Inventory Dwindles Nationwide... But Not in Austin
If you look at the data from March 2016 and March 2017, most real estate markets across the country have less homes for sale now than they did just one year ago. According to a recent report that was discussed in a CultureMap Austin post, Texas is the only state that is defying this real estate trend. In Austin and other major markets throughout Texas, inventory levels are on the rise, which is yet another indicator that this is going to be a stellar year for real estate in the city and the surrounding suburbs.
Nationwide Real Estate Trends
- Inventory across the country has decreased by about 3 percent: There are less sellers willing to place their homes on the market than there were a year ago, which is actually causing alarm in some cities, due to the fact that it makes it harder to be able to afford a home.
- While home inventory levels seem to be decreasing nationwide, home values are generally increasing: Reports show that across the nation, home values are up by about 6.9 percent.
- Low inventory levels and rising values mean that most markets across the country are considered seller's markets: Home buyers in many regions should gear up for a competitive home buying season.
Real Estate Trends in Austin
- Reports rank Austin as the top city when it comes to increasing inventory levels: In the last year, inventory levels in Austin have skyrocketed by about 24 percent.
- The median value of a home for sale in Austin is about $264,000, which represents an increase of about 7 percent: This is the typical increase that has been seen nationwide.
- For home buyers in Austin, this means that there are more options available in the city than there are in many other markets in Texas and across the United States: It will still be a competitive home shopping season, but buyers can rest a bit easier knowing that they have a diverse range of homes to choose from in the city.
How the Experts Feel
Real estate experts are pleasantly surprised by this report, which proves once again that Austin has one of the strongest housing markets in the country. The fact that Austin has showcased the highest increase in housing inventory levels across the country proves that both buyers and sellers have confidence in the local market, and that the Austin market is in a position to have another record-breaking year.
Homeowners who are interested in listing their homes should partner with professional real estate agents who are experienced in the local market. This is the best way to ensure that your home is properly marketed to the most qualified home buyers. The right marketing techniques and tools make all the difference when it comes to selling a home in Austin. Today's market requires agents to make their listings as visible as possible, utilizing traditional marketing techniques, social media and plenty of visual multimedia elements in order to promote their properties.
Home buyers are looking to move to Austin or who want to upgrade to a luxury property within the city will want to find an agent who is up for the competitive climate. The right agent will be motivated to search for the home that includes all of the features you both want and need, while also possessing the negotiating skills necessary to secure that property for you.
Now is a great time to get involved in the Austin real estate market. To learn more about the current market conditions, contact us today.