Austin real estate market data is mirroring what I continue to see out on the streets: the market is continuing to settle out. You may be seeing a bit more price decreases on active homes for sale. As sold data rolls in, comparable homes on the market may need to adjust listing prices.

Home Buyers are looking for the needle in the haystack of homes in the market

Home values are based on sold data, not active data. When you don’t have a lot of sold data, in a market where there are a lot of homes for sale, you have to be competitively priced. You are trying to be next. The needle in the haystack of homes out there for a buyer to find. The deal of the day. Not a house for sale, but a home on sale.

This is a Buyers Real Estate Market

In my market, which is the greater Austin Texas market, people are chasing the last days of summer. The new school season has begun, which means settling into new fall schedules. Buyers have a great opportunity right now to find a house, while many are looking in other directions. Mortgage interest rates are the best they’ve been in quite a while.

What’s in it for Home Sellers?

Real estate is a numbers game.  Whether you view it from a lens of inventory count or price point, the real estate market is all about numbers.  The Fall season is the market when seller start to bow out.  They get fatigued, and with the holidays approaching, they have other things on their mind.  I get it.  They odds, however, are more in a seller’s favor to sell my staying in the market.  Less competition means a home for sale has more eyes on it from people who really want to find a home.  Buyers who are looking this time of year celebrate holidays too, but they also really want to buy a home.

In addition, if a seller has anything unique about their home that is detracting buyers, the spring season is not their friend, with the competition that is out there.  The less homes on the market, the better for a challenging listing.