Smokies state of the union

Here we are, mid-August.  I spent the last 5 days running around the Gatlinburg area looking at properties.  Here is what I am seeing, from my vantage point:

1.  The larger cabins are becoming overbuilt.  There appears to be a glut.  That is going to put a lot of downward pressure on home prices and rents.  I just did a quick VRBO search for a 4-night stay in a 5 bedroom cabin in Gatlinburg, beginning August 26, and there are over 300 available properties in the area, many under $300 per night.  Not good for those homeowners.  

2.  This is occurring because large properties often require several families pooling their vacation funds to stay together.  But with today's inflation, if one of those families backs out, a larger cabin isn't needed.  So rents on these are plummeting, and many are EMPTY right now.  

3.  This will result in some very good buys (relative to the last 24 months) in the next 6 months.  If an owner can't service his expenses with the income, the house goes up for sale.  More are coming up for sale every day.

Those of you that are potential buyers, your window of opportunity is approaching.