Franklin (Franklin, TN)
Franklin (Franklin, TN) Real Estate News
Tammiewhite2
What's My Franklin TN Luxury Home Worth? Market Report for July 2014
Tammie White, TW Realty Group, Franklin TN, South of Nashville (Benchmark Realty, LLC (615) 495-0752 or www.TWRealtyGroup.net)

What's My Franklin TN Luxury Home Worth? Market Report for July 2014

  • Franklin TN Luxury Homes Market Report for June 2014Properties currently Active on the market: 103
  • Single-family properties closed in July: 7
  • Average sales price: $1,243,571
  • Average list price: $1,309,571
  • Average sales price to list price ratio: 95%
  • Average days on the market: 158
  • Pending sales: 7
  • Franklin TN Luxury Homes absorption rate: 14.7 months of inventory (a normal or steady market would be 5-7 months, a buyer's market would be in excess of 7 months, and a seller's market would be less than 5 months)

Franklin TN Luxury homes market report for July 2014 reflects an extreme buyer's market. With 14.7 months of inventory and 158 average days on the market, sellers should expect to sit on the market for awhile due to the reduced number of buyers at this price point.

Wondering what your Franklin TN luxury home is worth? Click the photo below to be taken to an instant property valuation report.

What's My Franklin TN Luxury Home Worth? Market Report for June 2014

For those who want to see their Franklin TN luxury home sell quickly, pricing it right when it first comes on the market is crucial. You will often see homes constantly re-listed at this price point. It's best just to price them right from the beginning.

The least expensive Franklin TN luxury home sold was 5,880 square feet built in 2012 and sold for $1,125,000 in Westhaven. It was listed for $1,188,000. The most expensive sale was 3,362 square feet historic bungalow on 3 acres in Historic Franklin for $1,350,000. It was originally listed for $1.4M. Luxury homes are currently priced between $1,025,000 to $30M.

Marketing your luxury home to buyers across the country will be an important part of achieving success in selling your Franklin TN luxury home. With 92% of buyers beginning their home search on the internet, you need your home to have the best coverage possible. This goes far beyond just syndicating your home to other websites.

Curious what this type of marketing looks like? Just click the link for an example of a post I wrote about a luxury home, Simply Charming Country Home in Leiper's Fork. This home is no longer available but this is the the type of internet marketing that can set your home apart from all the others.

At TW Realty Group, we use the latest technology so your home is seen by a large pool of buyers, including buyers outside our local market. We do this through the use of social media and blogging. Something you rarely find in the Franklin luxury housing market.

Visit our website, www.FranklinTNHomesforSaleOnline.com.  It's easy to see why our site gets thousands of clicks each month. This provides your listing with exposure to home buyers all over the country.

When you are ready to sell your Franklin TN luxury home, contact Tammie White at (615) 495-0752.

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Tammie White, REALTOR®
TW Realty Group
Benchmark Realty LLC
318 Seaboard Lane
Franklin TN 37067
(615) 495-0752 Direct
Email: Tammie@TWRealtyGroup.net
 
 
This posting with the content written here and photographs displayed are the intellectual property and opinions of Tammie White of Benchmark Realty LLC. Any party who uses this material without the permission of Tammie White is subject to copyright infringement and possible lawsuit.
Tammiewhite2
Absorption Rate Determines Franklin TN Housing Market Condition, Not DOM
Tammie White, TW Realty Group, Franklin TN, South of Nashville (Benchmark Realty, LLC (615) 495-0752 or www.TWRealtyGroup.net)

Today, I read a Franklin TN market report that was written by a local agent. In that report, the agent stated that days on market (DOM) determine whether we are in a buyer's market or a seller's market. That simply isn't true.

Buyer's market? Seller's market? Absorption rate determines Franklin TN housing market conditions, not DOM. The absorption rate signifies how long it will take to sell the existing homes on the market based upon the most recent sales data. Or how long it will take for the active listings to be absorbed by buyers.

Absorption rate is determined by using a simple mathematical equation. Take the existing housing inventory and divide it by the most recent month of closed sales. As an example, there are currently 768 active listings in Franklin. Take that number and divide it by the most recent month of closed sales (July 2014) which is 238 (768/238). That number equals 3.2. That means at the current rate of sales, it will take 3.2 months to sell the existing housing inventory in Franklin.

