Smokies "hiney showing" thread

[Collin Hays]

 We have officially entered the "Hiney Showing" phase in the Smokies.  That is, homes being offered for less than what was paid for them very recently.  It's all a part of the boom/bust real estate cycle in resort areas.  The inevitable end to "But this time it's different" chants. 

I'll be posting these as I see them.  

Here's the first. No further bookings in April or May. It was purchased for $2.4 million in 2022.  Asking $2.25 million today, and offering $20K in "buyer credits".

3385 Birds Creek Rd, Sevierville, TN 37876 | MLS #1256702 | Zillow

[Nathan Gesner]

Quote from @Dan H.:

Real estate investing used to be "buy in the right location, rent it long-term, and hold onto it forever." Everyone started pushing STR, MTR, accelerated growth with more borrowed money, etc. I believe everything is going to correct and we'll see losses in more than just STR.

Buy property and do everything you can to hold onto it forever. It will eventually cashflow. It will eventually appreciate. It will eventually make you look like a genius.