It’s not rabbit season. It’s not duck season. It’s house hunting season. I’ve been hosting open houses and have had visitors. The Texas heat has been similar to the dead of winter in that if people are getting out of their climate-controlled vehicles to visit me, they are for a reason. They are hunting. House hunters are not desperate. These buyers are slow, meticulous, and move when they are ready. House hunters want to buy a house and may need to buy a house, but whether they date the rate or marry it – financially it’s a big decision and they are taking their time.
Hunting hunting for a home that is worth it
The right buyer for this market mirrors the ideal seller. Both want to get to yes. Sellers have to pay attention to their market specifically and may need to be flexible to get there. This is a seller’s market solely because of low inventory, not because of high demand. Not all buyers can afford to buy a home today. It’s a market for those who are hunting for a house that is worth it.
Honestly, this market is no different than going to a store and looking through discount racks. For buyers who have the patience, time, and flexibility, there’s a lot to see. Buying the gray dress/suit instead of the black one because it’s a better deal doesn’t mean you are going to love the gray one any less. You may even love it more.
How to Get to Yes in this Real Estate Market
House hunting, home buying tips, and seller advice
How the two sides are getting to yes is a muddled mix of list price decreases, rate-buy downs, closing cost allowances, and sales price reductions. These concessions may or may not be combined, or even be necessary. When I typed this in mid-September, the city of Austin alone had over 700 homes that sold for the original list price or over in the 90 previous days. Some hunters pounced because those properties were perceived as already starting on the sale rack. What defines a deal is in the eye of the beholder.
If you are a buyer out there and willing to take the gray suit/dress, leave the camo home. We can hunt without it.
The best time of year to buy a home for a house hunter
Every year Realtor.com announces the best time of year to buy a home. The best time to buy a home this year is the first week of October. Unlike, most home buying tips, this data point hones in on statistical comparisons between peaks and averages. Nationally and in my Austin real estate market in Central Texas, it is the week of October 1 – 7, 2023 that offers a balanced mix of market conditions that favor buyers relative to the rest of the year. Click here to see the schedule for other metro areas and the methodology for house hunting this time of year.
Looking for more data on the Austin real estate housing market? See Austin real estate news for September here.