Like most of America the Great Smokies and more specifically Sevier County has seen a very large increase in the number of foreclosures and short sales in the past 2 years. However, in the past few months the quality and quantity of those properties has started to dwindle.
The opportunities that were available to get a good deal (one of our clients always says, 'I wants steals not deals') on a great home are not lasting as long on the market and their are fewer of them. Several of the short sales and foreclosures that don't need major repair now have multiple offers.
I know the arguement that these properties bring the average sales price down and hurt the overall market. I can't disagree. They do, however, generate an incredible amount of future income for the people who now have the capital to take advantage of these deals and provide entrance into the market for some who couldn't otherwise afford such properties. Neither is a bad thing for a battered segment of our economy.
The decrease in the number of these properties tells me that our market, like so many others across the country, has started to stabilize. I know it will be some time before prices increase but this is the first step in a very anticipated recovery.