Welcome to the Austin real estate market. It’s a time when buyers are spending months just looking at homes. It’s also a place where sellers are spending months trying to sell theirs.
Homes Are Going Under Contract in 7 Days — or 6 Months
For the last 12 months or so, my listings, with one exception, have been under contract in 7 days or 6 months. Keep in mind, one week doesn’t necessarily mean multiple offers any more than 6 months means no multiple offers. The dream house may appear in other buyers’ dreams at any time.
From Empty Aisles to Full Checkout Lines
Have you ever walked into a grocery store and it was empty? The plan was to get in and get out. Having the store to yourself, you pause to take a look around. There’s no need to rush.
Thirty minutes later, after your casual stroll around the store, you turn around the aisle to the checkout area and see a line twenty carts deep. That’s what today’s market is like.
Every Buyer Enters the Market at a Different Time
“Old” Listings Aren’t Old to New Buyers
Every buyer enters the market at a different point in time. Their dream house may have just hit the market the day they enter, or it may have already been on the market for four months. A house that has been sitting on the market for six months may seem old to buyers who saw it five months ago, but to those just entering the market, it’s new.
When Buyer and Seller Finally Show Up at the Same Time
In the end, both buyer and seller need to be in the market at the same time for magic to happen. Both parties may have made price adjustments along the way. Buyers may even need to change search locations. The real estate market is a broad term that can be quite specific. In the end, it’s about showing up on the right day, at the right price, in the right location for the sale to actually happen.