Home Selling in 78731>Question Details

Jody Albrecht, Real Estate Pro in Texas

What kind of quantity traffic are other Brokers getting right now on $3-5million dollar properties in NW Austin Lake properties?

Asked by Jody Albrecht, Texas Sat Nov 6, 2010

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I see this market in a different light, based on my ongoing research of this particular market.

Actually getting a home sold in this market relies on hard accountability of the market, and too many of these sellers are simply "testing" the market out of a general scare. When you look at all the listings in this $3m - $5m market right now, most are screaming "Unaccounted For In This Market! I Don't Need To Sell, So Please, Spend Your Time More Wisely Elsewhere Than Shopping My Home That I Don't Need To Sell"

Accountability:
Are the Marketing and Sales efforts in line with a market-value price that is required to first, not insult the sophisticated/educated buyers in this market, and then to get the home sold?

Again, simply looking at the listings available right now, for most, the answer is No.

The Trends of today's market should be studied and delivered to seller's so they know what to expect right now. Hopefully, if delivered a true outlook of today's trends (pricing, conditions, and desired styles) they will decide to either compete, or simply take their home off the market. Taking their home off the market (if they don't actually have a compelling reason to sell right now) would certainly help their market.

Some "easy to note" trends in this $3-5m selling market are:
- about every 60 days a real buyer will surface to buy
- prices are showing 2003-2005 values on average, and will be based on a multitude of resale factors
- these buyers are leaning towards modern and 21st century lifestyles

Now... where does your product fit in this market? and where do your motivations sit as a seller right now?

There's quite a bit more to be said of course, however, accountability for their current market is the only effective route.
0 votes Thank Flag Link Mon Nov 8, 2010
My take on this is that the supply/demand equation in this submarket will remain out of balance for maybe 5-10 more years as buyers are still wanting a 'great deal' in this price range. There are still PLENTY of options in this price range around Central Texas. No single, smart buyer wants to be the one to pay 'list' price while reading and hearing all the reports that other buyers are trying to buy well below list.

Of course, I'm assuming we're not going to have a massive economic recovery with sustained GDP growth in excess of 4% for quite some time. If that changes, then maybe it's closer to 5 years when prices start to get a bit more 'in line' at best.
0 votes Thank Flag Link Sun Nov 7, 2010
Bill is correct. The inventory is very high currently and I have found that many offers coming in on properties in this range are not in line with asking prices. Currently there is too much inventory and too much uncertainty for homes in this upper end range.
0 votes Thank Flag Link Sun Nov 7, 2010
I think the stats paint a clear picture. The number of "solds" versus "active" across the market is way out of whack. There are so many high ends available it's hard to get a client to make a choice. I have one buyer in that range and when they do make a choice I know they are going to low ball. Most have closed in excess of $200K below list price.
0 votes Thank Flag Link Sun Nov 7, 2010
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