Moving Into July The Smoky Mountain Market Remains Steady

Posted by Gatlin on July 4, 2013

For much of the year, we have watched as both the National and local Real Estate markets have gained and shown a steady climb to positive numbers. As we look at the statistics for the Smoky Mountain market through June of this year, we will see that the trend continues. Let’s see what the numbers have to say.

In the category of Residences Sold, we see a slight decrease versus last year of 8%. This represents 53 less homes sold in comparison to the same period in 2012. Even with the decrease in this number, as we look at the rest of the statistics, we will see that the market is still fairly stable and we expect this to continue and improve.

In the category of Residential Dollar Volume for the year, we also see a slight decrease. This directly relates to the decrease in number of homes sold, but remains a slight number as prices are still rising.

Good news for sellers in the Average Sold Price Category. In line with statistics so far for the year, prices still show a rise versus 2012. As inventory continues to decrease, we expect prices to continue to gradually increase.

Available homes on the market continue to decline. Through June, we see a decrease of 3%, or 109 less homes on the market. As activity continues to stabilize, this number will continue to dwindle.

As markets continue to stabilize across the Nation, prices will continue their rise and inventory will continue to decrease. Mortgage rates are still at all time lows and there are still plenty of housing options to choose from. Why not start your Smoky Mountain home search now by visiting our website and perusing all the area has to offer?

Here Are a Few Of My Featured Listings:

Great Rental Income! Over $30K rental income in both 2011 & 2012! This Smoky Mountain chalet is just minutes to Ober Gatlinburg Ski Resort. Main level master bedroom features private bath & deck access. Type: Single Family Home Location: Chalet Village Price: $199,900 Get more information >

Spacious Home w/Great Mtn Views Spacious home full of character & detail. A vintage door from the 1890’s welcomes you inside where you will find vaulted ceilings, lots of windows and lots of unique spaces. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $359,200 Get more information >

Large Home Next to Smokies Once you see this functional work of art that doubles as a spacious home you’ll never want to leave. This home combines unique, one of a kind architecture w/an outrageous view, along with a site that borders the Great Smoky Mountains National Park. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $899,900 Get more information >

The Real Estate Market Holds It’s Ground Through May

Posted by Gatlin on June 6, 2013

So far in 2013 the news has been positive for both the local and National real estate market. As real estate affects the economy directly by creating jobs, spurring marketplace activity and more it is a breath of fresh air to see the recovery in process. Today we will take a look at the Sevier County, Tennessee statistics through May for single family homes.

Number of homes sold is slightly down with a decrease of 55 homes versus the same period last year.

With the decrease in number of homes sold, total dollar volume was affected as well with a small decrease, inventory constrictions may be contributing to these numbers.

Great news for sellers! The average sold price continues to show gains over last year showing an 8% increase. As inventory continues to shrink prices will continue to get a boost.

The number of available homes is down 4% from last year. This will continue to help prices however now may be a good time to think about getting a free price analysis to determine if it is the right time to sell.

Although inventory is down there is still a wide variety of properties to choose from. As prices continue their steady rise now is the time to get started on making your dream of owning a Smoky Mountain home a reality. We invite you to visit our website and begin the search.

Here Are A Few Of My Featured Listings:

Perfect Country Cabin Over $21,000 gross rental income in 2011 & 2012! Perfect country cabin for a romantic get-away. Great rental history and tidy condition make this an easy choice. Type: Single Family Home Location: Pigeon Forge Price: $129,900 Get more information >

Custom Built Dream Home This is a well built custom one owner home on a 3/4 acre level corner lot with mountain views of the Great Smoky Mountains National Park. Type: Single Family Home Location: Cosby Price: $239,900 Get more information >

Rustic Log Cabin W/Amazing Views! Authentic & rustic log cabin with breathtaking mountain views. Located in desirable Chalet Village, this cabin is just minutes from Ober Gatlinburg Ski Resort and downtown Gatlinburg. Type: Single Family Home Location: Chalet Village Price: $139,900 Get more

Vacant Land – A Good Buy?

