Stay in the present. It is the only market that matters when buying or selling a home. Currently, the Austin real estate market is finding its footing as it starts to balance out. Some homes have had price adjustments, a portion has been sitting for a month or more, and others are selling in less than a week.
Austin may be in Texas, but the Austin real estate market is no longer like the wild west
Real estate is always about looking in the rearview mirror, and oh what a view we had. The last 2 years were crazy and because that moment in time is over, looking at the past isn’t helping much right now.
The Austin real estate market today
It is still a seller’s market at about 3 months of inventory, but the days of the appraisal waiver and bidding wars are gone. Homes are still selling for list price, or for even more, but they are starting to feel more like the exception to the rule as the days go on.
Markets are local, and some are hyperlocal, but generally speaking, the days of listing a home on a Thursday and going under contract by the following Monday are over.
Real Estate Housing Supply and Demand
The market presently offers choices to purchase. Prices may be still up year over year and interest rates as well, but the increase in supply has now allowed buyers to be more selective, and that gives them power.
Staying in the Present Market
Sellers need to showcase their homes more than they did 6 months ago. Today’s buyer doesn’t need to compete for a home, so they need to see the value. The market is open and they are shopping.
That’s what’s happening in the present market, and if you want to buy or sell – it’s the only one that matters.