Tori Stamps MA JD ~ Broker/Owner Franklin TN Homes for Sale

While there are many things you can do to help sell your home in Franklin, TN (staging, pricing it right, make it easy to show, keep it clean, professional pictures, etc.), there are a couple of MAJOR THINGS all homeowners need to do...

BE REALISTIC.

Yep. I said it. This economy applies to you. You aren't going to be able to sell high and buy low. But, if you are realistic, you will be able to sell relatively quickly (and, by doing so, net more than those who are holding out for a higher price).

What do I mean?

In the last 2 months I've written 8 contracts (NONE of the Seller's were willing to come down to where they needed to be!) Were they lowball offers? From the Seller's prospective, maybe so. Based on comparables, not really. ALL but 1 of those homes are still sitting on the shelf. That one has been withdrawn.

Each of these seller's were short sighted and not well advised. Each could be living in their new home and no longer dropping cash into their current one. As we head into winter (when the market tends to slow), they are now looking at another 4-5 months of payments, carrying costs and showings. In one case, where the absorption rate showed a 4-8 YEAR supply, they are looking at not selling their home for a very, very long time. In my opinion, the agents for these sellers failed them. How? By not managing their expectations or explaining the "big picture."

FOCUS ON THE BIG PICTURE

What is the big picture?

1. Your first offer is usually your best offer... WORK IT. Don't assume just because one person wants your house, someone else will.

2. The longer it sits on the market, the lower the offers will be. The first question out of many buyer's mouths is "how long has it been on the market?" The answer to this question is often a big consideration in the price offered. Many buyer's think "Long time on the market = desperate sellers" (whether it's true or not!)

3. Consider your Carrying Costs. Let's assume your mortgage payment is $2000/mo and insurance/taxes/utilities are another $1000/mo. If your home is on the market for another 6 months, you've just thrown $18,000 into a hole. Wouldn't it be better to come down $15,000 on price and sink that extra $3000 into your new home?

4. Work other angles! Money isn't always the 1st concern of a buyer or seller. Time, repair concerns, etc are often in the forefront of a buyer/sellers' mind. For example... If a Buyer wants a 2 week close, do it. Will it be stressful? Heck yes! Will it be worth it in the long run. You bet! Don't lose a buyer because it's going to be "too hard" to move quickly. Another example... buyer wants you to pay for all repairs. Negotiate what you can. Pay for the rest. Why shouldn't you? You are the one who deferred the maintenance, why should the buyer have to pay for it?

5. Manage your expectations. I'm forever coming up against the statement "I could have." "I could have sold 3 years ago for $700,000" Coulda, shoulda, woulda... What matters now is now. "Coulda" money is like a Publisher's Clearinghouse Check. It's only real if you can cash it in (or if you used that "coulda" like an ATM). Would you pay more for a house because the seller's COULD have sold it 3 years ago for $xx? No? Well, neither will your buyers.

6. Profitability. Focus on the over-all profit, not just the profit/loss you receive from your present home. Let's assume you are "moving up" in the world. You want to sell your $200,000 home and buy a $400,000 home. Unfortunately, in this market, you are having to "take a hit." Let's assume that "hit" is 10%. Yikes! $20,000?!?!? Yep... just wait. Remember, we are in a market where many homeowners are underwater by 30, 40 & 50% (not to mention all the foreclosures and short-sales). So, let's assume you find one of those $400,000 homes which is under by 30% (-$120,000). When the market turns around, and homes head back up to where they had been, you just made $120,000 in equity (instead of regaining the $20,000 you had previously lost had you stayed in your current home). Sometimes, selling low and buying low can work to your advantage.

COME BE MY NEIGHBOR!

It's not often a home on less than 5 acres goes up for sale in Leipers Fork. It's even more rare, when the home goes up for absolute auction... especially on Old Hillsboro Road!

On Saturday, Sept 3 at 10:00, that is exactly what is happening at my neighbors house. The auction is being provided by Gary Auction. (You won't often see me link to competing agencies, but I really do want a good turnout for this! Although, I don't think they need to worry. I can think of 10 people already interested in this house... and have seen numerous cars pulling in and taking pictures!

Sadly, just a few months ago, we lost my sweet neighbor (who lived well into her 80's). I say sweet, because I've heard wonderful stories about her. Unfortunately, we never got to meet her. She fell and broke her hip just 2 weeks before we moved into our house. If there's one thing people said about her over and over, it was that she LOVED her garden. Even in her 80's, you'd see bent over pulling weeds from her garden bed (imagine that garden cutout decoration... only in real life). You might have even seen her crawling up a ladder to check her gutters. She about gave her neighbors heart attacks at times.

It's a cute little brick ranch on 2.5 acres overlooking a 130 acre horse farm (horse farm view... no work!). While the exterior and interior have been beautifully maintained, it hasn't been updated in decades... 40 years or more? It's a blank slate.

The land is 2.5 FLAT acres, already fence in the back (got a horse?) with an absolute GORGEOUS view from the front yard (maybe I'm a bit biased, but I LOVE our view).

Be warned, though, when people ask you where you live... you'll have to say "Estalene's old house."

If you've never been to Leipers Fork TN, you may wonder why we live here. THIS is why! Community, Caring and the desire for something special. Care to join us?

WOW! This just came from our local Association of Realtors:

Freddie Mac reported on Aug. 18 that the 30-year fixed mortgage rate fell to 4.15 percent for the week from 4.32 percent the prior week, marking the lowest level since 1971. The 15-year fixed mortgage rate dropped to a new low of 3.36 percent. Joel Naroff of Naroff Economic Advisers says low mortgage rates will not spark a recovery in the housing market, citing the difficulty of qualifying for a mortgage.

[SOURCES: Freddie Mac; Information, Inc.]

If you qualify, now is the time to buy!

Not to mention, there are some amazing properties for sale in Williamson County, Franklin and Leipers Fork!

There's been a lot of talk about the "new" Old Theatre. Completely refurbished and remodeled. There's something so charming about heading to a historic theatre - like stepping back in time.

From their website:

Our enduring romance with the Franklin Theatre began in the summer of 1937 when the marquee first illuminated Main Street, invited Middle Tennesseans to buy a ticket – and laugh, cry and dream. Inside the theater walls, moviegoers enjoyed fresh popcorn, afternoon matinees and first kisses. They walked away with a lifetime of memories.

Over the next 70 years, the world changed a lot – but the Franklin Theatre stood as a testament to a simpler way of life. But time eventually took its toll on the venerable movie house, and the doors closed in 2007 under the pressing of rising rents and the trend toward mega-theaters.

Enter the Heritage Foundation of Franklin and Williamson County. Rather than lose the heart of Main Street, the nonprofit preservation group stepped in to buy and rehabilitate the historic landmark. After three years of work – and an investment of more than $8 million – the historic Franklin Theatre re-emerged better than ever.

The new Franklin Theatre continues the cherished tradition of showing movies, but also adds a new dimension to Main Street – live music. With a state-of-the-art sound and lighting system, and undeniable charm, the Franklin Theatre is destined to be an entertainment and cultural icon for years to come.

What they don't mention, is how cool it is now! It's not just movies, but concerts and celebrations as well. If it's your thing, you can even have a cocktail while you enjoy your (or your kid's) favorite movie.

For more information, go to http://www.franklintheatre.com/