The Stonebrook Letter
Vol. 21, No. 11
Homes Sell Fast
Today homes can sell fast. Most sales occur in the first 30 days (see chart below) vs. an average of 105 days years ago. What’s changed?
1. Technology. Agents and home buyers receive instant alerts when new listings match their home search. Buyers can view photos, maps, disclosures, etc., on their phone, as well as sign digital contracts.
2. Buyer home savvy. TV shows like Fixer Upper have given home improvement a whole new light where walls disappear and ceilings rise, transforming the look and functionality of older homes.
3. Institutional investors. Across America, a new institutional player emerged in recent years, ready to buy thousands of homes with billions of investor dollars. In some Shelby County areas , approximately 25% of homes sold were purchased by these institutional investor groups.
4. Limited inventory. Today, well-priced, updated homes attract multiple offers as demand exceeds a limited supply. Most buyers have missed out on one or two offers and learn to come in with a strong offer on the front end.
How's Real Estate
Homes are selling faster than ever before (see article) but sale totals were slightly off last year’s pace with 1,163 September sales vs. 1,199 last year. Year-to-date, homes sold are up 3.9% with 11,418 sales this year vs. 10,987 through September in 2016. (You would see higher sales totals if the inventory was greater.) There were 4,634 properties for sale in September. I remember when there were 13,000+ years back. It’s a changing world!
TAR Contracts Consumer Friendly
Did you know a buyer can cancel a sale after concerns following the home inspection? With the Tennessee Association of Realtors web-based contract form, used by Realtors statewide, the buyer has 3 choices following the home inspection:
1. cancel the contract with earnest money refunded
2. accept the property as is, or
3. request itemized repairs per the home inspection that are listed on a Repair Request form presented to the seller. The buyer and seller negotiate repairs during a Resolution Period, usually 5 days. If they reach agreement, a Repair Amendment is signed. If not, the sale can be cancelled and earnest money refunded to buyer.
This inspection repair resolution process has evolved over many years and works well today, giving a buyer peace of mind in making a purchase decision.
6510 Stage Rd., Suite 1
Time on Market
Vesta Home Show 2017
Mark your calendar and plan to visit 6 new homes and see the latest in home fashion in Germantown’s Chapel Cove Subdivision, off Poplar, next to Germantown Baptist Church. The dates are November 18 - December 10, Tuesday through Sunday (closed Mondays).
Tickets are $13.00 for general admission, and $10 for seniors.
Crock Pot Breakfast Casserole ... for holiday guests!
2 # frozen shredded hash browns
Spray a 6-quart slow cooker with cooking spray. Layer half of the potatoes on the bottom of the crock pot. Top with half of the sausage, mozzarella and Parmesan cheese, sun dried tomatoes and green onion. Repeat layering. Beat eggs, milk, salt and pepper in large bowl with a wire whisk until well blended. Pour evenly over potato-sausage mixture. Cook on low setting for 8 hours or on high setting for 4 hours or until eggs are set.
What Clients Say
“I asked Terry to represent me as a buyer in search of a home “with a view”. After months of searching, Terry called me the morning a property was listed and we were able to be the first to view it and make a successful offer. It was wonderful to work with Terry and his wife, Mary, and find my home with the best view in Bartlett. ”
Thought for the Month
“Resolve to be tender with the young, compassionate with the aged, sympathetic with the striving, and tolerant with the weak and the wrong. Sometime in life you will have been all of these.”