What to Expect as a Home Buyer in 2021 – My name’s Mike Acquisto, my lovely wife and luxury real estate broker Shana Acquisto. What to expect as a home buyer in 2021. Thank you guys for joining us. And let’s discuss it real quick. So what we’re going to hit during this year is going to be timeline’s pricing, competition, location, new exploding markets that are just like going crazy. And all of a sudden you look at this list and it’s like best places to live in. The list looks different. So those are some of the things to discuss and more.
What to Expect as a Home Buyer in 2021
So let’s kind of start with timelines. So if you’re a buyer. Right now, what do you expect as far as timelines go?
You know, it’s it’s very difficult, but you have to be willing to act quickly. And Amy and I were talking about this before, how all of these things that were guiding you on as a buyer are kind of against our principles and what we kind of guided you on previously.
But the main thing you need to remember is a lot of times right now in this market, we’re competing with cash offers that can close quickly. So what we want to do is bring you to a point as best we can to compete with that cash buyer. So waiving all contingencies would be one thing, being able to close quickly. So timeline, you know, you’ve got to be ready to act and close in like less than 20 days if you really want to be competitive.
And so I would at this point, I would also mention that we’ve done very, very similar gentle topics that would flow off of this. Right. So those ones you could definitely find in our previous videos, you’ll be able to click there and be like others that you might like. Right. So if you are a buyer and you’d want to understand, like, what are the best ways to get financed this year that’s going to be there?
Why do I work with a local lender? Why do I work with a realtor that I know I can trust? Right. So these are all things that get pulled out. And if you want more information, you can click on any of those and kind of understand those topics. Right. And then like how to get your offer accepted. That’s also been covered. Right. And each of those different things. So now pricing.
So when you have a set budget, you obviously do not want to max your search and look at that high end, you know, maximum because most likely you’re going to have to come in above list price to
To secure the home. Yeah, and I guess it depends on the exact price point in the exact market and how competitive it is and what type of style and how well the home is really is up to current trends. But yeah, that’s a great point because people used to start their search there, right? Yeah. And now it’s totally different.
And the pricing is I mean, if you’re. Four hundred and below, it is like the red zone, it is extremely, extremely competitive and it’s hard. It’s a very difficult, you know, price point four hundred to eight hundred. That’s challenging. Eight hundred to two million. That’s even challenging. All price points are competitive right now.
So here’s some random fun facts. Right. So in no particular order at all, just to understand today’s market, we just started to have some open houses again. And you had an open house at three point five million dollars and would like virtually no notice or like any type.
Now, we we did this pretty quickly because coming soon and then live. And we had that plan and then I threw in an open house, kind of a last minute open house. You did. And we had over, you know, accounted for 50 people,
Swifties in five, followed by zero. That’s a lot of people at an open house specifically for that price point. And it’s not a super populated area. It’s not like it would be downtown. And there’s people like in walking distance, you know, it’s that’s impressive. But that was 50, you know, that was a lot of families or couples or individuals looking for a home in a three and a half million dollar range. I mean, that’s. That’s incredible, that’s the girl from all over, they were coming from all over the Metroplex,
So heard from a heard from a good friend and realtor yesterday that there is a property in particular that was on the market that he had heard of for one point five million dollars that just went on the market and they had 12 showings the first day. Hmm. That’s crazy, right? That’s a lot of showings. I heard from a friend that lives down in Austin, set a new record down there.
That home had sold for three hundred thousand dollars above list price in Austin. OK, so now Austin has some stuff going in there. Apple moved in. There’s a whole bunch of things that went on down there. But three hundred thousand dollars above for a seven hundred thousand dollar home,
That’s really Absurd. Crazy. Boise, Idaho, you said one fifty above. Yeah, here in Boulder.
That was probably on the low side there, you know, so you got to get creative. We talk amongst our real estate family of some creativity that we can provide and try to, you know, in efforts of getting a home secured. And you have to change your mindset and think outside of the box a little bit. But we’re here to set expectations and really be honest and give you those options.
Yeah. So that kind of covered pricing. It covered the competition. So clearly it’s very competitive. There’s tons of offers coming in on properties and it becomes hard. It becomes really difficult. You told me how many people. Yeah, go ahead. Go ahead, go ahead. You had said that you had won first time home buyer and they had put offers in on how many homes already and gotten a family member,
I think 15. It becomes then a beat down for you. You know, sometimes you have constraints within your budget.
A price point to two. Fifty to three is the is the max. But now they’ve figured out a way to go to to three fifty and it’s the same.
Yeah, the same. It’s just really something. And then you mentioned in the market just the other day that there are more homes, over a million dollars in Frisco on the market than there are at five hundred Hondas. Mm hmm. That’s ridiculous. Just go in and do a search and look at all the homes priced one, two, three, four or five million dollars in Frisco.
If you’re a realtor, go in and play around with it and create those hot sheets. And Nattrass, because it’s really interesting to see how things are changing.
And then totally we talked about new exploding markets. Right? We mentioned a couple of them. But it seems to be these areas that are moving out go to a topic that I’ve talked about in the past of how people are moving out just a little bit and what they’re doing and how the city center is kind of dying. We discussed it on our agent meetings last week. Some of them, it’s crazy. The senior centers are dying and then people are moving further out, right? Yeah. And then the best places to live, those rankings, the place to live.
It does appear that and specifically with more land, right? Yeah. And then I had heard that building prices are up like crazy. You talk to one builder the other day on a premium. 37% from I guess twenty, fifteen till now. They’re up one hundred and thirty seven percent.
Ok, that’s a lot of money. Yeah, a lot of money. So just let that one sink in.
I know I just all day yesterday when I heard that, I kept thinking, what? Yeah, that’s a true fact there.
So Amy just chatted. And this is a good one, too, that there are more realtors in the US than homes for sale.
Wow. All right, and I’m not even a licensed realtor, so
This guy, too. Yeah. Isn’t that funny? Very good. That’s a really good stat. I like that. I mean, so. Yeah, so that’s a as a home buyer in 2021, it is challenging and it’s so important that you get with someone that is experienced and, you know, is available for you and will think outside the box. I have a lot I mean, our real estate family is amazing. There are a lot of realtors out there.
You have to really do your due diligence and find the ones that are going to take the time with you and help you because you can get them secured. It’s not like, oh, you should wait until things change. Absolutely not. You should do that. There’s a lot of great experienced realtors out there that will work and fight for you. So you just need to do your due diligence and find them.
Then there you go. So that’s going to come to a wrap on what to expect as a home buyer in twenty, twenty one. And I’ll also clarify that I am a real estate broker, fully licensed in the state of Texas and the state of Montana. And more to come. Wyoming is coming up really soon. But I am not a realtor. I am a realtor in Texas and Montana.