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VOL. 38 | NO. 19 | Friday, May 9, 2014

Quick trigger a must in competitive market

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I have never hunted pheasants, although I must admit that I shot a dove or two in my youth in Maury County. Wrapped in bacon, drowned in butter and cooked on a grill, I considered the bird a delicacy.

Often, during a hunt, as we walked through the field on our journey to our assigned area, we would step near a dove or two nestled in the brush.

When they took flight, the noise created by their wings was startling.

Tommy Patterson, the principal broker of our firm here at Christianson, Patterson, Courtney, is a veteran of a number of quail hunts and has hunted a pheasant from time to time.

In a recent conversation, in which I described my fright of birds in flight, he shared this: “If the doves scared you, you may want to get a note from your doctor before undertaking quail or pheasant. You cannot believe the noise generated by the wings when they first take to the air.”

Even the most seasoned hunters, he added, often flinch when flapping begins.

Why all of this foul conversation in a real estate column, you may ask. The reason is that the current real estate market is similar to a quail hunt, with Realtors playing the role of the dogs – an appropriate role some would feel – the quail substituting for houses and hunters as buyers.

The birds aren’t flying much this season, so when a covey is flushed – takes flight as the home/bird analogy does not carry into domestic flushing – the hunter/buyer had better not flinch, or it could be a while before the dogs find another.

At a recent open house, a couple from Knoxville visited and recounted a tale of woe in their first house hunt in Nashville.

First, he asserted that his house in Knoxville had sold in what he considered a short period of time, adding “although nothing like here.”

They finally found a house they liked as it was introduced to the market at a Realtor reception one evening.

This is a new marketing ploy being utilized by area Realtors to showcase the houses prior to introducing them to the wider market.

At these functions, the Realtor encourages other Realtors to bring any clients they might have for the properties. If all goes according to plan, multiple offers are generated and the house never hits the open market.

This season, it is working and more and more houses are being fired upon by multiple buyers.

This was the case with the Knoxvillian, as he and his wife liked the home they visited and informed their agent that they would like to make an offer.

“When our agent said we needed to come in at asking price or above, it went against my Scots-Irish nature, but I reluctantly agreed to offer the list price,” he said.

“We went home that night thinking that we had bought a house.”

Even with list price offer the day before it went on the market, they did not get the house.

It went for $30,000 more than the list price.

The age of cyber listings – Internet this and that – have left many buyers feeling they do not require the services of Realtors on their house hunting expeditions.

In this climate, there has never been a greater need for an established guide with a brilliant dog.

As has been mentioned in this column ad nauseum, the listings that appear active online are actually sold or under contract.

Buyers need representation that is invited to the pre-market reception. Hunters at one field emerge with their limit, while others go home empty-handed.

Sale of the Week

This week’s featured sale is located at 203 Lauderdale Road in the Cherokee Park neighborhood off of West End Avenue.

Realtor Steve Townes of Worth Properties was the listing agent and sold the 3,068 square-foot-house in a couple of weeks for $725,000, or $236 per square foot. Jamie Granbery represented the buyer and showed that husband Jimmy is not the only Granbery in the real estate game.

Jamie is with Pilkerton Realtors and has sold zillions of dollars of real estate in her illustrious career although not nearly as ballyhooed as her spouse.

Steve “Down” Townes chose his characters and words wisely in describing the home, noting the master bedroom is on the first floor and that residence had “large secondary bedrooms.”

Of course it got a new roof in 2012, thanks to the hailstorm that drove many insurance companies out of the Nashville market. The kitchen is renovated and the yard “beautifully landscaped.” He also added “MBA” in the remarks. No further explanation necessary, just MBA.

Richard Courtney is affiliated with Christianson, Patterson, Courtney and Associates and can be reached at Richard@richardcourtney.com

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