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Normally I send a hyper-local weekly update about the Austin real estate market and our listings, but this week we’re giving you a macro-perspective on the real estate market. Here are the take aways:
Courtney’s Austin Perspective
We’re still transitioning from the strongest sellers market in recorded history to more normal times. These more normal times find us with elevated price points from the post-pandemic market to a new environment where buyers have more to choose from and are subject to a higher interest rate. The buyers ARE HERE. However, they are cautious and picky. They see this is a good time to buy, but they are also concerned that the economy could get a “little worse before it gets better” so they are driving hard bargains and demanding better terms. Keep in mind that sellers are still flush with equity and in most cases have some room to make deals work as long as they are motivated to sell.
The long and short of it is that AUSTIN IS A VERY HEALTHY MARKET, with more equilibrium between buyer and sellers than we’ve seen in recent years. Is it a good time to buy? Yes, be firm and negotiate the best deal you can while prices are slightly lower than before. Is it a good time to sell? Yes, be realistic on price and present your home properly and the buyers are there! Of course, rely on the expertise of the Oldham Group. We’ve been through this before to help you navigate the nuances of today’s environment.
Call Courtney to buy or sell at 512-809-5495.
Long-term, national median home sales prices since 1990: The July 2023
median price was slightly down from June, but up from July 2022.
U.S. median house sales price appreciation over varying periods since 1990.
The historic decline in the number of new listings over the past 12 months has depressed sales volume, and, in 2023, helped to push home prices higher.
The total number of homes for sale remains very low, clearly inadequate to demand. It typically ebbs and flows according to seasonal trends.
Months-supply-of-inventory compares the supply of listings to the strength of demand: Lower readings signify more competitive, more heated markets.
The huge decline in new listings coming on market amid higher interest rates has caused the number of monthly home sales to drop substantially.
Increasing demand vs. an inadequate supply of homes for sale = more competition – and more offers – for appealing new listings.
Knowing what your home is worth is important information to have if you are thinking of selling your home. Call Courtney 512-809-5495 for a current pricing analysis and a customized strategy for selling your property in today’s market.
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The information contained herein does not purport to be complete nor, necessarily, accurate and should be independently verified; nor does it represent or constitute a legal analysis or financial advice. All of the financial projections and/or conclusions are provided for illustration purposes only. Compass and its agents disclaim any and all liability for representations and warranties, express or implied, contained in, or for omissions from, the information contained herein or any other written or oral communication transmitted or made available to the recipient. This represents an estimated sale price for this property. It is not the same as an opinion of value in an appraisal developed by a licensed appraiser under the Uniform Standards of Professional Appraisal Practice.