Despite the outlier in June – notice the increase during the 4th quarter.
Days on Market
Despite the outlier in July – days on market stayed relatively close to 100 days during 2020.
Despite the outlier in June – notice the increase during the 4th quarter.
Despite the outlier in July – days on market stayed relatively close to 100 days during 2020.
Have a look at the year-end 2020 graphs below. It’s very interesting to look at the average price and days on market correlation over the last 4 years. Days on market is flat from 2019 to 2020, after a 20% decrease in both 2017 and 2018. While the average price continues to increase by 23% from 2019 to 2020, after an increase of 11% from 2018 to 2019, and a 10% increase from 2017-2018.
Average land prices increased year over year from 2017 – 2020; 15% 2017 – 2018, 17% 2018 – 2019, and 16% 2019 – 2020.
“Many experts are predicting another strong housing market in 2021. They are forecasting increased demand from buyers who delayed purchasing homes because of the pandemic; from existing homeowners who need larger spaces to accommodate parents working from home and children attending school virtually; and from condo owners who are seeking to escape multifamily buildings for single-family houses to mitigate exposure to the virus. The ability to tour homes and close on purchases virtually will make buying a home simpler in 2021.”
You can read the full Washington Post article here.
Check back with us here on the first Saturday of each month to get the latest Smoky Mountain Real Estate stats.
*Note: statistics collected using the Bluff Mountain, Chalet Village, Cobbly Nob, Douglas Lake, Gatlinburg, Jones Cove, Kodak, New Center, Pigeon Forge, Pittman Center, Sevierville, Seymour, and Wears Valley areas.
Country Living Magazine says this, “When you visit this isolated valley in the Great Smoky Mountains it feels like you’ve stepped back in time.”
Country Living Magazine says, “This stretch of road that meanders 469 miles through the Appalachian Mountains is the most visited place in the U.S. National Park Service.”
464 homes sold in Sevier County from January to March of 2019.
486 homes sold from January to March of 2018.
Sales are down 5%.
Average price has increased by 15% and is up by $36,000.
Average price is $274,582.
Available Inventory is down 12%, and Volume up by 10%.
65 homes sold in Gatlinburg from January to March of 2019.
87 homes sold from January to March of 2018.
Sales are down by 25%.
Average price has increased by 23% and is up by $50,000.
Average price is $274,277.
Available Inventory is down 25%, and Volume is down 8%.
90 homes sold in Pigeon Forge from January to March of 2019.
100 homes sold from January to March of 2018.
Sales are down by 10%.
Average price has increased by 26% and is up by $70,000.
Average price is $341,226.
Available Inventory is down 19%, and Volume up by 13%.
147 homes sold in Sevierville from January to March of 2019.
150 homes sold from January to March of 2018.
Sales are down by 2%.
Average price is flat.
Average price is $240,738.
Available Inventory is down 9%, and Volume down by 2%.
26 homes sold in Wears Valley from January to March of 2019.
27 homes sold from January to March of 2018.
Sales are down by 4%.
Average price has increased by 32% and is up by $88,000.
Average price is $365,242.
Available Inventory is down 18%, and Volume is up by 27%.
12 homes sold on Douglas Lake from January to March of 2019.
11 homes sold from January to March of 2018.
Sales are up 9%.
Average price has increased by 82% and is up by $139,000.
Average price is $310,241.
Available Inventory is flat, and Volume up 99%
139 lots sold in Sevier County from January to March of 2019.
137 lots sold from January to March of 2018.
Sales are up by 1%.
Average price has increased by 16% and is up by $8,000.
Average price is $59,851.
Available Inventory is down 10%, but Volume up by 18%.
40 lots sold in Gatlinburg from January to March of 2019.
21 lots sold from January to March of 2018.
Sales are up by 90%.
Average price has increased by 35% and is up by $14,000.
Average price is $56,565.
Available Inventory is up by 1%, and Volume up by 157%.
13 lots sold in Chalet Village from January to March of 2019.
13 lots sold from January to March of 2018.
Sales are flat.
Average price is down by 12% and is down by $5,000.
Average price is $44,573.
Available Inventory is down 26%, and Volume is down 12%.
17 lots sold in Pigeon Forge from January to March of 2019.
11 lots sold from January to March of 2018.
Sales are up 55%.
Average price has decreased by 44% and down by $20,000.
Average price is $25,494.
Available Inventory is down 18%, and Volume down by 14%.
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.
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.
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 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.
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!
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For second home properties, our buyers can put as little as 10% down. If you are putting less than 20% down, there will be private mortgage insurance included in your monthly payment until your loan balance reaches 80% of the home’s original value. As of October 2018, the rates for mortgage insurance have remained as low as .30% annually (or $75/month for a $300k loan amount) for borrowers with good credit. Investment property loans require at least 15% down.
Like all correspondent lenders, we get new rates sheets every day when the market opens. We start with the base rate and add adjustments for loan size, loan term, down payment, and credit score when calculating a client’s rate. The good news is, at MIG the adjustments are the same for a second home as they are for a primary residence. Higher rates apply for investment property loans.
Certain buyers are better suited for an investment product. This might include someone who:
* Requires future rental income from the property he or she is purchasing to qualify for the loan
* Already owns a second home in the Smokies
* Has no intention of using the home for personal use (this would include renting the property out on a long-term lease)
* Intends to use a property management company that will not give the owner control of when they can stay in the home.
Yes! Just make sure that you maintain the ability to block out time for personal use. Black-out dates for peak seasons and holidays are a deal breaker.
It could! If that language is present we will be required to review the management company’s contract to determine that you will be able to use the home for personal use at your discretion per second home guidelines.
The minimum credit score for investment and second home purchases is 620. If you are unsure of where you stand, give us a call and we can go over this with you. If you are short of qualifying, we may be able to increase your score within 7 business days!
You and your seller will negotiate a closing date at the time your sales contract is signed, but most purchase and sale agreements set closing for about a month after the contract is bound. This allows time for you to collect and submit your credit documentation to us, the appraisal to be completed, and for title work to be completed.
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.