Are you an Austin Area Home Buyer or a Contestant?
If you’ve tried to buy a house in Austin lately, in an area of high demand and low inventory, such as Downtown Austin, Northwest Austin or even Cedar Park, you may have run into some competition. In fact, you most likely have. I won’t go into a breakdown statistically, but let’s just call it a Mega-Seller’s-Market and leave it at that.
Other buyers want the same house you want, often the first day it hits the market. A new listing in Cedar Park that I showed a buyer a few days ago had a parade of buyers waiting in line when I got there, and more when we left. It’s really, really crazy out there.
This type of market changes the way you have to approach your home buying effort in the Austin area. You are no longer “shopping” for a home, you are competing for a home. You are not a home buyer, you are a contestant.
You are not trying to negotiate an acceptable offer with a seller, you are trying to beat your opponent(s), the other buyers, by making a better offer. Suit up and game on. The really hard part is you’re not able to know what it will take to make your offer “better”, you can only guess, then decide how high you want to jump.
This is disconcerting and frustrating for those unaccustomed to the stress. It can tie you in knots emotionally. It’s too much for some buyers, and they simply bow out of multiple offer situations, not wanting to compete at all. Others get it right away, put on a game face, and bring their “A Game” to the first offer, crushing the competition and “winning” a home on the first try. Still others, go through several failed offer attempts before they can muster up the fortitude and grit to throw down a wining offer. If you’re one who keeps losing, check out my other post on Win Multiple Offers in Austin for some tips that will help you and your agent increase your chances of coming out on top.
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