What's a Berry Farms Home Worth? May 2014

What's a Berry Farms Home Worth? May 2014

Below is the recap of the Berry Farms home sales for May 2014:

• Properties currently Active on the market: 9
• Single-family properties closed in May: 4
• Average sales price: $471,003
• Average list price: $463,422
• Average sales price to list price ratio: 101.6%
• Average days on the market: 99
• Berry Farms absorption rate: 2.3 months of inventory (a normal or steady market would be 5-7 months, a buyer's market would be in excess of 7 months, and a seller's market would be less than 5 months)

Berry Farms is currently in a seller's market. This isn't surprising given that inventory in Franklin is so low and buyers are flocking to new construction neighborhoods like Berry Farms. What is surprising is that fifty percent of the closed sales in Berry Farms were without the assistance of a buyer's agent.

It's very important for buyers to always have their own representation when buying new construction. The on-site agent works for the seller. It's his job to get the most money for the seller. While most builders aren't going to come off their base price, you may be able to negotiate some additional features depending upon the builder. At the very least, a buyer's agent will be able to check the comparable sales so you know what other home buyers have paid for a similar plan.

The best part is that is a buyer's agent costs the buyer absolutely nothing. Their fee is paid by the builder. How sweet is that? Plus, there may be additional savings. For example, I pay for a home inspection on new construction purchases when buyers use me as their agent. Then when they meet the builder for a final walk-through, they can address issues that may encompass more than cosmetics.

I always suggest home buyers get a home inspection. Unfortunately, many buyers don't think a home inspection is necessary because they are  covered by the one year builder's warrantee. The truth is buyers don't want the additional expense. By paying for this inspection, I know my clients are getting a complete report on the condition of their new construction home purchase by an unbiased source. Additionally, they are able to include any items of concern on the builder's punch list.

When you are ready to buy a Berry Farms' home, contact Tammie White of Franklin Homes Realty LLC at (615) 495-0752.