The past few years have been hard on buyers, especially in a hot market like our Austin area. While it will continue to be positive for sellers, a few factors are indicating a slight cooling of the local market. Keep reading to learn about the changes, and what it means for you.
Buyers
Buyers rejoice! We know how frustrating it’s been, navigating real estate conditions in the Austin area. Bidding wars, short turnaround on decision making, and severely low inventory have made it a huge challenge to buy. New market conditions are showing:
- Increases in the number of days on the market
- Increased inventory
This means it’s getting easier to be a buyer. You’ll have more properties to look at with greater inventory, and more time to think after viewing a property. Plus, we’re seeing less intensity in the bidding process. All these things point to encouraging signs for our clients who have been trying to buy.
Sellers
While buyers are starting to enjoy a more relaxed buying experience, the market remains competitive and profitable for sellers. Market conditions are indicating that sellers can continue to expect:
- Pricing and home equity to hold steady
- Demand for homes to outpace the number of homes on the market
If you’re considering selling, it’s still a great time. While buyers may be less frenzied, there is still a large number of people who have been trying to buy a home over the past 12+ months. With this demand remaining high, you can still leverage the equity in your home to downsize and make a profit or level up without competing.
We’ve covered the general market conditions of our region. But there’s more where this came from—and a whole lot of nuance depending on your area, neighborhood, home, and finances. When you work with us, we’ll explore your unique situation and give you specific guidance with your real estate goals in mind.
We’re always here to help or answer questions. Get in touch to find out what your home may be worth or what pricing and competition looks like in your desired area.