Where Austin Home Prices Headed in 2019?
That’s a question I’m hearing a lot right now. So, I did some investigating and came across a survey of 100 leading housing economists.
Of those 100 economists:
- 94 predict that home prices will continue to appreciate in 2019, but at a slower pace
- 2 predict no changes in home prices in 2019
- 4 predict slight depreciation between now and 2020
Remember, real estate is local, local, local. Austin is not like the rest of the United States. And, your neighborhood is not like the one across town. Each neighborhood has a market of its own.
The key take away is that there is no coming real estate crash. Look, there are always those who see a real estate crash coming every month. But this is not 2007 all over again. That market was plagued by fraud, free money, and an over exuberance of the market. We do not have that going on now.
What we are experiencing is the normalizing of home prices and the market. We are simply in a normal market cycle. The real estate market, like all markets, moves in cycles: Seller’s Market > Balanced Market > Buyer’s Market > Repeat.
What should you do if you are thinking of selling in 2019?
- Be sure to price your home correctly. The correct price is not necessarily what you want for your home. It is what buyer’s are willing to pay for you home. A knowledgeable agent can help you determine that.
- Be sure to price your home competitively. Buyer’s have more information than ever before. They know the prices of your competition. And, they will buy the home that represents the best value.
- Choose an agent with a proven powerful marketing strategy. Selling your home takes more than just putting it in the MLS and putting a sign in the yard. It takes marketing.
- Listen to the advice of an expert……like me.
What should you do if you’re thinking about buying in 2019?
- Watch interest rates. They have gotten more attractive recently.
- It’s probably better to act sooner rather than later.
All in all, 2019 will be a good year for real estate.