The next question: Is 3.2 months a buyer's market or a seller's market? Anything under 5 months of inventory is considered a seller's market. A normal or steady market is 5 to 7 months of inventory and a buyer's market is anything in excess of 7 months of inventory. Do the days on market (DOM) matter? They do but they don't determine whether your area is in a buyer's market or a seller's market. Let me explain.  

We produce many market reports every month for Franklin neighborhoods. We do this to give sellers an indication of how long we believe it will take to sell their house if we've priced it right and properly prepared it for market. Let's take a recent market report prepared for Cedarmont Farms.

As you can see, Cedarmont Farms is experiencing an extreme seller's market. However, the average days on the market were 107 Days. How can it be that Cedarmont Farms is in an extreme seller's market and has so many DOM?

1.  At the time of this report, there wasn't any existing housing inventory and the most recent month of sales, suggested that buyers were interested in buying in this neighborhood. Since there is less than 5 months of inventory, Cedarmont Farms is in an extreme seller's market (less than 2 months of inventory).

2.  The DOM indicates that one house was on the market for more than 300 days. How can that be if Cedarmont Farms is in an extreme seller's market? This 300 days suggests that the house was overpriced when it came on the market 300 days ago. This seller reduced the price to finally get it sold. That's why the average sales price to list price ratio is lower than most neighborhoods experiencing an extreme seller's market in Franklin right now. The house was priced too high from the beginning.

All of these numbers work together to help sellers determine a good listing price if they want to sell their home in 30 days or less.  Absorption rate determines Franklin TN housing market conditions, not DOM.

Not all market reports are created equal. Make sure the Franklin housing data actually supports the claims made about the current housing market. When you are ready to sell your Franklin home

call Tammie White at (615) 495-0752 today!

Originally posted: http://www.franklintnhomesforsaleonline.com/blog/absorption-rate-determines-franklin-tn-housing-market/

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Tammie White, REALTOR®
TW Realty Group
Benchmark Realty LLC
318 Seaboard Lane
Franklin TN 37067
(615) 495-0752 Direct
Email: Tammie@TWRealtyGroup.net
 
 
This posting with the content written here and photographs displayed are the intellectual property and opinions of Tammie White of Benchmark Realty LLC. Any party who uses this material without the permission of Tammie White is subject to copyright infringement and possible lawsuit.
Tomwhite
Franklin TN Condo and Townhome Market Trends 2014
Tom White, TW Realty Group, Franklin TN--South of Nashville (Benchmark Realty, LLC (615) 870-8169 or www.TWRealtyGroup.net)

Franklin TN Condo and Townhome Market Trends 2014

If you're considering the purchase or sale of a Franklin TN Condo or Townhome, you need to understand what's going on in the market. Knowing what's happening in the market will help you play an active, educated role in working with your REALTOR® to price your home to sell quickly, or to make a sound offer on the home you want to purchase.

The Condo and Townhome market in Franklin TN is relatively small compared to the single family detached home market. In July, 2014, there were 775 single family detached homes on the market. At the same time there were only 65 Condos and Townhomes listed in the local Multiple Listing Service (MLS). Fewer homes gives us less data to work with when we're trying to understand if there are trends evident in the market. For that reason, I'm using quarters of a year (three month segments), rather than monthly data over the past 2 1/2 years, to examine the market.

Prices of Condos and Townhomes in Franklin TN have inched upward over the past 30 months.

Franklin TN Condo and Townhome Market Trends 2014

In fact, even with some seasonal fluctuation, the Median Sales Price of Condo and Townhomes has increased over 11% from 2012 to the middle of 2014. Simply put, prices are going up.

Let's turn now to another indicator of market trends, the Sales Price to List Price Ratio. Why is this important? If you are buying a Franklin TN Condo or Townhome, and your Realtor has told you the property is "priced right", how close to asking will your offer need to be to have a reasonable chance of being accepted?

Franklin TN Condo and Townhome Market Trends 2014

Again recognizing that there will always be some seasonal fluctuations in the market, we see that in early 2012 the ratio was around 95%. In the middle of 2014, the sales price to list price ratio is close to 99%. What this means is that if the property is priced right according to your agent, you can expect to pay very close to asking price for a property. One more reason to hire an experienced, qualified REALTOR® who really understands the market!

The next market indicator we'll take a look at is "Days on Market" or DOM. This is important because it helps us gauge the demand for homes in the housing market. When demand is high, homes do not stay on the market very long. 

