I'm sorry that I haven't posted in a while! The market in Austin, TX and many of the surrounding areas is RED HOT and I've been super busy (not a great excuse, I promise to do better for my handful of readers out there:)
You might be wondering why I entitled this blog, "Pie in the Sky Real Estate?"
Well, this blog is inspired by my team losing out on listing two homes in my neighborhood. These are homes in which I interviewed for the job and gave my opinion of the market and price, yet the sellers decided to move forward with another agent and listed their home way above my suggestion. And in my opinion, listed their home at a "pie in the sky" price.
In case you are wondering, I hate to lose. I think most good agents are competitive. I especially hate to lose when I care so much about my job, ethics and honesty that I provide for my clients. And I believe that the homes that chose to list with another agent, may have been lead astray.
With all of the awesome news about our real estate market and everyone hearing about how the Jones' house down the street got 20 offers, I bet you would be surprised to know that my neighborhood in Twin Creeks is close to becoming a buyer's market.
"WHAT?!" Clean your screen. Go back and read that again. "You gotta be kidding me?!"
I calculated this a couple of days ago. Twin Creeks has 6.14 months of inventory. If we reach 7 months of inventory, then it will officially be a buyer's market in Twin Creeks (1-4 months is a seller's market, 5-6 a Nuetral Market, 7+ a buyers market).
While the area in which we are located (called CLS) has 1.2 months of inventory. This means, that if no more homes came on the market in CLS, then all homes would be sold in 1.2 months.
My point in sharing all of this info is that the market has shifted in our neighborhood. Sellers, if you get a lower than asking price listing, seriously consider it, because there is a lot of competition in the neighborhood.
If you are thinking about listing your home in Twin Creeks, please call me for an honest assessment. Or please work with an agent that know's how to calculate whether it is a buyer or sellers market. This will save you a lot of grief (time on the market, mortgage payments made) when you decide to sell. Or you can waste your time trying to catch a pie.
That is all! Rant over now. Time to go sell more homes! Thanks for reading.
photo credit: http://www.flickr.com/photos/jeffbalke/3347927322/">jeffbalke via http://photopin.com">photopin http://creativecommons.org/licenses/by-nc-nd/2.0/">cc