Gatlinburg Real Estate Updates & Community News » gatlinburg market

Waiting For the Bottom

lheraty — Tue, 15 Dec 2009 16:59:24 +0000

Waiting for the bottom in real estate is similar to grabbing a yo-yo at the bottom, you are usually a little early or a little late

There are many people out there waiting for the bottom to hit in many facets of the economy, including real estate. Perhaps there will be a big announcement one morning across newspaper headlines and across the internet “THE BOTTOM IS HERE: NOW IS THE EXACT MOMENT TO BUY”. Of course by the time the announcement comes the bottom will have hit and the exact time to buy real estate will have come and gone. A great analogy to the bottom of the real estate market is a yo-yo. Take a yo-yo in your hand and use it. Can a person grab the yo-yo at the exact moment it hits bottom every time? Chances are a person will grab it just before it hits bottom or just after, rarely at the exact bottom. Real estate is the same game, if it is indeed a game. If people knew, absolutely knew, the exact time to buy stocks, real estate, or any other investment then no one would ever have a financial worry. For people who believe in investing in real estate now is a great time to buy. Interest rates won’t be low forever, real estate has either already hit the bottom, is about to, or is already on its way up, we’ll know for certain sometime in the future. If you want to buy at the bottom, buy now or wait until it’s too late, when you can look back and say, “If only I had bought then.”

Absorption Rate is Key

broadway — Mon, 25 Aug 2008 23:46:52 +0000

Gatlinburg Mountains

The Gatlinburg real estate market is seeing the absorption rate increasing for existing homes. In the past 4 or 5 years the building of new homes was fast and furious. Now, the building of new homes in Gatlinburg has slowed tremendousely and subsequently has allowed the existing homes for sale to be absorbed at a faster pace.

Good news for the sellers who need to move their money elsewhere or have reached the end of their depreciation schedule. Also, good news for buyers who are ready to take advantage of the market and the exceptional homes available now.

Increasing sales and decreasing inventory mean that our market is stabilizing and returning to a more normal sales environment. Not to be mistaken with the exuberant period we saw in the past few years but more like the steady appreciation from the early 90’s to the very early 2000’s. A welcome change even though we didn’t see the appreciation rates of 30 to 60 percent like some areas of the country.

Gatlinburg Market Report

broadway — Tue, 19 Aug 2008 17:58:47 +0000

It’s always easy to tell when the Summer rental season is happening in Gatlinburg and Pigeon Forge. The streets are busy and the sidewalks are full. The locals are making the most of the “back roads” and the few lucky tourist who have found out about them are too. If you are lucky enough to have a contact in Gatlinburg or Pigeon Forge that can direct you around the traffic, take advantage of it.

Of course, your friendly local real estate agency will be happy to help.

One more thing that always reminds me of tourist season is when the grocery stores are full. The produce is always fresh!

The sales environment in the Gatlinburg real estate market this year has seen it’s ups and downs. Fortunately, right now everything seems to be going up. The average list price to sale price ratio this ytd is 93.7%. An impressive number for an off year. The average sales price in Gatlinburg (includes homes and condos) so far this year is $214,653. We’re starting to see more of the homes in Gatlinburg over $350,000 go under contract right now. I predict that this Fall will continue to be a busy time for us.