Jane Terrell Gatlinburg- Sevierville Homes for Sale

If you are considering a purchase (or even a sale) of investment or vacation property in the Gatlinburg, TN area (including Sevierville, TN and Pigeon Forge, TN) keep in mind that some of the traditional methods of determining a fair market value for a property aren't as useful in our market. Take, for example, the "price per square foot" method. While this can be a gross indication of a property category (and you should be aware of it) it doesn't really take into account the special needs of our market here in Gatlinburg. The fact of the matter is, hardly anyone purchases a vacation or investment home based primarily on square footage. Much more common are concerns about:

•· View

•· Parking

•· Rental History and Income

•· Privacy

•· How Many it Sleeps (This is not the same as "number of bedrooms"!)

•· Ease of Access

• Proximity to the National Park and other amenities (OK...Dollywood counts here too!)n

Based on information from Gatlinburg's top cabin rental company, the top 2 requests for cabin amenities are "view" and "privacy"...in that order!

As the months have passed and economic conditions have changes, anyone interested in real estate activities around the country has become educated in some aspects of short sales and foreclosures. In fact, many of the buyers coming into town looking for the best deals tell us "we only want to see foreclosures ". While our market here in Sevier County TN (Gatlinburg, Sevierville and Pigeon Forge) has its share of those to be sure, there is another group of properties that shouldn't be overlooked: those that are fully owned or have a great deal of owner equity.

Properties that were purchased for cash, have been owned by the same individual for a long time or new construction properties owned by the builder would fall into this category. Some of these are now on the market for greatly reduced prices that compete head on with foreclosures and short sales. And, these properties have the added advantage of not being bank-owned or requiring bank approval, thus shortening the time and hassle of the purchase process!

So, if you are coming up the mountain to look for the best deals in Gatlinburg, don't leave this group out of your search!

As the months have passed and economic conditions have changes, anyone interested in real estate activities around the country has become educated in some aspects of short sales and foreclosures. In fact, many of the buyers coming into town looking for the best deals tell us "we only want to see foreclosures ". While our market here in Sevier County TN (Gatlinburg, Sevierville and Pigeon Forge) has its share of those to be sure, there is another group of properties that shouldn't be overlooked: those that are fully owned or have a great deal of owner equity.

Properties that were purchased for cash, have been owned by the same individual for a long time or new construction properties owned by the builder would fall into this category. Some of these are now on the market for greatly reduced prices that compete head on with foreclosures and short sales. And, these properties have the added advantage of not being bank-owned or requiring bank approval, thus shortening the time and hassle of the purchase process!

So, if you are coming up the mountain to look for the best deals in Gatlinburg, don't leave this group out of your search!

Of course our real estate market here in the Gatlinburg area (including Sevierville, TN and Pigeon Forge, TN) has experienced a downturn, but I've had the experience of some surprised buyers in the last few weeks. Having listened to the news reports and using the information from their home real estate markets (such as Michigan or Florida) some have arrived in town looking for looking for fantastic unbeleiveable bargains. Yes, those properties are out there, and Yes , we can find them...but what is surprising to some is that when we DO find those properties, buyers are many times no longer in the "buyer's market" they are expecting. In the current climate it is a little hard to convince them they'd better move fast to take advantage of the best deals. (OK they actually roll their eyes when I say that)...but in truth, I have had buyers lose properties they wanted recently because they didn't believe there were any other buyers around.

The fact is, that people still want to own mountain properties in this special place, and as the market has made our very desirable homes more affordable, there is a point where savvy individuals and investors jump in, and move fast. When there is a particularly good deal to be had, it is not unusual (yes, even in "this market") to get multiple offers very quickly. This applies especially to short sales and foreclosures.

So, if we find that perfect home and the price is fantastic, just keep in mind you might not be the only person who thinks so!

Greetings! The real estate market here in the resort area of Gatlinburg, TN and Pigeon Forge, TN area of the Great Smoky Mountains is, of course, slower than it has been, but it's not the distressed market that other areas of the country are seeing. In fact, the intrinsic value of our mountain homes has continued to keep them as desired properties. Many of the second homes or investment rental properties in this area have been owned by the same individuals for many years, and have significant equity in them. Owners of these homes may have the option of "waiting out" the current market, especially if the property is generating good rental income, which many properties here are continuing to do. On the other hand, there are properties that were bought much more recently, some with up to 100% financing, that have llittle or no equity in them. This gives no "wiggle room" for owners to adapt to changing market conditions, and as a result when an owner falls behind on payments, this property can become a candidate for a "short sale", or a sale approved by the lender for an amount less than is owed on the property. These short sales can result in some dramatic savings for buyers, and so far have been moving quickly as savvy investors snap them up. Short sales are not generally advertised, and must be found and negotiated to come to fruition. In some cases, a short sale will not even be approved by a lender until there has been an offer made, so "asking price" is hard to pin down! I maintain a list of short sale opportunities, and I would be glad to share the properties with you--just email me at janebterrell@yahoo.com and I will!