The real estate market is a multiverse. There really is no single simple market anymore. Back in the day real estate had basic reference points and avenues for everyone. The options were fairly black and white. Those were simpler times.
Then it happened. The real estate market started to split into a multiverse.
A real estate market of multiverses
When months of available inventory turned to a single month and then into weeks the ratio of buyers and sellers became so disproportionate to one another that the market cracked. By cracked, I don’t mean broke. I mean split into tiny universes where not everyone knows what I’m talking about anymore.
The real estate multiverse is madness. There is no simple path for the real estate market anymore, from finding a home or even paying for one.
Now we seek out homes for buyers as we market them for sellers: price range, the number of bedrooms, preferred city, whatever we are boldly searching for. Sending a need via mass email, e-flyer or social media post is not far off from posting a flyer on a telephone pole when you’ve lost your pet.
Multiple offers require multiple plans
Now we have multiple scenario financial spreadsheets because it’s not enough to have a simple standard downpayment and closing costs anymore. You have to have a downpayment for a loan, closing costs, and then excess money on hand to be competitive. It’s like going to a casino, paying for the hotel, having enough for food but not bringing the fun money you are prepared to lose. You need to have that fun money in today’s real estate market.
Buying a home in Austin? Seling a home in Austin?
Don’t have fun money? Need to compete as a cash buyer? There is a universe out there with a fairy godmother that can transform someone into a competitive buyer, but magic always comes with a price.
We’ve got micro-apartments coming, build-to-rent, and a host of unforeseen universes yet to present themselves in Austin and to a market near you. The real estate multiverses are here and there are mad mad worlds!