ceilings and three walls of glass create a dramatic feel and bring the expansive views into the living space of this modern day cabin. Type: Single Family Home Location: Pigeon Forge Price: $149,900 Get more information >

Inventory Decreases & Foreclosure Discount Prices Begin To Narrow

Posted by Gatlin on February 21, 2013

In statistics for the Great Smoky Mountain region posted to our website on February 14th we noted that prices were nearly even and inventory was down by 10% in a year over year comparison. Today, Bloomberg reports that nationally sales of previously owned homes increased by .4% with available properties dropping to the lowest level since 1999. Carl Riccadonna, senior U.S. economist at Deutsch Bank Securities said “Incomes continue to rise, interest rates are low and inventory is lean. The outlook is improving.”

Along with this we are seeing major changes in the foreclosure and distressed inventory and how it is affecting the real estate market. It is reported that foreclosure filings fell 28% in January from the previous year and are now at the lowest level since April 2007. As overall inventory continues to decrease prices will level and start to rise with distressed properties being no exception. In an article on Housing Wire, Dr. Yangling Mayer, FNC Senior Research Economist said “The fact that we are seeing a combination of rising home prices and a bottoming out of foreclosure prices is a very good sign the housing recovery is taking hold. This is the very first time in the long housing recession that the two are happening at the same time.” By the fourth quarter of 2012 the average foreclosure discount had dropped to 12.2%, a huge drop from the average 25% discounts we were seeing during the peak of the downturn. During that quarter foreclosures only accounted for 18.1% of the single family sales, down from 26.5% in the first quarter of 2012.

This all adds up to great news for the real estate market. If you own a property in the Smoky Mountain area and have been waiting for the right time to put it on the market now is the time to get a free market analysis. It is a comprehensive report showing current market statistics and what prices buyers are currently paying for homes similar to yours. If you would like to see what kind of price the market may bring for your home just click here to send me a request.

If you are thinking of buying a second home or investment property in the Smoky Mountain market, now is the time to start looking as there are still several great deals available but we do expect prices to begin to rise and to see more multiple offer situations as inventory continues to tighten. Spend some time at our website to get a feel for all the region has to offer. When the time is right we are happy to answer your questions or set up an appointment to show you homes.

Here Are A Few Of My Featured Listings:

Enjoy A Mountain Lodge Feeling Produced $58,000 in gross rental income just from March – December of 2012! From the minute you walk through the custom bear carved door you know you are stepping in to luxury. Type: Single Family Home Location: Sevierville,TN Price: $325,000 Get more information >

Live Your Smoky Mountain Dream Almost $20,000 in rental income for 2012! Enjoy stress free ownership with this true log cabin located in a gated resort community. Enjoy amazing views with the Great Smoky Mountains right at your door step… Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $225,000 Get more information >

Add Your Own Touches Here is your opportunity to create a mountain getaway with your own unique style and personality. High quality materials and construction are a great jumping off point to add your finishing touches. Type: Single Family Home Location: Sevierville,TN Price: $112,500 Get more information >

The Smoky Mountain Real Estate Market Is Taking Off In 2013

Posted by Gatlin on February 7, 2013

The Road To Recovery The first month of 2013 has started with positive numbers and great news. As we look at the statistical numbers we see a whirlwind of activity and gains toward improvement that are bigger than we have seen in quite some time. Let’s take a look.

In the category of Total Residences Sold we have started 2013 with an overall increase of 8%. January is typically a busy month in the area for real estate but we see a trend towards increased buyer activity from recent years.

Total Volume of real estate sold in the area was also up with an increase over the same period last year of over $1,000,000 or 8%.

Prices have actually remained nearly even with last year. The numbers show only a $707 difference in the Average Sold Price. This is very positive news for sellers.

Inventory of available homes has dropped by 10%. As buyers are more active and the above numbers improve we expect to see this number continue to decrease helping prices to remain even and start to rise.

As supply and demand continue to balance out we believe now is the time to consider a Smoky Mountain Purchase. Take a look at our website to view all of the available homes and get started on the road to making a great investment. We are here to help when the time is right for you.

Here Are A Few Of My Featured Listings:

87 Gently Rolling Acres Await 87 gently rolling mountain top acres with outstanding 270 degree uninterrupted panoramic views of the major peaks of the Great Smoky Mountains National Park including Mt. Cameror, Geyot, Webb, Greenbriar, and LeConte. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $1,750,000 Get more information >

Relax By The Water Waterfront living at its finest on 7.92 acres with 365′ fronting the Holston River in Grainger County! Offering a custom home featuring many updates, privacy, scenic views, wildlife, private boat ramp & more! Type: Single Family Home Location: Grainger County Price: $667,000 Get more information >

Expect Good Things For Real Estate In 2013

Posted by Gatlin on January 31, 2013

2012 closed out with definite signs of continued market improvement. Reports and trends are pointing to these gains continuing this year. January has started at a fast pace for the local real estate market and in recent weeks we have experienced multiple offer situations and bidding wars on homes. When we look at January’s statistics next week we expect to see an increase in activity.

