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The Austin Business Journal published an article earlier this week that indicated situations like this were more common of Austin than they have ever been.
1. A new report indicated that in April, 74% of houses in the Austin area sold for more than the asking price.
2. In 2021, more than 1,500 homes sold for at least $100,000 over asking, At this time last year, just 22 homes had sold with that kind of markup. 72 Austin-area homes sold for $300,000 or more over asking price so far in 2021.
So are buyers overpaying???
Probably not. Just after The Oldham Group sold homes at recording breaking prices, new homes in the neighborhood came on the market even higher. Proving that demand is still strong and buyers, in such a competitive environment are doing whatever it takes to win the deal.
More appreciation in store for Austin. Let’s talk about how you can capitalize on the market! 512-809-5495
Austin City Council members on June 10 unanimously voted to double the city’s homestead property tax exemption, one week after members approved a separate increase in exemptions for senior and disabled city homeowners.
Through the ordinance passed by council via consent, the city’s previous 10% homestead tax exemption was lifted to 20%, meaning property owners will receive a 20% reduction on their appraised value if they reside in the home.
It doesn’t happen by accident! You can count on Courtney’s in-depth local knowledge, deep relationships and industry expertise to give you a competitive edge when it matters most.
Father’s Day is coming up fast…Sunday, June 20th. Click here for this Esquire article on gift ideas for the BEST Dad ever, yours!
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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.