Our population is up almost 23% for this last decade. What’s the effect of this on our real estate market? Well, the effect is that we have more demand than we have supply. What does that mean? Well it means that we have more buyers in the market looking for a home than we have homes available. The effect of that is that prices are up. In fact, the median price of a home here in Austin is now almost $302,000.
So, we’ve got a strong seller’s market going on. Population growth is the driver. In fact, It’s taking an average of only 63 days for a home to sell in our multiple listing service, which is in the seller’s market territory.
The good news for buyers is that interest rates still are attractive. A low mortgage rate means a lower monthly payment. That’s good news.
As 2020 knocks on our door, I want to be your real estat guy. I want to be your real estate resource. I want to help you in any way I can. So if there’s anything real estate wise that I can help you with in 2020 please let me know. Maybe it’s just answering a question. Or maybe you need to sell a home. Or maybe you want to buy a home. Feel welcome to give me a call. Dan Forbes Forbes Property Group, Pure Realty, here in Cedar Park, Texas. Happy New Year.
