Are you looking for a deal in Franklin, TN real estate? Can you afford more than $1 million for a home? If so, NOW is the perfect time to buy.
There are numerous high end estate homes in Franklin, TN that have dropped their prices by 10, 20, 30% or more! Not just that, but many of these homes have been on the market for a long, long time. What does that mean to you as a home buyer? It means these sellers might be willing to make a deal.
Each homeowners situation is different, obviously. But when looking for a deal, it's important to look at the psychology behind selling a home. Selling a home is stressful enough in a good market. But when homes aren't selling even when you are dropping your price by 20% or more, it can be downright horrid! As a home buyer, now is the time to pounce.
What are we looking at? Negotiating isn't about just throwing out a number. It's about evaluating the psychological motivations of the other party and using them to your advantage. Whoever holds the "power" will win the negotiations in the long run (you may want me on your side if it ever comes to this. I've been told I'm brutal! *evil grin*)
- Has the seller's family relocated without him? He may be willing to "cut his losses and go" - just to be done with it. He may have to sell for less than he purchased the home for 3 years ago, but that may be his only choice if he wants to be with his family again any time soon. In these situations, there are other things to consider. The seller may be able to claim capital losses. He may have it written into his relocation package that he'll be paid back. While it's not your concern as a buyer, it's a motivation for him. You may be able to get a great deal - but you'll never know unless you try!
- Has the seller lost his job or are they digging into their savings to pay for the house? If so, necessity may force him to sell at a lower price than he wants in order to "stop the bleeding." Will they take $100,000 less on their house when it's costing them $8,000 per month to hold on to it. They might if it's been on the market for 2 years (and they realize they've already dropped in $160,000). Ironically, if they had just priced it $100K less 2 years ago, it probably would have already been sold. As they say, hindsight is 20/20 - but it's not too late to use that to your advantage as a buyer.
- Has the seller purchased another house and is now paying 2 mortgages? If so, the seller my be willing to cut loose (again, to stop the bleeding).
- Has the seller divorced? If so, there could be bad memories with the house and they just need to move on. Or, they may not be able to qualify for the home on their own and have to sell it to split the proceeds. You never know. (It's not hard to identify these homes. Ask me how!)
Who you can't negotiate with:
- Unreasonable Sellers - these are the people who dropped the price $10 on their $1,599,000 home (to $1,598,990) despite being on the market for over 2 years. No... I'm not kidding. I don't know the reasoning behind it, but what it tells me is we have seller's who aren't willing to negotiate and would rather keep their home than sell it for $20 less. I won't even bother showing this home.
- Unmotivated Sellers - these are the people who want to sell homes on their schedule, with their rules. Cancels or refuses showings, hangs around the house during showings, leaves their underwear on the floor. These are people who don't really know what they want.
- Uncertain Sellers - sellers who are just "putting it out there" to see if they get any nibbles. That's fine in a Sellers market, but we are in a buyers market. You won't get a nibble if your house isn't priced right and ready to go.
Bottom line - I can't tell you for sure if the homes listed below are great deals. Were they overpriced to begin with? Probably. If they've been on the market for a number of years, they started in a Sellers market and have been chasing it down ever since. Are they willing to negotiate? There's no way to tell for sure unless you make an offer. But if they're showing signs of being serious (dropping the price & hanging on for a long while), chances are good. Or, if it's only been on a short while and has dropped quite a bit, there's a good chance they're willing to negotiate. Will you get a great deal on one of these homes? Perhaps - but you never know unless you take a shot at it.
Many a person has lost out on a good deal because they were too "shy" to ask (they don't want to hurt someone's feelings, they think they'll say no so they don't try, etc.). My husband is one who will try to talk anyone down on anything and it always amazes me what kind of deals we end up with. Give it a shot, you never know unless you try!
