Q: What's the difference between "There it is" and "It is there"? In what situations is one or the other preferable?
A: first of all, the elephant in the room, "it is there" is particularly uncommon because in that case you'd use the contraction "it's there". so the difference between "there it is" and "it is there" would actually have multiple layers of difference. other than that, here's what i can offer: "there it is" seems to occur at the exact moment that the speaker finds the thing. where as, "it's there" is more likely to be an answer to a question, like a clarification about whether the thing is there or not there