It is no longer 2011 or 2012-- How fast are homes selling?

If you are a Buyer that has been looking for a while and you believe you can negotiate down below market value on a home in Greater Austin right now--well, good luck with that. After you have lost a few deals to competitive offers, maybe you will appreciate what I am about to tell you. It is a different world out there right now (in Austin). Nice homes are selling fast, with multiple offers and the negotiations are at and above list price with multiple offers. Yes, there are negotiations happening--but they are negotiations to win the deal, not so much negotiations to get a lower price. Sorry, Mr and Mrs Buyer. But this is what is happening right now in the Austin Real Estate market. 

Of course, if a home is listed above market value, it is going to be hard to get a buyer to pay more than market value for your home, but a home that is priced well to the market and shows well competitively in the market is likely to receive multiple offers and a sales price at or above the list price--based on what is happening right now. 

So how do you prepare? 

Sellers: price your home to market value and make sure it shows better than anything on the market around you. 

Buyers: be ready to make an offer at market value for the home that you want to purchase. If there are multiple offers on the table during the first 3 days on the market, be ready to pay more than the listing price to get the home that you want.  

If you look back at the past year, this has been coming on gradually for a while now. It did not suddenly happen. Anyone who thinks that this was a sudden change, is either listening to the wrong people or is not paying attention. Austin has gone from flat, to pretty warm to crazy hot during the past 18 months or so. Don't miss out on this great market opportunity for buyers and sellers alike. 


Now to the numbers:

Steiner Ranch homes under contract:
  • 50% of homes currently under contract in less than 31 days
  • The fastest homes contracted in 1 day
  • 25% of homes currently went under contract in less than a week
  • There are less than 2% of the homes in Steiner currently for sale
  • If you are considering selling in Steiner Ranch--please call me today

River Place:
  • 45% of homes currently under contract in less than 20 days
  • 25% of homes currently went under contract in less than a week

Westminster Glen:
  • 50% of the listed homes are currently under contract
  • The fastest home "sold" in 5 days
  • Median listing price is just under $1M 

 Westwood High School communities:
  • 54% of homes went under contract in 5 days or less
  • 19% during the first day on the market
  • If you are considering selling in Spicewood, Balcones, Canyon Creek, Oak Forest, Barrington Oaks, Great Hills or any Westwood High School community--please call me today!
 
Downtown area homes, Clarksville, Enfield, Pemberton, Brykerwoods, surrounding communities south of 38th Street:
  • 48% of homes currently under contract in less than 33 days
  • 26% of homes went under contract in less than a week

Westlake:
  • 49% of homes went under contract in 7 days or less
  • Comment: Median home price in this area right now is $939,000. This is an important benchmark for Austin luxury home market that is definitely on the increase

Mueller and Surround Communities of East Austin:
  • 54% of homes went under contract in 7 days or less
  • 80% of homes are selling in under 2 months
  • Comment: Locals who were not Real Estate experts, but lived in Austin for many years, used to love to say "Don't buy a home East of I-35...". Well, this sentiment has long-since outlived its usefulness (Personally, I don't think it has ever been a useful thought, as this area is just as close to downtown Austin are much more expensive areas in Central and West Austin--but it is less expensive). The thing that Realtor know, or should know, is that East Austin has been one of the fastest appreciating areas in Austin for the past 5 years and in all likelihood will continue to be so. 
  • If you have a home in East Austin that you want to sell, Call me!
 
Circle C Ranch:
  • 50% of homes sold in less than 7 days
  • 41% during the first 3 days on market
  • Comment: Like Steiner Ranch, CirC tends to move when school is out, so to have so much movement this early in the year in these communities is surprising.
  • If you are looking for a home in Circle C--call me. I have a new listing coming up next week. 
  • If you have a home that you want to sell in Circle C this year--Call me!

If you would like to talk about selling your home in the Greater Austin area, Round Rock or Cedar Park--please do get in touch with me to discuss your homes value and how we can get the greatest visibility and market exposure for your home ASAP.

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