Westhaven Homes for Sale Franklin TN | Market Report April 2013

Westhaven is located on the west side of Franklin TN off Hwy 96. There are approximately 1,100 homes. However, this a Franklin TN new construction neighborhood and several years away from completion. When totally built out, Westhaven will be 2,700 homes, the largest neighborhood in Franklin. The builders currently providing new construction homes are Ford Custom Homes, Carbine & Associates and Southern Land, just to name a few. The first homes were built in 2004. Westhaven homes range in size from 1,400 square feet to 9,000 square feet.

Westhaven Homes for Sale in Franklin TN

Westhaven Franklin TN Market Report for April 2013

• Properties currently Active on the market: 86
  
• Single-family properties closed in April 2013: 20
  
• Average sales price: $471,120
• Average list price: $474,072
• Average sales price to list price ratio: 99.4%
• Average days on the market: 107
  
• Sales currently pending: 34
  
• Westhaven absorption rate: 4.3 months of inventory (a normal or steady market would be 5 - 7 months; anything under 5 months of inventory is considered a sellers' market; anything above 7 months of inventory is considered a buyers' market).

 Westhaven is currently experiencing a sellers' market. The average sales price to list price ratio is high, but the average days on the market is high. Westhaven is one of the few neighborhoods that builds market homes which means, they begin constuction even though they don't have a buyer under contract. The result is higher days on the market than most Franklin TN new construction neighborhoods. Due to the increase in demand, Westhaven builders have begun to raise their prices. This may be good news for existing Westhaven home sellers. Existing homes that are priced right are going under contract within a few days.

The best way to determine a list price is to have an experienced real estate agent prepare a Competitive Market Analysis. This will provide you with the current active listings and most recent closed sales so you can price your home competitively.

If you are a Westhaven home buyer, you may not want to wait too long as home prices will probably continue to rise. Be sure to have the assistance of a Buyer's Agent, even when purchasing new construction. A Buyer's Agent will provide you with a Competitive Market Analysis and negotiate the best price for you. This service is provided at no cost to you. Buyer's Agents are paid by the listing brokerage company or new construction builder.

If you need assistance buying or selling a Westhaven homes for sale in Franklin TN today, contact

Tammie White at (615) 495-0752.

Westhaven Porchfest in Franklin TN on June 15

There is so much to love about the Westhaven neighborhood in Franklin TN. One of the most attractive features on many Westhaven homes are the front porches you see. The neighborhood was designed to get residents out of their homes and into the neighborhood. The addition of front porches helps encourage residents to do this.

Westhaven decided to go one step further by creating an event that would use these front porches to draw people out and the Westhaven Porchfest was born. Westhaven Porchfest in Franklin TN is June 15 from 4 - 10 p.m. Westhaven residents will perform for the public right from their front porches. Just bring a comfortable chair to sit in and come out to Westhaven for an evening of fun and music.

You may be surprised at who you see perform as many local musicians call Westhaven home. Here's a sneak peak of what to expect at the Westhaven Porchfest in Franklin TN on June 15.

If after seeing this, you would like to call Westhaven home, call Tammie White today at (615) 495-0752 for more information about Westhaven homes for sale in Franklin TN.

Westhaven Homes for sale in Market Report March 2013 - 23 homes closed in March compared to 6 last year, an increase of 280%.. The median sales price of homes sold in Westhaven was $520,686 compared to $482,664 last year, an increase of 8%. With only 96 Westhaven homes listed in the Nashville MLS, buyers are having to compete on a lot of the better priced homes. The absorption rate based on March sales is down to 4 months making Westhaven homes a sellers market.

• 23 Westhaven homes sold in March compared to 6 last year
• the median sales price for homes sold was $520,686 compared to $482,664 last year an increase of 8%
• the absorption rate for Westhaven homes based on March sales and the homes currently listed is 4 months
• 28 Westhaven homes are pending sale at this time
• 96 homes are currently listed in the Nashville MLS as available for purchase

Westhaven is a very popular neighborhood on the west side of Franklin in Williamson county, blessed with outstanding schools, low property taxes, no income tax, and a championship golf course, Westhaven is a great place to live.

