September's New Foreclosure Notices are Down!

In a tough environment, any bit of good news is latched onto by those looking for encouragement. Although a couple of months does not a trend make, the good news is that September's new foreclosure notices for Sevier County ( which includes the communities of Gatlinburg, Pigeon Forge, Sevierville, Kodak, and parts of Seymour) were down significantly to "only" 112. After peaking at 147 in June, we are relieved that the number appears (at least for now) to be dropping. Banks are motivated to sell these properties in a hurry and the prices that they are asking are truly fire sale levels. While that is GREAT news for prospective buyers it is enough to give a seller a migraine. Each week, several times a week, I speak with would-be sellers who are unable to sell for what the current depressed market will bear. Each foreclosure creates more downward pressure on prices as the banks stampede to get out the door.

All of this panic by the banks does create excellent opportunities for buyers however. The most extreme pain is clearly in the cabin market which has had the toughest sledding all year long. Here are 24 very well priced properties currently listed by our office that potential buyers should consider. If you are considering an investment in Smoky Mountain real estate this truly is an unparallelled opportunity! If the supply of new foreclosures continues to drop prices will start upward and we will have missed a remarkable chance to buy a Gatlinburg area residence or second home for much less than it cost to build!

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