Brentwood Neighborhood (Austin, TX 78757) '20 vs '21

By
Real Estate Agent with Juice Homes, LLC Lic# 491811

What a difference a year makes in our real estate market and the year is not over yet!

There was a pivot in our market early January 2021, and we went from a strong Sellers market to a hyper competitive Sellers market. We weren't just seeing a few offers on a property, but 10-20+ offers on a single home.  Buyers were including appraisal waivers (if you don't know about this, you should before entering the market as a buyer or seller), offering insanely high option fees (making it very painful to terminate after inspections) and obviously going well over initial asking price.

Look at how much the market has changed in Brentwood the first seven months YTY!  So where do we go from here and what will the rest of 2021 look like?

Since school was released in late May we've seen a gradual tempering in many areas of town.  Inventory has moved upwards just enough to give buyers a few more options, and they are taking some time before jumping in with a crazy offer.  Not to say we don't see the sporadic frenzy over a specific property, but at large we are seeing some temperament.  By no means are values going down, just stabilizing.  Analyzing the market and pricing takes a lot of research right now, so small adjustments can make a big difference.
Takeaways:
- It is still a sellers market with less than 1 month of inventory city wide and that inventory level is not going to drastically change.
- Sellers should continue taking time to do the necessary make ready / projects to make your home stand out.
- Temper your expectations as sellers, you might not receive 20 offers, but 1 buyer submitting the right offer can accomplish the same thing.
- Buyers should stay in the game right now ~ with a little less competition there are opportunities.
- Do not expect values to reverse. Flatten some, yes, but they are not going backwards.
- Buckle up for 2022 as many of us expect another wild ride in the new year.

- Buyers should stay in the game right now ~ with a little less competition there are opportunities.

- Do not expect values to reverse. Flatten some, yes, but they are not going backwards.

- Buckle up for 2022 as many of us expect another wild ride in the new year.

Comments (0)