Well there is really no big surprise here. We’ve seen and felt the decline in overall volume state wide. The average home owner, in the average location, that must sell is catching the brunt of the decline, although there are segments in every market doing well.
Invariably the norm is affected the most. Meanwhile demand is relatively steady for unique, well located properties (well these are unique, right?). I’ve written about the well located “pretty” house , and how the market for that property has continued to sustain it’s value in Austin.
Austin continues to fair well in regard to median/average price but the volume decline is similar to that of the rest of the state. The inventory in Austin exceeds 6 months, and that does indicate that on the whole it’s a buyers market. But, that’s an average, and it does not mean that properties located near the heart of Austin, or the better first ring suburbs are subject to the same rules.
Refurbished homes sell for more than similar properties that haven’t been updated in the same location, but not necessarily enough to make up the investment delta the owner has in all of the upgraded items…wood flooring, cabintry, stone countertops, etc.
If you’ve been scouring the market for a special place, and the opportunity for you to obtain that property surfaces…better be ready, willing and able to make the buy decision.
On the other hand if it’s in an area that is declining, or a more average property that has been on the market for awhile…make an offer.
The Upside is broad as historically-low financing interest rates will continue to drive qualified buyers to make home buying decisions. If you couple this fact with rising demand for rental property…and the increase in rent rates you could project a positive correction on the horizon.
Don’t think for a minute that Austin home prices have seen their ultimate highs. While you might say there is an affordability issue you may not be accounting for the projected inflation and higher rents.
Work with a Realtor that knows the market and can read the leaves, while guiding you through this experience. Hey you’re making the decisions just get the best-most info you can so you’re in the know when it’s time to go.