Austin Real Estate - How Fast are Houses Selling?

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Q: What are the odds that the house that I am considering buying will go under contract while I am considering making an offer?A: Austin is starting to feel a little like Vegas. Buying a house has odds stacked a little bit against you if you are not well prepared to make an offer. 
All things in Real Estate are dependent upon the area where you are searching, but when we look at the numbers from 20,000 feet--the market is very much bent toward the seller now. Buyers and Buyer's Agents (Tim) have to be on their game to make it happen in this market. If you are not ready to buy today, you may be wasting your time. Here is why. 
Homes are selling at INCREDIBLE speeds during the first few days that they are on the market. You have heard me say it again and again during the past 6 months--if it is priced right and shows well, it will sell fast, fast, fast. Right out from under you. It happened to my clients again yesterday. House had been on the market for 7 days. My buyers were very interested and asked to think about it for a couple of days. I got in touch with the listing agent to get the disclosures and let her know that I may have an interested buyer and she informed me that they just came to terms with a buyer to sell the house. "Sorry, Tim, you are just a few days too late."
Q: How fast are houses selling?A: As of today, with more than 3200 homes with pending contracts, here are the rates at which homes are selling during...

• The first day on market: 6% of these home (197 homes)
• First 3 days on market: 9% of these homes
• First 7 days on market: 19% of these homes
• First 15 days on market: 34% of these homes (1100 homes)
• First Month: 50% of all homes under contract (1629 homes!)

Don't play the odds. This is not Vegas and losing the house that you wanted to buy is no fun. When you find the house that you are looking for--make an offer before the sun goes down--that day. Have your Buyer's Agent run the numbers. Get the comps. Make sure the house is not priced above market value. Then negotiate to make it happen. 

If you need more information about buying or selling your home in the Greater Austin area--give me a call. Let's talk.