You heard it here first - mortgage loan applications are on the rise. Nationally, applications are up by 7.5%. Rates are down with the average hovering around 4%. It's a great time to buy. Check out Nashville Business Journal's article HERE.
In Williamson County (TN), prices are going up - up 18% over last year. No one is expecting the prices of 2006 and 2007, but prices are going up. We're seeing the largest increases in the $300,000+ market. Those priced homes seem to be selling quicker.
Just a few months ago, my listings above $300,000 sold in 14-16 days. Sellers were shocked because they did not expect that to happen. In fact, they were stunned!
What gets a house sold quicker? Three things - (1) PRICE; (2) STAGING; (3) PHOTOGRAPHY. Marketing gets the house recognized and noticed by buyers and buyers' agents, but the three things listed really grab the buyer's attention so they'll want to see the house. Once inside, they fall in love with it.
There's a myth out there that a house is priced too low if it sells in under several months. Nothing could be further from the truth. A house sells quickly if it's priced correctly and the other two items are done professionally.
Sometimes a house can be priced too low. Be careful about hiring an agent who wants to list your home too low. When interviewing listing agents, ask them to show you the absorption rate. If they don't know what that is or didn't come prepared with that information, then you're talking with an agent who does not understand accurate pricing of houses.
Recently I went to a listing appointment. While there, I could tell the seller really wanted to hire me, but she felt obligated to the agent who sold her the house. It was a shame, too, because when I saw that listing online, it was priced too low - $5,100 less than I would have recommended to her.
Most of my listing appointment sellers hire me because I'm honest and realistic with them - and I work hard to get their homes sold, too!
Another thing going up in numbers is short sales. More on that later.
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