Franklin Home Buyers Don't Understand A Sellers Market - At least not at first. Here is one of the e-mails I received yesterday from someone I barely know on a Benchmark listing in Franklin "We would be interested in this except it is way way way overpriced. Are the owners underwater or is there some wiggle room?" . My response after checking the tax record and looking at recent sales and current homes available in the neighborhood
"They are not upside down on this home, but since it's the least expensive home in the neighborhood, and it's only been on the market a week, they probably are not in a panic to sell it. What would you like to offer?
In the neighborhood in question, homes are selling at an average of 99% list price to sales price and they average 57 days on market. So if you count an average of 30 days from contract to close, the homes in this Franklin neighborhood are only available around 27 days before being under contract.
Buyers of Franklin Tn homes need to understand that the tables have turned, and now they are having to compete with other buyers, because the inventory of available homes is very low, and the sellers of many homes typically have multiple offers within the first week. Lowball offers are usually not even worth the time to get a response on good homes.
Of course if you are willing to buy a less than average home, then it's a different story.
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