Almost every day someone calls me to ask about the market. They tell me they’ve been planning to relocate for a new job, move up to a bigger home or even downsize. Usually the conversation starts with “Am I crazy to even think about selling my home right now?”
Most people are shocked when I say “Would you believe we are in a stronger seller’s market than we were a year ago?” The overall statistics for April and May are ugly. That’s in the past as sellers removed their homes from the market and buyers cancelled contracts. These charts show the supply and demand statistics demonstrating fewer active listings and more homes under contract compared to the same weekly figures from one year ago. If you want to gauge where the market is going you want to look at these supply and demand statistics.
If you look at the other charts from a recent Austin Board of Realtors presentation you will see some of the reasons our real estate market has been resilient. In fact, the Austin area is ranked as the #1 lowest risk market for long term effects of Covid-19.
Is Everyone Doing Great?
While these statistics are encouraging that doesn’t mean everyone is doing great. Some home sellers are getting frustrated as their homes have been on the market for an extended period of time without selling. What makes that even more frustrating is their real estate agent isn’t communicating or doesn’t have the skills to get their home sold in a market that requires a more professional approach.
This week we were hired by two sellers who had previously tried to sell their homes without success. They were both frustrated with the experience with their previous agent. Before putting your home on the market make sure your listing agent has a marketing plan that’s more than just sticking a sign in the yard.