Market Conditions in 37128>Question Details

Lptazbear66, Home Buyer in 37128

I am looking at purchasing new construction in The Cloister in Murfreesboro, TN. How much should I pay per sq ft for a house around 2500?

Asked by Lptazbear66, 37128 Thu Apr 14, 2011

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Current listed prices are averaging $96.01/Sq Ft. Median listed prices is 91.44/Sq Ft.

Closed Sales over the last 6 months range from $87.83/Sq Ft to $90.42/Sq Ft. Median prices average $92.16/Sq Ft to $92.11/Sq Ft. Various reasons will account for the differences, i/e/ bank owned, short sale, etc. There are I feel sufficient sales to not go outside the subdivision for comparables. I try to loosely use criteria appraisers use to establish a reasonable offer or value to sell depending on which side of the deal I'm working. You reduce potential issues when you pay a fair price. I justify to you any value we may submit. There are always 2 buyer: the guy signing the sale agreement and his lender. Both must be in agreement with the contract value or the deal is dead on arrival.

I am happy to assist you should you need a real estate broker. There is more to consider than just the going in purchase price. Buying a home is an investment in your family, and should be treated as the investment it is. Paint and carpet are curable; other things may not be. Get it right up front and you'll do well when it is time to sell. I have 16+ yrs experience, have managed a real estate office for 10 yrs and have 500+ hrs of education specific to real estate. I've lived in Murfreesboro since 1989. I can be reached at 615-848-4918. J. David Floyd, Broker Crye-Leike Commercial, Inc. 615-309-7100.
1 vote Thank Flag Link Thu Apr 14, 2011
The Price per ft ranges from $69 - $102 in Area 24 or west murfreesboro. The average is 87 a foot. However, it changes if you just pull all of murfreesboro. I can send you a CMA so you can see if for yourself. Quality of construction is what you will be paying for and location. Just email me at and i can send you the listing I found as well as the Market analysis (CMA) of what properties are out there and you can decide for yourself. There are nicer homes out there and a a better price if you are willing to shop the west side of mufreesboro. Just let me know . I would be glad to help
1 vote Thank Flag Link Thu Apr 14, 2011
You ask a good question. There are several things to consider in your offer. Price per square foot is certainly one of them. There are currently two new construction homes in The Cloister that have closed in 2011. One was built in 2010 & The other in 2011. One sold for $89.37 and the other for $100.23 per square foot. The supply versus the demand has a lot to do with price. In general, (existing & new construction) there is about a 7.6 month supply based on sales from January 1, 2011 thru today. There is a current supply of about 8.6 months of new construction on the MLS today. Pendings are not taken into consideration in coming to those numbers. One should be aware that all 3 pendings are new construction built in 2010. Should all 3 of those close by months end and no others are put on the market the supply would change to 4.8 months. Thus becoming a Sellers market. Also don't forget to shop around on mortgage rates. Some lenders will give you a 1 point credit on FHA and a half point on conventinal loans right now.

Thank you for allowing me to speak with you. I hope I have answered your question. If you are not working with a Realtor please feel free to contact me. I would be glad to help you in any way possible. I hope you enjoy your new home .
1 vote Thank Flag Link Thu Apr 14, 2011
The existing homes are selling for about $89.35 a sq ft but the new construction homes are usually priced at a premium to existing homes. The average home is on the market 90 days. The average asking price on the existing new construction is $93.66 a sq ft. Included in the pricing are seller concession (items the builder will pay or upgrades you can negotiate). Scott Hines real estate broker/agent (615) 268-2881.
0 votes Thank Flag Link Thu Apr 14, 2011
The avg. per sqft currently is $92.
If you are not working with another real estate professional, I would love to help you purchase.
Lisa Perry
Web Reference:
0 votes Thank Flag Link Thu Apr 14, 2011
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