What is in store for Austin, TX Real Estate in 2015?
The US economy is improving, however not fully recovered from the disastrous recession that began in 2008. It’s still in a recuperative phase. Austin‘s sought after location lying within the triangle of Houston, Dallas and San Antonio bodes well as we are leading the nation in job creation.
Austin is growing at a purported 110 people a day thus the Austin Real Estate market is quite simply a product of supply and demand. Austin has a 2.9 month supply of homes which is a 7% increase from a year ago.
According to the Austin MLS report released December 19, 2014 the Austin area continues to break records in homes sales. As we look to 2015 we see strong demand for Austin-area homes. Inventory is increasing but demand continues to outpace supply. This affects housing prices which is great for homeowners wanting to sell; however it presents challenges for buyers looking for affordable homes.
Homes are taking longer to sell as buyers pull back with a more cautious attitude at making offers. Some can’t justify the escalating prices depending on the area of Austin and are willing to pass, this sets up a somewhat dangerous scenario with so many moving and so few homes available. Many risk the inability to procure homeownership in the local area.
Residents like the idea of their equity rising, but realize should they sell; they are going to be caught in the crowded pool of buyers looking to make a purchase. If they are planning to stay in the neighborhood they are in for sticker shock. If they are moving out of Austin it’s an excellent time to sell!
In my professional opinion 2015 will continue to have challenges of low inventory like last year. Prices will continue to increase at a more controlled pace; buyers may find themselves caught in a competitive market and priced out of an affordable range.
If you’re a seller it might be wise to carefully look at comparable sales when pricing your home. Homes in Austin that are selling have several characteristics in common:
1. They are well maintained
2. Reasonably updated
3. Clean and uncluttered
4. Priced according to current market conditions
As always, Austin real estate information is brought to you as a courtesy by Dorie Dillard of Coldwell Banker United; your NW Austin Real Estate Professional.
If you have a question regarding real estate in Northwest Austin or as a homeowner you are considering a sale or purchase, I would be delighted to visit with you, please contact me at 512-346-1799 or firstname.lastname@example.org.
Twenty-four years of successful representation for both buyers and sellers allows me to offer excellent service. My dedication and determination will be an asset in reaching your goals. I have systems in place, references and am a good listener/communicator. I would be honored to schedule time to see if we are a good match.