Is everyone busy? Not much activity on the TN threads lately.

[TN Pro]

Earlier this week, I went in to a bank client to pick up some plans and specs. Banker stated they used to be covered up with draws, on Fridays, but now they have very few. As I was copying the plans, I got to thinking, man, I used to do this every week or so, and it has been dang near a year........

How is the economy in Sevierville these days? It was scorching for a while, with all the halfbacks and everything, but I'm guessing it has slowed?

The Florida and California fiascos have hurt my area of TN, because nobody can sell in those areas to move here.

If the economy doesnt turn around, soon, and if the housiing market doesnt pick up, i fear the worse for Sevierville. I have personally apppraised a heck of a lot of foreclosures in that market, and many of them have sold for ridicolous prices.
This county has been massively overbuilt and is too dependant on Toursists.

 

[Willie]

Thanks. My sister and her family just visited the Gatlinburg area, and said there were no long waits at Dollywood. I figured it might be slow in that neck of the woods.

 

[RSW]

It's nice to know that I was able to put back some funds for the slow times. My wife also works with FEMA and has been working steady for several months. Just trying to hang on through this slow spell. I'll get busy and then I'll slow down. It reminds me of 1999 and 2000 all over again.

 

[Thern Newbell]

How is the economy in Sevierville these days? It was scorching for a while, with all the halfbacks and everything, but I'm guessing it has slowed?

As you might expect, there is not much of a market for second homes right now, which accounts for a large percentage of homes in Sevier County. It's been a while since I looked, but inventory levels for cabins and chalets were between 3-6 years of total inventory, sometime around the beginning of the year. There's one development in Wears Valley where some cabins had sold a few years ago in excess of $800K, now are selling as REO's below $400K for the same cabins. As far as the traditional, owner occupied homes in Sevier, the market is soft as it is in a lot of places, but I would say the market is conforming to trends in other parts of Knox metro area.

 

[RSW]

I just did a HUD REO appraisal in Seymour last a few weeks ago and it was very interesting to see how the market has changed. I just did an appraisal in Strawberry Plains this last week and two of the four sales were REO and the two listings were REO listings. Wow! Not much to work with. Can you say, "Declining Market?"

 

[kevingrehan]

It has picked up in Memphis. Alot or refis that wont work.

 

[RSW]

The last three weeks have been dead here in Knoxville. A lot of my appraiser friends have been slow for more than a year.

 

[TN Pro]

Had a slow 2 weeks about a month and a half ago, i mean deadly slow. But since then, i cant complain.
Im as busy as i want to be right now

 

[RSW]

Glad to hear someone is, Dean! I hope that the HVCC has not created a bunch of appraiser mills like we had in the 1990s and early 2000s.

 

[govols]

Hey Scott,

The appraiser mill comment must be over my head, I don't understand. Trainee days are over with, AMC's won't take their work, can't afford to pay them commission on a 250 fee, no other appraisers are going to pile up and work for part of a 250 fee so where does the mill part come in? Don't get me wrong, I was part of that mill untill I got my own Certification, and I too am against the mill theory.