Gatlinburg, TN Real Estate Market Conditions Report May 2011

Sales have slowed down from last year at this time and the days on market have increased. There is a large inventory of residential, vacation homes and cabin/condo investment properties to choose from.

Foreclosures and short sales represent a good opportunity for buyers. For an example of Gatlinburg foreclosures visit our website below.

Residential home loans appear be getting easier to obtain these days. However, lenders are now requiring more money down for second home and condo loans due to recent changes in the mortgage insurance industry. If you are interested in purchasing a foreclosure or short sale, be sure to get your pre-approval letter before shopping. Most banks require pre-approval letters/proof of funds and a minimum amount of earnest money with any offers submitted. Don't let your dream property get away due to lack of preparation. Get ahead of the game and speak with your lender before looking at property.

There are currently 488 single family homes and 131 condominiums on the market in the Gatlinburg area.

There were 9 residential homes and 2 condominiums sold in the Gatlinburg area (including Chalet Village and Ptitman Center) in May, 2011. Seven of these sales were either foreclosures or short sales. The average sales price was $190,333 for residential homes. The average sales price was $118,500 for condos.

We have had many questions regarding area property tax rates. Sevier County has some of the lowest property tax rates in Tennessee. When buyers work through us, we include the tax information in the listings we send.

Can't find the right property? We are authorized by the listing Realtors® to assist buyers with any property listed (per our MLS). We are then paid by a split in the listing sales commission with no additional charge to you, the buyer. Tell us what you are looking for and let us do the searching for you. Contact us today for details!

*Listing and sales information based on the Great Smoky Mountain Association of Realtors MLS.