Search for Westhaven Homes here

For the most-up-to-date information on Westhaven current home values, then we urge you to contact us. We can assist you with all aspects of buying or selling real property in this and other neighborhoods in the Nashville Metro area. Also ask to be placed on an instant notification system when any new Westhaven MLS listings come on the market or price reductions in Westhaven are posted.  

1. $510,000 : 707 Pearre Springs Way, Franklin
   
   3 beds, 3 full, 1 part baths

   Home size: 3,107 sq ft

   Lot size: 5,227 sqft

    
   
2. $439,000 : 1337 Eliot Rd, Franklin
   
   3 beds, 2 full, 1 part baths

   Home size: 2,468 sq ft

   Lot size: 5,227 sqft

    
   
3. $515,515 : 703 Pearre Springs Way, Franklin
   
   3 beds, 3 full, 1 part baths

   Home size: 2,994 sq ft

   Lot size: 5,227 sqft

    
   
4. $839,900 : 1714 Championship Blvd, Franklin
   
   5 beds, 4 full, 2 part baths

   Home size: 5,686 sq ft

   Lot size: 9,583 sqft

    
   
5. $534,900 : 541 Ardmore Pl, Franklin
   
   3 beds, 3 full baths

   Home size: 3,303 sq ft

   Lot size: 9,147 sqft

    
   
6. $649,900 : 432 Pearre Springs Way, Franklin
   
   4 beds, 3 full, 1 part baths

   Home size: 3,758 sq ft

   Lot size: 10,890 sqft

    
   
7. $1,150,000 : 308 Morning Mist Ln, Franklin
   
   6 beds, 5 full, 1 part baths

   Home size: 6,753 sq ft

   Lot size: 15,246 sqft

    
   
8. $499,900 : 503 Cheltenham Ave, Franklin
   
   4 beds, 3 full, 1 part baths

   Home size: 3,086 sq ft

   Lot size: 6,098 sqft

    
   
9. $390,000 : 618 Watermark Way, Franklin
   
   3 beds, 3 full, 1 part baths

   Home size: 2,248 sq ft

   Lot size: 43,560 sqft

    

    
   
10. $329,900 : 611 Cheltenham Ave, Franklin
    
    2 beds, 2 full, 1 part baths

    Home size: 1,935 sq ft

    Lot size: 2,580 sqft

Franklin TN New Construction Home Prices are on the Rise

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.

What does this mean for buyers?

1. 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.
2. Don't Wait Long - We are still very early in the selling season. Act early before prices go up even more.
3. 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.

Westhaven Franklin TN Home Sales for March 2013 provided by Tammie White:

• Properties currently active on the market: 98
• Single-family properties closed in March 2013: 22
• Average sales price: $542,665
• Average list price: $543,423
• Sales price to list price ratio: 99.8%
• Average days on the market: 68
• Sales currently pending: 22
• Westhaven absorption rate: 4.5 months of inventory (a normal or steady market would be 5-7 months; anything under 5 months of inventory is considered a sellers' market, above 7 months is considered a buyers' market).

Westhaven is currently in a sellers' market. The sales price to list price ratio remains high and the average days on the market is low for this neighborhood; making it an ideal time to sell your Westhaven home.

That being said, there are still deals to be found in Westhaven. Buyers should always remember to have the assistance of a Buyer's Agent whenever purchasing a home including new construction.

Many builders are very negotiable on their sales price but unsuspecting buyers don't always know this. As a Buyer's Agent, I prepare a Competitive Market Analysis for the new construction area to verify what homes are currently selling for. This gives the buyer a better indication of what they should offer. Rather than blindly agreeing to the sellers asking price.

Remember the on-site agent works for the seller and his job is to make sure the seller/builder gets the most for their homes. A buyer's agent would work for the buyer to represent his interests and get the best price for the buyer. All at no cost to the buyer.

