Are you looking for Austin homes for sale or on sale? You can find both types in any home search but they are very different. Price adjustments are consistent right now because homes don’t enter the market at the same time. Some were listed in August, others joined in September, and more were placed on the market yesterday. The August market was trying to rekindle the gold rush of home prices from the spring and winter months. August is also six months old. The September market doesn’t mean much today either. What matters is now which is why many home prices are decreasing.
Sellers are re-pricing their homes for sale for today’s market
Slowly, sellers are going with the flow because going against the tide isn’t working. Treading water doesn’t get you anywhere. It’s not enough to just be for sale.
Are the homes for sale or on sale?
Sellers in this market need to stay priced within their comparably active counterparts or slightly below them. If there are pending comps – even better because those listings got someone’s attention. It is also possible that a seller made enough concessions to keep someone’s attention.
Eight months ago, the list price was essentially the base of what a house would sell for with buyers deciding it was worth more. Today, the list price is typically the most a buyer is willing to pay.
Austin homes for sale or on sale? Just being for sale is not enough
For buyers, the same rules of engagement apply within any market. Newly listed homes for sale are most likely priced to current market conditions. Homes that have been on the market longer than their comparables, start to stick out because just being for sale isn’t enough anymore. They aren’t competitively priced and as a result, they are passed over. Make no mistake, buyers are flowing within the market as interest rates are changing the reality of what they can afford.
My Advice to Home Buyers: Don’t be afraid to make an offer
When a seller has been in the market for a while, they often see an offer as an invitation to begin a conversation. They may very well be negotiable, but buyers often get afraid to ask the question. The worst thing that can happen is the seller rejects the offer. The benefit for the buyer is that they actually get to run through the process of submitting an offer if they haven’t already. Going through the process alone breeds confidence through understanding and only makes for a stronger buyer the next time.
Austin Homes for Sale: City of Austin Real Estate Market Data for the first 10 days of January 2023
Homes are still selling over current list prices, but those that do – sell quickly. Out of 112 homes sold in the City of Austin in the first ten days of the new year**:
- * 12 sold over the list price
- * 24 sold at list price
- * 76 sold under the list price
Out of 12 Austin homes for sale in the city of Austin that sold over the list price, the average time on the market was 18 days. They were the exceptions because something about them was exceptional. The average days on the market for the closed homes overall was 56.
My Advice to Home Sellers: Meet the Market Where It Is
Sellers need to be prepared to meet the market where it is as buyers are shopping right now. They want to see what’s on sale. Sellers need to stay current with data and flow with the market to navigate these seas.
**Based on MLS data report run on January 11, 2023. Data compiled by ACTRIS© Matrix data through ABoR. Information deemed reliable but not guaranteed and should be verified. Content is “AS IS,” without any warranty, express or implied. Results were calculated from the number of listings in the MLS at the date of the report. Off-market data not included.