Austin is the nation’s top housing market according to Zillow, which again puts buyers in troubled water when it comes to getting a home here.
In Zillow’s report, Austin is ranked number one outperformer of the nation, and we are certainly seeing the carnage of this 2021 prophecy on the streets.
If you’re looking to sell your Austin home, there has never been a better time as buyers compete in frenzied bidding wars and send prices ever higher. The market is changing rapidly, and in our experience, extreme markets don’t last very long.
Here are the statistics that are keeping Austin buyers up at night and having sellers rubbing their hands:
- Homes are selling way above asking price – with an average of 11% over in the $1m range, and up to 20% above in the below-median market
- The median home sale price increased by 19% to $370,000
- The average days on market decreased by 59% over this time last year
- There were 37% as many homes on the market as this time last year
So the good news for sellers is that they are sitting on more equity than expected. Gone are the days when we have to tell sellers their homes aren’t worth as much as they thought. (Most of us have a cognitive bias called the Endowment Effect which says we over value things that we own)
The biggest challenge in this market is buying, so not only do you need a stellar buyer’s agent, you also need as strong an offer as possible.
We have partnered with Knock to allow you to do this with a Buy Now, Sell Later approach. At a time when some homes are getting a dozen offers in a weekend, you need a winning strategy to make sure your offer stands out.
Knock also gives you up to $25,000 to fix up your home ready for sale too, and gives you the ability to put in a non-contingent offer for your next home.
Whether you’re in the market to sell or buy, both, or none, it makes sense to find out the value of your home and to discuss options – call us on 512 215 4785