Austin fishes.. what’s with this real estate frenzy that’s happening since Jan 2021? Price wars.. 40-50 K over asking... I get the facts..Elon Musk in, Apple in, more disposable $ for investors, Bitcoin and stock market bull runs.. but this real estate madness I see in Austin now.. this is CRAZY!

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Apple has been in. Literally thousands of employees here and never really spoken about. Buyers from California literally keep coming and bringing in that mentality of over ask offers. The supply squeeze was already present over last couple years though it has really accelerated. Literally more homes go pending that get listed. Some of it is just so much new demand but other is people are also nervous to list because where else do they go next if nothing is available ! I tried pretty hard in summer for several houses and they want well over 100k over ask. Gave up. Those same houses would sell for more than 500k over that ask price at this point.

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Austin market is crazy not sure when it will settle down or is it really worth it to give 20 % more than actual property price

From talking to a realtor, it looks like 90% of the buyers are from out of state.

Also, far fewer homes coming to market — or new homes in starts — due to the pandemic. It’s insane here but it’s actually happening everywhere. My parents just sold their house in Lafayette LA under similar conditions, and obviously that market doesn’t have the same economic situation as austin. If buyers have to move, they’re willing to do whatever it takes to get a house because there aren’t that many backups available.

I moved to Austin in middle of 2019 and am kicking myself for not buying something already. Things are getting out of hand

P1 - any tips/recs for a first time homebuyer/fellow pwcer would be much much appreciated.

Only 40-50? I heard 100

Anything competitive is about 30-40% above asking. There is no inventory of new builds.

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