Of course our real estate market here in the Gatlinburg area (including Sevierville, TN and Pigeon Forge, TN) has experienced a downturn, but I've had the experience of some surprised buyers in the last few weeks. Having listened to the news reports and using the information from their home real estate markets (such as Michigan or Florida) some have arrived in town looking for looking for fantastic unbeleiveable bargains. Yes, those properties are out there, and Yes , we can find them...but what is surprising to some is that when we DO find those properties, buyers are many times no longer in the "buyer's market" they are expecting. In the current climate it is a little hard to convince them they'd better move fast to take advantage of the best deals. (OK they actually roll their eyes when I say that)...but in truth, I have had buyers lose properties they wanted recently because they didn't believe there were any other buyers around.
The fact is, that people still want to own mountain properties in this special place, and as the market has made our very desirable homes more affordable, there is a point where savvy individuals and investors jump in, and move fast. When there is a particularly good deal to be had, it is not unusual (yes, even in "this market") to get multiple offers very quickly. This applies especially to short sales and foreclosures.
So, if we find that perfect home and the price is fantastic, just keep in mind you might not be the only person who thinks so!
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