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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.

Sales Down But We're Still Busy!

I have often said that we sometimes get too busy to post and that has certainly been the case of late but this is ridiculous! Can't remember ever going this long between posts but there is a LOT going on. We are pursuing an additional business (self storage mini-warehouse spaces), have secured a wonderful new office in Sevierville, adding lots of new properties to our rental management division, and still maintaining a busy pace in our core real estate business. Makes me tired just to sum it up!

Since I failed to post anything at the end of May, let me cover that first. May wasn't great for the majority of real estate agencies here in the Gatlinburg area. In fact, for the first time in over a year, we didn't exceed the reported residential sales from a year ago and the same lackluster performance was repeated in May when compared to the white hot market of a year ago. While there will no doubt be more sales reported for May, the numbers aren't great. Here are the resul…

The Most Financially Responsible Person I Have EVER Met!

After working as a real estate professional for over 20 years, I have been blessed to have sold well over 1,000 homes and have worked with hundreds of clients. None of this prepared me for the client that purchased a Sevierville home from me on Friday. Danielle is a young lady only 26 years of age, but financially speaking she is much wiser than 99% of American adults of any age. You see, this is the second home that she has purchased, and she has already paid off the mortgage on the first home that she bought only 6 years ago. You might think that she earns a ton of money or that she inherited a large sum, or maybe even think that she won the lottery but none of these is true. She has managed to have zero debt, holds $30,000 plus of cash reserves, and has purchased her second house purely because of how frugal she is. She simply doesn't waste money, for anything!

After spending time with Danielle, I am convinced that she could teach a LOT of people a great deal. Things like not s…