Two days ago, Forbes magazine released an article describing the disruption in the national real estate market as result of the Fed’s rapid interest rate hikes. The decision to raise rates from 3% to almost 7% in 2022 and into 2023 nationally slowed real estate sales, started price corrections and in many markets set record high percentage increases in the amount of inventory available to buyers. However, that last piece – an increase in inventory, didn’t happen in Texas and hasn’t happened in Austin. What does this mean?

I’m seeing it play out two ways… Austin’s price correction has been somewhat mild and sales are still happening (they are just slower).

Yes, prices have corrected from their peak in 2022, but high quality homes that are priced right and are in excellent condition are still selling well. Even in today’s market, we’re seeing multiple offers and over asking sale prices for A+ homes! Overall, sellers are having to do more work…they have to put in the extra make-ready effort and still have to be more negotiable on price and terms, and be more patient — but sales are still happening. Demand for Austin real estate remains high and Austin has rebounded quickly!

What does this mean for selling your property? Let’s talk!
Courtney 512-809-5495

Source: Forbes, Here are the Cities Where Housing Inventory Increased the Most.