McKay's Mill Homes for Sale | Buying Tips September 2016
McKay's Mill homes for sale are located just east of Interstate 65 off Liberty Pike in Franklin TN. It is in zip code 37067 and falls within the area of Franklin known as Cool Springs. It gets this name due to its close proximity to Cool Springs Galleria.
McKay's Mill is located in Williamson County. Students attend Williamson County Schools and Franklin Special School District.
McKay's Mill is one of the largest neighborhoods in Franklin with nearly 1,600 homes and one of the most affordable in zip code 37067. There is a variety of housing offered here from 1,352 SF, two-bedroom condos to 7,000 SF executive-style homes with basements.
The amenities are top-notch with an Olympic-sized pool, fitness center, playgrounds, passive parks and walking trails. Additionally, there is a Publix grocery store, a childcare facility and retail businesses located within the community. Liberty Park borders the community. It's an 85-acre park with three baseball fields, concessions, playground and 10-hole disc golf course.
Columbia State Community College just opened its new location on Liberty Pike in August 2016. Students are literally within walking distance of this new facility. Since Tennessee pays for the first two years at a community college, this is an ideal location for students who are interested in attending.
McKay's Mill close proximity to I65, provides residents with an easy commute to Nashville. For those who work in the Cool Springs commercial area, it doesn't get any better than this location.
The most important advice I can give to buyers looking to purchase a McKay's Mill home for sale is to have your own Buyer's Agent. There are two parts to every real estate transaction; the seller's side and the buyer's side.
Many buyers think there is a cost benefit to them to use the listing agent. This agent represents the seller's best interest. He wants to get the best price and terms for the sale of his client's home. When you contact the listing agent directly, that agent can share your information with the seller. Buyers often make the mistake of sharing too much information with the listing agent. Sometimes that information may cost buyers the purchase of a home they really want.
When you have your own Buyer's Agent that person represents your best interest. His job is to make sure he finds a home for you and negotiates the best price and terms. The terms of a contract go beyond sales price, they include closing date, closing costs, possession date and contingencies; home inspection, financing and appraisal. However, you may have additional contingencies that need to be built into your contract. Your Buyer's Agent can advise you on those options.
The best thing about having your own Buyer's Agent is the seller pays for him on your behalf. That's right. Sellers actually want you to have representation, so much so, they pay for your agent.
Now that I've impressed upon you the importance of having your own agent, let's look at the most recent sales activity in McKay's Mill and see what that is telling us about our current market and what you should consider when buying a McKay's Mill home.
McKay's Mill Home Sales for August 2016
- Properties active on the market: 12
- Single-family properties closed in August: 10
- Average sales price: $455,140
- Average list price: $456,850
- Sales price to list price ratio: 99.6%
- Average days on the market: 51
- McKay's Mill absorption rate: 1.2 months of inventory (a normal or steady market would be 5-7 months; anything under 5 months of inventory is considered a seller's market, above 7 months is considered a buyer's market).
As you can see from August home sales, McKay's Mill only has 1.2 months of inventory. That is low, really low. Basically, if no other houses come on the market and homes continue to sell at their current rate, in 1.2 months all the homes in McKay's Mill will be sold. In other words, McKay's Mill is in an extreme seller's market. That's really good for sellers but not so good for buyers.
Are you beginning to see why it's so important to have a buyer's agent?
McKay's Mill has been in a seller's market for much of 2016. Buyers should expect competition when bidding on McKay's Mill homes for sale. In all likelihood, you will pay close to asking price or possibly above to secure a home. Especially, for homes that have recent updates including hardwood floors, granite countertops and stainless appliances. You should expect updated homes to sell within the first week.
You've learned you need a Buyer's Agent and that homes are selling quickly. What else should you consider when buying a McKay's Mill home?
Given that these homes are selling so quickly, you'll want to make sure the Buyer's Agent you hire has a good system to keep you informed about houses or potential houses that come on the market. Franklin Homes Realty LLC has an automated system to keep our buyers alerted to new homes as they come on the market. Additionally, we also watch for homes that other agents may not know about. We've been known to contact sellers to find a home for our buyers. Once again, this is an important component in choosing the right Buyer's Agent.
Lastly, you'll want to be pre-approved for a home purchase prior to writing a contract. Homes often come on the market over a weekend. It's possible you'll be competing with other buyers. Buyers who already have a pre-approval letter in hand will have a better chance of winning a bid. If you don't have a lender in mind, we can help you get connected with a top mortgage lender in the area. His rates are competitive and his service to our clients is outstanding.
McKay's Mill homes for sale | Buying tips for September 2016
- Hire a Buyer's Agent to represent your interest.
- Make sure your Buyer's Agent has a system to notify you about new listings.
- Get a pre-approval letter to prepare yourself in a multiple offer situation.
When you get ready to buy a McKay's Mill home, contact Tammie White of Franklin Homes Realty LLC at (615) 495-0752.
Click the photo to see McKay's Mill homes for sale.
Clipart courtesy freedigitalphotos.net.
About Tammie White, Franklin TN REALTOR®
Tammie White is a REALTOR® and Principal Broker/Owner of Franklin Homes Realty LLC in Franklin TN. Tammie works with relocation buyers looking to purchase a home in Franklin and the surrounding Williamson County area. She understands the way buyers search for homes making her an invaluable asset to Franklin home sellers. Her website, http://www.franklintnhomesforsaleonline.com, has become the premier search tool for buyers moving to Franklin TN. She has been writing a real estate blog since 2009 and has been quoted in various publications including the LA Times, Skype.com, The Tennessean and Williamson Source.