Franklin TN Home Sales From 2 Years Ago Aren't Relevant

By
Real Estate Broker/Owner with Franklin Homes Realty LLC

Franklin TN Home Sales from 2 Years Ago Aren't Relevant!The other day I met with a couple who are looking to buy a Franklin TN home. They are moving into the area from a location just outside Williamson County. Some of these areas aren't performing as well as the Franklin market.

We discussed the need to sell their home prior to buying another and scheduled a listing appointment for later this week.

Last night, I received an email from them stating they wanted to see the comparable home sales in their neighborhood for the last two years. Home sales from two years ago aren't relevant. Housing markets go up and housing markets go down. What the housing market was doing two years ago isn't crucial to pricing your home today.

Appraisers will only use data from the last six months. Many are most concerned about the sales within the last 90 days. They understand some markets are on the rise, while others are trending down. Sales from six months ago may not even apply any longer.

When I prepare a competitive market analysis, I will go back six months to study those sales but I'm most interested in sales completed within the last 60 days. That is a much better indication of OUR market.

I'm less concerned where other homes in the neighborhood are priced. These are UNSOLD homes that may have been on the market for months. I am only interested in SOLD homes. Those are the homes that were priced right and were able to successfully make it to the closing table.

THAT'S WHAT SELLERS NEED TO KNOW! Which sellers priced their homes right.

The sellers who priced their homes wrong learned a valuable lesson--where not to price your house. That's a lesson we don't want to learn. Instead, we want to learn from their mistakes, not make our own.

Are you surprised that I'm saying the sellers priced their homes wrong? You see, I don't price your house. I review the recent sales. I suggest a range based upon those sales. Ultimately, the seller chooses where to price his house.

My job is to market your house, not price it. The person who actually determines the value of your home is the buyer. Buyers are always the ones to determine value. They decide what they are willing to pay for your house. No one else. 

So I won't be bringing two years of data to the appointment. The information I present will be valuable to you but it will reflect recent home sales. Because that's all that really matters.

Franklin TN home sales from two years ago aren't relevant! 

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.
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Ambassador
2,802,516
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Tammie - You're right, and that's an excellent explanation. Market conditions change very quickly, and today's market is what both buyers and sellers have to deal with.

Jun 23, 2015 07:16 AM #1
Rainmaker
2,857,011
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Oh Gosh, Tammie.  That's just crazy that anyone would think that sales from two years ago are relevant or even request to see that data. 

Jun 23, 2015 07:18 AM #2
Rainmaker
4,733,001
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Tammie,

Very well said, what was true 2 years ago is ancient history, and who know what will happen next.  Nice post and well explained.  A

Jun 23, 2015 07:22 AM #3
Rainmaker
699,027
Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

Terrific Tammie.  The past is the past and just because someone might realize a little profit is of no concern to the new buyer.  The consumer sets the pricing not the Realtor.

Jun 23, 2015 08:57 AM #4
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Tammie White  this blog is relevant !  Very good points are made . Many sellers do not want to hear this . You do know your stuff  and made an excellent  point  here 

Jun 23, 2015 09:32 AM #5
Rainmaker
335,792
Jenna Dixon
DRA Homes | Cobb County Real Estate - Marietta, GA
Empowers You With a Better Real Estate Experience

Nice job explaining this for the consumer.  Comparable SALES matter, active listings do not.  Two years ago, no, definitely not interested in that information.

Jun 23, 2015 09:39 AM #6
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Hi Tammie! These are very helpful information. Sellers in the area will surely appreciate your insights. All the best!

 

 

Jun 23, 2015 09:44 AM #7
Rainmaker
626,399
Claude Labbe
Real Living | At Home - Washington, DC
Realty for Your Busy Life

Tammie, I've got a secret; well maybe not a secret to you.

Your philosophy of sales from 2 years ago being irrelevant is not only valid in Franklin, TN; it applies pretty much across the entire 50 states, DC and our neighbors in Canada. 

You'd not be surprised that's still a newsflash to many many people. 

Keep on teaching them..

Jul 07, 2015 01:51 PM #8
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Franklin TN Homes for Sale
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