Happy Thursday, Y’all! As we begin this fresh new month, I want to share a quick note about the current market and offer up some timely advice for any potential homebuyers and/or sellers out there. I know that Austin’s hot real estate market has caused some to feel discouraged about buying a home in Austin right now, but I want to emphasize that it’s still an advantageous time to buy if you’re ready to find your next home!
While yes, it’s a seller’s market, it’s also currently a more stable and more reasonable market for buyers. Buyers right now are more serious about their options and not acting on impulse, so there’s less competition. But, keep in mind that we also anticipate that things will ramp up again, so acting now provides the opportunity to have more choices for finding and securing the type of home you’ve been waiting for. Additionally, prices are not going down anytime soon, and if you’ve been waiting for interest rates to lower too, just remember that higher interest = lower competition. If you buy now and interest rates lower later, you can always refinance and take it from there when it happens!
For sellers, it continues to be an ideal time period as inventory remains low and the demand for housing remains high. Any influx of inventory we’re seeing is coming from brand new construction. And while sellers might have to wait a little longer now — I’m talking perhaps a mere two weekends to go under contract instead of one weekend — everything is continuing to move quickly. Plus, a little less of an extreme buying frenzy that’s currently happening allows for more breathing room and less anxiety, which is a nice relief for sellers!
All in all, I hope this insight gives you a better understanding of the current market. I always want to make sure that my clients are in the know and knowledgable about what’s going on so that they can use the information to make smart choices for whatever their real estate goals might be. If you or someone you know have any questions, or want to discuss any of this further, don’t hesitate to reach out! I’d love to help in any way I can.