Read the national newspapers and you will see doom and gloom regarding the real estate market, but Williamson County real estate brokers and agents are pointing to numbers that show a 32 percent increase in sales in the first two months of the year.

“The National Association of Realtors reported that sales increased by 5 percent during the month of February compared to January 2009,” according to Theresa Wilson, executive vice president of the Williamson County Association of Realtors.

“Locally in Williamson County the increase was by 32 percent. Realtors are commenting that they are busier now writing contracts on behalf of buyers then they have been in the past few months.”

Spring historically is the busiest season for buying and selling homes in Williamson County, Wilson said, adding the federal government's first-time homebuyer tax credit of $8,000 and changes this week that have lowered interest rates to the lowest in over 50 years is sure to give an added boost to this buying season.

While sales are up for the first few months in the year, another good sign is that the median price for single-family homes has increased by 27 percent from 2006, recognized as a banner year for Williamson County real estate.

“The home values in Williamson County remain consistent,” Wilson said. “The year of 2006 was considered the height of the real estate ‘boom’ across the country. The median price of a residential home in Williamson County was $362,750 in 2006 and thus far for the two months of 2009 the median price of a home is $375,000.”

For David Logan, owner and broker at Silverpointe Properties, price is one issue local Realtors may need to keep an eye on for both sellers and buyers.

“What we are seeing, for the first time, the Williamson County market is starting to get hit by price. I think the sellers are willing to come down on their price,” Logan said, adding that foreclosures and short sales are often the comparables appraisers are using to set values, affecting the price a home seller can ask.

For Logan, that means less work for the seller because the buyer may be looking for a deal.

“Right now buyers are not as concerned about condition. Price is everything. Everybody wants a deal,” Logan said. “If you want to compete and you are competing against foreclosures or bank owned properties, to be competitive, you have to look at the price.

“To people who ask should I repaint the dining room, the answer is it is better to drop the price $10,000,” he said.

Patty Carter, Zeitlin & Co. president, sees all the factors coming together at just the right time.

“It is the ideal time to really look seriously at this. Everybody was looking for the bottom and they say you don’t know that you have hit bottom until you start back up, so that is where we are,” said Carter, who described a “flat-line feeling” in mid- to late 2008.

“The interest rates are extremely attractive,” she said with a caveat. “Another factor is you have to have excellent credit to get these rates. The buyers who are out there are serious. I think the activity is very genuine.”

For those with existing homes on the market, Carter is telling her agents and their sellers to be ready to be competitive against the new home inventory on the market and other perhaps even more motivated sellers willing to drop their price.
“What I am telling my sellers is it is two-fold — you have to be the best value and have your property in the best condition,” she said. “You have to have everything going the buyers’ way right now.”

Wilson also encourages those entering the market to be ready to take advantage of the good deals as they present themselves.

“If you are going to take advantage of these lower interest rates and tax credits and are planning to head out on the town this weekend, ask your Realtor about what locations you are interested in and contact a mortgage broker to get pre-qualified,” Wilson said. “Having your financing pre-approval in place will make your contract process streamlined. It will also help you narrow down the price range of homes that you are qualified to purchase and having a discussion with lenders will allow you to determine what interest rates you may be able to take advantage of.

“The lower interest rates will also help to maintain home prices. Buyers evaluating their budgets and available resources to spend on a home will be able to spend more on a home then originally anticipating, as their monthly payments will be less allocated to interest repayment and more of the payment will be allocated to the home's principle,” she said.

Posted on: 3/26/2009