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Welcome back, thanks for joining us again for another Austin real estate market update. We want to let you in on what’s been happening lately in real estate so you are better prepared in the future.
Recently, inventory has stabilized and remained steady, which is a positive sign. However, the number of sales have dropped significantly. Many people aren’t sure why this happened, but our theory is that the inventory is priced above the market right now. The data is showing that the sales price that people are listing their homes for is above what the house will likely sell for. In short, buyer’s aren’t biting on overpriced homes.
What is going to be happening soon is that sellers are going to be dropping their prices to market value and those houses will sell come December. Sellers are realizing they are going to have to drop their prices to market value, so it’s a good time to buy.
Sales have dropped only about 2% since August, so it remains a healthy market for selling a home. It’s good for buyers as well because they aren’t going to experience multiple offers as much and sellers are still going to see the same price, but without the benefit of multiple offers and the auction effect. We expect December sales to go up as well.
We hope this explains to you what is all going on in the market. If you happen to have any questions, feel free to give us a call or send us an email and we would be glad to help you.
