Baby Milestones: Baptism and Real Food
This month, Chris and I celebrated some big milestones with Tony. Tony was baptized at St. John Neumann Catholic Church in Austin and we were thrilled and honored to welcome him into the church.
He also started solid food. Or, shall we say, pureed food. So far he’s tried bananas, pears and sweet potatoes, each with great enthusiasm. I honestly think he’s wondering why we’ve been holding out on him for so long. The humorous downside to this milestone is that our voracious child now understands that food comes in forms other than milk. He now reaches for dinner plates and opens his mouth like a baby bird when he’s sitting on my lap during meals. While I know he’s not ready for, for instance, spicy asian noodles, he does not and is continually disappointed.
Also, thank you to Kathleen, our longtime friend and client, for this adorable homemade bib.
HYPOINT | First Closings
After months of working with Urban ATX on their townhome project, HYPOINT, we had our first closings this month. As a team, this was our first time closing an entire phase of a multi-family development and between construction delays, last-minute appraisal delays, lender confusion, buyer questions, and 7 closings, we learned a lot. Cindy handled it all with the creative problem solving, attention to detail, and commitment I’ve come to expect from her and I loved getting to work closely alongside her to close these first units.
Congratulations to Cindy, to the Urban ATX team and to our new HYPOINT home owners
Multiple Offers: How to Create Them
With the chatter you hear about Austin real estate these days, it’s easy to think that no matter what a seller does, their home is going to sell the first weekend with multiple offers way over asking price. While this outcome is fairly common right now, it is by no means guaranteed.
At WIRE, we’ve conducted many strategy sessions with many sellers in the past few weeks. These meetings are designed to help a seller decide if now is the right time to sell, how to prepare their home for sale, and what decisions to make about pricing, marketing and timing to fit their goals. And a question we get over and over again is “Can I expect my home to sell for more than asking price? And how much more?”
The answer is, maybe. And if the bidding gets competitive, we might see eye-popping offers in the range of $100,000 over asking price or more.
But creating multiple offers and using them to your advantage requires strategic decisions and proper preparation. Some homes are particularly good candidates. Their floor plans, locations and condition mean that they are broadly appealing to buyers, and more potential buyers means more likelihood of competitive bidding.
Here are a few things that, in our experience, lessen the chances of multiple offers from buyers or, in certain cases, mean a seller won’t get any offers at all.
- A home that has major structural issues and therefore doesn’t qualify for financing.
- A home with tenants living in it.
- A home that is not properly prepared for marketing. (You don’t have to go crazy on this one. Sometimes a landscaping clean-up and a deep clean inside are enough. Sometimes a bit more. But we’re not talking about a remodel.)
- A home that is priced too high. Usually, too high means not supported by recent sales of similar, nearby homes.
The market in Austin now is special because if a home is priced reasonably, at a price supported by recent sales, almost always it will sell quickly and with great terms. This has been true for so long we’ve forgotten that in some markets, a less-than-ideal home will take months to sell or may not sell AT ALL without really aggressive pricing.
Instead, in Austin, we’re now in a market where if your home is priced reasonably you’re not only likely to sell it quickly, but you may get multiple offers.
But the opposite is also true. That if your home is priced too high, you not only short-circuit your multiple offer opportunity, but you might not get any offers at all. In the last 3 months, almost 400 homes failed to sell in Austin and were taken off the market. So no, not every home sells the first weekend. Some homes don’t sell at all.
We love helping sellers think through their options and make sure they’re letting this market work for them. If you’d like to discuss strategy for your home, drop us an email.
Contracts and Closings
The market is moving! Here are some of our lovely buyers that closed during the month of May.
Congratulations to Michelle for closing on a home in Mueller! We have had the pleasure of working with you.
“Michelle is one of the sweetest people I’ve ever met. She genuinely saves lives every single day and night. Helping her and her pups find a place to call home was such a wonderful experience.”Team Agent, Cindy Garcia
Congratulations to Katie for closing on a home in Georgetown! We have had the pleasure of working with you and your pup!
Katie was so fun to work with, we had a goal in mind to get Shakespeare a yard. At times in this market it seemed nearly impossible, but Katie did it, she’s a homeowner and I’m sure Shakespeare is a happy pup!Team Agent, Cindy Garcia
Congratulations to Ruth for closing on a home in Hutto! We have had the pleasure of working with you.
Ruth was such a joy to work with! Her positive attitude and love for her family helped to make every decision in the home buying process more of a vision we were turning into reality!Team Agent, Cindy Garcia
The WIRE team wishes you a safe and fun rest of June. Stay cool, Austin!