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Last year was an anomaly to say the least, and the same enthusiasm has continued well into 2021 while home prices continue to rise and options remain slim. However, as the transition to fall begins, we are starting to see a slight shift towards the traditional pre-Covid seasonality and it has everyone scratching their heads.
The figures from August show a small decrease in total sales and longer days on market for most homes, likely as a result of more people taking advantage of being able to travel for the first time quite some time. September showed us that even with the return home and the beginning of school, the market is not rubber-banding itself back to the insanity that has been the whole of 2021. This doesn’t mean anything bad for sellers as the prices have not necessarily decreased, however, it could mean a much kinder market to buyers moving forward. Despite prices soaring to new highs for central Texas, the Austin market is still very affordable for those relocating from New York and California in particular. With large corporations like Google and Tesla moving major operations to Texas into 2022, the Austin housing market should remain extremely competitive through the end of the year. That’s why we’re here to help.
Sellers, as everything pumpkin makes its way in to our lives, kids are back in school, and summer travels end, we strongly encourage Austinites to have their homes market ready by mid-October. We are still seeing a sort of ripple effect of pent up COVID buyers as the booming Austin technology industry continues to attract new residents every day. Historically low interest rates coupled with this steady influx of new tech industry employees make fall 2021 a great time to sell. Austin currently leads the country in “homes selling at super premiums,” meaning there are more houses selling for $100,000 or more over the asking price. As always, our team is here to guide you every step of the way, including which improvements to your home will add the most dollar for dollar value.
Buyers, the best time to buy is now! The last few weeks have been a truly exciting time for buyers who may have become discouraged after encountering, sometimes, dozens of competing offers on a promising property. If history continues to repeat itself, the same relentless pace will return and not simmer again until the holiday season. Start building equity for your future today. The sooner we can get you into your new home, the sooner you can enjoy watching the value of your home rise too. In the last few weeks, our team has guided several buyers to contract under the asking price. Please take advantage of this small respite as we help you navigate this “super premium,” market.
Douglas Elliman
100 Congress Avenue
Suite 1445
Austin, TX 78701
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