FranklinTN Condo and Townhome Market Trends 2014

The median Days on Market for Franklin TN Condos and Townhomes has steadily decreased over the last 10 quarters or 30 months. From a high of 101 days at the beginning of 2012 to 47 in the second quarter of 2014, the DOM has decreased dramatically. What this means is that buyers in the Franklin TN Condo and Townhome Market in 2014 must act quickly if they want to purchase that home they have dreamed of owning!   

This is a lot of information in a format that many people find...difficult. What does it mean? It means we're in a hot seller's market--and indicators suggest it is getting hotter!

The bottom line is that if you are buying or selling, you need the advice and assistance of a knowledgeable REALTOR®. With TW Realty Group you know that you're getting agents who understand the Franklin TN Condo and Townhome Market Trends 2014. Call Tom White at TW Realty Group today at (615)-870-8169.


TW Realty Group
 
Tom White, REALTOR®
TW Realty Group
Benchmark Realty LLC
318 Seaboard Lane
Franklin TN 37067
(615) 870-8169
 
This posting with the content written here and photographs displayed are the intellectual property and opinions of Tom White of Benchmark Realty LLC. Any party who uses this material without the written permission of Tom White is subject to copyright infringement and possible lawsuit.
Tammiewhite2
Buying a Franklin TN Home Priced $250,000 - $350,000? Here's What to Expect
Tammie White, TW Realty Group, Franklin TN, South of Nashville (Benchmark Realty, LLC (615) 495-0752 or www.TWRealtyGroup.net)

Buying a Franklin TN Home Priced $250,000 - $350,000?

Here's What to Expect - Market Report for July 2014

  • Buying a Franklin TN Home Priced $250,000 - $350,000? Here's What to Expect Market Report for July 2014Properties currently Active on the market: 101
  • Single-family properties closed in July: 63
  • Average sales price: $299,275
  • Average list price: $303,166
  • Average sales price to list price ratio: 98.7%
  • Average days on the market: 43
  • Pending sales: 59
  • Franklin homes priced $250K - $350K absorption rate: 1.6 months of inventory (a normal or steady market would be 5-7 months, a buyer's market would be in excess of 7 months, and a seller's market would be less than 5 months)

The most sought after price point in Franklin TN real estate right now are for homes priced between $250,000 to $350,000. It's no surprise to find this market is in an extreme seller's market. Buyers who are looking for homes in this price point should be prepared for multiple offers.

Here's what the numbers for July revealed about homes in this price range. The least expensive home sold in this price range was a small 1,008 square foot one-level with 2 bedrooms and 1 bath built in 1954. It was listed for $250,000 and sold for $239,200. The most expensive house sold in this price range was a 1.5 story, 2,203 square foot, 4 bedroom, 3 bath built in 2014. It was listed at $328,900 and sold for $350,110.

While it appears there are 101 homes available in this price range, 39 of those are already under contract. That leaves just 62 remaining homes. If sales continue at our current pace that means we have less than one month of inventory for buyers.

How does this impact you as a buyer?

1.  Get your pre-approval in order - Before you even go out to look at houses, get your pre-approval in order. Contact a lender. With some basic information and a credit check, he'll be able to tell you what you qualify for and provide a pre-approval letter we can submit with an offer.

2.  Hire a buyer's agent to assist you - Don't try to go it alone in this market. Not only will you get frustrated, you're likely to be taken to the cleaners. This is likely the largest investment of your life, don't maneuver this process without a trained professional. In all likelihood, an agent has worked hundreds of transactions in comparison to your one or two. Besides, it costs you nothing to hire an agent.

3.  Buying a Franklin TN Home Priced $250,000 - $350,000? Here's What to Expect - Market Report for July 2014View new listings immediately - The inventory is low at this price point. When a new listing comes on the market, you'll need to go view the house as soon as possible. If you wait until the weekend, it will probably already be under contract.

4. Make your offer count - Don't be misled to think that you should come in at 20% less than asking price. The average sales price to list price ratio is almost 99% of list. If a home is priced right (your agent can verify this) and looks good, then expect you will have competition. You may only have one shot at an offer. Make it a good one. Your agent will be able to provide you with the most recent comparable sales to help you there.