Posted by Gatlin on May 30, 2013

As we are watching market activity surge, prices starting a slow rise and inventory decline many of you may be asking is now the time to consider a vacant land purchase. Today we would like to take a moment to look into the benefits and things to consider before making a land purchase.

There are numerous things to check into when you begin to look at an undeveloped tract of land and the first is what are your long term goals for the parcel? Are you looking at a long term investment, to build right away or to get a good deal now and build a home later? Knowing ahead of time what your end plans are will help to guide your decision making.

If you intend to purchase it as a long term investment always think about location. If the market is primarily vacation rental property and that will be the end user, where are the hot spots for vacation rentals? Certainly in this area Chalet Village, Pittman Center, Wears Valley and locations near Dollywood would be excellent choices. If you are looking for somewhere to build a second home you will want to decide what location features are to you when you are enjoying time away. Mountain view? Close to attractions? Privacy? Or for a permanent residence, what about accessibility to shopping? School district? Traffic?

Once you have determined an end use and location you will want to consider potential costs of purchasing such as a survey. Also, what amenities are present and what will have to be added? Is the property serviced by city water and sewer? If not, is there an existing well and septic or will one need to be installed?

Putting together a team to help will make your transaction go more smoothly and give you a clear picture when making a land purchase. We recommend exploring your financing options first so that when you have identified a piece of property you are prepared to make an offer. We are able to assist you with locating contractors, builders and others to be available throughout the process.

There are numerous options available in the Great Smoky Mountain area if you are considering a land purchase. Land and lot prices are still low but as existing home inventory continues to decrease and prices increase land values will start to rise. Now may be a good time to start looking at some of the great available deals on undeveloped property.

Here Are A Few Of My Featured Vacant Land Listings:

Near Ski Resort & Downtown
A great opportunity to own a lot in desirable Chalet Village and has a winter view of the mountains.
Type: Land
Location: Chalet Village
Price: $29,900
Get more information >

Two For The Price Of One
Two lots for the price of one and right in the city within walking distance to downtown Gatlinburg dining, shopping and attractions.
Type: Land
Location: Gatlinburg ,Tennessee
Price: $35,000
Get more information >

Beautiful Ridge Top Property! Great Deal
Beautiful ridge top property with level building site. Clear a few trees to have a wonderful mountain view. Driveway to the top of the ridge. VERY MOTIVATED SELLERS!
Type: Land
Location: Gatlinburg, Tennessee
Price: $29,000
Get more information >

What Role Does The Real Estate Market Play In The Economy?

Posted by Gatlin on May 9, 2013

We have witnessed a continued stream of good news flowing in for the housing market so far this year and there is no doubt that a recovery is underway. Trulia’s Housing Barometer shows each month how quickly the market is heading back to “normal.” Trulia is showing that the market is currently 56% of the way back compared to only 33% one year ago. This number comes from averaging 3 key indicators:

*Construction starts were up 47% year over year, the highest level since June of 2008 – 55% back to normal.

*Existing home sales slowed a bit but were still up 10% year over year – 66% back to normal.

*The foreclosure and delinquency rate fell to it it’s lowest level since October of 2008 – 48% back to normal.

Though it is great to hear real estate is doing well it is often mentioned that this means an overall boost to the economy. Let’s take a look at a few of the reasons why.

Many career fields and even the Government depend on real estate success. Of course lenders and builders benefit when the market is doing well but a closer look shows that the impact goes much deeper than that. Lawrence Yun, NAR Chief Economist, says that the market recovery is responsible for about 1/3 of the economy’s growth and a large number of jobs. When we think about homes being purchased many times this means a need for landscaping, remodeling, lawn equipment and numerous other items. This pours spending right back in to the economy. The effects go through several levels, as home purchases and home construction increase the demand for materials and supplies is also increased, boosting retail jobs, manufacturing jobs and labor jobs.

Another way home purchases help is in the tax sector. Most communities depend on tax dollars to provide road maintenance, parks, emergency personnel and other services. With more property tax dollars coming in cities are able to spend more on improvements. With these improvements it is easier to attract job providers or in some cases, recreational visitors to the area. This completes a loop of money being circulated in the economy.