If you're looking for a high end home in Franklin, TN, it only makes sense to have a Realtor with a legal background in negotiation. Tori Stamps, MA, JD is it.
| Decrease in Asking Price | Original List Date | Subdivision/Area | Orig. LP | Present LP | % |
| -5,500,000 | Jul-08 | ----- | 33,000,000 | 27,500,000 | -17% |
| -3,000,000 | Sep-07 | Wilson Pike | 7,950,000 | 4,950,000 | -38% |
| -2,000,000 | Jan-06 | Leipers Fork | 8,500,000 | 6,500,000 | -24% |
| -1,100,000 | Jan-07 | Leipers Fork | 3,900,000 | 2,800,000 | -28% |
| -900,000 | May-07 | Laurelbrooke | 3,299,000 | 2,399,000 | -27% |
| -850,000 | Feb-07 | McLemore | 3,750,000 | 2,900,000 | -23% |
| -850,000 | Jul-08 | Leipers Fork | 4,750,000 | 3,900,000 | -18% |
| -824,100 | Mar-06 | Laurelbrooke | 2,299,000 | 1,474,900 | -36% |
| -704,000 | Apr-09 | Hidden River | 6,499,000 | 5,795,000 | -11% |
| -700,900 | Feb-08 | Grassland | 1,999,900 | 1,299,000 | -35% |
| -545,000 | Apr-06 | Lynnwood Downs | 1,795,000 | 1,250,000 | -30% |
| -540,000 | Nov-07 | Old Natchez | 3,490,000 | 2,950,000 | -15% |
| -527,700 | Aug-07 | Nestledown Farms | 1,677,700 | 1,150,000 | -31% |
| -501,000 | Mar-08 | Berrys Chapel | 3,200,000 | 2,699,000 | -16% |
| -500,100 | May-09 | Rosemont | 3,500,000 | 2,999,900 | -14% |
| -500,100 | May-08 | Rosemont | 2,500,000 | 1,999,900 | -20% |
| -500,000 | Sep-07 | Two Rivers | 2,350,000 | 1,850,000 | -21% |
| -500,000 | Jul-09 | Brandon Park | 1,699,900 | 1,199,900 | -29% |
| -410,000 | Aug-07 | Trinity Elementary Area | 2,900,000 | 2,490,000 | -14% |
| -396,000 | May-07 | Laurelbrooke | 2,495,000 | 2,099,000 | -16% |
| -395,000 | Nov-03 | Grassland | 2,185,000 | 1,790,000 | -18% |
| -377,000 | Jun-09 | Historic Franklin | 1,675,000 | 1,298,000 | -23% |
| -376,000 | Apr-07 | Laurelbrooke | 1,875,000 | 1,499,000 | -20% |
| -350,000 | Sep-08 | Laurelbrooke | 3,499,900 | 3,149,900 | -10% |
| -349,900 | Nov-08 | Hidden River | 3,099,900 | 2,750,000 | -11% |
| -345,100 | Jun-08 | Rosemont | 1,745,000 | 1,399,900 | -20% |
| -340,000 | Jun-09 | Avalon | 1,499,900 | 1,159,900 | -23% |
| -310,000 | Apr-08 | Stockett Creek | 1,349,000 | 1,039,000 | -23% |
| -305,000 | Aug-07 | Laurelbrooke | 1,700,000 | 1,395,000 | -18% |
| -300,000 | May-08 | Stockett Creek | 1,599,000 | 1,299,000 | -19% |
| -299,901 | Jan-09 | Laurelbrooke | 2,299,900 | 1,999,999 | -13% |
| -254,900 | Oct-08 | Hillview | 1,749,900 | 1,495,000 | -15% |
| -240,000 | Jun-08 | Leipers Fork | 1,990,000 | 1,750,000 | -12% |
| -221,000 | Aug-07 | Ravenstrace | 1,795,000 | 1,574,000 | -12% |
| -210,000 | Oct-07 | Stockett Creek | 1,399,000 | 1,189,000 | -15% |
| -200,000 | Aug-08 | Laurelbrooke | 1,795,000 | 1,595,000 | -11% |
| -200,000 | Oct-07 | Leipers Fork | 1,690,000 | 1,490,000 | -12% |
| -200,000 | May-08 | Stockett Creek | 1,299,000 | 1,099,000 | -15% |
| -185,500 | Mar-07 | Legends Ridge | 1,315,000 | 1,129,500 | -14% |
| -185,100 | Apr-08 | Laurelbrooke | 1,785,000 | 1,599,900 | -10% |
| -160,000 | Oct-08 | Old Natchez | 1,499,000 | 1,339,000 | -11% |
| -150,000 | Jun-08 | Leipers Fork | 1,299,000 | 1,149,000 | -12% |
If you'd like more information on any of these homes, please do not hesitate to contact me.
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