The Austin Housing Market sat frozen with much of Central Texas last week, as the city sat with no power, no water, and no clear end in sight. If you’ve never heard my accent before, you may not be aware that I am originally from the Northeast coast. Growing up on the border of New York and New Jersey, I am used to snow. I am used to several feet of snow, having to wait for a plow to come through my street and then through my driveway just to be able to go to work. Yes, we drive in the snow on the east coast, it happens too frequently not to. There is a difference between driving in snow and ice though, and certainly a difference in having a 4WD vehicle. You don’t drive in ice no matter where you live. When roads are consistently salted and plowed, you can do it – once you are used to it. The funny thing though about snow, is that it typically feels warmer out after it snows. Snow kind of insulates you, making it nice or at least tolerable to go build that snowman or lie on the ground and build that ice angel. Normally, you go back inside and then get warm again. That’s not what we had in Texas this past week. Instead of the snow insulating, it got colder. Instead of our homes insulating us, they got colder. The temperature went from hanging out inside your refrigerator to hanging out inside the freezer – rather quickly.
Austin’s Snowpocalypse Freezes Everything Including the Housing Market
We lost power and with it, we lost control. Typically, if you don’t like the weather in Texas, especially this time of year – you just have to wait a minute. We aren’t used to waiting days here and not knowing when it will end. Most people don’t have generators or even a snow shovel. Add no running water to the mix, and you felt like you were living life out on the Oregon Trail. Pipes were bursting for some, furniture was being burned by those lucky enough to have a fireplace, and roofs were leaking because ice dams were forming in gutters. One of my clients went 155 hours with no power. When you can see your breath inside, the joy of having any snow in Texas is kind of sucked out of you.
The Austin housing market is thawing out as homeowners are assessing damage
What does this mean for Austin real estate? It is really based on the individual circumstances of the home in question. Some of Central Texas never lost power or water. Others have water leaks from roofs or damage from pipes bursting. There is a casualty loss paragraph in the contract to provide options for repairs or buyer termination. If there is a lender involved, the lender may require a re-inspection or a repair. I had a roof one time with a leak where the buyer was assigned insurance proceeds. It just depends on the extent of the damage and then what individual options are available. Otherwise, it is very much back to business as usual at a slightly slower pace. Builders lost about 10 days, closings are delayed and now due to damage, there may be even less inventory for a month or so.
If your current home has been impacted by the winter storm; I can provide you with resources for home repairs. There are also companies that do weather damage-specific inspections.
It is hard to truly wrap your head around the Austin housing market unless you are actively participating. I compare home buyers in this market to racehorses at the starting gate just waiting for the next house to come up for sale.
Located in the Windy Park subdivision of Round Rock, this sun-filled single-story home for sale at 1520 Parkfield Circle in Round Rock, Texas features 2 bedrooms, 2 full baths, and a one-car attached garage. Don’t let its small size full you! At only 948 square feet (per tax records) this home packs plenty of punch with its updates and improvements. No HOA.
The Austin real estate market continues to outpace itself. The Austin-Round Rock Metropolitan Statistical Area (MSA) closed 2020 by continuing to break records as housing market demand across Central Texas reached historic levels. Austin real estate market activity, according to the December 2020 and Year-End Central Texas Housing Market Report released by the Austin Board of REALTORS® (ABoR), a record-breaking 40,165 homes totaling $17,579,802,503 in sales volume were sold across the Austin area last year. Continue reading →
The holiday season is all about lists. We make them, check them twice, and then because it is 2020, we throw them away and start new ones. Austin made Santa proud this year by making Wallethub’s Best Cities for Christmas list. If we have learned anything this year, it is to be more adaptable. We all think we are flexible and able to bend, but that was challenged this year (and I don’t mean with yoga). Life truly can change at any moment. For introverts and fans of dystopian drama, like me, adapting to staying indoors away from the social scene has been relatively easy. I think I was more prepared for zombies, but I feel like we leaned a little closer to the Hunger Games.Continue reading →
Finding a single-family home, condo, or townhouse to buy in Austin right now is kind of like looking for toilet paper at your local grocery store. According to the November Central Texas Housing Report released by the Austin Board of Realtors®, the Austin-Round Rock Metropolitan Statistical Area (MSA) posted a record-breaking month of sales this November. Austin – RoundRock MSA home sales jumped 23.8% year over year to 3,397 sales, indicating no sign of slowing down heading into 2021.
Understand, houses are entering the market, new listings increased 5.7% to 2,762 listings, but active listings dropped 55.2% to 2,842 listings and pending sales increased 23.9% to 3,269 pending sales. Homes for sale in Austin are getting scooped and purchased up as soon as they hit the market due to the number of buyers out there.
For the first time ever, housing inventory dipped below one month across the five-county MSA, falling from 1.2 months year over year to 0.9 months of inventory.Continue reading →
Like most of the world, Austin is preparing to celebrate the holidays like never before. For some, that means drive-thru events and virtual get-togethers. For others, it is beginning to look a lot like an early Christmas as trees are already coming out of storage and being decorated, It’s “Festivus for the rest of us”, as the late great Jerry Stiller gifted us in that memorable Seinfeld episode. That grievance pole is certainly coming out this year for sure, as everyone has a bone to pick with the year 2020. Continue reading →