Anyone desiring to call Fairview home is quickly learning a hard lesson on the economics of supply and demand.
With the Fairview real estate market currently experiencing far greater demand with limited inventory, homebuyers are seeing higher listing prices with many willing to pay more for what they want.
In May, a 4-bedroom, 3-bath, 2,642 square-foot home on Chessington Drive in Castleberry Subdivision sold for $600,000, not totally shocking for a home in one of Fairview’s most desirable neighborhoods. The shocker is that the home sold just hours before it hit the market — and the buyer paid $130,000 over the listing price!
The selling agent Amy Debusk, co-owner and broker at Lioncrest Realty, said, “The Fairview real estate is on fire. In general, listings are flying off the shelf, and this has created the inventory shortage.”
While the limited listings are great for those selling a home, buyers are being forced to act quickly, enter bidding wars and pay at or above listing price. Another contributing factor is the all-time low interest rates which have buyers more willing to pay extra which is a national trend.
Along with a willingness to pay thousands over the asking price, homebuyers are waiving appraisals, inspections and contingencies.
Last Sunday, Black had to cancel an open house after a new listing on Grammar Drive went under contract after one day on the market “with an offer my sellers could not refuse!”
While this is great news for home sellers, it’s generates a tough market for home buyers and especially, first-time home buyers. The competition with multiple offers has many frustrated as their search for their dream home feels more like a nightmare.
Holly Black with Keller Williams Realty, said, “This is absolutely insane.”
With new construction lagging due to rising lumber prices combined with the inventory crisis, Black said, “There are no affordable homes for buyers. I’m telling my first-time buyers and those who don’t have closing costs saved to hold off on buying right now.”
For a quick comparison of 2019, 2020 and 2021, the Williamson County Association of Realtors reported the following market statistics for Fairview:
Avg. Price $299,182
Median Price $292,500
Days on Market 40
Active Inventory 34
Avg. Price $373,260
Median Price $349,750
Days on Market 41
Active Inventory 28
Avg. Price $579,051
Median Price $367,792
Days on Market 12
Active Inventory 11
Looking at the Williamson County stats, there were 1,232 active residential listings in April 2020 compared to 404 in April 2021, indicating a drastic reduction in inventory across the county.
The real estate inventory shortage can also be attributed to the rising price of building materials and supply chain shortages. The City of Fairview has issued 84 building permits thus far in 2021, compared to only 60 for all of 2020. However, fewer new construction homes are actively listed.
Fairview City Commissioner Brandon Butler, also a realtor at Synergy Realty Network, said, “Builders are holding off on listing new homes until later in the construction process with all the uncertainties of material delays and pricing. Then as soon as they hit the market, they usually sell within three to five days.”
Rick Debusk, co-owner of Lioncrest Realty, noted another factor driving the local real estate market — location. “Nashville and surrounding areas have become the ‘it’ places to move to, so we don’t see it letting up anytime soon,” said Debusk.
Those relocating to Tennessee find the absence of a state income tax attractive while the Nashville region offers great opportunities for employment, higher education, entertainment, dining, services and healthcare. Along with its convenient location, Fairview attracts buyers with its rural community setting, and great schools.
While the market is great for sellers, buyers are struggling, and most people are wondering how long the market conditions will last.
Beverly Totty, owner of Totty Realty, offered her thoughts, “Buyers are still getting approved at record low interest rates, but rates are expected to rise in the last quarter of 2021. We can ride the wave but know bubbles do burst. So, we need to be smart!”
The WILLCO Awards are coming back and in-person — and several Fairview High athletes are among the finalists!
The Williamson County Schools’ Sports Conference recently announced the finalists for 7th Annual WILLCO Awards, which celebrates the best of Williamson County Schools’ athletes.
After going virtual last year due to COVID, WCS is excited to announce the prestigious red-carpet awards event will return to The Factory at Franklin on Tuesday, June 15. All the excitement begins with a 5:30 p.m. Red Carpet Show followed by the awards presentations scheduled to start at 7 p.m.
