By Tammie White
We received an email from a buyer this morning inquiring about several listings. Each inquiry had an address and then the words, "Can we see this house?"
These homes were all move-in ready. As a matter of fact, the homes looked as if they were taken from a page out of Better Homes & Gardens. We knew immediately that these homes would already be under contract.
Upon further investigation, we found that all of the homes were already sold. As a matter of fact, we learned that of the 42 homes available in Franklin priced between $300K to $400K that only 24 were existing homes ready for immediate occupancy. The remaining 18 were new construction to be built.
There are only 433 homes currently listed at all price points in Franklin Tennessee. Of that, only 257 homes are ready for immediate occupancy. The others are new construction homes yet to be built. That's not very many homes given that Franklin has approximately 28,000 housing units.
Buyers are waiting for new listings to hit the market. When they do, they try to get there as quickly as they can. Many move-in ready homes will have mulitple offers the first day on the market. If you are a buyer thinking you'll go it alone to search for a home, you may want to reconsider that. Trying to connect with the listing agent isn't the best way to get into these homes immediately.
You need a buyer's agent who can work on your behalf representing your interests. One of the responsibilities of that agent is to alert you immediately to listings that meet your criteria. Your buyer's agent needs to have availability to show you properties right away. If not, the house may go under contract before you ever get to see it.
We are looking at our MLS HOT SHEET hourly. The HOT SHEET is the place to find the new listings for each day. We have all our buyers criteria saved into our system.
When we see a new listing meeting any of our client's criteria, we call them immediately to advise them to clear their schedule to view the house. They already know that we need to see the listing within the first 24 hours or miss an opportunity.
Our multiple listing service (MLS) doesn't syndicate listings to other websites for a day. If you are looking at the big portal real estate websites hoping to find a home, it will probably be too late by the time you see it on one of those sites.
The best plan of action is to hire a real estate agent who will be working on your behalf to find a home. We meet buyers for a consultation. At that meeting we'll discuss your criteria and educate you on the condition of our current housing market. We'll discuss pricing trends and how they'll impact your offer. We'll have you meet with our lender to get pre-approved. That way when the right home comes on the market, we can move quickly to submit an offer. Sellers will likely choose buyers who have already been pre-approved and submitted a pre-approval letter with their offer.
If you are a cash buyer, you will need a proof-of-funds letter from your bank that will need to be submitted with your offer. We'll discuss the importance of having these documents prior to submitting your offer.
Time is of the essence in real estate. That's especially true during a hot housing market like we're experiencing now.
The best part...it costs you nothing to hire us as your buyer's agent. Our fee is paid by the listing brokerage.
Call Franklin Homes Realty LLC today at (615) 495-0752 to schedule your buyer's consultation. We'll put you in the most powerful position to buy your new home.
When a listing comes on the market, you'll already know who to contact to arrange a showing. Although, in all likelihood, we'll contact you first.
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. Tammie's website, www.FranklinHomesRealty.com, has become the premiere search tool for buyers relocating to Franklin TN. She has been writing a real estate blog since 2009 and quoted in various publications including the LA Times, Skype.com, The Tennessean and Williamson Source.