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2017 Real Estate Wrap Up

With a brand new grandson, a rapidly growing business, and a couple of funerals in our family, this has been a really busy time in our lives. With all of this going on, this blog has been badly neglected. In fact, it has never been this long between posts. Although we are still busy, I do enjoy writing these posts and I hope that readers get something from them.
In 2017, our Smoky Mountain real estate market had ups and downs but the overall result was a net gain of 3% over the very strong year of 2016. Here is the wrap-up for 2016: The fine print on the last data line of the chart is the average sale price for each year. The most remarkable fact from 2017 in my opinion is that average sales price of $220,442, a whopping 14% increase in the average sale price over 2016's solid average price of $198,891 and almost 50% over the average sales price of just 5 years ago. If you are interested in selling Sevier County real estate, now is a great time!

Blog All But Abandoned But...

Too busy to post doesn't really say it all. We have been in an absolute deluge, with all sorts of things happening including this fellow:
We really enjoy spending time with our new grandson so the real estate business has temporarily taken a backseat. Camden was born two weeks ago and we just can't get enough time with him.
On a business note, sales in our Smoky Mountain market continue to be off from last year, but September may break the slide as we are verrry close and sales from last month will likely continue to be posted. We just need a few more to be ahead of September 2016:

It is worth noting that year to date 2017 is still ahead of 2016 so if during the final quarter of this year sales continue to be close to the levels from a year ago, we should still finish ahead of last year. This would make 2017 the 6th consecutive positive year and the best year since 2005 which was the all-time high water mark.

July Residential Sales Continue the Negative Slide...

For the fourth month in a row, residential sales, as reported by the Great Smoky Mountain Association of Realtors, failed to equal the record tally set during the torrid summer of 2016. The problem isn't really a lack of demand, but rather a shortage of supply. There just aren't enough properties available for the qualified buyers that are looking to purchase. I learned on Saturday of yet another frustrated would-be Sevierville buyer who can't find anything that isn't already under contract. WE NEED MORE LISTINGS!!! If you are interested in discussing the possibility of selling your Sevier County residence or rental, please contact us. We do have buyers waiting!!

Looking for Listings!

Our market is severely lacking affordable residential real estate listings. In fact, the under $200,000 segment of our Sevier County residential market has very few suitable properties available for sale. For example, if you are searching for a 3 bedroom (or more), 2 bathroom (or more) home with at least 1500 square feet of finished space, for under $200,000 there are only 36 total listings available in Sevier County that match these specs. Furthermore, the median asking price of these listings is over $186,000. There just isn't much available and this is one major reason why sales have slowed. There just isn't enough inventory available for buyers to consider. My, how the market has changed compared to a few years ago when it was such a buyer's market!

If you are even thinking of selling, now is a great time to list your property. Please let us know if you would like to chat about what your property can bring in today's market!

Wall Street Self Storage Has New Owners!

My wife Whitney and I closed Friday on our purchase of a mini-warehouse facility that adjoins our Sevierville real estate office location at 635 Wall Street, Sevierville on Friday. I have been a fan of the self-storage industry for many years, and when the owner of this business contacted me to discuss selling their property, it didn't take long at all before we were managing the operation for the out of state owners. After managing the business for a couple of months, we decided that we wanted to own the property rather than sell it to someone else. There are a number of reasons that we are very happy to own Wall Street Storage:

It is located literally next door to our new Sevierville office.We already have a property management division that is very good at managing rental properties.The business was already profitable, and we have already been increasing its performance while managing the operation.The self storage industry is sound and simple and this Sevierville location is ex…

June Sales Disappoint

Although we have been very busy, it appears that the pace of real estate sales has again slowed. In fact, although these numbers are preliminary and will certainly be rounded up, the initial report shows that Gatlinburg area real estate agents sold only 204 homes during June. There will be more sales added, but there is no way that we can catch up to the torrid pace of sales that we enjoyed during June of 2016. For the third month in a row, we will post a decline from the hard to match pace of sales from a year ago. Here is the bad news in graphic form:
The problem is a lack of supply, not a lack of demand. There are lots of willing and ready buyers out there but the inventory is sorely lacking at this point. Construction is one answer as is more owners deciding now is a good time to sell as prices are still rising. If inventory doesn't increase, there simply isn't anything available to show to buyers.
To put this in perspective, Sevier County residential real estate sales hav…

Walk to the National Park from this Affordable Getaway Home!

Attention all bargain hunters! This charming Cosby home features everything that you want (and just as importantly none of what you don't want like HOA fees or pesky neighbors!) and is literally just steps away from the National Park. Located just 15 minutes from Gatlinburg, this cabin is perfect for someone who wants to get away from it all. Surrounded by beautiful ferns and rhododendron, owning this home is like owning a piece of the National Park with room to sleep 6 easily but it is much better suited as an intimate retreat for a smaller group to enjoy. If you want to enjoy the Great Smoky Mountain National Park, you can walk right in (or drive if prefer but it is only tenths of a mile away). The pictures below don't really do this home justice, you will need to see it for yourself.