It's the best time to buy a home in the Austin area now than it has been in the past five years. Homes are on the market for longer periods of time, more homes are on the market than ever before and prices are not increasing as much as they have been. That's why, in our opinion, the best time to buy a home since 2012 is right now!
The August numbers from the Austin Board of Realtors just came out and the key word that they used to describe the market of today is "normalizing." The market is trending toward balance, yet we're still a good ways from being truly balanced. We expect this to play out for the rest of the year.
Normalizing is good!
Since 2012, Austin real estate has seen massive growth in both home sales and home prices. It's been great for just about everyone. Yet, market growth at the levels we've experienced is not sustainable forever. What we're seeing now is that prices are still increasing (your home is likely worth more today than it was last year) - just not as much as we've more recently seen. It's a more sustainable growth. And that is good!
What this means for you
Here are the the two biggest takeaways for you. 1) You can sell your home for top dollar! The median price for the Austin area is $300K. Prices are up 4% over last year. Yet, homes are on the market for longer. The key is to show a buyer great value and they will pay top dollar. Sometimes still over asking in multiple offers. In fact, we just received multiple offers on this house over the weekend: 8715 Dulcet Dr.
2) If you've been on the fence about buying a home, now is the time to make the move before the end of the year. Increased inventory means more choice and greater selection for you. If you've thought "I'd like to move, yet I don't know where I'd go," you owe it to yourself to get out there and at least take a look. Give me a call to talk through where you're at and how we can help!
Take a look at all the key numbers from the Austin Board of Realtors Infograph here: