Austin Real Estate Market Update - Sept. 17, 2012

FYI: While you are looking, keep in mind--Listing Agent Realtors love it when buyers decide to buy a home without a Buyer's Agent Realtor to assist them. I see a lot of savvy business people, in an effort to negotiate a better deal and get more information, go directly to the listing agents to find their new home. The thought process is that they can "cut out the middle man" and negotiate a better deal directly with the seller. Having bought multiple houses in the past, many buyers feel well prepared to go direct on one of the biggest purchases they make. Unfortunately, what you don't know here will come back to bite you in the end. You may not realize it until you get ready to sell, but the great deal that you negotiated may have all kinds of red flags that you did not see or realize at the time of purchase. Survey issues. Boundary or easement questions. Foundation concerns. Inspection conditions that did not get properly worked out. Future or current value questions (Texas is a non-disclosure state; not even the County record shows you what houses have sold for in Texas). And a host of other issues and concerns that an experienced Buyer's Agent Realtor might red-flag and/or negotiate when you have proper representation. This is true for new home purchases as well. As for the cost savings--forget it. The listing agent has already contracted with the seller for both agents--whether you use an agent or not. The only person who really wins when you don't have a Buyer's Agent representing you is the listing brokerage and agent--who received twice the commission. Don't make this mistake.

Now to the weekly numbers:

• 8,098 homes for sale (Single Family, Condos, Townhouses) (down 84 homes)
• 3,275 homes under contract!
• 17,856 homes have closed so far this year (+360 homes over last week!)
• YTD compared to 2011:  +2,516
•      ~16% increase over 2012 YTD numbers

 
Median Sold for Single Family Homes:

• Median Sold price across Greater Austin: $210,000
•     -up $13k over YTD 2011
• Median price as a percentage of list price: 98%
• Median days on market YTD: 33
•     -18 days faster than YTD 2011
• Median days on market during past month:  34 days
• Most expensive home sold YTD: $7.75M
• Median SOLD in Travis County past 30 days: $265,000
• Median SOLD in Williamson County past 30 days: $190,000

Sept Summary: 
Houses are selling fast!  Inventory is low! Buyers have to be ready to jump on opportunities as they are uncovered online by your Realtor and your own research. 

Houses that are priced right and show well are selling in as little as one day or one week--often times with multiple bids. Many buyers are being surprised by how fast homes are selling. Many houses are selling so fast that only the buyers who see it during the first day on the market have a chance to bid on it. Of course, not all houses fall into this category. The home has to show well and be priced to market. Otherwise, the competition will handily squash it. 

Want to know more? Call me. Let's Talk about your real estate needs.