Price reductions have almost been an abandoned practice in Austin. With the Austin real estate market picking up steam over the past few years, sellers haven’t had to have a pricing discussion with their Realtors in quite a while. Even homes that were overpriced to many buyers, would eventually find a buyer and usually sell for pretty close to asking price.
The Market is Slowing Down
Recently, we’ve seen many homes have to reduce their prices to get a buyer. If you compare these home’s prices to recent sales figures, you’d think they were priced very competitively. But, even seemingly competitive prices aren’t encouraging buyers to write offers.
Homes Are Selling for Less than They Did During Spring/Summer
When you compare sales in the past few weeks to sales in the Spring and Summer, you’re seeing better deals for buyers today. Buyers are finally starting to be able to negotiate again and the Austin real estate market seems to be normalizing. If you’re looking to buy, but don’t want to pay top dollar, now is the time.
Some of the Austin Real Estate Market Slowdown is Seasonal
We would expect to see a market slowdown as we approach the Winter Holidays. Every year we see less demand and fewer sales during October, November and December. This year, Austin seems to be hitting the brakes a little faster than it did during previous years, which is good news for buyers. If you gave up your search in Spring because you got frustrated, now is the time to start back again to beat the Spring home buying rush.
Selling During Winter vs Selling During Spring
Ideally, if you can wait until Spring to sell your home, you’ll likely get more for your home as Spring is the best time to sell a home in Austin. Buyer demand is at it’s highest levels and the competitive frenzy usually causes buyers to pay more than they would during Winter. However, if you can’t wait until Spring to sell your home, here are some tips for how to sell your home faster during Winter. Sellers who take the time to prepare their homes to meet the market and who hire experienced Realtors to market their home professionally, will sell their homes for more.
Buying During Winter vs Buying During Spring
Winter is the best time to buy a home in Austin. You’ll have less competition, fewer possibilities of multiple offers and usually pay less than you would if you waited until Spring. The Spring market attracts more buyers and if this Spring is anything like our last two, there will be lines to get into homes and multiple offers. If you want to pay less for a home in Austin, buy during Winter.
Have to Sell and Buy? What Time of Year is Best?
If you have to buy and sell, Winter is the best time in Austin. What you’ll miss out on the selling end, you’ll make up on the buying end. And, because the frenzied pace has slowed, you’ll have more time to find a house once yours sells. If you wait until Spring, you’ll likely get more for your home, but you’ll also probably pay more for the house you find. And, with multiple offers, you might not get the house you want. Winter allows you to complete the selling and buying process in a much more business like pace than the panic of Spring.
Considering Selling or Buying a Home in Austin?
Our team of experienced and credentialed Realtors can help! We’ll help you evaluate your real estate goals, guide you through the home buying and home selling process, negotiate hard on your behalf and make sure you understand what you’re signing. We take a consultative approach, not a sales approach, so you won’t feel pressured into buying or selling. To learn more about our team and how we work, check out our Austin Home Buyers and Austin Home Sellers pages. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.
Do Homes in My Neighborhood Have to Reduce their Prices?
Our Market Snapshot tool reveals actual sold prices, which homes had to reduce their prices to get a sale, how long it took homes to sell and how the market is trending. Simply put in your address or zip code and we’ll email you a detailed report.