What Will I Pay for a Stream Valley Home? Buyers Tips September 2014
- Properties currently Active on the market: 29
- Single-family properties closed in July: 2
- Average sales price: $374,242
- Average list price: $369,747
- Average sales price to list price ratio: 101.2%
- Average days on the market: 0
- Active under contract: 14
- Percentage of active under contract: 48%
- Stream Valley absorption rate: 14.5 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)
What Should Buyers Know About Stream Valley?
On the surface, it appears Stream Valley is in an extreme buyer's market. However, Ryan Homes is currently the only builder in this neighborhood. They don't build market homes. All Ryan home sales are done at the pre-sale stage.
That's why you will see zero days for the average days on the market. That's also the reason why you will see a month without any closings which is exactly what happened in August.
The builder puts the homes as active in the MLS before they even begin construction. They are looking to sell them in the pre-construction phase. They don't begin a house until it is already contracted with a buyer. The sales price they put in already includes the upgrades that the buyer originally purchased. The increase in prices come after the buyer meets with the design center. If the buyer changes anything during that meeting with the design center, you will see an increase in the sales price.
If you are considering a home purchase in Stream Valley, it will take 6 - 7 months for them to complete your home.
Why Use a Buyer's Agent When Purchasing in Stream Valley?
One of the biggest mistakes buyers make when purchasing Stream Valley new construction homes is using the on-site agent for the purchase. This agent works for the builder and it's her goal to get the best price and terms for the builder.
Don't think you'll get a better price on a home because you went in unrepresented. The builders actually prefer buyers have their own agent and have included the agent's fee in their base price which isn't negotiable. They understand that the majority of their sales will come from local real estate agents.
Since the fee is paid by the builder, there isn't any reason to purchase without the assistance of a Buyer's Agent. Having worked with buyers in Stream Valley, I can tell you it is best to have an agent representing your interests.
Franklin Homes Realty LLC Offers Free Home Inspection to Stream Valley Buyers
We have worked with many buyers who have purchased new construction homes throughout Franklin including Stream Valley. While builders aren't usually very negotiable on their base price, you still want an agent who may save you money in other ways.
Ryan is a production builder. They are knocking out these houses as quickly as possible. When this happens, things can be overlooked. Not to mention, a buyer doesn't usually climb into the attic or enter the crawl space to see what those areas look like as part of their final walk through.
TW Realty Group pays for a home inspection for you. This way you'll have a very detailed list of items to present to the builder for your punchlist. Most buyers only know of cosmetic issues. A home inspection provides you with the assurance of an unbiased third party.
The home inspector will run all the mechanicals to see they are working properly. He will inspect the roof, attic and crawl space to alert you to anything that may be of concern. Builders often leave wood scraps in the crawl space. These are magnets for termites. You want to be assured all scrap wood has been removed from the crawl.
An inspector will also alert you to the presence of moisture, mildew or mold. This can sometimes become an issue when builders are working through damp, rainy months and the wood framing hasn't had an opportunity to dry out properly before the drywall is installed. These are all things that a home inspector will inspect on your behalf.
When the time is right to buy your Stream Valley home, contact Tammie White at (615) 495-0752. Be sure to mention this blog post and the FREE Home Inspection. We want to know all the ways buyers are finding us.