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This Halloween season those of us in real estate industry are looking into our crystal balls and making predictions about what 2023 will bring…Where will Austin’s historically competitive housing market go next?
Fannie Mae recently released an Economic Growth Forecast. Topping the list of concerns for the US economy is inflation, monetary policy tightening and a slowing housing market. The Economic Research Group (ESR) predicts:
🏠 Single-family housing sales volume will decrease nationally by about 18%.
🏢Multifamily construction will remain strong.
💰 National home price growth in Q4 of 2022 predicted to be 9.0 percent, down from last month’s prediction of 16.0 percent.
💸 Prices decline 1.5 percent in 2023, down from the previous prediction of home price growth of 4.4 percent in 2023.
What does this mean for Austin? While these macro-economic issues will certainly be felt in Austin, I don’t think they will be as severe or last as long as in other markets. We should be prepared for the following:
🏠 More inventory available in all Austin areas and price points.
💰 Builder incentives in the outlying markets.
💸 Price corrections based on individual property merits. Prices will correct to the condition and location of the property.
🔑 Picky buyers. With more homes to choose from, buyers want homes in excellent condition and they need more cooperation from sellers – incentives and flexible terms like contingencies and rate buy-downs.
What does this mean for YOU? Residential real estate is hyper-local. If you want to discuss the ever changing market and how it could impact your home value, give me a call. 📞 512-809-5495
Sunday, October 23rd | 10:00 AM AIA Austin Homes Tour The 36th Annual AIA Austin Homes Tour celebrates diversity and design excellence. The self-guided tour features both new and newly-renovated homes designed by local, best-in-field architects. Learn more here.
US GRAND PRIX
Friday, October 21 to Sunday October 23
Get up to speed with everything you need to know about the 2022 United States Grand Prix, which takes place over 56 laps of the 5.513-kilometre Circuit of The Americas in Austin on Sunday, D
etails about practice and qualifying sessions, support races, press conferences and special events, plus the latest news headlines here.
AUSTIN FC PLAYOFFS
Sunday, October 23
Austin FC will face FC Dallas in the Audi 2022 MLS Cup Playoffs Western Conference Semifinals at Q2 Stadium on Sunday, October 23. The match will kick off at 7:00 p.m. CT, and will feature national television broadcasts on ESPN in English and on ESPN Deportes in Spanish. MORE
DRIPPING SPRINGS PUMPKIN FESTIVAL
Friday, October 21st | 10 AM – 7 PM Dripping Springs
Pumpkin Festival This event features nearly fifty fall-themed games, activities, and attractions. Guests can enjoy live music, a courtyard marketplace with kid-focused products, and seasonal food and beverages for both adults and children. Click here to purchase your tickets.
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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.