Tonight, I attended a Christmas party at the home of some friends who purchased a home through me in the Westhaven neighborhood of Franklin earlier this year.
It was going to be the first time many friends in my sphere of influence would be seeing the house. I knew there might be some talk of what a similar home in the neighborhood would cost so I did a little bit of homework before going to the party.
My friends purchased the pictured home back in February for $480,000. That same model just closed recently for $587,000. That's a whopping $107,000 in just 10 months. Now, this home needed a little work when my clients purchased it. They also took a massive bonus room and converted it into a 4th bedroom and a media room. They have probably put $20,000 into the home. Even with the money they've spent, they would stand to make a pretty hefty profit if they decided to sell right now.
I always tell clients: buy low, sell high. My clients don't have any intentions of selling. They plan on being there for a long time. But this is a great example of how buying a home in the right neighborhood that may need a little work, can really pay off in the long run.