These are just a few of the ways that real estate affects the economy and there are many more. As the market continues to level now is the time to consider a purchase. When you are ready we will be here to help you navigate the process from beginning to end.

Here Are A Few Of My Featured Listings:

Picture Perfect Log Cabin Almost $25,000 in rental income for 2012! Well built log cabin with privacy and only 5 miles to Pigeon Forge. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $219,900 Get more information >

Tucked Away In The Woods This two bedroom chalet with a pretty wooded view is set back in the trees to offer the kind of privacy you seldom find in today’s crowded world. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $139,900 Get more information >

Stress Free Home In The Mountains Looking for a stress free home away from home in the Smoky Mountains? You have found it here with this inviting condo atop Ski Mountain. Type: Condo Location: Chalet Village Price: $85,000 Get more information >

The Smoky Mountain Real Estate Market Holds Steady

Posted by Gatlin on May 2, 2013

An article on CNN Money this morning reports that mortgage rates for a 30 year fixed loan still hover near the record low set in November of 2012 at 3.35%. The 15 year rate fell to an all time low at 2.57%. These continued low rates are helping to push the real estate market into recovery. So far in 2013 we have seen mostly positive news both nationally and locally. As we look at the market statistics for the Smoky Mountain Region we see that the market is holding steady and still showing positive growth from last year.

In the first category of Residences Sold, we see a slight decline of 38 homes versus the same period last year.

In Residential Volume Sold we see a 2% increase. Though the number of homes sold has slightly declined this number continues to stay positive as home prices are still showing an increase.

Total Dollar Volume Of Homes Sold The Average Sold Price of Smoky Mountain Homes shows an increase of 12% versus last year. We believe this number will continue to improve as the market keeps growing.

In the final category of Available Homes we continue to see inventory decrease. April finished out with 181 or 6% less homes on the market than the same period last year. As this number continues to show a decrease it will contribute to helping prices rise.

There are still plenty of properties to choose from and though prices are rising they are still lower than when the market was at it’s prime. Now is the time to begin searching if you have ever thought of buying a get away or investment in the Smoky Mountains. We invite you to visit our new home search website and begin the process of finding the one that’s perfect for you.

Here Are A Few Of My Featured Listings:

Rustic Charm – Modern Comfort Over $20,000 in rental income in both 2011 & 2012. This log cabin nicely displays a nice balance of rustic charm blended with modern comfort. It features true log construction with high ceilings and an open floor plan. Type: Single Family Home Location: Chalet Village Price: $139,900 Get more information >

Updated & Luxurious Move in ready, recently painted & in excellent condition. Lovely patios front & rear and lawn in back, extras such as dimmable lights, upgraded light fixtures, beautiful 18 heated tile in master bath & oak flooring make the home feel special. Type: Single Family Home Location: Sevierville,TN Price: $239,900 Get more information >

Top Of The Line – Borders National Park Tucked away on a HUGE wooded lot bordering the Great Smoky Mountains National Park this oasis of privacy offers top of the line stainless steel appliances, breakfast bar, hardwood floors and much more. Type: Single Family Home Location: Chalet Village Price: $369,900 Get more information >

As Foreclosures Ease, The Market Benefits

Posted by Gatlin on April 25, 2013

Recovery We have watched as inventory decreases and prices rise both locally and nationally. This is due in part to a steady decline in foreclosures entering the market. In March the number of foreclosure filings fell 21% from a year earlier and repossessions were at the lowest number we have experienced in five and a half years. Let’s take a closer look at all of the factors in play that are helping ease the numbers.

Stronger guidelines for processing short sales have been put into play for some loans helping the process move along more quickly. As buyers see that short sales are not taking as long they are more interested in these listings resulting in more of them being sold instead of moving into foreclosure.

Banks are also approving more loan modifications and refinances to help owner’s stay in their home instead of considering foreclosure proceedings as the first option. According to a new report for March by Lender Processing Services, the number of owners who are behind on payments or in danger of foreclosure dropped below the 5 million mark for the first time since 2008. LPS reports that by the end of March the number of homes in foreclosure dropped to 3.4%, down from 4.2% just a year ago.