The golden ticket, which serves as the official invite to the event, has been distributed to all the finalists.
Awards cover male and female top performers in all sports plus a few special awards including the Multi-sport Athlete of The Year, Sportsmanship Award and Courage Award.
The most coveted of the awards is the Athlete of the Year Award. And this year, Fairview High’s State Wrestling Champion Riley Bennett has been named among the finalist for the Top Male Athlete of the Year Award.
The entire FHS Wrestling Team, who won the school’s first Team State Championship, has also been selected as a finalist for the Male Sports Team of the Year Award.
And not surprising, Fairview High Wrestling Coach Bubba Derrick was chosen as a finalist for the Male Sports Coach of the Year Award.
FHS WILLCO Finalists
Hunter Davis – Baseball Finalist
Kennedy Pendergrass – Boys Basketball Finalist
Alyssa Andrea – Girls Cross Country Finalist
Skylar Cronk-Polston – Boys Tennis Finalist
Ryan Keeton – Boys Track Finalist
Lauren Terry – Girls Tennis Finalist
Livia Kellogg Spain – Girls Wrestling Finalist
Riley Bennett — Boys Wrestling Finalist
You don’t have to spend the summer sitting at the house – thanks to the Fairview Public Library!
The Library launched their Summer Reading Program June 1 to promote reading over the summer. Open to adults, teens and children, all readers in the community are invited to join the fun for a chance to win prizes.
This year’s theme is “Tails and Tales” and the program offers a fun-filled, animal-themed summer with a variety of educational performances, guest speakers, prize drawings, story times and more.
The annual program runs through August 7 and parents can sign up children any time online at WilliamsonCounty.Beanstack.org.
Fairview Branch Manager Phillip McAndrew reminds all parents that young readers must be signed up to be eligible for the Summer Reading Program prizes!
All programs are subject to limited availability. If you have additional questions, you can stop by the library or call 615-224-6087.
Summer Events at Fairview Library
• June 15 at 11 a.m.
• June 16-19
Father’s Day Craft2Go
• June 23 at 11 a.m.
Pizza Story Time (Sponsor Pizza Hut)
• June 26 at 11 a.m.
• June 30-July 2
Fourth of July Craft2Go
• July 6 at 2 p.m.
The Animal Guy
• July 12 at 11 a.m.
• July 14 at 11 a.m.
Paint Your Own Bird House
• July 20 at 2 p.m.
Music with Jacob Johnson
• July 24 at 11 a.m.
The Fairview Public Library is located at 2240 Fairview Boulevard, next to Mapco.
Fairview area youth are invited to test their fishing skills – or try fishing for the first time — this Saturday, June 12 at Fairview’s Free Fishing Day Rodeo.
The annual event will be held at Veterans Memorial Park, located at 7106 Black Pine Road in Fairview. It is open to youth age 15 and under with registration beginning at 6 a.m.
“Free fishing day across Tennessee gives the chance for kids and adults both to participate in a fun filled day of fishing. We encourage everyone from avid anglers to people fishing for the first time to take part in such a great opportunity,” said Tennessee Wildlife Resources Agency’s Williamson County Wildlife Officer Hayden Cook.
Participants need to bring their own fishing poles, tackle and bait.
Prizes will be given away along with a free grab-and-go, hotdog and chips meal.
The fishing in Veterans Memorial Park will open up to all ages at 12 noon.
Free Fishing Day is always held on the Saturday of the first full week in June. Anyone, resident or non-resident, of any age can fish free without a license in Tennessee’s public waters, agency owned and operated lakes and Tennessee State Parks.
Free Fishing Week always follows Free Fishing Day, allowing children ages 15 and younger to also fish for free the entire week of June 12-18.
Fairview’s event on Saturday is being hosted thanks to a partnership between the Tennessee Wildlife Resources Agency, Bowie Nature Park, Fairview Parks Department and the Fairview American Legion Post 248.