How is the Austin Real Estate Market in October 2018
More specifically, I want to answer the question…Is now a good time to sell my Austin home?
Every quarter the National Association of Realtors conducts a survey of homeowners to discover changes in Seller and Buyer sentiment. It’s called the Housing Opportunities and Market Experience (HOME) survey.
One challenge that we have faced in our Austin market is that homeowners have been reluctant to sell for two reasons: (1) They fear being able to find their next home because of low inventory; (2) They are concerned about the affordability of their next home because of rising prices.
It seems that sentiment is shifting. As our inventory levels are rising more homeowners are thinking about selling. In fact, the survey found that 70 percent of home owners are optimistic about selling. 50 percent believe strongly that now is a good time to sell.
Rising Prices Slowing Down
Our Austin real estate market has experienced several years of rapid price appreciation. But that’s changing. The majority of homeowners think the days of easy, fast appreciation is coming to an end.
Consequently, they are more likely to sell.
What about Buyers?
63 percent of Buyers believe now is an ideal time to buy. That’s a drop from 69 percent in the previous survey.
Overall our Austin real estate market is brisk. It continues to favor Sellers over Buyers, but a shift is occurring.
As more and more homeowners decide to sell price increases will slow down. As prices slow more Buyers will enter the market.
Rising Mortgage Rates
One other factor to consider is rising mortgage rates. Rates are up about 1 percent over last year. Every 1 percent increase is similar to a 10 percent increase in home prices. This trend causes buyers to sit on the sidelines.
The Austin real estate market, like the national market, is always shifting. As is natural.
100 percent of the time is a good time to give me call if you decided that you want an experienced agent on your side. 512-516-4666.
