Let’s face it, potential real estate buyers (and sellers too for that matter!) are a nervous bunch currently. Although Gatlinburg area home prices are very attractive and interest rates are still VERY low, nobody knows if this is the bottom we’ve been looking for or if we have yet another period of declining prices to suffer through. There are very good signs in that volume continues to improve and supply is gradually easing but there is absolutely no certainty that all of this real estate bear market is behind us. Believe it or not, there is, however, for at least some properties, a way that you can lock in today’s low prices without any price risk!
The answer is to find a property that you can lease with an option to buy. If prices go up, you have a home for which you have locked in the current low purchase price thereby removing the risk that you will miss the inevitable rebound in market values. If however, prices continue to go lower, you can choose not to exercise your option and thereby avoid buying prior to the market’s eventual bottom. What can go wrong you ask? Really not much. Whenever you are renting, purchasing via a land contract, or agreeing to a lease/purchase arrangement with a seller that doesn’t do a lot of owner finance or similar type transactions, it’s wise to ask for evidence that the payment is in fact being made. Of course, it’s also always a good idea to make any purchase contingent upon a successful appraisal to avoid overpaying. These are the two most significant risks that I can think of.
Now you are likely wondering, “So where do I find these lease option or rent to own properties?” aren’t you. Well, have no fear, we can provide that information without charge or obligation, the same way that we provide massive amounts of information on our award winning http://www.gatlinburg-homes.com/ website. Follow this link to view the 41 lease/purchase residential properties that I found in a quick search of our Great Smoky Mountain Association of Realtors MLS database that I ran today. For more information regarding any of these properties or assistance in any Smoky Mountain real estate matter, please contact us!