Franklin TN Home Sold After 118 Showings!!

By
Real Estate Broker/Owner with Franklin Homes Realty LLC

Franklin TN Home Sold After 118 Showings!!

In July 2011, I sent a letter to an expired listing located at 1420 Holly Hill Drive in Franklin hoping to meet with the sellers to discuss the possibility of listing their home.  The sellers did, in fact, call me.

In the process of preparing their competitive market analysis, I found their home to be priced a little high for the surrounding area. It was a large home with 4,406 square feet which included a finished basement.

1420 Holly Hill Drive Franklin TNThe sellers lived in the Redwing Farms neighborhood of Franklin TN. There hadn't been a recent sale in that section of their neighborhood for many years. I was forced to look outside Redwing Farms to nearby homes with finished basements. Within a two mile radius was Belle Vista. It was a new construction neighborhood being developed by Norfolk homes.

Normally, I would not compare a home built in 1989 to new construction but the neighborhood's close proximity with basement homes required that I price this listing to compete with that neighborhood. The big difference between the homes listed in Belle Vista and the seller's was that the seller's house was on 1.2 acres.

1420 Holly Hill Drive Franklin TNAlthough this was an older home, the sellers had completely renovated the kitchen, master bath and finished the basement in 2010. The one thing this house didn't have was an open floor plan. I explained that the updates would help to sell the house but the traditional floor plan was going to have a negative impact with buyers.

I suggested we list the home for $10,000 less than our Belle Vista competition. This was going to be a $40,000 drop from their previous price. The owners said they would need to think about it and they would be in touch. Surprisingly, they contacted me the next day and agreed to list the home at $459,900. Within a week, I had professional photos taken and put the home back on the market.

We had a record number of showings right out the gate. The sellers were surprised as they had only had two showings with their previous agent. This was a good indication that the home was priced right. Unfortunately, no offers were coming in. The only negative feedback we were receiving was that the house didn't have an open floor plan.

1420 Holly Hill Drive Franklin TNWe continued to have a steady stream of showings. Finally, after several months, the sellers agreed to drop the price to $449,900. The seller couldn't believe we weren't getting any offers. Showings were strong but the feedback remained the same--no open floor plan.

After a year on the market and a total of almost 90 showings, the sellers decided to let the listing expire and re-visit selling in the Spring.

About two weeks later, the sellers called. They were receiving 20-plus calls a day from agents looking to list their home. They couldn't take it anymore and asked that I come out to re-list their home.

I brought the home back on the market with a new price of $435,000, well-below market value. Within 10 days, we had our first offer. Unfortunately, the buyers had low-balled. But the sellers took my advice and countered. The buyer came back with another counter this time at $400,000. We were still too far apart. The seller countered again but the buyers rejected it.

1420 Holly Hill Drive Franklin TNTwo weeks later, we received an offer of $400,000 from different buyers. Two different buyers had landed on the same price. The seller once again countered. This buyer rejected the counter. At this point, I was fairly certain that this home was never going to sell.

All during this time showings continued to be strong and in some cases we had second and third showings. Another 10 days passed and we received another offer. This time, however, was within range of a deal. My sellers countered and within an hour we were under contract. This Franklin TN home sold after 118 showings for $420,000.

The purpose of this post is not to brag about the number of showings. Although, it certainly was a record number. Clearly, if the home had been over-priced the showings would have ceased. The point I am trying to make is that sometimes you just have to wait for the right buyer to come along.

After all this time, the family who finally ended up buying this house lived right around the corner. They had driven by the for sale sign every day for over a year. They didn't let that influence their decision about purchasing this home. When they finally decided to buy, they made a reasonable offer which eventually led to the sale of this house.

As real estate agents, we advise our clients to carefully consider every offer. What is the market telling them their house is worth? The market told us it was worth $400,000. However, my clients chose not to believe that was what the market was saying and kept the house listed. When the right buyer came along, they were able to broker a deal.

Franklin TN home sold after 118 showings!!

Posted by
Tammie White, Managing Broker/Owner
CLHMS, CRS, GRI, SFR
Franklin Homes Realty LLC
Franklin, TN
(615) 495-0752 
GET REAL. GET LOCAL.
 
This posting with the content written here and photographs displayed are the intellectual property and opinions of Tammie White of Franklin Homes Realty LLC. Any party who uses this material without the written permission of Tammie White is subject to copyright infringement and possible lawsuit.

Comments (13)

Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Congratulations Tammie! I love this home, what more can you ask for. This house is perfect. Lucky owner of this place. Stay the best Franklin TN Short Sale Agent. We're so proud of you!

Oct 29, 2012 04:34 PM
MichelleCherie Carr Crowe .Just Call. 408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

The only important word here is it is SOLD!

Oct 29, 2012 04:56 PM
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Good morning Tammie -

Congrats on getting this nice 4,406 square feet which included a finished basement SOLD after 118 showings.  I agree that's a lot of showings and work!  Proof yet again... listen to your Realtor®, get the numbers right from the beginning and get it sold with few showings.

Oct 29, 2012 10:59 PM
Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

Good job.  My head is spinning. 118 showings OMG.  You really worked this and deserve all the credit.  Congratulations.

Oct 29, 2012 11:06 PM
Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

Katerina - Thanks for the support.

Michelle - Actually, I think it's important to understand that had the home been over-priced anytime during this listing, the showings would have stopped. The home was priced well. It just took the right buyer to overlook the fact the home didn't have an open floor plan. When that happened, we were able to seal the deal.

John - While a lower price would have gotten this home sold sooner, it was already priced well-below the competition. How much do you take off for not having an open floor plan?

Chris & Dick - I was fortunate that the sellers really trusted me to get the home sold even though the odds were against us.

Oct 30, 2012 01:03 AM
Joy Daniels
Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

That was a tough one Tammie, but it sounds like you were the perfect communicator and kept in contact with your Sellers and got the job done!  Congratulations. . . and I love your positive attitude!

Oct 30, 2012 08:47 AM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Tammie, you are so right...i too had one from the same era and it took me months to get an offer but mine was not updated...it does take the right buyer and so good the sellers stayed firm with you!!

Oct 30, 2012 08:58 PM
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

This is a grest story, Tammie.  In this instance the house wasn't for everyone.  But the right one came along.  And it was great that the sellers stuck with you.  Congratulations.

Oct 31, 2012 07:55 AM
Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

Joy - We hung in there together and got the job done.

Ginny - I have so many clients looking for newer homes. I only had one client this year who was more concerned about location than age.

Jane - It was a win-win.

Oct 31, 2012 10:51 AM
Debbie Harr
Homes that Click Realtors - Columbus, OH
Realtor Homes That Click, Worthington Ohio Homes

Congratulations Tammie! Very beautiful house and I'd love the bathroom, its very nice. We are so proud of you!

Oct 31, 2012 10:51 AM
Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

Debbie - Thanks.

Oct 31, 2012 10:52 AM
Bas Panch
SCV Home Buyer - Valencia, CA

What more can I say Tammie! You are truly the best Franklin TN Short Sale Agent! Congrats.

Oct 31, 2012 10:53 AM
Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

Bas - Always so supportive.

Oct 31, 2012 10:55 AM