Determining an Offer Price in a Boom Market

We've always taken pricing very seriously and Austin's boom market has presented interesting challenges when determining what to offer on properties. Almost all properties go to multiple offers & many have offers 20% to 30% (or more) over the list price. Sold comparables more than 1-2 months old are no longer relevant (unless adjusted) and gauging the current trajectory of the market is as important as analyzing sold comps. Because of the substantial current buyer demand & the extremely low inventory, every situation is unique & we have many factors to take into account.

In Order to Help You Determine Your Offer Price, We Do the Following

Conduct Frequent Industry Surveys
When the market began shifting dramatically, we began sending monthly industry polls to our peers. At the beginning of every month, we send a market survey to 5000+ producing agents in the Austin Metro and ask them what they see & expect in different price ranges. This gives us high-level data as to what we should expect in these sub-markets. We keep the latest survey results updated at this link.
Prioritize Sold Data 60-90 Days Old
The market is rapidly appreciating, which means that properties closed 60+ days ago are much less relevant. Because of this, we prioritize sold comps that have closed in the past 60 days. Ideally, we're able to find one or more great comps within this window. If we can't, then we will look to less relevant comps or properties that have closed in the past 6 months and make adjustments.
Look at Pending Listings & Leverage Relationships
The gold standard is a relevant comp that has gone under contract in the past few weeks but has not yet closed. The problem is that the sales price isn't yet reported. We'll leverage our relationships (and goodwill) with our peers and we can almost always find out the sales price, or a very close range, through a conversation. We're able to gain other insights as to the multiple offer environment, showing patterns, etc during this conversation.
Rely on Strong Communication & Relationships
Ultimately, the market sets the price, and Austin's boom market has exemplified this entirely. After we've determined how the subject property is priced based on all available data, it's as important to know what the buyer demand is for that property. We stay in close contact with the listing agent to find out how strong the buyer demand is. Many times, we're able to leverage relationships to learn "roundabout" what the high offer prices are so that we can decide if it's worth competing or not. Though we don't always get this info, we always make every best effort.
Consider Your Motivation & Put Your Best Foot Forward
After we've researched the property in depth, and presented it to you, the only person that can decide what it's worth to you...is you. We can help you understand at what price it will likely appraise, give the best estimate as to other offers, & help you understand market trajectory. The price that you want to offer is ultimately the price that you're comfortable with. You should offer a price and terms that are legitimately your best foot forward and that you will be very happy with if you win. Alternatively, you want to offer a price that is no higher than you're willing to pay, so if another buyer offers a higher price, you will still sleep well.

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Buyer Resources

Frequently Asked Questions

Contract to Close

The Buying Process

The Mortgage Process

The Seasonality of the Market

Why Bramlett Partners?

Is Austin Real Estate Overpriced?

Why did the Austin Real Estate Market Boom?

What Happens to Austin Real Estate in a Downturn?

Contract Considerations When in Multiple Offers

Texas Escalation Clauses & Austin Real Estate

Common Repairs Found During Inspections

Moving to Austin: Housing Guide

New Home Warranties: Potential Problems

5-Star Service

JC was very helpful during the process of buying my first home. He directed me to lenders that truly had my best interest at heart. I almost made a few bad decisions that JC was there to wave off for me. I truly appreciate JC's responsiveness to ALL of my many questions and his willingness to be a sounding board for my frustrations in the process. I still hear from JC from time to time ensuring that I am happy with my home and letting me know of up and coming business in my area that might affect my property value. I will absolutely be using JC to purchase my next home.

Christopher Penaloza

JC Adams

JC does a great job with attention to detail and ensuring he has answers to your questions as you navigate the process of a home purchase. JC understands the process of the transaction in a home purchase and makes sure the details are covered.

LanceLunsford

JC Adams

Ruth helped us to view many houses and (over months) to make multiple offers in a really, really tough market for buyers. Our low bids were our own fault! Ruth's guesses are always spot on. We finally had a bid accepted last month, and Ruth helped us re-negotiate after significant problems were discovered. Ruth has gone above and beyond for us, giving us far more time during this long search than we could reasonably have expected. She even helped us look for a rental when we'd basically given up. Her advice has always been immensely valuable and brutally honest. She is the most knowledgeable agent I've met on the Central Austin market. She also handled our stress well, and believe me, buying in Austin right now is stressful!

Christopher Dunn

Ruth E. Powers | Buyers

I had a great experience working with Bramlett Partners Real Estate. Jean Holm was my agent and she & her team made the whole process very simple. She explained everything very well, was knowledgeable, had great advice, and got our home sold. Definitely reccomend!

Danielle Hughes

Jean Holm | Buyers

I worked with Jeremy Vandermause to buy my first home. Jeremy was so patient throughout the process (which I definitely dragged out as I gathered all the facts). He consistently sent me homes I was interested in and was eager to show them off, and on the odd occasions where I found one he hadn't already seen he always made himself available to walk through with me. He was very helpful in those walkthroughs pointing out home features I would have missed, or providing context on neighborhood. As a native Austinite, he definitely knows the history and cultural fabric of the city and each neighborhood. I started with close to zero knowledge of the home-buying process and Jeremy walked me through every step with clarity and patience. So excited about the home I now own! Plus, he's just a legit cool dude. I always really enjoyed our conversations and could tell from the start he was someone worth knowing in Austin

Jeremy K

Jeremy K |