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Larry Brewer

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Franklin Home Buyers Don’t Understand A Sellers Market

June 2, 2013 by Larry Brewer

Cool Springs home in Franklin TnFranklin Home Buyers Don’t Understand A Sellers Market – At least not at first. Here is one of the e-mails I received yesterday from someone I barely know on a Benchmark listing in Franklin “We would be interested in this except it is way way way overpriced. Are the owners underwater or is there some wiggle room?” .

My response after checking the tax record and looking at recent sales and current homes available in the neighborhood

“They are not upside down on this home, but since it’s the least expensive home in the neighborhood,  and it’s only been on the market a week, they probably are not in a panic to sell it. What would you like to offer?
In the neighborhood in question, homes are selling at an average of 99% list price to sales price and they average 57 days on market. So if you count an average of 30 days from contract to close, the homes in this Franklin neighborhood are only available around 27 days before being under contract.
Buyers of Franklin Tn homes need to understand that the tables have turned, and now they are having to compete with other buyers, because the inventory of available homes is very low, and the sellers of many homes typically have multiple offers within the first week. Lowball offers are usually not even worth the time to get a response on good homes.
Of course if you are willing to buy a less than average home, then it’s a different story.
search for Franklin Tn homes here
Franklin Tn Homes

  • List View
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  • 430 Valleyview Dr, Franklin, TN
    430 Valleyview Dr
    Franklin, TN
    Photo of 430 Valleyview Dr, Franklin, TN 37064 (MLS # 2530648) Broker reciprocity icon
    $794,500
    • Lot Size
      10,455 sqft

    • Home Size
      2,915 sqft

    • Beds
      5 Beds

    • Baths
      3 Baths

  • 709 Liberty Pike, Franklin, TN
    709 Liberty Pike
    Franklin, TN
    Photo of 709 Liberty Pike, Franklin, TN 37064 (MLS # 2530628) Broker reciprocity icon
    $399,000
    • Lot Size
      9,584 sqft

    • Home Size
      1,161 sqft

    • Beds
      4 Beds

    • Baths
      2 Baths

  • 4442 Pratt Ln, Franklin, TN
    4442 Pratt Ln
    Franklin, TN
    Photo of 4442 Pratt Ln, Franklin, TN 37064 (MLS # 2529527) Broker reciprocity icon
    $11,900,000
    • Lot Size
      19.45 ac

    • Home Size
      2,976 sqft

    • Beds
      4 Beds

    • Baths
      3 Baths

  • 2001 Orange Leaf Cir, Franklin, TN
    2001 Orange Leaf Cir
    Franklin, TN
    Photo of 2001 Orange Leaf Cir, Franklin, TN 37067 (MLS # 2530493) Broker reciprocity icon
    $1,297,000
    • Lot Size
      18,731 sqft

    • Home Size
      4,025 sqft

    • Beds
      5 Beds

    • Baths
      4 Baths

  • 2008 Township Drive, Franklin, TN
    2008 Township Drive
    Franklin, TN
    Photo of 2008 Township Drive, Franklin, TN 37067 (MLS # 2530419) Broker reciprocity icon
    $569,990
    • Lot Size

    • Home Size
      2,225 sqft

    • Beds
      4 Beds

    • Baths
      3 Baths

See all Real estate matching your search.
(all data current as of 5/29/2023)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 
 

Filed Under: Franklin Homes Tagged With: franklin homes, Franklin real estate

Comments

  1. Michelle Gibson says

    June 2, 2013 at 8:11 pm

    Larry – Excellent answer! Unfortunately some buyers need to lose a home or two before they fully understand the current market conditions.

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