If you are interested in a Franklin TN home for sale or wish to sell your Franklin TN home, contact Tammie White, your Franklin TN REALTOR®, at (615) 495-0752.

NOTE: The photo featured above is of an actual home in Westhaven Franklin TN.

This is an entry into the Out with the Old in With the New contest. Look what my Westhaven Market Report used to look like.

Westhaven Franklin TN Home Sales for February 2013 provided by Tammie White:

• Properties currently active on the market: 105
• Single-family properties closed in February 2013: 7
• Average sales price: $539,186
• Average list price: $554,272
• Sales price to list price ratio: 97.3%
• Average days on the market: 107
• Sales currently pending: 25
• Westhaven absorption rate: 15 months of inventory (a normal or steady market would be 5-7 months; anything under 5 months of inventory is considered a sellers' market, above 7 months is considered a buyers' market).

Westhaven is currently in an extreme buyers' market. However, the sales price to list price ratio remains high. Of the seven closed homes, only one was new contrauction. It appears that existing homes may be a better purchase for Westhaven home buyers than new construction.

That being said, even the existing homes sold for 97% of list. Suggesting that Westhaven is in high demand right now. But there are still deals to be had in this neighborhood. I just sold the Westhaven home pictured above. It had been on the market for three years. My buyers were able to snag that home for 96% of list. In 2007, that home sold for $618K. My buyer paid $480K and it appraised above $500K giving my clients instant equity in their new Westhaven home.

Buyers should always remember to have the assistance of a Buyer's Agent whenever purchasing a home including new construction. Many builders are very negotiable on their sales price but unsuspecting buyers don't always know this. As a Buyer's Agent, I prepare a Competitive Market Analysis for the new construction area to verify what homes are currently selling for. This gives the buyer a better indication of what they should offer. Rather than blindly agreeing to the sellers asking price.

Remember the on-site agent works for the seller and his job is to make sure the seller/builder gets the most for their homes. A buyer's agent would work for the buyer to represent his interests and get the best price for the buyer. All at no cost to the buyer.

If you are interested in a Franklin TN home for sale or wish to sell your Franklin TN home, contact Tammie White, your Franklin TN REALTOR®, at (615) 495-0752.

NOTE: The photo featured above is of an actual home in Westhaven Franklin TN.

This is an entry into the Out with the Old in With the New contest. Look what my Westhaven Market Report used to look like.

Westhaven Franklin TN Home Sold for 96% of List Price

This Westhaven Franklin TN home sold for 96% of list price. The most recent market report showed homes selling on average for 98.4% of list price.

This couple had been looking on and off for several years but just weren't seeing the right house.

The husband is a golfer and a member at Westhaven Golf Club. They wanted to be in the older more established homes of Westhaven close to the golf course but they also wanted to pay below market value. 

So, when a foreclosure came on the market recently that I thought would be exactly what they were looking for. I sent them the listing and we went that afternoon to take a look. We did end up making a bid on that house but lost out to another buyer in a multiple offer situation. However, their desire to be in Westhaven intensified. A few days later we went to look at five more homes.

The Westhaven home you see above was one of those homes. Surprisingly, it had been on the market for 3 years. The seller actually turned down my request to show. But a quick call to their agent and she arranged for us to see it on a Friday evening. My clients loved the house right away. We sat down and wrote a strong offer that night. They are now the proud owners of a Westhaven Franklin TN home sold for 96% of list price.

The home originally sold for $618K back in 2007. After being on the market for three years, it was priced at $499,900; well-below other homes with 3,500-plus square feet. My clients were able to purchase the house for $480K--just 96% of list. The home appraised well above the purchase price so my clients already have instant equity in their home.

If you would like to buy a Westhaven Franklin TN home and negotiate a good price, please contact Tammie White today at (615) 495-0752. I'd love to help you find a great deal in this Franklin TN neighborhood.