In Austin’s Competitive Real Estate Market, Video Seals the Deal
A series of research studies confirmed what many realtors and real estate agents already knew to be true: these days, video tools are what sells homes.
While the figures may seem shocking, they are not surprising when you consider that YouTube is now the most popular online platform for home searches.
The role of video has also received a boost from current events. These days, fears of contracting the coronavirus have shifted real estate marketing strategies. As a result, open houses and in-person showings are considerably less common.
This new reality has given virtual tours and video walkthroughs an amplified role. As put by a recent CNBC article, virtual walkthroughs, drone surveys, and 3-D modeling have been “transformed” by the coronavirus into “de facto industry standards.”
Austin Real Estate Market Gives Buyers Whiplash
When it comes to the Austin real estate market, a shortage of available homes places increasing pressure on buyers to put in an offer before seeing homes in-person, making video tools more important than ever.
A new market report from the popular real estate platform Zillow finds that home inventory in Austin is at a record low. Homes are on the market for an average of 15 days before going under contract, making Austin homes “among the fastest selling in the country” according to a recent KXAN news article.
Real estate agents estimate that roughly 75% of homes are in “multiple-offer situations” as interested buyers both within and outside of Austin bid on the ever-dwindling number of available homes.
While this is great news for sellers, interested buyers in states like New York and California are falling in love with Austin listings only to discover days later that those homes have gone under contract.
In a recent KVUE news article, long time resident of New York, Tiffany Steffens, shared her frustrating experience of searching for an Austin home. “We flagged them about a week ago and by the time we got here they were off the market.”
Now, Steffens says that she’s learned her lesson.
"Once we see something that we fall in love with then we need to act on it immediately,” she told KVUE reporters.
The Role of Video in a Seller’s Market
Between fears of contracting the coronavirus and fears of missing out on the perfect home, buyers are deciding that it just is not worth the risk of waiting to see a home in-person. But that does not mean buyers are going to put in an offer on any home.
Now that people are staying in more than ever before, buyers want a sense of confidence that they will be happy in their new space. Through video tools, buyers can experience the layout and energy of a space, deciding remotely whether a particular home is suitable for their needs.
Video is also available on demand, allowing a property to be viewed repeatedly without the hassle of scheduling. This allows buyers to gravitate quickly towards properties that give them the greatest sense of confidence.
When prospective buyers can imagine their future life in a particular home, they become even more determined to secure it. And in Austin’s competitive real estate market, a sense of confidence is necessary for buyers.
Chances are that in order to secure their dream home, buyers will need to overcome the discouragement of bidding on a home that already has multiple offers.
In this uncertain time, it pays to give buyers a sense of control. With the added confidence that video tools bring to interested buyers, there will be far less hesitation. More home offers means better home offers.
If your goal is getting the best value on your listing, video is the way to go.