The market continues to climb regardless of the current pandemic. Home sales have continued to increase over the past few months and interest rates are low. New home sales continue to
Austin Real Estate Market
Dated: July 12 2017
The weather wont be cooling off anytime soon in Austin but could the real estate market be doing so? It seems any article or blog written about the Austin real estate market consists of the growth and higher prices each year. The area has definitely seen record growth since 2012 with about 100 more people continuing to move into the area each day. Jobs continue to be plentiful with good or great salaries.
However, I've noticed a few things that could suggest the overall Austin real estate market may be cooling off a bit.
For one, I've seen many homes in central Austin sit for over 60 days with more than one price reduction. 60 days on market may not seem like a long time. However, any local broker will tell you that it's common to have more than 5 offers on a central Austin home within the first 3 days on market. So why am I now seeing much more inventory in the heart of Austin with several homes being reduced by over $50K?
Secondly, I'm seeing new home builders across the entire Austin area reduce their pricing along with pushing incentives to generate sales. These incentives include stainless steel appliances, buyer paid closing costs, blinds, and front/back yard irrigation systems.
Finally, when I look at the local MLS activity for each day, I'm seeing more and more homes with a price reduction across all areas of Austin and in the neighboring cities.
So what should one take from all this data? Is it a good time to buy or sell? I would say its a good time to do both. If someone is wanting to sell, it's a better time to sell in 2017 than it was in 2016. Home prices across the entire area have gone up. The tough part is figuring out how much more have they gone up. This year I've seen many sellers not net quite as much as they originally wanted but still more than what they would have in 2016.
Wanting to buy? Even though prices have gone up, the market is slightly less competitive than last year with sellers/builders offering more incentives.
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Grant has been doing real estate in the Austin area since 2007. In the early part of his real estate career, he had to learn very quickly how to navigate an extremely difficult down market when 1 of ....