August 2022 Real Estate Market Update
Are you planning on buying or selling a home in the Austin Texas Real Estate market? If so, you’ve come to the right place!
In this article, we will break down the latest information on what’s happening in the ATX real estate market for August 2022.
Median Sales Price Up, Closed Sales Down
The Austin Texas real estate market continues to follow the trends that we’re seeing nationwide of fewer sales and longer days on market.
Our Austin Board of Realtors recently released stats for July which showed that prices have actually decreased year-over-year while inventory continues to climb across the Austin Area.
This is good news for home buyers because of the simple fact that buyers have more inventory to choose from and less press to make a deal but it also means that homeowners have to face the fact that houses aren’t selling as fast as they did last year.
Even though homes aren’t selling as fast, homeowners can still sell their properties if they take the time to invest in things like staging and decluttering before listing their properties online.
Buyers certainly aren’t complaining because they now have more options to choose from and once they find a home that they love, there’s time to negotiate from list price.
Good Time For Homeowners To Move Up
During the fast paced real estate market that we’ve had over the last 10 years, it wasn’t uncommon for homeowners to report that move up properties seemed to be a thing of the past.
With home values going up, ATX homeowners can still sell their houses for top dollar and benefit from the best opportunity to move up to better properties that they’ve had in the last four years.
Sadly, with these bright spots in the real estate market we’ve also seen a few downsides in the mortgage market.
Rates are going up and buyers are less inclined to shop for homes with rates at 6.5% than they were when mortgage interest rates were at 3%.
Although interest rates are no longer at rock bottom, keep in mind that we’re nowhere near what rates looked like in the 90’s when it wasn’t uncommon to hear about interest rates hitting 13% or higher.
If you plan on buying a home, or refinancing, now is a great time to make your move because you can lock in a great rate in 2022 before interest rates increase again in the near future.
To learn more about the Austin Texas real estate market, or to speak with me about buying/selling a home in the ATX area, contact me today at (512) 944-7378 or click here.