Posted by Scott Parris Realtor
I have submitted 4 offers for buyers in the past 2 weeks in the neighborhoods of: Crestview, Rosedale, Highland Park and Delwood – just east of I-35. All 4 properties were on the market less than 1 week and ALL 4 of the offers were OVER THE SELLER’S ASKING PRICE. Most surprisingly, NONE of the offers were accepted. In every case, another buyer offered more. Buyers are definitely waking up to the notion that if they plan to buy a house in Central Austin in 2013, they have to move quickly on an offer and most likely, there will not be much negotiating with the seller.
I looked at the Crestview neighborhood data specifically (between the sales price of $270k and $400k), and there have been 9 sales in the past 90 days that sold within 1 week of being on the market. 3 sold over asking price, 2 sold at asking price and all of them sold within $9,000 of the asking price – no more than 3% off the asking price. There are also 7 homes under contract in Crestview right now, and at this time, all but 1 were on the market more than 14 days (most were only 1-4 days on the market). There were however 9 sales that took between 14-60 days to sell and another 6 homes that took over 60 days to sell. Part of the reason for those long market times is that some of those sellers listed in November and December when the market was slower. However, those numbers also say that yes there are a lot more buyers than sellers, but buyers also know a good deal when they see one. If your a seller and your house is priced right, expect multiple offers. If your too high, expect to sit on the market for at least 2 weeks to 2 months, if not longer. Please email me if you would be interested in seeing additional data and photos of the homes that have sold.