Because the vast majority of all my Gatlinburg area real estate sales during the last 3 years has increasingly become foreclosures, we are now accustomed to the “Bad News is Good News” nature of our segment of the business. As more homeowners have had difficulty making their payments, the number of foreclosures has risen. Five years ago (way before foreclosures were fashionable) I began to focus on that segment of our Gatlinburg/Pigeon Forge/Sevierville real estate market and by the grace of God I have enjoyed a considerable degree of success. With 115 transactions personally closed this year and another 19 pending sales scheduled to close by year’s end I have already exceed last year’s numbers. In fact, I again in 2010 enjoy the #1 position in unit sales in our entire board of nearly 500 agents. For perspective, the average agent has only about 3 sales for the entire year so we really are blessed! We have had the listings for 81 of the 241 foreclosures that have sold in 2010 and are certainly THE place to go for the best information about current and upcoming foreclosure homes in the Sevier County area!
Now however, a recent spate of lawsuits regarding bank’s foreclosure paperwork issues has caused a nearly industry wide freeze on foreclosure activity. This is apparent locally where the number of new properties being slated for foreclosure has dropped to a small fraction of what the number was just a couple of months ago. This in turn has meant very few new foreclosure properties being prepared for market. IF this were a permanent decline in foreclosure activity it would be a good sign for our market but this more likely is only a delay of an unknown duration. When the gates eventually open back up there will be a flood of new foreclosure properties which will again disrupt the market.
In the short term however there is already a reduction in the availability of well priced foreclosure type inventory. This will mean that bargain hunting buyers will have to consider short sales or look at more traditional inventory. If you are interested in purchasing a Smoky Mountain home for your own use or as an investment you will probably want to either act quickly or decide to wait the supply is again turned on. To view ALL of the foreclosure properties in our local area, please click here.