Recent Franklin TN Condo Buyers Determine Price, Not Me
The Franklin TN real estate market is very hot right now. Many homes are going under contract in the first day and some neighborhoods and developments don't even have any inventory.
When a buyer recently lost out on a condo purchase, I agreed to solicit other owners in this development who owned condos of a similar size. The most recent comparable sale closed for $349K in March 2014 for approximately 1,750 square feet.
Since my client didn't want to exceed $400K for his purchase, I only sent letters to those condo owners who would benefit from a sale between $350K to $400K or so I thought.
Today, I received a call from a condo owner. He was insulted by my solicitation and accused me of being way off the sales price. This solicititation did not extend an offer, it merely shared the most recent comparable sales price.
Of course, I heard the standard excuse that his unit was so much better than the other units. I have been in several of these condos. They all have the same amenities: Viking stainless steel appliances, hardwood flooring throughout and granite counter tops. The only exceptions are some units have fireplaces and elevators and some do not. Unfortunately, the tax records don't specify if an elevator is present so there was no way of me knowing that information. Of course, his unit included a private elevator.
I tried to explain to him that the letter wasn't an offer to purchase. It merely shared what the most recent comparable unit sold for and asked if he would be willing to sell. The sold unit didn't have a private elevator so obviously that would indicate a lower price than his unit, however, recent Franklin TN condo buyers detemine the price, not me.
He did not want to hear this. He even went as far as telling me he believed by next year the larger units in this development would be selling in the $800,000's. Rather than asking if he was a real estate agent, I simply said, "Wouldn't that be great for you?"
I am not in the habit of arguing with condo owners about the value of their properties. I don't determine the value. Buyers determine that with the prices they are willing to pay for properties of a similar size and amenities. The comparables don't lie. They are easily verifiable through the local tax records. By all means, don't take my word for it. You can check the accuracy of my information for yourself.
It's important for sellers to realize that real estate agents don't determine sales prices, buyers do. In this particular case, the market hasn't rebounded to the point where this condo owner was interested in selling. Even in a brisk seller's market, a homeowner can't just throw out any price and expect to get it. Recent Franklin TN condo buyers determine price, not me. For the most success selling your Franklin TN condo, it's best to use those most recent sales as a guideline when pricing your unit.
For a quick assessment of the value of your Franklin TN condo, just click the link or contact Tammie White at (615) 495-0752.