Part 3 – Making Low Offers on Homes in the Greater Austin Area
As a first time home buyer in the Greater Austin area, you may be reluctant to offer full price, or above asking price, on a home that you want to purchase. You may also think that your real estate agent does not have your best interests in mind if they suggest that offer a higher amount than you might think is necessary. you may think they are looking for a quick sale or to make a higher commission.
While you may have these doubts and reservations, you should know that the Austin area real estate market is very hot right now. Homes are selling more quickly and for a higher percentage of list price than they were just a short time ago. For example, in 2011, the average (median) home for sale in Austin sold in 45 days. By the end of 2012, that time period had shrunk to only 24 days! One of my listings recently sold within 24 hours of being put on the market! Also, the average home sold in Austin for 97% of the listed price but that number had climbed to 98% in 2012 (a $2000 difference on a $200,000 home).
If you are willing to miss out on a property by trying to save a few thousand dollars in our asking price, then you can afford to wait for the best “deal.” However, for most buyers, My advice would be for you to move quickly and decisively when you find a property you love. It could be the difference between heartache or wasting your time and moving into the home of your dreams!