Jane Terrell Gatlinburg- Sevierville Homes for Sale

Here is a current market report for 2-bedroom 2-bath homes sold in the Gatlinburg area (Gatlinburg, Pigeon Forge and Sevierville) in the last 90 days. Before you digest this information, there's a couple of things you should be aware of:

1. "DOM" or Days on market is somewhat fluid, as it will revert back to zero if a listing changes Realtors, or if it is withdrawn from the market for a day. So, a property could have actually been on the market much longer than it shows currently.

2. "Bedrooms" is also a term somewhat open for interpretation in our market. According to a recent ruling by the local MLS, no property can be listed as having more bedrooms than it has a septic permit from the health department for. This is a new development, however. So, there could be a home with 2 "bedrooms" and 2 "bonus rooms" (used to be called bedrooms) that could show up in the same search, kind of comparing apples and oranges:)

A year ago, many even experienced real estate professionals had no idea what a short sale was, but times have changed for sure! As we navigate our way through the troubled waters of today’s economic challenges, we’re learning fast about all kinds of new things, including the ubiquitous “short sale” option. As you know, a short sale is a deal where the lender(s) holding the mortgage on a property agree to consider offers less than what is owed. Having worked with several of these situations in the last few months, here are some other things to consider about short sales:

• Furnishings , appliances and fixtures are considered “personal property” and are not a part of the mortgage on the property. They remain the property of the owner, and can be removed from the home unless other arrangements are made. Typically, an addendum to the contract is made for a separate purchase of the personal property (sometimes for $1), and this list should be itemized. This is especially important in an market such as ours in the Gatlinburg area, because many investment properties are sold “furnished”.

• The listed “price” may not be the price at all….depending on where in the process of negotiation with the bank the deal is, the “price” on the MLS could be the original list price of the property, the amount that the owner needs to get to cover his debt and closing, or the price that the bank has already agreed to accept. This sometimes takes some research to determine!

• The bank is in control! Unlike normal negotiations where sellers and buyers are the principals, in a short sale it is the lender’s decisions and opinions that matter. Sometimes owners will be working directly with their lender, sometimes the Realtor will be.

• At any time during the negotiation of a short sale, even if there is a signed contract, the property may go into foreclosure. Once this occurs, the signed contract may be voided, and the property may go into a kind of “limbo” state –where pretty much nothing can happen for a while. This is very frustrating when there are buyers ready to buy and sellers ready to sell.

• Short sales can take a long time. Depending on the lender, responses can take weeks and weeks. One way to shorten this is to look for properties where the lender has already agreed to a price it will accept.

• Short sales are not for the faint of heart! Although there are tremendous deals to be had in this arena, some buyers do not want the excessive time frame and hassles involved in negotiating the deal. While many of the tasks associated with this fall to the real estate professional, it still is a major investment of time and sometimes tied-up deposit money that is not attractive to everyone. And remember, this is a fluid situation—things can change rapidly from minute to minute, so patience is required!

I admit it--I am still excited by "snow days"....it brings me back to when I was a kid growing up here in the Gatlinburg, TN area--just the smallest amount of the white stuff would immediately result in school being called off. That is, until our little town got a new superintendant one year, from Indiana. He laughed when there was a half inch of snow and everyone told him to cancel classes---absolutely not! he said--and so he did not, and within 1 hour there were 42 bus accidents! Just goes to show you need to know the territory!

We're having some snow days here now--I just got a call from someone who was renting a cabin I have listed for sale. They said they didn't know any numbers in the area, but mine was on the sign so they called me. They said they were staying in this cabin way way up the mountain--any what time did the snow plows come through? Hmmmmm....time to snuggle up by the fire and forget about your plans for the day....but no worries, it'll melt by Thursday! This is all a part of the master plan that this area has to make you slow down and enjoy things, even if just for a day.

So I'm sitting at my computer with my Aussie puppy at my feet, watching the birds line up at the feeder. It's a good day in the Smokies!

Ok- OK---- it doesn't get all the advertising and hype of the two other sister cities (Gatlinburg and Pigeon Forge) and most people who don't live here can't pronounce the name (how many times do we hear SEEVER-VILLE???) but without all the attention, it turns out it's a pretty perfect place to live. Some of the advantages are:

•· Accessibility-with new roads and exsisting back roads, you can get around to what you need even in times of high traffic with little inconvenience.

•· You're five minutes from everything-schools, church, groceries, the new hospital, courthouse, LOWES, movies--- just about all the things you need if you live here full time.

•· In most areas, you get city services (like water and sewer)

•· It's relatively flat so isn't shut down as often in winter

•· You can get to the national park anytime you want

•· It has great established neighborhoods of full-time residents that foster a real community.

•· Home prices have remained relatively stable in the area. This is because Sevierville is home to many local business people and permanent residents.

I grew up in this area, close to the mountains, and went away for a long time. I always knew I would come back, and one day my husband and I said "just do it" and so we did. We've been back almost 2 years, and cherish every minute...here's some reasons why!

•1. The people are genuinely nicer.

•2. There a 4 gentle seasons with just enough highlights like a snow day here and there to keep it interesting festive (this is meaningful to those in Florida who have to Christmas shop in their shorts).

•3. The pace of life is a little slower-it's easier to let go once you learn to downshift....yes, it IS mandatory to have a 3 minute personal conversation before you get around to asking for the fax to be sent...

•4. I finally learned about the "bless her heart" thing---it's not always a compliment, but delivered with such sincerity and southern charm that you don't realize it isn't a compliment til 10 minutes later.....

•5. You get to drive through the national park on the way to work and when you get to work you are still in the park, you get to listen to the stream bubble all day, and watch the trees and snowflakes and maybe see the 3 bears that hang out in the parking lot

•6. There are lots of people who have a connection to the natural beauty and serenity of this special place-they "get it"

•7. It has a small town-ness but close enough to bigger cities if you need them-(just seem to need them less and less)

•8. It's really festive--you have never seen a town that decorates with lights and flowers and parades etc. etc. like Gatlinburg!

OK--- it's more than 5!