If there has ever been a time in the world of real estate to be on top of your game, it is now. As we enter into the second month of 2021, we have seen the vibrant market of 2020 continue. In March of last year, the speculation we faced was uncertainty around being able to practice real estate because of the governmental regulations surrounding the pandemic. Today, 11 months later, we face a broader challenge. Locating inventory to present our clients.
The Austin MSA and Williamson County in particular, continues to burst at the seem. Collectively, we finished 2020 with records in nearly every quarter. In Williamson County, the median price of all homes rose by 7.7 percent. We collectively closed 9.9 percent more properties and we saw active listings drop to an all-time low. Year-over-year, inventory was down 41.4 percent. Today, every area in Williamson County has less than a months inventory… a clear sign that 2021 will continue to be a seller’s market.
The question at hand is two-fold. First, how do you as an agent demonstrate more value to your clients? Without question, you will have to work hard to find listings to sell and to “win” contracts on the sparse market at hand. This means that on both the buyer and seller side of the transaction, it has never been more important to show your value and build trust.
Second, how will you plan to weather this market. In 2021, Williamson County REALTORS® is forecasting an increase in membership and a decrease in membership drops. Everyday new agents move into this area trying to secure a foothold on the tech migration of this MSA. This means that there will likely be a disproportionate amount of transactions per agent. Less transactions potentially equals lower income. You need to plan now on how to best invest the resources you have into growing your business.
Overall, your Association is forecasting another strong year in sales with continued price increases and shortages of inventory. In all of that, we will be here to serve you — helping you unlock this crazy world of real estate. When we can be of assistance, don’t hesitate to ask.