The Franklin TN housing market is hot, even in February. As a matter of fact, there are only 20 single-family homes in all of Franklin priced under $350,000. Three of those are new construction and won't be ready for several months. That leaves just 17 single-family homes in Franklin TN priced under $350,000 for immediate occupancy. Unbelievable, really.
When a listing comes on the market and it's in great condition, it's probably going to sell. Even if, the buyer thinks it's priced a little high. It's called the law of supply and demand. Supply is low and demand is high which means properties may sell for more than their fair market value.
Let's face it, no one wants to pay more than a house is worth but if buyers want their offer to be competitive, they may need to be at asking price or above. That's very difficult for buyers to understand. Especially, those buyers who may be moving here from another area. They may not be seeing this same activity in their housing market. It's in times like these that buyers really need to heed the advice of their agents. We know the market and can usually predict with a lot of certainty those properties that will sell quickly.
I'm probably viewing 25-30 homes a week. After I show them, I track how quickly they go under contract. I know what will sell and what won't. For example, last week I showed a house that was priced high for its condition. However, it was in a very desirable neighborhood. I told the buyers that I thought the house would be under contract within a day. Sure enough, it was. Even though, it needed some work.
That's the reality of our market. I don't like to be the bearer of bad news but I don't create the market, I only interpret it. Our inventory is extremely limited. Buyers are waiting for the right house to come on the market. When it does, they don't dilly dally around. They submit strong offers to win the bid.
If you are a Franklin TN home buyer, it's important to put your preconceived notions of our housing market aside. Instead, listen carefully to the advice your buyer's agent provides and act quickly. If not, you may never be able to find a home.
Looking to buy a Franklin TN home? Call Franklin Homes Realty LLC at (615) 495-0752.