We are also seeing a huge increase in banks using deeds-in-lieu of foreclosure. A deed-in-lieu of foreclosure allows the bank to take possession of a home while foregoing the foreclosure process. Often times a deed-in-lieu comes with an offer of “cash for keys” an incentive for owners to vacate the home without letting it fall into foreclosure. Nationwide, in 2012, deeds-in-lieu were up 40% from 2011 according to RealtyTrac.

There are still many great deals on homes available as we see prices rising slowly. For the week we saw average mortgage rates drop .02% to 3.65% keeping home affordability at record lows. If you have thought about purchasing a property in the Great Smoky Mountain region now is the time to start looking. We invite you to visit our website to browse all of the available properties in the area.

Here Are A Few Of My Featured Listings:

180 Degree City & Mountain Views Produced over $14k in rental income in 2012. Very private ridgetop retreat w/wraparound covered deck that has amazing 180 degree views of the mountains & city lights. Type: Single Family Home Location: Chalet Village Price: $189,900 Get more information >

Great Income, Perfect Location Over $40,000 in rental income for 2012! Big open floor plan with 5 bedrooms & bath suites. Four of the suites have whirlpools & 3 feature fireplaces. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $299,900 Get more information >

Charming River Front Cottage Almost $15,000 in rental income for 2012. Sitting right along the Little Pigeon River, this charming cottage is just minutes to the Pigeon Forge Parkway. Type: Single Family Home Location: Pigeon Forge Price: $177,900 Get more information >

Vacation And Investment Home Sales Are On The Rise

Posted by Gatlin on April 11, 2013

The National Association of REALTORS has conducted their 2013 Investment and Vacation Home Buyers Survey concerning existing and new home transactions for 2012. The report contains very detailed information about investment and second home buying patterns and today we would like to take a look at some of the numbers and how they relate to the tourist driven market in the Great Smoky Mountains.

The news is good overall, with the report showing an increase of 10.1% in 2012 vs. 2011 for vacation home sales. Investment home sales dipped 2.1% to 1.21 million but remains well above the numbers from the downturn when sales were well below one million. Vacation home sales made up 11% of all real estate transactions last year, the second highest percentage since 2005. As we see news of a market recovery and reports that things are shifting to a seller’s market it is positive for our area to see that this does not apply only to permanent residences but also to owners of vacation rental property.

When we looked at the statistics for the Smoky Mountain region last week we noted an increase in average prices of 12% for Sevier County, Tennessee. This is reflected in the NAR report as well as they show that the median price for vacation and investment homes is up, reflecting a larger amount of more expensive vacation and investment properties being purchased in 2012. We expect to see the trend continue in 2013.

Thirty five percent of investment buyers purchased more than one property with 55% of them stating that rental income was a large factor in their buying decision. Our region leads the market with 45% of vacation homes that were purchased last year being in the South. This is great news for owners in the Smoky Mountain area as inventory decreases and a large percentage of buyers are looking for great rental investments in the area. If you have a second home or vacation rental that you are thinking of selling why not request a free price analysis? You may be surprised by what the market has to offer.

Looking for a great investment or second home? Try out our new search site and gain access to all of the available listings in the area. When the time is right, we are here to help guide you through the process of purchasing your Smoky Mountain dream.

Here Are A Few Of My Featured Listings:

Amazing Mount LeConte Views Over $28,000 in rental income for 2012! Nicely decorated cabin with fantastic views of Mt LeConte. Enjoy the views from the spacious decking this cabin has to offer. Type: Single Family Home Location: Chalet Village Price: $219,900 Get more information >

Gone With The Wind Almost $27,000 income for 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 >

Beautiful Setting On The River Consistently produces almost $40,000 gross annual income!! Once you see it you’ll never want to leave. Directly on the pristine Middle Prong of the Pigeon River, found to be the cleanest river in the state by the Tennessee Resource Defense Council. Type: Single Family Home Location: Pittman Center Price: $399,900 Get more information >

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 . 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 >

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 to see if things have changed? We are excited about the positive news for the area and invite you to spend some time at 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 >

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 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 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 >

Tag: Existing Home Sales