Austin February Market Recap

22 Mar

Image from Austin Board of Realtors

Take a look, listings for 2/13 are down, yet homes sold is still higher than 2/12. The median and average sales prices are increasing.

What does this mean? Even with the low amount of inventory homes are selling, and most of them are selling fast and anything under $500k is most likely in a multiple offer situation. Austin’s market is continuing to see sales higher than 2012, which was our best year since 2007.

What does this mean for sellers? If you were thinking about selling, sell. If you are not sure, be sure. If you want to hold out and wait for it to get better, that’s is not promised to us. A few questions you need to ask in all reality, where will you go, how much do you owe, can your life handle a move right now? The market is great to sell, you just need to cross your fingers, examine your life and see if it is also a great time for you to sell. If those two align, cue angels singing, by all means lets get a sign in your yard. If life has you in a weird place right now and it does not look possible, then take a breath and do not fret, people have sold homes even when it was not a sellers market. If that makes you sad, take a moment and see if there is anything you can do about it and make a plan to sell when life allows and work toward that plan. Bottom line, when you have to sell you make it happen, no matter the market.

What does this mean for buyers? Lets just borrow the old saying, there are plenty of fish in the sea…you may have to throw a few back, or most likely they will snap the line, before you get a keeper! Not so fun you say? Well take a look at the bar graph on the right dealing with sales prices. The median, aka the exact middle of all Feb sales, has increased along with the average, the sum divided by the total, sales prices. I will not charge extra for the middle school math recap. So if you want to wait out this buying frenzy, by all means, wait, and get a second job to cover a higher mortgage on your dream home that’s selling for more later.

How do buyers find that keeper faster? Be the strongest buyer you can be! First off, check your financial fitness, pay down debt, save up for down payment and closing costs, as well as initial expenses that are associated with your home purchase. Meet with a lender and work out a plan and see what your options are. Then find a great Realtor that knows how to communicate well with other agents, write a strong and clean offer (which entails being a contract expert), and negotiate like a boss for YOU!

-Michelle Reed
Austin Homes with Value



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