5.  Terms matter, but cash isn't necessarily king - Buyers often think if they are making a cash offer that buyers will jump on it and take much less for a home. That just isn't true in our market. At closing, the seller always receives cash; whether it's from a buyer or the bank. It's all the same to him. Don't expect a seller to take tens of thousands of dollars less because you have cash. Other things that may be more important to a seller are the terms of the contract, including the closing date and contingencies. If you have the ability to close quickly and can waive some of your contract contingencies, then you have a better chance of having your offer accepted.

These are just a few of the tips that will help you buy a Franklin TN home priced $250,000 - $350,000.

When you are ready to begin your search, call Tammie White today at (615) 495-0752.

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Tammie White, REALTOR®
TW Realty Group
Benchmark Realty LLC
318 Seaboard Lane
Franklin TN 37067
(615) 495-0752 Direct
Email: Tammie@TWRealtyGroup.net
 
 
This posting with the content written here and photographs displayed are the intellectual property and opinions of Tammie White of Benchmark Realty LLC. Any party who uses this material without the permission of Tammie White is subject to copyright infringement and possible lawsuit.
Tammiewhite2
I65 Closed at Peytonsville Road in Franklin TN Due to Tanker Accident
Tammie White, TW Realty Group, Franklin TN, South of Nashville (Benchmark Realty, LLC (615) 495-0752 or www.TWRealtyGroup.net)

For the next several months, traffic is going to be a problem for commuters south of Peytonsville Road in Franklin. An accident caused by a fuel tanker traveling south in the early morning hours of Friday, August 15 has shut down the bridge at Peytonsville Road for at least three months. The existing bridge and the new one that was in the process of being built have been damaged to the point of being unsafe. 

Both bridges are in the process of being demolished. Travelers should find an alternate route if they wish to travel south of Peytonsville Road or north from communities currently located south of Peytonsville Road in Franklin.

The bridge will be unaccessible for the next several months creating huge traffic delays in the entire Franklin area. Commuters should expect delays and plan accordingly.

 

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Tammie White, REALTOR®
TW Realty Group
Benchmark Realty LLC
318 Seaboard Lane
Franklin TN 37067
(615) 495-0752 Direct
Email: Tammie@TWRealtyGroup.net
 
 
This posting with the content written here and photographs displayed are the intellectual property and opinions of Tammie White of Benchmark Realty LLC. Any party who uses this material without the permission of Tammie White is subject to copyright infringement and possible lawsuit.
Tammiewhite2
What Does a Buyer's Agent Do for You That You Can't Do for Yourself?
Tammie White, TW Realty Group, Franklin TN, South of Nashville (Benchmark Realty, LLC (615) 495-0752 or www.TWRealtyGroup.net)

What Does a Buyer's Agent Do for Your that You Can't Do for Yourself?The Frankin TN housing market has been crazy this year. Homes that are priced appropriately and properly prepared for sale are selling quickly. You would think that buyers would be knocking our doors down trying to find the right buyer's agent to help them buy a home.

Instead, what I am finding is a greater number of buyers want to go it alone. They somehow think if they contact the listing agent directly they'll be guaranteed of getting the house.

They aren't even contacting the listing agent to save money. They've already recognized that our market is crazy and if the house looks good, it will undoubtedly get multiple offers and probably sell for asking price or above.

Buyers don't understand the risks of not having representation, especially, given our seller's market. Besides, just because you contact the listing agent, doesn't mean you'll get the house.

Given this scenario, what does a buyer's agent do for you that you can't do for yourself?

A buyer's agent will present OPTIONS!

When you contact that listing agent, he is going to tell you about one property. This is his listing. The seller has hired the listing agent to sell his house. When you contact the listing agent, he's going to try and get you to buy that house. He isn't going to tell you what the comparable home sales are. He isn't going to tell you that there is a house with the same exact floor plan down the street priced $10,000 less. He isn't going to present you with any other options. His job is to sell THAT house. He works for the seller.

When you visit a builder's model, the on-site agent is going to tell you about the products he offers. If there are multiple builders in the neighborhood, he's not going to tell you the plan you actually are looking for is sold by a competitor. That on-site agent is looking to sell you one of his houses and his plans.

He's not going to tell you what the most resent home sold for. He's not going to tell you that the other builder has more plans available. And he's certainly not going to say that you can get a better price elsewhere. His job is to sell you HIS PRODUCT. He works for the seller.

What does a buyer's agent do for you that you can't do for yourself?

