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VOL. 45 | NO. 16 | Friday, April 16, 2021

$75,000 more than asking price? Williamson takes off

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Many have heard the stories of woe emanating from Williamson County as hundreds of would-be buyers are trying to purchase homes in the area only to be rebuffed by sellers who are swimming in offers.

After the goldrush that began about eight weeks ago, the closings are beginning to roll in with the anticipated results.

Last week, 21 houses that were listed between $500,000 and $700,000 closed in Williamson County. Of those 21 sales, only five sold for less than list price. Two of the homes hit the list price right on the button, one of those being in Thompson’s Station, while the other in Spring Hill.

The other 19 sold for between $10,000 and $75,110 more than asking price.

The latter, at 537 Federal Street in Franklin, is a 3,304-square-foot structure on 0.36 acres with five bedrooms and four bathrooms. The home is well-appointed with granite counter tops, soft-close drawers, stainless steel appliances, hardwood floors and the usual appurtenances expected in today’s market.

Listed for $624,900, the sale closed at $700,000, a jump from $189 per square foot to $212 per square foot, which means buyers can throw their price-per-square-foot calculators into the Harpeth River.

The $212 per square foot number sheds some light on the question of how long this trend can continue.

A few miles north in Davidson County, prices hit $350 per square foot with some regularity, often climbing to $400.

Williamson has plenty of room to grow as far as prices are concerned.

Michelle Jacobs, a wizard of a Realtor with Masters Real Estate Services with KW Realty, directed the traffic and guided the seller through the maze of potential shortfalls and missteps that can occur during these wild times with everyone vying for the same prize.

Jacobs said there were 155 showings with 32 offers submitted, one for list price and the others for more than list. Sarah Oglesby with Parks won the prize for her buyer.

As veteran broker Missy Chandler told a customer past week, “In this market, ‘winning’ is not getting a good deal. It is getting the house.” Oglesby beat 31 other agents in this skirmish.

Running a close second was the property located at 1230 Ascot Lane, also in Franklin, selling for $70,100 more than list price, a mere $239 per square foot.

Listed for $539,000 – $212 per square foot – the house sold for $610,000. With comps being as they are, every house in the Redwing Meadows neighborhood just received a $27-per-square-foot price bump. It is time for the residents to rework those personal financial statements.

The Ascot residence was listed by Kennette Sweeney of Village, who shepherded her sellers into greener pastures with the help of buyer’s representative Chris Fuller of Compass RE.

Set on 0.75 acres, the 2,549-square-foot house had three bedrooms, two full bathrooms and one half bathroom. Many of the improvements are invisible, and sellers usually go unrewarded for their maintenance, but that was not the case with this sale as the new gutters, wrapped soffits, encapsulated crawlspace, remodeled kitchen and new exterior doors allowed the buyer to feel good about paying $70,000 more than list price.

Winning the bronze medal for a strong third was owner and agent Karen Speyer of Village who sold a property she owned for $66,850 more than list price.

The house at 9020 Carondelet Place sold for $651,850. Listed with her cohort, Misti Fahr, for $585,000, the house sold for $253 per square foot versus the $227 per square foot they had originally sought.

Zach Opheim, also from Village, represented the buyer.

This property is located in Brentwood, hence more price per square foot, but give Franklin a few weeks and the houses there will be headed toward $300 per square foot. Now with these houses recorded as comparable sales, property values have a new base and appraisers jobs became easier.

There is one downside to the skyrocketing prices and inflated contracts: It seems a higher number of sales fall through when inspections reveal shortcomings in the houses.

When buyers pay tens of thousands of dollars more than list price, they expect the house to warrant the expense. When there are cracks, leaks or other issues, the buyers want their money returned.

Richard Courtney is a licensed real estate broker with Fridrich and Clark Realty an can be reached at richard@richardcourtney.com.

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