Gatlinburg Real Estate Blog

It always takes about 2 weeks after month end for all the dust to settle allowing us to get a more meaningful measure of monthly residential sales for our Gatlinburg area real estate market.  Now that we are about there, I thought that I would update the numbers for December and for the full 2010 year.  One would certainly have to describe 2010 as being a pretty good year, at least when compared to 2008 & 2009.  While the first portion of the year was slow, the pace of sales did increase in the second half of the year and with the exception of October & November finished quite nicely.  Government attempts to positively influence the national real estate market did in fact cause more sales during the summer months but these gains were pretty short lived - When the incentives ended so did the bump.  Gatlinburg area sales pretty well followed the national trends and foreclosures continue to be a major part of our overall market.  Al...

It always takes about 2 weeks after month end for all the dust to settle allowing us to get a more meaningful measure of monthly residential sales for our Gatlinburg area real estate market.  Now that we are about there, I thought that I would update the numbers for December and for the full 2010 year.  One would certainly have to describe 2010 as being a pretty good year, at least when compared to 2008 & 2009.  While the first portion of the year was slow, the pace of sales did increase in the second half of the year and with the exception of October & November finished quite nicely.  Government attempts to positively influence the national real estate market did in fact cause more sales during the summer months but these gains were pretty short lived - When the incentives ended so did the bump.  Gatlinburg area sales pretty well followed the national trends and foreclosures continue to be a major part of our overall market.  ...

The number of new home foreclosures monthly continues to be roughly equal to the number of Sevier County residential sales each month. Many of these sales are at ridiculously low prices - Levels not seen in many years. When a client of mine who is attempting to sell his own (non-foreclosure) property asked why the banks were pricing so aggressively, I decided that the answer might be something that readers of this Gatlinburg real estate blog might also be interested in. Basically, foreclosure units are distressed properties owned by banks that are highly motivated to sell for several reasons. As has often been said, the LAST thing the bank wishes to do is to actually end up with the house. Banks are in the business of lending, and they are restricted from doing that while they own the non-performing asset. In fact, the bank is penalized by the regulators severely until the property is liquidated. Additionally, the bank knows that an unoccupied home doesn't fare well and tha...

The number of new home foreclosures monthly continues to be roughly equal to the number of Sevier County residential sales each month. Many of these sales are at ridiculously low prices - Levels not seen in many years. When a client of mine who is attempting to sell his own (non-foreclosure) property asked why the banks were pricing so aggressively, I decided that the answer might be something that readers of this Gatlinburg real estate blog might also be interested in. Basically, foreclosure units are distressed properties owned by banks that are highly motivated to sell for several reasons. As has often been said, the LAST thing the bank wishes to do is to actually end up with the house. Banks are in the business of lending, and they are restricted from doing that while they own the non-performing asset. In fact, the bank is penalized by the regulators severely until the property is liquidated. Additionally, the bank knows that an unoccupied home doesn't fare well and tha...