It seems unsustainable IMO. Last place I sold had around 24 offers within a day plus two letters to go along with. Don't know who bought it or what they did with the place, don't really care either since the check cleared.

mazag08 said:

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Martin Q. Blank said:

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^ how can you not bite at that bait, WAL? $$$ is in your future.

But does he offer reduced commission? Think about it.

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I'm not actually trying to gain their business. I'm not even licensed in the area. My recommendation would be Red Pear if I was actually recommending someone. Was mostly joking while offering an anecdotal story to support their view of the market.

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https://www.har.com/mapsearch/?map_tools_nwlat=29.902323983374018&map_tools_nwlng=-98.2984339061369&map_tools_selat=29.867213244515114&map_tools_selng=-98.24063454811196&for_sale=1#mSABORTX-1564387

This is not my place, but it's in the area and with slightly less of a view than mine. Any thoughts on why it's still on the market after 100+ days?

Why are you using HAR? Zillow has it listed under contract.

I am sure prices can't go up 40-60% a year but atleast in the Austin area, I do not see this slowing down for a long time. I tell friends looking to just bite the bullet and buy esp in the low rate environment. If rates go up, and prices stay flat, they are paying more for the loan/house.

I live in a nice part of Austin and 3 years ago, you rarely saw a house go on the market in my area for north of 1M and would sit for 2-4 months. Now it seems like 1/3 of the homes start at 1M and off the market in a weekend.

A neighbor across the street last summer put their house on the market, in 1 weekend had to stop showings b/c too many offers, had 30+ showings and 10+ offers. House went 200K above.

A neighbor next door put his house on the market 2 yrs ago for 750K, no offers even close to asking and he pulled it in 3 months. Put his house, with no updates, on the market 5 months ago and went for 1.1M in a weekend above asking.

Austin is Crazy but if you want to look at Crazy, look at waterfront properties on LBJ. Canals that sat on the market for 400K 3 yrs ago, Coves sat on the market for 600K, nice Level back yards on open water sat on the market for 800K. Last year they all flew off the market for twice as much if you can even find it in time.

https://www.zillow.com/homedetails/1702-Bluebonnet-Ln-Kingsland-TX-78639/231822033_zpid/

I looked at this really nicely updated place with a nice back yard that sat on the market for over a year and prices kept dropping 2 yrs ago and so close to putting in an offer that closed for around 875K. Home prob will go over 2M easily today.

This home in the same area needed updates is going for 1.9M today.

https://www.zillow.com/homedetails/3000-River-Oaks-Dr-Kingsland-TX-78639/87423689_zpid/
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Howdy Dammit said:

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Why are you using HAR? Zillow has it listed under contract.

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This is a joke right?

You're taking the 3rd party website with a history of being extremely unreliable for sales data over the MLS that it is listed on?

As for why it hasn't sold, I'd have to study it longer. Is it also listed on the local MLS? If it's just on HAR and not SA or Austin, then it's likely missing a ton of potential risk eyeballs that would be interested in it.

But my guess is price, which is the reason why 99% of failed listings don't sell. That's just a guess though. Like I said, I would need to study more.

mazag08 said:

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Howdy Dammit said:

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Why are you using HAR? Zillow has it listed under contract.

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This is a joke right?

You're taking the 3rd party website with a history of being extremely unreliable for sales data over the MLS that it is listed on?

As for why it hasn't sold, I'd have to study it longer. Is it also listed on the local MLS? If it's just on HAR and not SA or Austin, then it's likely missing a ton of potential risk eyeballs that would be interested in it.

But my guess is price, which is the reason why 99% of failed listings don't sell. That's just a guess though. Like I said, I would need to study more.

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It's not under contract on Realtor.com either. In my experience, Zillow is by far the most untrustworthy of the reality sites. But I guess $250/SF is the crazy no-sale price for that house. So, it can be done. Then why are so many houses being listed 20% under what the market will pay? Why doesn't supply and demand pricing adjust upward in response to the market? Are listing agents steering sellers to list too low?

Realtor.com is fed directly from MLS data so makes sense that they match.

And I'm not sure. I don't think there's any wide scale collusion to steer toward lower prices or something. It could be that comps are worth that much but this one is lacking somewhere. I don't know.

I'll try to dig in a little.