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IT’S JUNE IN AUSTIN
I hope everyone is enjoying this glorious weather and staying hydrated.
As you may have noticed, my monthly newsletter skipped the month of May. So here is a recap of what has gone on in the last two months, as well as what we're all in store for in the Austin market and beyond!
Recap of my life
I went on a fantastic trip to Italy and overate quite possibly traveled too much. However, if you get the chance to jump across the ocean and land in Italy, check out Cinque Terre. With beautiful ocean views and lovely hillsides, each town is unique in its own way and has perfect local Italian food. Each flat is at least three stories high and has wonderful rooftop views. The people are so sweet, and the town is minutes from a train station that can take you to another destination. They also had a good amount of real estate available if you were seeking a vacation rental!
Happy to share more about my experience and overseas real estate; feel free to reach out.
What's going on in our market
The media is buzzing about all things recession as well as doom and gloom. However, what does that mean for Austin area real estate?
In the last few weeks, we have seen over a thousand single-family homes hit the market in Travis County and increased interest rates, which has changed buyers' purchasing power. With all this being said let me break down the pros and cons and what they are for each position.
Buyers:
Less competition in the market, as some buyers have lost purchasing power.
More homes on the market, which means more options.
It is still a seller's market. However, these two upsides stated above are a beam of hope for buyers that experienced a hyperactive market.
Sellers:
The market is still in the seller's favor; however, overpricing your home can lead you to sit on the market for extended periods. Remember, buyers have options now!
Preparing your home for the market is more critical than ever. You want to stand out from the crowd.
The Austin market is normalizing to become a friendlier market for buyers and sellers. The hyperactivity of 2020-2021 was not sustainable for longevity. However, will we see hyperactivity in our market when big corporations and companies require their employees to return to work in their shiny new Austin locations? We have more than twenty high-rise towers under construction now; hopefully, we will see more housing and development to fulfill the supply shortage of homes.
To recap, it's your time if you were thinking of buying in Austin or surrounding areas. For more information on buying and selling in Austin or surrounding areas feel free to reach out! Enjoy the sun and stay cool, Austin!