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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!
Source: Forbes, Here are the Cities Where Housing Inventory Increased the Most.
Country’s only entirely fan-voted awards, will air Sunday, April 2, 2023 (8:00-11:00 PM, ET/PT) LIVE from Austin, Texas’ Moody Center for the first time ever with co-hosts Kelsea Ballerini and Kane Brown with wife Katelyn. Each winner is selected by the fans, with voting now open at vote.cmt.com.
Saturday, April 1st | 10:00 AM – 5:00 PM The largest and longest-running kite festival of its kind returns to Zilker Park this weekend! Now in its 95th year, the festival upholds an annual tradition of gathering the Austin community in celebration of spring. Click here to learn more!
The Community Cinema will present screenings in a safe, socially distanced setting at Community First! Village. Popcorn, candy, and drinks will be available for purchase before the movie begins (card only). There will also be food available for purchase via pre-order. MORE
A Tribeza Retreat on Sunday, April 16th. Meet us in the lush gardens of Hummingbird House for the ultimate day of wellness to quench the mind, body and soul. Surrounded by nature and curated by some of the city’s top health experts, Nourish will be a complete immersion in revitalizing self-care. MORE
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.