Austin is a red-hot market and, like many others we've covered, most houses for sale are receiving dozens of offers.
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Austin is ared-hot market and, like manyothers we've covered, most houses for sale are receiving dozens of offers. I talked to several agents and lenders in Austin for astory last week and they outlined what steps people are taking to win these bidding wars.
Compass agent Barbara Van Dyke, who worked in luxury real estate in Hawaii before moving to Austin, said prices are rising so fast she has to constantly check what's gone under contract within the last week and how many hours or days those properties were on the market to advise clients what they should offer.
"Prices have increased 30% since the first of the year, and they are changing daily. At this point, looking at what closed in January feels like ancient times compared to just earlier this month. I'm looking at the last couple weeks trying to gauge what is the percentage properties are selling over ask," Van Dyke said.
To be competitive, she might advise prospective homebuyers to offer to pay what are normally seller's fees, like title fees and the cost of the survey. I heard the same thing from agents in Colorado Springs — winning offers often include borrowers paying title fees.
As Van Dyke noted, these conditions are new to Texas markets, but have been part of the competitive landscape in California markets for decades. And with thehuge number of buyers looking to enter the housing market this year, we're sure to see more buyer creativity.
Prices are up, supply is down. Here's how lenders and agents are working with buyers in Austin, Texas, the nation's hottest housing market. HW+ Premium Content
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