Why The Real Estate Market Is Like A Frozen Microwave Burrito

Georgetown Real Estate Update June 2023


In this article, I will cover the most recent real estate statistics for Austin, Texas, talk about why the real estate market is like a microwaved frozen burrito, what "Date the Rate Marry the House" means, and why you don’t want a hungry agent.

Before I start if you have plans to move sign up for our next Free Home Selling Seminar Thursday, July 13th at 5:30 PM at Moonshine Grill. Sign up for this in-person seminar or our online Zoom seminars at KopaSeminar.com.

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On June 1st there were 890 active homes in Georgetown and 408 homes under contract. 261 homes sold in May, 2023 at an average dollars per square foot at $230. The average sales price was $531,561 and the median price was $450,000.


Lance Lambert, real estate editor at Fortune Magazine, called Austin the most interesting real estate market in America.

Prices went up like a rocket and came back to earth, but still up 43% since March 2020. Some people can’t get over missing out on timing the market. The truth is few people did because even those who sold at the top had to buy in the same market at the top.

If I told you in March 2020 your home would be worth 43% more in 3 years you would have been over the moon happy about that. If you’ve allowed yourself to get stuck because you missed out on the peak perhaps a change in perspective to thinking about how much better off you are than 3 years ago will help you get unstuck. Otherwise using 2021 and early 2022 as your baseline will cause you to be very unhappy.

As we have returned to a more “normal” real estate market some of the normal market dynamics have returned. If you’re like me and you grew up a latch key kid you’ve eaten your share of frozen burritos. With a microwaved frozen burrito you know the first bite will burn your mouth and the very next bite is still ice cold. When someone asks me “How’s the market?” it’s like a frozen burrito and I have to know what area and even what type of house they are asking about. There are homes I sold last year that would sell for 30% less this year and other homes that would sell for almost the same price.

Because of this frozen burrito real estate market that’s why you can’t use any of these statistics to accurately value the price of your home or a home you want to buy. There is no national real estate market and you can’t rely on your friend from the east coast to give you advice about our market, you’ll need to have someone who can give you insights into what’s happening in our local market. Whenever you are ready, we should have a conversation about your specific situation.

You will want to avoid listening to any of the doomsayers out there trying to scare you with misleading information into thinking the market is going to crash. People are cherry picking statistics to make things sound worse than they are. For example, I saw someone with a large following on Twitter using statistics from south Austin to extrapolate the entire real estate market. There are zip codes in south Austin that attracted a high volume of flippers and small builders who got caught in the downturn. In those pockets the real estate market will be very difficult. Fortunately, our area hasn’t seen that type of activity so the inventory of homes is not nearly that elevated.


As interest rates went up many real estate agents started saying this to clients to encourage them to buy a home today for the long term and think of the interest rate as a short-term situation. The thinking is interest rates will eventually go down and the buyer can refinance. But the perfect house might not be available again if a buyer passes on it due to interest rates.

Of course nobody knows what the future holds but life is about probabilities and it’s likely at some point in the next couple years interest rates will be lower.

Where it might not work out is if the buyer puts down a low down payment and the market value of the home goes down. In this case the buyer may not be able to refinance without putting down additional money. If the buyer doesn’t have that additional money they would be stuck with the higher rate.

The answer to so many real estate questions is it depends. Date the rate, marry the house might turn out great for some people and not so great for others. Contact us if you would like to talk about your specific situation.


Sometimes I’ll hear someone saying they want a “hungry agent”. In reality hiring a hungry agent is your biggest risk in this market.

The number of homes in our area being listed and sold is down about 30%. Realtors are leaving the business left and right because there aren’t enough homes for everyone. If you’re looking for a hungry agent you will have a lot to choose from.

What you don’t realize is how much that will hurt you. When listing your home, the biggest risk you have is hiring someone who will tell you what you want to hear so you hire them. When an agent is that hungry you have to wonder if the advice they are giving is benefitting you or them.

I recently had a buyer’s agent on a sale tell me she personally needed that deal to close. I wouldn’t want someone in that position working for me because they might push me to do something just so they can make their mortgage payment!

Real estate agents have a bad reputation of always saying it’s a good time to buy or sell. Believe it or not I’ve had many conversations with potential clients where I told them not to make a move. This text message is from someone who called me to sell his house. He thought his taxes had gone up so much he couldn’t afford the home anymore.

When I looked at his situation the problem was he never filed for a Homestead Exemption. Once he did his monthly payment is back to being affordable and he got a nice chunk of money refunded by the tax office.

Imagine if I was hungry for business? A hungry agent would have told him he needed to sell his house and never told him filling out a form at the tax office was really what he needed to do.

Something that most people don’t think about but they should is make sure you are hiring an agent who is financially secure enough to give you advice that benefits you and not them. Whenever you are ready to have a conversation about your situation contact me at 512-791-7473 or schedule a time at KopaConsultation.com.


If you're planning to sell in 2023, now is the best time to attend our Free Home Selling Workshops. If you want to attend a workshop, get in touch with us and we will notify you when they are scheduled. As always you can check KopaWorkshop.com to see dates and times of our in-person and online Free Home Selling Workshops. For years home sellers have told me they benefited from attending our events. Sign up at KopaSeminar.com.



The information on this page may have changed since we first published it. We give great real estate advice, but this page (and the rest of our site) is for informational use only and is no substitute for actual real estate, legal and financial advice. If you’d like to establish a Broker-client relationship, reach out to us and we’ll tell you how we can make it official. Sending us an email or reading this page alone doesn’t mean we represent you.

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