I’ve heard this term locally “Buyers have to lose in order to win”. Seems like an odd phrase, doesn’t it, until you realize what it means: Austin home buyers sometimes have to lose out on several houses by making offer after offer below where the winning buyer ended up successfully getting a home under contract to realize they need to increase their offer prices. Considering that pre-Covid, it was customary to offer something just under the list price of a home since the average for the Austin metro was for a seller to end up with about 97% of their list price.
No more. Since our market rebounded from the effects of Covid during last summer, multiple offers and 10, 20 and 30+ percent over asking price is the norm. It isn’t unusual for a $350k listing to sell for $100k over list price. This is a hard concept for home buyers to get their mind around, especially if we are “just in a bubble right now”, but the many articles I've shared over the past few months say we are not. So, my advice to home buyers is to find the courage to make the offer needed, however uncomfortable it may seem to get the home of your dreams in Austin. The average home price in Austin in April/2020 was $409,962 and $582,479 (+$172,517) in April/2021 so maybe “overpaying” for a home now really isn’t overpaying...at least for very long?
(512) 853-0110 or robert@AustinTxHomeSales.com
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