What a market we are in. For the last 18 months we have experienced increases in the number of homes sold.
Usually, the winter months show a decline in houses being sold, but not in Austin. We sold 23% more homes in November of 2012 than we did last year. Houses get listed, and quickly sold.
What does this mean? Depending on your situation, you will experience different things. Tere are no if’s and’s or but’s about it, we are in a very strong Seller’s market, and I don’t see signs of this changing any time soon. Interest rates are extremely low, and will remain that way through at the very least the spring of 2013, and probably longer. Lenders are beginning to loosen requirements a little bit, although appraisers are reluctant to overvalue homes in Austin based on what the rest of the country is experiencing. Inventory of places to live in Austin are extremely low. New home builders can’t pour slabs fast enough, and apartments are 98% rented.
Why? Because everyone is Moving to Austin. It’s all over the news. There are so many TV shows about us. And we are on all of the top 10 lists, too. Austin is one of the best the best city for vegetarians. Austin is one of the healthiest cities in the nation. Austin is a great city to meet singles. The lists go on and on.
For home sellers:
Now is the time to sell. Whatever your price range you are bound to get some activity. If you are at the lower end of the market be prepared to receive multiple offers, and if you are at the upper end of the luxury market, I wouldn’t be surprised if you experienced more activity, and a shorter time on the market overall.
For home buyers:
Don’t delay! Work closely with your realtor and trust them. I’ve always said that if you see a house that you like, don’t dilly-dally. Make an offer. If you don’t, it is very likely that someone else will. Among my buyers half believe me, and they get the home of their dreams, but the other half think they know better, and see a house, wait a week, and then go back to look at it and it’s sold.
Remember, I do this day in, and day out, every day of the year. I know the Austin Real estate market.