Home sellers in Franklin, MA face a potential trap for the unwary when it comes to pricing their homes for the fall 2014 market. On the one hand, it would be very easy to set a high asking price in the face of what has been, up to recently, a “perfect sellers’ market” of scant housing supplies and steadily rising home values. On the other hand, there has been a little-noticed but profoundly important surge in housing inventory in Franklin over the last 6 months. The rising tide of Franklin homes for sale provides an opportunity for home buyers to get into the desirable Franklin market and gives sellers a compelling reason to price their homes realistically this fall.
Home sellers were in the driver’s seat
Beginning in early 2013 and continuing well into this year, homeowners in Franklin, Massachusetts were subjected to constant reports of exceedingly tight supplies of available properties in town. Print ads as well as postcards and social media updates from agents trumpeted the lack of listings. As recently as last March, there were very, very few homes for sale in Franklin.
The Franklin housing market was so tight it squeaked! Buyers were frantic due to the lack of choice in town. Stories of open house bidding wars abounded. Homes in Franklin neighborhood settings often sold in days and often at or above asking price.
Market shift to more inventory began April 2014
As early as April 15, 02038.com was commenting on a sudden uptick in home listings in Franklin. By mid-May the listing surge had become a trend.
The big question then became whether buyers would respond to the new-found supply of homes by snapping listings up as quickly as they hit the market. That question is pretty resoundingly answered in the graphics below . . .
Breakdown of Franklin home listings and sales data
At the start of September 2014, Franklin, MA is carrying 69 single family homes for sale, as opposed to only 37 homes on September 1, 2013. That’s an 86% increase in inventory. Quite a jump! The chart below shows the distribution of housing inventory in Franklin among the various price brackets on September 1 this year and in 2013:
On September 1, 2013, a Franklin home seller in the $300,000 – $349,999 price bracket faced almost no competition – there was only one home for sale in Franklin in that price segment! It was the same for the $350,000 – $399,999 and $400,000 – $449,999 price segments: only one home for sale in each price bracket. That was a golden time to sell with virtually no competition!
Now there are plenty of homes available in all of those price brackets. Home sellers in those price segments face significant competition for a sale. This will likely lead to jockeying for market position and puts downwards pressure on asking prices.
It’s a similar story in Franklin’s $500,000 – $599,999 and $600,000 – $699,999 price segments: from little inventory in 2013 to lots of homes for sale in 2014. Even the $800,000 – $899,999 price bracket has standing inventory. Franklin home sellers face a marketing environment in the fall of 2014 that is much less accommodating, and much more competitive, than at this time last year.
Home sales volume remains flat despite listing surge
With all those extra homes for sale in Franklin, Massachusetts over the last 6 months, one would hope that homes sales volume would soar. It didn’t.
Franklin homes sales volume for the last 6 months ending August 31, 2o14 rose a scant 5%. There was a slump in sales for homes priced below $350,000. While there were healthy sales volume gains for houses selling between $350,000 and $699,999, the overall demand for homes in Franklin, MA did not materially increase over 2013 levels. Demand failed to keep up with (“absorb”) all the new listings that have entered the Franklin market since April, leaving us with ample housing inventory in town as the prime fall home selling season gets under way.
What this means for Franklin home sellers and buyers
Home sellers in Franklin who get too aggressive with their asking prices may face a fall of frustration this year due to the increased inventory of homes for sale in town. Already, overpriced homes in Franklin linger unsold as the weeks go by. Owners of homes that fail to find buyers quickly this fall would be wise to cut their asking prices before the cold and darkness of winter approach. Avoid the unfortunate position of having to play catch up on price adjustments in November and December! Warren Reynolds knows the Franklin market like the back of his hand and will help you sell your Franklin home quickly and for the right price.
While the backlog of homes sitting unsold in Franklin is putting some downward pressure on asking prices, the good news this fall is that interest rates remain low and the Massachusetts economy is strong. With all the extra inventory, home buyers in Franklin finally have the luxury of some choice. Franklin home buyers should seize the opportunity to score a good home at a decent price this fall. New homes at affordable prices simply are not being built in the Bay State so the bias over time is towards home price appreciation. Strike while the iron is hot! Contact Warren Reynolds for expert help and advice in finding your next home in Franklin or anywhere in the I-495 region!
Copyright ©2014 02038.com
You get more with Warren Reynolds than you do with other top real estate agents. You’ll find in Warren rare knowledge and experience dedicated to helping you achieve all the value that home brings. Warren has a law degree and 20+ years of home selling success in Massachusetts. — talk with Warren today! 508-561-6259
"We have now bought and sold five homes. By far, you have been the best realtor we have worked with. Your professionalism and knowledge are so valuable to your clients. You made this process so easy. "-CB
Make better decisions
and feel in control.
Did you know you can materially improve your home selling success by choosing your marketing agent and brokerage brand wisely? It’s true! A marketing agent with a sterling reputation, backed by a strong brokerage brand, will do wonders for the reception your home gets upon entry to market. Call Warren today! 508-561-6259
"As first time homebuyers we were fortunate to work with Warren. He was a great asset and sounding board. He always gave solid advice. Warren played a pivotal role in helping us negotiate with a difficult seller. We truly benefitted from having Warren in our corner and so will you." -JK
Maximize your home selling success.
Not only is Warren highly skilled and dedicated to protecting your best interests, he will be highly responsive to your needs! He CARES about his clients and is always, always there for them. Why not give it a try? Contact Warren now and see how well he takes care of you! – talk with Warren today! 508-561-6259
"I had many, many questions which Warren was always more than willing to answer with a never ending patience. Throughout the process Warren looked out for my best interest. I may have purchased a garden style condo but Warren treated me like I was purchasing a million dollar estate!" -MP
Get the attention you deserve.
Warren is a very creative real estate practitioner and he uses that creativity in ways that provide important advantages to clients. Creatively runs in Warren’s family! His uncle was Harnett T. Kane, an internationally-recognized investigative journalist and New York Times best-selling author of thirty books about the American South. Experience Warren’s refreshing difference today! 508-561-6259
"Your creative approach to all aspects of my move helped make the transition easy and pleasurable. You were recommended to me by a friend who appreciated your integrity, expertise, friendliness and conscientiousness - qualities that I have witnessed in abundance as we've worked together." -KB
Get creative with Warren.
Warren is a highly dedicated professional in all his real estate dealings. That means he will continue to serve you well, even when others would compromise on their commitments. Warren’s ultimate goals in business are better transactions and greater client satisfaction. Talk with Warren today! 508-561-6259
"As first time homebuyers we were fortunate to work with Warren. He was a great asset and sounding board. He always gave solid advice. Warren played a pivotal role in helping us negotiate with a difficult seller. We truly benefitted from having Warren in our corner and so will you." -JK
Maximize your home selling success.
All real estate agents are legally and ethically bound to be fiduciaries acting in their client’s best interests. His name stands for integrity and he takes his fiduciary duties to you very seriously. He’ll steadfastly put your interests first throughout your home purchase or sale – talk with Warren today! 508-561-6259
"Warren was always there for us. Throughout the process, Warren kept on top of all our concerns. Warren worked for us, and looked out for our best interest. He is a very professional and caring person." - BP
Feel safe and well taken care of.
Warren is a highly dedicated professional in all his real estate dealings. That means he will continue to serve you well, even when others would compromise on their commitments. Warren’s ultimate goals in business are better transactions and greater client satisfaction. His devotion to excellence can demonstrably improve your home buying and selling decision-making and, consequently, your experience of home ownership. Warren constantly stays current on the local housing inventory. And he is conversant with the broader market trends that affect home sales statewide link to Market Updates. Warren knows that the market knowledge he works so hard to maintain and his high standards of real estate practice help him achieve for you the lasting, true value of home ownership. Talk with Warren today! 508-561-6259
"Warren was the finest real estate agent we've ever worked with. This was evident to us in comparison to quite a few realtors we attempted to utilize, as they were not very helpful, understanding or willing to work with us based on our preferences." -SM
“If you think it’s expensive to hire a professional,
wait until you hire an amateur.” Red Adair
Did you know you can materially improve your home selling success by choosing your marketing agent and brokerage brand wisely? It’s true! A marketing agent with a sterling reputation, backed by a strong brokerage brand, will do wonders for the reception your home gets upon entry to market. Warren is known in the local brokerage community as a dependable, highly skilled professional who is a straight-shooter. Other agents like working with Warren because they know they can trust him to be a reliable partner in any transaction. And the Berkshire Hathaway HomeServices brand stands for sound decisions and extraordinary strength and stability. The “Forever Brand” brokerage created by Warren Buffet sets the standard for the real estate industry by focusing not on selling more homes, but rather on selling homes for more!Call Warren today! 508-561-6259
"As first time homebuyers we were fortunate to work with Warren. He was a great asset and sounding board. He always gave solid advice. Warren played a pivotal role in helping us negotiate with a difficult seller. We truly benefitted from having Warren in our corner and so will you." -JK
Maximize your home selling success.
