What's My Brandon Park Downs Home Worth? June 2014
- Properties currently Active on the market: 1
- Single-family properties closed in June: 1
- Average sales price: $925,000
- Average list price: $1,000,000
- Average sales price to list price ratio: 92.5%
- Average days on the market: 96
- Pending sales: 2
- Brandon Park Downs absorption rate: 1 month 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)
Brandon Park Downs is in an extreme seller's market but let's look at the numbers more closely to determine what they tell us about this single home sale in June:
1. Average sales price to list price ratio: This number reflects what percentage of the sales price a home actually sold. At 92.5%, the number is very low in comparison to other neighborhoods in Franklin. It is even low in comparison to the overall sales price to list price ratio of 94.2% for Franklin TN luxury homes as a whole. This suggests the home was priced too high.
2. Average days on the market: This is the number of days it took to move this home from listed to pending sale. As a luxury property, 96 days would be considered good. It did perform better than the average Franklin TN luxury homes of 118 days. Most luxury sellers should expect their average days to be higher. For a quick sale pricing is paramount.
3. Absorption rate: This number is determined by taking the number of active listings and dividing it by the number of closed sales. Anything under 5 months is considered a seller's market. Anything at 2 months or less is considered an extreme seller's market. This number fluctuates monthly based upon the sales and inventory.
What you don't know is this home was previously listed and then withdrawn. Why didn't this house sell then?
1. Pricing: The first time the house came on the market it was priced at $1,279,000. After 95 days, the seller withdrew the listing. It came on the market shortly thereafter priced at $1,100,000. The price was eventually dropped to $1,000,000 and then it finally sold after one failed contract. Both the listing agent and the buyer's agent involved took a reduced commission to finally make this sale happen. However, this is not the norm and sellers should not price high with the expectation that the agents involved will do the same.
Given this information are you wondering what your Brandon Park Downs home is worth? Click the photo below to be taken to an instant property valuation report.
Many sellers often think that having their listing in the MLS is all that's necessary to get the attention of buyers. Nothing could be further from the truth. Real estate has become a global market. Buyers are moving to Franklin from other parts of the country and world. The marketing needs to extend to areas outside our local market. With 92% of buyers beginning their home search on the internet, you need your home to have the best coverage possible online. This goes far beyond just syndicating your home to other websites.
At Franklin Homes Realty LLC, we use the latest technology so your home is seen by a large pool of buyers, including buyers outside of the Nashville area. We do this through the use of social media and blogging. Something you rarely find in the Franklin luxury housing market.
We have also made it extremely easy for Brandon Park Downs home buyers to find your home online. Visit our Brandon Park Downs page on our website. No other agent in the area provides more comprehensive information about this luxury equestrian development. It's easy to see why our website gets thousands of clicks each month. This provides your listing with exposure to home buyers all over the country.
Tammie White recently sold a $1.5M Brownstone in Franklin to an out-of-state cash buyer who found us through our excellent representation of that neighborhood. Let our team show you how we can do the same thing for you.
When you are ready to sell your Brandon Park Downs home, contact Tammie White of Franklin Homes Realty LLC at (615) 495-0752.