Yes. This is a really hot real estate market in Austin. Thinks just changed quickly at the beginning of the year. Our inventory is so low, the rules of supply and demand require something to change. There are many buyers because rates are still low and the economy is showing signs of improving but the are not many properties on the market available. That has brought us to multiple offer situations and competing bids.
As a buyer, how do you determine what to offer a seller. Until recently, your agent would create a comparative market analysis to see for what comparable properties have recently sold. The market is exploding so that no longer works. In the Austin area, if you find a house you want you will have to offer asking price. How much more? That depends on how much you want the house. How much above asking are you prepared to go?
And just because you are the first offer doesn't mean the seller will negotiate with you. Before the seller has a chance to review your offer, you can be sure there will be more.
What if the house doesn't appraise? Check my next entry to find out.
Austin, Texas. Robin Scott, BROKER. Certified Residential Specialist, Accredited Buyer's Representative, Seller's Representative Specialist. 512.589.7988.
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Buying or selling? Hire an experienced professional. Call Robin Scott, Broker at 512.589.7988.
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