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Putting the Real Estate Market into Perspective

This year marks my nineteenth in real estate. In the past year I have seen things happen that I have never seen before.

We’ve had listings that received 42 offers in less than 24 hours. We’ve had buyers offer $100,000 over the list price on a $375,000 house and still not win the bidding battle.

One new listing had a four-hour line of buyers waiting to get in the front door. The neighbors grabbed their whistles and yellow vests to direct traffic as so many people drove by that the streets around the house got jammed.

Many of my agent friends are not working with buyers right now because there are 100 times as many buyers as there are homes to sell them. Agents are reported to be writing offers on more than 20 homes and still not winning one for their clients. That is a lot of effort for nothing.

One listing received three offers before we even put it on the market. It was like buyers were hiding out in the trees waiting for us to sink the sign in the yard. Frustration in buyers, and their agents, is at an all-time high. It’s an agent’s nightmare to have to call a client and tell them that, for the 19 time they didn’t get the home they fell in love with.

What is driving all of this craziness? Austin has topped almost every chart of great places to live in America. We have good schools, nice weather, lots to do and almost as many jobs as Mike Rowe has had. The City of Austin keeps trying to drive people away, by showing the wrong way to address an out-of-control homeless population, but people still keep moving here. We look like Shangri-La compared to some other cities and states.

This is the best time ever to be a seller. You can almost name your price and you’ll still probably sell for over asking. Some people laugh and say they will put a sign up in their yard for $200,000 over what their home is worth but they don’t. Because they know it might sell. And they would have to move. But where would they go? There’s nothing to buy.

In this crazy time, good quality agents are more important than ever. Don’t just hire any agent. Look for experience and savvy. You need insight and know-how to navigate through 2021 and beyond.

Learn more about Steve.