Written by Tammie White, Principal Broker/Owner of Franklin Homes Realty LLC
The housing inventory in Franklin TN is extremely low right now. Buyers are out in record numbers looking for homes to buy to take advantage of the incredibly low interest rates before they rise. There just aren't enough homes to go around to accommodate all the buyers. As a result, buyers have been forced to turn to new construction.
Remember, basic economics and the law of supply and demand. When the demand is high and supply is low, what happens? That's right, housing prices begin to rise. That's exactly what is happening.
Franklin TN new construction home prices are on the rise.
Buyers are flocking to new construction home sites to meet their demand. As a result, we are beginning to see prices rise.
Westhaven has had 19 price changes since April 1. Of those 19 changes, 2 were existing homes where sellers dropped their prices. However, the other 17 price changes were new construction homes. All of these homes increased, not decreased, their price. You read that right. Westhaven has increased the price on 17 homes since April 1.
The lowest price increase was $1,275 but the highest increase occurred today--a whopping $25,500. Had you purchased the home pictured above yesterday, the list price would have been $749,000 but today the list price is $774,500.
What does this mean for home buyers?
- Be prepared to pay more for a home than you did 30 days ago - Prices are on the rise. Expect to continue to see that as we get further into the building season.
- Don't Wait Long - We are still very early in the selling season. Act early before prices go up even more.
- Use a Buyer's Agent - A Buyer's Agent will represent your interest in the transaction. The on-site agent works for the seller. It is his job to get the best price and terms for the seller. A Buyer's Agent represents you. Even though, he is paid by the listing broker. The new construction builder has already included the Buyer's Agent's commission in his price. If you don't use one, he just keeps that as profit. Instead, hire a Buyer's Agent to negotiate on your behalf.
What does this mean for sellers?
If you own an existing Franklin TN home and you have been contemplating a move, act now. Buyers are out in record numbers. Home prices are beginning to rise across the board. Take advantage of this reduced housing inventory and list your home.
You still need to make sure the home is in good condition and priced within the recent comparable home sales. An experienced agent will be able to prepare a competitive market analysis and advise you on both pricing and condition.
If you are in need of either buying a Franklin TN home or selling your Franklin TN home, contact Tammie White today at (615) 495-0752.
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.