A Slight Slow Down in the Market...Seeing Some Stabilization in Austin
Hey y'all, it is another gorgeous day in Austin! I hope you are having an awesome summer. I’m sure all of you with young kiddos are gearing up to get back to school. It is this time of year that we start to see a slight slow down in the real estate market and we are definitely starting to see some stabilization and a shift. No longer are we seeing 10 or more offers on homes for sale and no longer am I seeing homes sell for 30% over asking price. However, homes are still selling and there are still offers coming in over asking price, just not like we were seeing two months ago. I believe there are several reasons for this:
1. Inventory is no longer an issue. At the beginning of the year there were only 1,500 homes on the market, now there are over 3,500. It is typical of a summer market that
the volume of homes for sale goes up, and this is a pretty big swing. More homes
means more choices and less craziness in regard to offers coming in way over asking.
2. Buyer Fatigue. As the market swung into crazy mode and buyer’s offers were
rejected time and time again, people got tired and decided to wait until things
settled a bit. Well, we are certainly feeling that. I have had several homes come on the
market where I thought they would sell right away and for much more than asking.
Now, I am not seeing that. It is now more important than ever to prepare your home
correctly so you stand out as the best.
3. Summer vacations and school is almost back in session. Typically as summer is
ending and kids are getting ready to get back to school there is a shift from buying
homes to buying school supplies. This is very common and I see it every year. The
market will pick back up soon. While the market has cooled pretty
significantly, we are still in a sellers market. As we get through the beginning of the
school, year we will see demand increase. If you have any questions or want to know
more, give me a call. I always love talking about real estate. Thanks for your
continued support and please let me know if I can serve you.