re: Current Housing Prices

quote:

---

Just put in an offer for a house in Austin, our 5th one, and wondering what your experiences have been as of late.

---

Real estate prices remain insane, at least in desirable markets.

I recently sold a house in Park City, UT. Listed house on a Thursday night. Was surprised I didn’t receive an offer on Friday. Got first offer on Saturday night at $125K over ask. Got two more offers on Sunday.

Winning offer matched the $125k over ask, BUT, also:

1-would pay us $25k non-refundable payment upon signing contract that day;
2-all cash so no financing risks;
3-required only 1 day diligence period;
4-would close within 5 days;
5-offered 3 month lease back period for free.

These are the types of things that are being offered in addition to simply a price.

From a sellers perspective, it de-risked the transaction for us which is key b/c seller doesn’t want to select an offer that won’t close. The $25k non-refundable payment also eliminated any concerns about the inspection report b/c we knew buyer wouldn’t walk over something trivial.

In short, winning offers right now require creativity and risk transference from seller to buyer.