Still a good time to sell? Pigeon Forge TN

Still a good time to sell? Pigeon Forge TN

Rental Property Investor · Hickory, NC · Member since 2017 · 30 posts · 18 votes

HI all, my wife and I have owned and self-managed our 3/2 smoky mountain vacation cabin for the last 5 years earning more than $50k in gross income every year for the last 3 years. Recently, I've had a change of heart with short term rentals and self managing from a distance. While I love doing it, I equally loathe when someone messages about some issue that occurs during their stay. It's also gotten exhausting traveling to it to maintain it, keep it up to date, fully stocked, etc. We have a toddler and another bundle of blessings on the way. We bought at a down time in the Smokies back in 2017 after the fire and love the area and to visit, but we find ourselves dreading the short drive back into town as it's become less fun and more business. Because of this, we are considering selling our cabin that we've invested quite a bit of capital for improvements and updates. The question remains, given the current market and the claim that the Smokies are "oversaturated", would now still be a strong case to sell? To add some additional insight, we have the opportunity to take the equity from the sale, payoff our mortgage on our historic home we house hack as a MTR and add $50k of expenses back into our pockets annually without a mortgage. we are debt free with the exception of a small renovation loan and the mortgage itself. In relation to the $50k we'd get to keep, this is in comparison to the $30k net income we receive annually in rents from the vacation cabin. I'm not a math wiz, but If we own our primary home outright and keep the $50k a year we'd otherwise spend on expenses for it, instead of only earning $30k in net STR income, this should be a no brainer, right? Thanks in advance.

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Realtor · Gatlinburg, TN · Member since 2018 · 261 posts · 155 votes
3y

Most that I've listed have gone under contract within a few days. One with multiple offers. The good stuff still goes insanely fast if it's priced competitively. It's all about what you have, where it is, how much income does it make, etc. 

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  • Realtor · Gatlinburg, TN · Member since 2018 · 261 posts · 155 votes
    3y

    Most that I've listed have gone under contract within a few days. One with multiple offers. The good stuff still goes insanely fast if it's priced competitively. It's all about what you have, where it is, how much income does it make, etc. 

  • Lender · Member since 2020 · 331 posts · 209 votes
    3y

    On the lending side, we’re still doing a lot of deals in your market. There is strong demand and multiple offers on good deals like Matt said. Plus March/April starts to get busier typically with home sales so it could be a good time to look into this.

  • Real Estate Agent · Outer Banks, NC · Member since 2019 · 168 posts · 116 votes
    3y

    If you bought back in 2017 - and you are looking to get out of self managing from a distance, I still think now is a great time to sell.  Markets might be over saturated - but you have proven rental history and it sounds like you have done a good amount of updates.   If you list with the right realtor and market it correctly - and most of all, price it correctly, it will sell.   

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