A buyer's agent will present OPTIONS!

What Does a Buyer's Agent Do for You that You Can't Do for Yourself?Last year, a young couple came to me. They had already put a $10,000 deposit down to reserve a premium lot in a new construction neighborhood. They realized that they had plucked down $10,000 and didn't know their options.

We went out and I showed them every new construction neighborhood within a 10 mile radius meeting their search criteria. They looked at a lot of homes. While they liked many of the features in these homes, they seemed to be lacking something.

I presented some other options. We switched gears totally. Maybe they could find a fixer upper and then remodel. They were young and had some available cash. Plus, Mr. Buyer was quite handy and had already helped some friends remodel their home.

We began the search for a fixer upper. One problem--the fixer uppers were always missing something or were in the wrong location.

I suggested we look at homes that already had some things updated but still gave them a little bit of latitude for cosmetic changes. BINGO! They fell in love with a house that had already completed a major bath renovation but still left them with a little to do to make it their own. And guess what else? This home was $30,000 less than the new construction home they had hoped to build of a similar size. 

What Does a Buyer's Agent Do for You that You Can't Do for Yourself?The on-site agent didn't do that for them. The on-site agent didn't show them other options. The on-site agent was looking out for HIS boss, the builder. But it was MY job to look out for MY clients, the buyers.

The point is--buying a house will likely be one of the most important purchases of your life. Do yourself a favor, hire an agent who can help you explore your options, who will look out for your interest and who will fight to get the right house for you. The best part: a buyer's agent will cost you absolutely nothing.

What can I do as a buyer's agent for you that you can't do for yourself?

I can present OPTIONS!

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Tammie White, REALTOR®
TW Realty Group
Benchmark Realty LLC
318 Seaboard Lane
Franklin TN 37067
(615) 495-0752 Direct
Email: Tammie@TWRealtyGroup.net
 
 
This posting with the content written here and photographs displayed are the intellectual property and opinions of Tammie White of Benchmark Realty LLC. Any party who uses this material without the permission of Tammie White is subject to copyright infringement and possible lawsuit.
Tammiewhite2
Zillow Really Couldn't Pinpoint the Properties He Wanted to View
Tammie White, TW Realty Group, Franklin TN, South of Nashville (Benchmark Realty, LLC (615) 495-0752 or www.TWRealtyGroup.net)

Zillow Really Couldn't Pinpoint the Properties He Wanted to ViewThis morning I received an email contact from a prospect who had reached out to me from my website. He is relocating to Franklin and had a long list of questions.

Whenever I receive an email contact, I call buyers immediately. These are the people who have proven to be serious buyers and are usually within 90 days of purchasing.

Upon receiving this email, I called the buyer. He had provided an email and phone number when he registered on the site, which I highly recommend.

As I said, he had several questions so I jumped right in to explain some things that are common here that may not be in his current state.

He added how much he liked our website and that a number of sites he tried were cumbersome. He told me our website was very user friendly and he'd already gotten his first property update this morning after registering yesterday. He was very impressed with that feature.

He did mention that he had tried to use Zillow but didn't have much luck finding what he was looking for. He has very specific search terms and found that Zillow really couldn't pinpoint the properties he wanted to view.

Zillow Really Couldn't Pinpoint the Properties He Wanted to ViewWhen you are ready to buy a Franklin TN home, be sure to register on our website. You will find that we have made it extremely easy to find a home. We have already created pages with searches by price, neighborhoods, schools, zip codes and even number of bedrooms. If there is a search term and you can't find it on our site, just contact us and we'll create a new page to serve your search parameters.

The website also gives you the ability to save searches to receive email updates daily. It's a great feature so you don't miss a new listing when it comes on the market. When you have questions, you can shoot us an email from the site. I promise we'll get back to you quickly.

Just click the photos above and start using our website today!

Zillow really couldn't pinpoint the properties he wanted to view, you don't want the same thing to happen to you.

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Tammie White, REALTOR®
TW Realty Group
Benchmark Realty LLC
318 Seaboard Lane
Franklin TN 37067
(615) 495-0752 Direct
Email: Tammie@TWRealtyGroup.net
 
 
This posting with the content written here and photographs displayed are the intellectual property and opinions of Tammie White of Benchmark Realty LLC. Any party who uses this material without the permission of Tammie White is subject to copyright infringement and possible lawsuit.
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