Should I wait to buy? Should I hurry to sell? These are the kinds of questions buyers and sellers are asking in our Austin market. And, with good cause. Our median home price is up 27.4% from a year ago. Listings are at an all time low. Homes are selling in hours, not days or weeks.
For Sellers
Sellers are wondering, Should I wait because prices are going up. Won’t I make more profit by selling later rather than now? Here’s what we know:
- Demand reached an all time here in Austin in February 2021.
- Inventory (homes for sale) reached an all time low.
- Builders sold out of homes and lots
This is what caused prices to accelerate so much. I’m thinking that this is probably a once in a life-time market. It rapidly changed and it could rapidly change again.
To a seller I would say: Be in a hurry to list. We don’t know what the market will be six months from now. But, today, the market is extremely on the seller’s side. Always respond to the market you are IN. Don’t speculate on where you think it might go. That’s speculation.
For Buyers
I remember buyers in our Austin market saying a year ago, “I think these prices are too high. I’m going to wait for prices to come down.” Since then, our median price is up 27.4%. The average sales price is now $500,548.
With Spring arriving more sellers want to sell in order to move when school is out. That might bring a few more listings on the market and relieve some of the shortage of inventory. Maybe.
Long term, Buyer demand is expected to continue here in our Austin area. Prices will continue to rise, albeit more slowly. So, my advice is to be in a hurry to buy. Home prices will never be lower and mortgage rates are on the rise.
That doesn’t you should buy just any home. Be patient while looking for your next home. Homes sell so quickly that you must be ready to pounce on the home you want.
Let’s talk about creating a strategy together. Give me a call.