New home construction is reported to have accelerated to its highest rate since 2008. As existing inventory continues to move we believe we will see new home construction continue to rise. Other reports show that repairing and remodeling of existing homes has picked up as more owners are preparing their homes for the market spurred on by positive signs of recovery.

The Joint Center For Housing Studies at Harvard University released a 32 page report on January 23rd relating to improvement of the housing industry. The report shows that in most metropolitan markets home prices have steadily risen with new home construction climbing by almost 30% in 2012 and existing home sales passing the four million mark for the first time since 2007. As momentum builds in the market it is expected that the remodeling and home improvement industry will get a boost as well. The report goes in to depth about how and why that industry will see a flurry of activity and how it relates to the current real estate market conditions. You may download a full copy at their website.

In another report released this month they go on to say that even after the housing crash, as the market begins its recovery the dream of home ownership is alive and well in America. In one survey by Pew Charitable Trusts 81% of those surveyed agreed that buying a home is the best long term investment in the United States. Using information from the National Housing Survey data from 2010-2012, Drew and Herbert found that of both owners and renters 94% of people between the ages of 18 and 44 anticipate buying a home in the future. While having the desire to own a home is different from actually purchasing, we believe that as prices are still low as long as favorable mortgage conditions remain we will see a large number of buyers entering the market this year.

There are still many opportunities to purchase a residence or investment in the Great Smoky Mountains. As conditions improve we are seeing increases in inventory as more owners are moving forward with delayed plans to sell. We believe prices will continue to rise and now is the time for buyers to take advantage of still available deals and for sellers to consider getting a free price analysis to determine if now is the time to put their home on the market. We are happy to help with achieving your 2013 real estate goals. Spend some time at our website and let us know when you are ready to begin exploring all that the Smoky Mountain market has to offer.

Here Are A Few Of My Featured Listings:

Gone With The Wind Almost $22k in rental for the first 10 months of 2012!! If you have dreamed of having a luxury chalet on top of the mountain with sweeping views of the valley, city and mountains then you have to look at this one. Type: Single Family Home Location: Chalet Village Price: $299,900 Get more information >

Amazing Views & Unique Features This charming home offers a spectacular view and some really unique features. The living room has soaring ceilings, warm wood flooring and a unique see through fireplace with the dining area on the other side. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $208,700 Get more information >

A Summary Of The 2012 Smoky Mountain Real Estate Market

Posted by Gatlin on January 3, 2013

We hope each of you had a great New Year! As we move in to 2013 we would like to look at the final statistical numbers for 2012 that the Great Smoky Mountain Association Of REALTORS has released. If we go all the way back to the statistics early in the year we know 2012 started with a whirlwind of activity and the trend continued all year. Let’s take a look.

In the category of Total Residences Sold we finished out 2012 with an overall increase of 12%. Buyers were very active throughout the year and took advantage of all time low mortgage rates.

In conjunction with the above category Total Volume of real estate sold in the area was also up with an increase over last year of over $11,000,000.

Prices were still down at the close of the year but have continued to show improvement. As supply continues to dwindle prices will keep pushing towards positive numbers.

The amount of time homes spent on the market showed a decrease of 2.5%. As market factors continue to stabilize we expect to see this number continue to improve.

We would also like to note that 2012 finished with only a 3% increase in inventory vs. 2011. This is an improvement from the 2011 vs. 2010 number which showed a 9% increase. If financing continues to stay at low rates, which we expect it to, inventory will continue to decrease resulting in a balancing of supply and demand in the Great Smoky Mountain region.

It’s a fresh new year and we expect 2013 to continue the upward trend for real estate. It may be the right time to consider an investment or second home purchase in the mountains. Take a look at what the market has to offer by visiting our website. We are happy to help with making your Smoky Mountain real estate dream become a reality!

Here Are A Few Of My Featured Properties:

Old Time Charm On 6 Acres!! Charming vintage log cabin updated with modern conveniences but with old time charm sitting on 6 beautiful wooded acres. Type: Single Family Home Location: Pittman Center Price: $179,900 Get more information >

Beautiful Mountain Sunsets Incredible large diameter log construction creates a special, solid, and timeless appeal. Type: Single Family Home Location: Pigeon Forge Price: $450,000 Get more information >

Charming & Authentic Log Cabin Did $22,907 in rental income from April – December of 2011. Charming and authentic log cabin located in desirable Sky Harbor community between tourist centers of Gatlinburg and Pigeon Forge. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $169,900 Get more information >

Economists Continue To Report Good News For Real Estate

Posted by Gatlin on December 27, 2012

In a news release on December 20th the National Association of Realtors shows that market conditions continued to improve in November, with lowering inventory and rising prices. The article states that total existing home sales including single family homes, town-homes, condos and co-ops rose 5.9% in November which reflects a 14.5% increase from November of 2011. Lawrence Yun, NAR Chief Economist, said “Momentum continues to build in the housing market from growing jobs and a bursting out of household formation”. Let’s take a more in depth look at the breakdown of the numbers.

