Thanks to recent Austin Texas Real Estate market data, we know that it’s still a great time to sell your Austin Texas Home because, new listings increased by more than 20% in recent months, as sellers continued to list their properties in the hopes of beating a slowdown in the real estate market.
Could a slowdown occur? As of May 2022, we saw a total sales decline for three months in a row as appreciation in the ATX area normalized.
Is It Still A Good Time To Sell?
Should sellers be concerned about what’s happening with the ATX real estate market? Sellers should be aware that the market is changing, and even though they can still do extremely well selling their properties, the reality is that they should be ‘hyperaware’ of their competition.
Hyperaware means studying the marketing, reviewing properties that are currently for sale and recently sold properties so that there’s a realistic expectation of what a property could sell for.
Since more housing inventory is coming to market, buyers have more options than they once did and sellers must understand that they have to do everything possible to ensure that their property is attractive to buyers.
The crazy appreciation that we saw peak in May of last year was awesome and unprecedented, but the reality is that it is also unsustainable, so sellers need to work with Realtors to ensure that their properties are ready to be sold and highly visible online to the most qualified buyers possible.
Is It Still The Right Time To Buy?
Let’s face it, mortgage interest rates were historically low for a long time but like any good party, the fun had to end.
Now that rates are slowly rising, buyers have been slowly adjusting to the ‘new normal’ and some analysts predict that we may see a slowdown in the real estate market until Spring 2023.
The good news is that real estate market analysts feel that the ATX real estate market is not in bubble territory since slowing unit sales and increasing inventory are normal and good for our real estate market.
Qualified buyers should do everything in their power to come to terms with the new interest rates and lock in rates now considering that there are rumors of more rate increases coming up shortly.
To get started with buying or selling a home in Austin Texas, contact me today by calling (512) 944-7378 or click here to connect with me online.