Courtney Oldham
- Broker Associate, Oldham Group
- 512.809.5495
- 512.575.3644
- [email protected]
Housing Summit Delivers ATX Market Outlook
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I attended the 2022 Central Texas Housing Summit earlier this week and had the pleasure of listening to George Ratiu, Senior Economist & Manager of Economic Research, realtor.com® provide his outlook on the real estate market and how we’ll transition for the rest of 2022. Here are some takeaways…
NATIONAL HOUSING SHORTAGE
There is a massive national housing shortage – 5.8 Million units short of current demand. During the pandemic, home prices shot up over 30% and supply chain issues compounded a shortage of homes. This, on top of decades of underbuilding and antiquated developmental codes, has led to soaring prices and a huge deficit of homes in the US. NPR Article Bloomberg Article NY Times Article
REMOTE WORK TREND
Next to labor, real estate is one of the largest line items for today’s companies. While they want employees to return to the office in some fashion, it’s very likely there will be a hybrid model for most. This trend means employees can live farther from work since they are commuting less frequently. It also means home buyers need more room.
IT’S NOT A BUBBLE
The June numbers are in and with just two months of inventory, Austin continues to be in a sellers’ market, but things are certainly transitioning toward something more balanced. This is RATIONAL BEHAVIOR as we trend towards more inventory, slowing appreciation and longer days on market. The market is still seeing healthy demand, especially in Austin!
DEMOGRAPHICS
Economists watch two figures as they make projections about housing markets, 1. population and 2. job creation. The Millennials are all grown up! In fact, 46 Million Americans will turn age 35 each year for next 10 years! Millennials understand that real estate is a powerful wealth building tool. They are the real estate demand (i.e. buyers) for the next decade.
INTEREST RATES
Everyone is watching rates…especially because rates ticked up just as real estate prices reached their peak. The combination has a direct impact on buying power, especially for those at the entry level. Ratiu believes this is 1-3 year monetary policy. In the interim, banks are still lending, albeit at a higher rate. They are also getting very creative with buy-down products.
ADELANTE BOUTIQUE
1206 West 38th Street
1206 West 38th Street
Inspired by gorgeous dresses, jewelry and pottery imported from the interiors of Mexico, my Mom and two of her best friends opened Adelante San Antonio 45 years ago! Adelante Austin honors the store’s original inspiration while incorporating new and modern styles. Our goal is always fun, fresh and feminine! MORE
COLTON HOUSE
Patrice Rios Interiors brought a bit of quintessential Texas charm to the, Colton House. The 80-suite hotel property located on Austin’s hip South Congress Avenue combines residential luxuries with upscale boutique hotel amenities. Drawing inspiration from its distinctive surroundings, showcasing the spirit of Austin while paying homage to the Lone Star State’s rich history. BOOK STAY
HOTTEST COCKTAIL DESTINATIONS
It’s HOT and we’re all looking for fun ways to beat the heat…how about a fruity, herby or frozen drink? There’s a great variety of summer cocktails (or mocktails) that embrace the flavors summer! Sweet watermelon, juicy peaches, herbaceous mint and basil, and bright berries. Here’s Austin Eater’s picks for the 8 Hottest Cocktail Destinations. CHEERS🍹
LYLE LOVETT ACL TAPING
AUGUST 24,2022
AUGUST 24,2022
Austin City Limits is thrilled to announce the long-awaited return of a favorite Texas son on August 24th—singer, songwriter and ACL Hall of Fame legend Lyle Lovett—appearing with his iconic Large band to showcase 12th of June, his first new album in ten years. MORE
Ao5 GALLERY
Ao5 Gallery is Austin’s largest contemporary art gallery, and has been committed to bringing a wide selection of accessible fine art to Austin since 1998. The gallery has artists from six of the seven continents. We are constantly changing our display of featured artists to attract new visitors and keep the gallery fresh. With multiple artist receptions and events each month, there is always something new. EVENTS
MORE RESOURCES
AUSTIN AREA MARKET STATS:For those who love a good spreadsheet, here are the latest Austin market stat. JUNE 2022 REPORTS HERE
BUYER GUIDE: It’s not easy buying in a market with rising prices and limited inventory. We can help you through the process. BUYER GUIDE
SELLER GUIDE: How do you make sure you get the most money for your home? From pricing to marketing, we’ll customize a plan to ensure you get the most money for your home. SELLER GUIDE
© Compass 2024 | All Rights Reserved by Compass | Made in NYC
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.
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The Oldham Group is a team of real estate agents affiliated with Compass. Compass is a licensed real estate broker and abides by all applicable Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.
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