What's a Berry Farms Home Worth? June 2014
Below is the recap of the Berry Farms home sales for June 2014:
- Properties currently Active on the market: 7
- Single-family properties closed in June: 3
- Average sales price: $470,266
- Average list price: $470,266
- Average sales price to list price ratio: 100%
- Average days on the market: 195
- Berry Farms absorption rate: 2.3 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)
Berry Farms is currently in a seller's market. With the low inventory that Franklin is experiencing, buyers are looking to new construction homes to meet their demands. That is keeping the prices up in Berry Farms.
As you would expect, all the sales for June were new construction which is why you are seeing homes selling at 100% of list price. Sixty-six percent of the closed sales in Berry Farms were without the assistance of a buyer's agent.
Buyers don't often realize the on-site agent works for the builder. While they are very knowledgeable, it is important for buyers to have their own representation. It's the on-site agent's job to get the best price for the seller. You want someone who is trying to get the best price for you. While most builders aren't going to come off their base price, you may be able to negotiate some additional features depending upon the builder. At the very least, a buyer's agent will be able to check the comparable sales so you know what other home buyers have paid for a similar plan with similar finishes.
The best part is that is a buyer's agent costs the buyer absolutely nothing. Their fee is paid by the builder. You may also have additional savings by using a buyer's agent. For example, I pay for a home inspection on new construction purchases when buyers use me as their agent.
These builders are knocking out houses so quickly, there are bound to be some issues with production builders. By having an unbiased third party performing a home inspection, you are assured that your home doesn't have any major issues prior to taking possession. Then when you meet with the builder for a final walk-through, you can address issues that may encompass more than cosmetics.
I always suggest home buyers get a home inspection. Unfortunately, many buyers don't think a home inspection is necessary because they are covered by the one year builder's warranty. The truth is buyers don't want the additional expense. I've now made it easy for them to make the right decision in reference to performing a home inspection.
When you are ready to buy a Berry Farms' home, contact Tammie White of Franklin Homes Realty LLC at (615) 495-0752.