June was Great, July Not So Much...

As possibly the world's worst blogger, I just noticed that I had failed to give an update for June's Tennessee Smoky Mountain residential real estate sales. Seeing as today is August 1st, it is high time for a market update!! While June's market performance by the members of the Great Smoky Mountain Association of Realtors was very strong, July was a very tough comparison. In fact, July 2014 was the single best month going all the way back to the go-go days of 2007. Although the final number for July 2015's home sales will most certainly be upwardly revised, there's simply no way we can scale that mountain:
On a more positive note however, local title company employees have told me that they are unbelievably busy, which means that August & September's reports should provide better comparisons to the corresponding months in the very robust year of 2014. Here's to better!!!

Comments

Unknown said…
Hey Jeff, I've been looking for a " moderately priced" home in your area for about 2 months. During my pre approval process, I missed two homes. Since then, there has been nothing, I repeat nothing to even look at. I was so up about buying. Now I am down about the inventory in the area. I looked at the above report and my story doesn't really make sense does it? But I would off the top tell you those were probably even pricey homes! Hats off to the realtors. That must be why mine never returns any calls.
I am thinking ... get pre approved in North Carolina and go back a house!
The entry level segment of our market is definitely the tightest, with VERY little supply. The reason (in my opinion) is very simple. There is a tremendous demand for residential (not vacation) rental property in our community and that has driven rents way up. With the higher rents, these houses are bringing better sales prices as the rents dictate. A simple 3 bedroom 2 bath that rents for $800/month will always bring a $100,000 purchase price. In fact, there are very few 3/2 properties left in Sevier County that are under $100,000 and this didn't use to be the case. Please let us know what we might do to assist you in finding a home here. Before you make that jump, you need to know that there is a very significant income tax and much higher property taxes in most of North Carolina.

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