Tracy King, Your Home Sold Guaranteed Realty

Realtor Analysis: Is Gatlinburg a Buyer’s or Seller’s Market in 2022?

Is Now the Best Time to Buy or Sell a Home in Gatlinburg?

While your individual financial situation plays a huge role in your decisions, so does the economy. There is a major consideration that will be a part of the choices for both home buyers and home sellers. You need to know — is Gatlinburg a buyer’s or seller’s market? 

Depending on your location, the real estate market will either favor home buyers or home sellers. Even if the market is fairly neutral, it will still usually lean in one direction or the other. This information needs to be a part of your decision-making strategy.

If the market is not in your favor, it can have detrimental effects on your real estate transaction. You may not be able to get the best deal. That is why it is important to have an experienced realtor on your team. Your Home Sold Guaranteed Realty – Kings of Real Estate Team is the best choice.

If you’ve followed the real estate market over the last few years, you know it’s been a seller’s market. The number of homes for sale has been low. Demand from home buyers has been high. And home buyers have had to make offers that are well above the asking price. Currently, however, this trend has been changing and a cooling off period has begun.

To this end, the National Association of Realtors reports that pending home sales around the country have dropped. It is essential to have realtor with vast experience and insider knowledge of the market during your real estate transaction.

Be Sure You Understand the Difference between a Home Buyer’s Market and a Home Seller’s Market

First, what’s the difference between a buyer’s market and a seller’s market? It all comes down to a basic concept of economics: supply and demand. Depending on the circumstances, supply and demand can vary. his will be the determining factor when it comes to your ability to buy or sell a home successfully.

Home Buyer’s Market

If it is a home buyer’s market, that means the supply of homes outweighs the demand for them. With a surplus of homes, buyers will have their choice of options. They can often get a great deal without paying the full asking price of the home sellers. 

Home Seller’s Market

Conversely, the opposite is true for a home seller’s market. In this case, the supply of homes is low but the demand for them is very high. This gives sellers the advantage. They will often end up with multiple offers for their homes, all over the asking price.

Knowing the current state of the real estate market is critical for buying or selling a home in Gatlinburg, TN. Will you be at an advantage when it comes to making an offer, negotiating, and closing the deal? 

Is Gatlinburg a Home Buyer’s or Home Seller’s Market?

So, is Gatlinburg a buyer’s or seller’s market? According to the latest data from Rocket Homes, the Gatlinburg, TN, area is firmly at home buyer’s market. This is great news for home buyers because it means that inventory of available homes is high, so you should be able to get a great deal on the perfect home for you and your family.

Although homes are still selling for 22.2% more than they did one year ago (October 2021), the number of available homes for sale has increased by 2.8% since September 2022 and home sales have dropped 9.1%. Additionally, 60% of homes have sold below the home seller’s asking price, so you should be able to get a great deal on a new home, especially if you are working with an experienced realtor such as ours at Your Home Sold Guaranteed Realty – Kings of Real Estate Team.

If you are wondering why the market may be in favor of home buyers, it could be due to the rising interest rates caused by inflation as well as the Fed’s recent increases in mortgage rates. Specifically, the Fed has pushed mortgage rates to over 7% in the recent months as a way of combating the rising inflation. Homes are staying on the market longer than home seller’s are expecting because the interest rates are too high for home buyers to afford. Monthly mortgage payments are higher than expected, and buyers are hoping that the prices and rates will decrease in the coming months.

If you are a home buyer, it is critical that you work with a skilled realtor such as ours at Your Home Sold Guaranteed Realty – Kings of Real Estate Team to make sure that you get the most home for the best possible price. Our team will ensure that you are always well-informed so that you can make the best decisions for your family.

We Will Help You Buy or Sell a Home in Gatlinburg, TN

Are you a homebuyer or home seller in Gatlinburg, TN, and want to make sure you get the most out of your real estate transaction? Then it is important that you make sure the current real estate market is in your favor before you list your home or make an offer. With the current trends in the industry, right now is a great time for home sellers to maximize the profit on their investments but home buyers should also be paying close attention to those changes.

If you are ready to buy or sell a home in Gatlinburg, TN, be sure to contact Your Home Sold Guaranteed Realty – Kings of Real Estate Team to get all of the details you need to start your real estate journey. Our realtors are here to make sure you are able to sell your home fast and get the highest possible price, and we can also ensure that home buyers are able to get the best price on the home of their dreams.
We are waiting to hear from you and are excited to assist you with everything that needs to be done to finish your real estate transaction. Call us at 865-830-3908 to begin your real estate journey!

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Tracy King $ 121 Suburban Rd, Knoxville, TN 37923 865-830-3908
Tracy King, Listing Agent
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