Austin Texas real estate is actually very frustrating right now. Yes, I've posted about how Austin is in a H-O-T market right now, and how listings are selling so fast and so much above asking price... but these are some of the reasons why it's frustrating.
The Austin real estate market is more than 20% below on inventory from last year, and last year was low also. That means buyers have less of a selection to pick from, and if you continue the cause and effect, that means there are multiple buyers fighting over one house.
It's frustrating because you try and try to educate your buyers about the market and prepare them for expectations, and when they lose that first house, OUCH! They're upset. They go for house #2 that they liked, but it's 3 days later before they decided they were ok with going for choice #2, and now that house is gone. Of the 7 houses I showed them, all but 2 are now under contract and the 2 remaining back to a main street or is just a horrible floorplan, so they don't care about those.
The buyers sit and wait for the new listings, but they don't want to just look at one more. They want to wait until they see 3-4 more they like... and as those come on the market, they go right back off so you can show them one house, which they don't like. The cycle repeats.
You explain how they need to jump on new listings, and when they finally do jump, they make a weak offer. You explain to your buyers that you think their terms need to be stronger. They don't get it, and lose the house. They're frustrated, possibly mad. Are they mad at me or themselves?
The next house, they jump but take too long to submit an offer because it's only on the market a day and they have time and they're second guessing themselves again because they just lost the last house. You finally get them to do a combination of things. They jump at looking at the house. They jump at writing the offer quickly. They actually agree to good terms in the offer and their offer wins, but right at the end, the buyers need one last initial because the sellers forgot to exclude the curtains, and that delay triggers the buyers to walk away because there was more second guessing...
See why it's frustrating in today's market? People say, "I see you're busy; you must be loving it!" And I'm like, "Yes, it's great that it's busy, but I've continued to be busy over the years when others weren't, and right now, I'm just frustrated..."
The story can continue that once under contract, the buyers can back out during the inspection period because they woke up on the wrong side of the bed, or because they forgot to "share" that graphic on Facebook that told them they would have bad luck if they didn't.
Once the buyers finally get to the closing table, it's a hundred houses and ten offers later. You did ten times the amount of work then what you normally do when the market isn't as crazy, and people think it's "easy" because houses are flying off the market...
**Are You Packed Yet?**
Austin TX Real Estate
and the surrounding areas of Lakeway, Bee Cave, West Lake Hills, Cedar Park, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Hill Country Austin TX Real Estate and beyond. Whether you're buying or selling an Austin home, I'll be with you every step of the way.
** Multi-Million Dollar Producer Year after Year **
Copyright© 2013 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
* Frustrating Describes the Austin Real Estate Market Right Now * was first published on donnahomesblog.com.