The current Austin real estate market is a seller’s market, but with a small pool of buyers, sellers don’t hold all of the cards. There are enough homes for sale in Austin for buyers to have options and with choices there is power. This market is unique and Austin is still weird.
There are more price decreases than homes entering the market, and median sales prices are relatively flat month over month. There are enough buyers to keep the market from cooling, but not enough to tip the scales very much. That same buyer who is considering a re-sale home in a seasoned neighborhood, is comparing it to the shine of a brand new home community. Those new home builders are still pulling out all of the stops with rate buy-downs and home discounts. The incentives can easily turn a buyer’s head.
Sellers need to take a step back and consider why buyers should choose their homes. Their competition for that buyer could be around the corner or 10 minutes away. When listing a home, I often ask the homeowner why they bought it. Then I consider what makes the house unique. Ultimately, sellers want to price it for value. Buyers need a reason because they have enough to choose from. They don’t have a lot of choices, but they have options.
Again, this is a seller’s market that is competing for buyers. Sellers need to be motivated. Buyers need to look at homes they can afford. Both sides are currently trying to find balance.