One of the big factors contributing to the market recovery is the lowered inventory of distressed homes on the market. Foreclosures and short sales only made up 22% of the sales in November, down from 24% the previous month and 29% in November of 2011. These properties were only showing average discounts of 16-20% from market value, a sign of increased demand. Yun said “The market share of distressed property sales will fall into the teens next year based on a diminishing number of seriously delinquent mortgages”. The current low interest rates and availability of programs to assist home owners will continue to contribute to the reduction of this type of home inventory.

Total housing inventory at the end of November represented a 4.8 month supply with sales at their current pace. This is the lowest supply the market has witnessed since September of 2005. We are also seeing time on the market decrease both nationally and locally with the national stats showing a 28.6% decrease from the same month last year.

As demand increases prices are expected to continue their steady rise. The national median price for existing homes was $180,600 last month. This is not only the ninth consecutive month of year over year gains but also represents a 10.1% increase in price from last November. The last time we were able to see price increases sustained for this many months in a row was from September of 2005 through May of 2006.

We believe that this positive trend will continue through the end of the year and in to 2013. Next week we will take a look at how 2012 finished out for the Smoky Mountain real estate market. The following months of January and February are traditionally a flurry of activity for our area when a large number of buyers visit to view homes. If you have been thinking of coming to explore the market give us a call or email, we are happy to schedule an appointment. If you have a home to sale, now may be the time to ask for a market analysis, you may find that now is the time to list.

Here Are A Few Of My Featured Homes:

Relax & Enjoy The View A true opportunity to own a relaxing and stress free home away from home in the mountains. This is a very attractive unit with stunning mountain views from it’s top floor location. Type: Condo Location: Chalet Village Price: $92,500 Get more information >

Tucked Away Above It All What a great deal on a nice, clean & spacious mountain get away. Type: Single Family Home Location: Chalet Village Price: $112,000 Get more information

The Smoky Mountain Real Estate Market Keeps Climbing

Posted by Gatlin on December 6, 2012

As we take a look back at the first 11 months of 2012 we see signs that 2012 will be a year marked as the time when things began a steady turn around for the real estate market. With positive news from economists, various markets throughout the country and improving statistics it is hard to ignore that real estate is climbing towards a recovery. Let’s take a look at the year to date numbers for Sevier County.

In the category of Total Residences Sold Through November we see an improvement of 14% versus the same period of 2011. As mortgage rates are staying low and the cost of rent rises we expect to see more first time buyers enter the market with Trulia reporting that almost 80% of renters surveyed said they plan to buy a home.

Total Dollar Volume Sold maintains it’s pace with an 8% increase from last year.

The Average Sold Price is still slightly down but shows an improvement from last month. New home construction is slow and is helping to push prices up. The presence of foreclosures as competition also continues to decrease as many owners have been able to take advantage of new programs to stay in their homes.

Average Time On The Market stays steady at 3% less time than last year. Properties in the area are spending just at six months on the market as an average.

According to CoreLogic National home prices have been moving up for eight consecutive months with the largest increase since June 2006. The National Association of REALTORS reported in October that the inventory of available homes was down 22% from last year and at the lowest inventory since February 2006. As the numbers continue to improve it could be time to request a free price analysis to determine what price the current market will bear for your property, you may be pleasantly surprised. If you are considering a purchase now is the time to take advantage of still low interest rates as NAR predicts that mortgage rates will stay low in 2013 but will rise to an average of 4%. Ready to browse? Visit our website for access to all Smoky Mountain area properties that are available.

Here Are A Few Of My Featured Listings:

Build Your Dreams
Great opportunity to make your Smoky Mountain Dreams come true. 1.8 acre residential lot located centrally to both Gatlinburg and Pigeon Forge.
Type: Land
Location: Gatlinburg ,Tennessee
Price: $69,900
Get more information >

Impressive Remodel
The effective year built on this cabin is basically 2009. A very impressive top to bottom remodel has totally transformed it into one the nicest and most up to date you’ll find.
Type: Single Family Home
Location: Chalet Village
Price: $488,000
Get more information >

Custom Built Home On The River
Custom built home on the Pigeon River with year around mountain views in one of Sevierville’s most sought after neighborhoods.
Type: Single Family Home
Location: Sevierville,TN
Price: $379,700
Get more information >

Category: Local Market Statistics