Not only is Warren highly skilled and dedicated to protecting your best interests, he will be highly responsive to your needs! He CARES about his clients and is always, always there for them. In person, by phone, email or text, whenever you need him, you’ll get a prompt response from Warren! Warren’s clients rave about the high degree of consideration and attention they get from him. Why not give it a try? Contact Warren now and see how well he takes care of you! – talk with Warren today! 508-561-6259
"I had many, many questions which Warren was always more than willing to answer with a never ending patience. Throughout the process Warren looked out for my best interest. I may have purchased a garden style condo but Warren treated me like I was purchasing a million dollar estate!" -MP
Get the attention you deserve.
Warren is a very creative real estate practitioner and he uses that creativity in ways that provide important advantages to clients. Creatively runs in Warren’s family! His uncle was Harnett T. Kane, an internationally-recognized investigative journalist and New York Times best-selling author of thirty books about the American South. Warren employs his own creativity by producing compelling marketing, both in print and especially online! His www.02038.com, is a highly effective website promoting the wonderful lifestyle afforded by the Town of Franklin, MA. And his Market Updates content on Massachusetts real estate trends gives home buyers and sellers alike the context they need to make more informed decisions about their housing investments. Warren frequently uses his abilities to devise resourceful solutions to the diverse challenges that threaten to complicate most real estate transactions. Warren has made real estate his career and won many sales awards in his 20+ years in brokerage, including the highly prestigious Chairman’s Circle Gold Award and the elite Centurion Award. Experience Warren’s refreshing difference today! 508-561-6259
"Your creative approach to all aspects of my move helped make the transition easy and pleasurable. You were recommended to me by a friend who appreciated your integrity, expertise, friendliness and conscientiousness - qualities that I have witnessed in abundance as we've worked together." -KB
Get creative with Warren.
You get more with Warren Reynolds than you do with other top real estate agents. You’ll find in Warren rare knowledge and experience dedicated to helping you achieve all the value that home brings. Warren has a law degree and 20+ years of home selling success in Massachusetts. His legal knowledge and decades-long experience in putting — and keeping — real estate sales together give him a better handle on the legal, practical and emotional dynamics of the real estate transaction. Warren uses these skills to empower clients to achieve more! He often anticipates and resolves problems BEFORE they can become serious impediments. Enjoy the sense of trust, security and control that comes from having a highly skilled expert at your side — talk with Warren today! 508-561-6259
"We have now bought and sold five homes. By far, you have been the best realtor we have worked with. Your professionalism and knowledge are so valuable to your clients. You made this process so easy. "-CB
Make better decisions and feel in control.
All real estate agents are legally and ethically bound to be fiduciaries acting in their client’s best interests. But many agents give their fiduciary duties short shrift in their quest for the quickest and easiest path to a closing. Not Warren Reynolds! His name stands for integrity and he takes his fiduciary duties to you very seriously. He’ll steadfastly put your interests first throughout your home purchase or sale. This may make Warren work longer and harder for you than most other agents would. But ultimately, Warren’s diligence and attention to detail is his commitment to an experience that transcends the sale. He wants you to have the confidence and peace of mind that comes with having a true fiduciary protecting you. Discover the difference of working with an agent who does not view you as just another opportunity for a commission – talk with Warren today! 508-561-6259
"Warren was always there for us. Throughout the process, Warren kept on top of all our concerns. Warren worked for us, and looked out for our best interest. He is a very professional and caring person." - BP
Feel safe and well taken care of.