The Austin real estate market hammered by the COVID-19.
Is that the headline we’re going wake up to next week? Or perhaps next month here in Austin, Texas?
I don’t know. I don’t have a crystal ball. But, it is the headline today in the Dallas newspaper and that story references a study that suggests that the Dallas and Austin Real Estate markets ought to be prepared for a 10 to 14 percent drop in housing prices.
<LINK>I don’t know if that’s gonna happen. I DO know this. I study the market every day, and right now in our Austin market, in our MLS, there are houses being listed every day. There are houses going under contract, going pending every day. And there are houses closing every day.
Now. I lived through the 2007-2008 real estate market crash in Florida, but I can tell you that every day there were houses being bought, and there were houses being sold. The same is going to happen in today’s COVID-19 market.
Now, let me give you some advice.
If I was a buyer, what would I do?
I would make sure that I was fully approved for a loan so that I could lock in my mortgage rate at a moment’s notice, I would find the house I loved, one that I planned on living in at least for five years. I would get it under contract. I would lock in the lowest rate possible.
And I say that because mortgage rates are fluctuating rapidly and there are several changes that take place even on a daily basis. But as long as you plan on living in that home for five years or more, don’t worry about COVID-19 and what prices are going to do in the short term of six months, 12 months, 24 months.
Now, What if I was a Seller?
If I was a Seller and I absolutely wanted to sell, I had a motivation of a 9 or a 10 or if I absolutely needed to sell, I would make sure that I priced my home as the most competitive home in the neighborhood. I would get it under contract quickly, and I would get it closed quickly with the best qualified buyer that my realtor could find for me.
I would take those profits, and I would move on quickly to do whatever it was that I was planning to do, whether it was buying another home or doing something else with those profits.
Look, not every REALTOR is going to tell you the truth and be straight with you.
Many Realtors. are going to tell you it’s always a great time to buy. It’s always a great time to sell. I’m not going to tell you that. What I’m gonna tell you is that you need to do the right thing for you and your family.
Look, what’s most important to me, is it a transaction or is it a relationship? I can tell you that your relationship is much more important to me than your transaction. Because sooner or later you are gonna be buying or selling real estate. You’re gonna need a great Realtor… and who are you gonna call? You’re gonna call Dan Forbes, Forbes Property Group at Pure Realty.
Of course. In the meantime, I suggest that you do the best thing for you and your family, whatever that might be, whether it’s pushing the pause button or whether it’s pulling the trigger. If you want to talk about it, if you need someone to talk to you about what’s going on in the real estate market, give me a call. I’m happy to help. Thanks so much
