Today we’re going to review the latest happenings in our Austin real estate market and see how our present numbers compare to the recent past.
Let’s take a closer look:
Going into this month, we had 1,087 homes already listed, we added 832 brand-new listings, and 771 sales are pending.
With 1.4 months’ worth of inventory, we’re still squarely in a seller’s market. Still, sellers would be wise to price their home according to market conditions or risk having their home languish on the market for longer than the norm, which is 52 days on market. A home that goes unsold for long periods of time is a home that nets less money when it does eventually sell.
Interest rates were perched at about 5.25% this past December, but they’ve since come down to about 4.25%. Though it may not seem like much, a dropoff of this size makes a big difference in buyer affordability.
Although inventory is low, the recent decrease in interest rates gives buyers a prime opportunity to secure a historically low rate on a home.
If you’re thinking about selling, there’s a lot to gain considering the current rates as well. Your pool of buyers will swell with increased affordability, but that pool will thin out when rates begin to increase again, and that translates to a lower sale price on your home.
If you’re ready to either buy or sell a home soon, please contact me. I’d be more than happy to see how I can be of assistance!