Is the Austin real estate market slowing down? The number one question I’m asked is, How’s the Austin market?
Is the Austin real estate market slowing down? The number one question I’m asked is, How’s the Austin market?
The short answer to the first question is, Yes. The Austin real estate market is slowing down. I’l share why that’s happening in a moment.
This last Sunday I was visiting one of my favorite Wineries in the Austin hill country. Our server told us how he had been called home a few days ago to evacuate because of a fire approaching is neighborhood.
When he arrived home is could see smoke blowing through the neighborhood as he heard sirens approaching. Not long afterwards he could actually see flames down the street.
Fortunately, his home and those of his neighbors were saved as the fire was contained.
That’s an analogy of what happens when a real estate market shifts from a seller’s market to a buyer’s market.
The Analogy of an approaching fire
At first, you say, “Is that smoke I smell?” That’s stage one of a shift.
Then you actually SEE smoke. And, you know that where there’s smoke there’s fire.
Perhaps you begin to hear sirens in the distance as the fire department approaches.
Finally, you see flames and know there’s danger nearby.
I Smell Smoke
Where are we in the Austin real estate market slow down? I believe that we are in the “I smell smoke stage” and small wisps of smoke are appearing.
Everywhere I go where my agent peers are gathering they are talking about the market slowing down. No more multiple offers like two years ago. More price reductions. More price concessions. Listings taking longer to sell.
The Austin real estate market slowing down. I study the market everyday and there’s two important numbers I track (among others ) Days on market and Listing Inventory.
It is taking 17% longer to sell a home in Austin than this same time last year. And we now have 24% more listings on the market than three years ago when the norm was multiple offers.
So, Yes, our Austin real estate market is slowing down and shifting.
What’s a Seller or Buyer to do in a shifting market. Well, be sure you are working with an experienced expert agent like me. I’m still helping sellers get top dollar for their home. And, I’m helping buyers find a great home at a fair price.
Let’s talk. Give me a call at 512-516-4666
Dan Forbes, Forbes Property Group, RE/MAX 1
