Just when you think you've seen it all, Austin get's hit with a meteoric rise in home values only to be exasperated by SNOVID aka SNOWPACOLYPSE aka a fierce, snowy blizzard in Central Texas. January started off with a bang, sales were spiking and multiple offer scenarios, where sales prices were easily at 20-30% over list price, was the norm. This created a bit of a frenzied state, not only amongst home buyers, but also the real estate community itself. Everyone starts to wonder when offers are $150K over asking, buyers are paying for title policy and in some cases, waiving your inspection option... what's next?
A historic winter storm in Austin, TX, that will shut down the electrical grid, that's what's next! Apartment & Condo dwellers really felt this the worst. Dealing with the repercussions of COVID-19 and a huge housing shortage, many people opted to rent temporarily to let the dust settle before entering the uber-competitive Austin Real Estate Market. That idea went out the window when many renters were essentially left homeless after the storm shut down almost all utilities. This caused another rush of buyers to the already inundated home buyer market, which brings us to the current market state.
The latest market stats directly from the Austin Board of Realtors are highlighted below, and in a quick glance you can determine what the low inventory and frenzy to land a house has done to the housing numbers since the same time in 2020. Values are up 42%, which is almost unbelievable and a great thing for home owners that are watching their equity grow. On the flip side, buyers are struggling as the realization that their money is buying less and less with each passing month. The Austin area is still suffering from severe low inventory, but you can see that listings are up. This means that we have a VERY long waitlist of buyers anxiously looking at the latest homes to hit the market so they can make their move, and getting them under contract quickly. All this makes for a very robust market, that can be daunting if you're not prepared for it.
Having an experienced REALTOR® in your corner is absolutely paramount in this market. Being able to spot the "deals" (yes they are out there), knowing how to best present your offer and being able to negotiate on your behalf are just a few of the things that our agents can help with. Lumber prices are creeping downwards and interest rates are still amazing, so if you're a buyer it's still your time to take advantage of this upwards moving market. As a seller, YOU ARE IN CONTROL, but, don't get complacent. Please reach out to us about our marketing plan, which ensures you will reap the benefits of this strong market and make every dollar you deserve on the sale of your home. You can call our office at (512) 412-3564 or message us on Facebook, Instagram, or Twitter. We're ready and eager to help!