The question of the the year
Should I sell in 2021?
RESIDENTIAL Sales launched like a rocket ship early this year
Demand is OUTPACING Inventory .
We’ve seen plenty of offers over list price in the past 2 years - what’s different about this year?
Due to a deeper lack of inventory Buyer Bids are unconventionally over list price - it’s extremely common to see $50-$100k over list-price IN EVERY CATEGORY
On the New home side you can expect long waiting lists at every community, accompanied by incremental price changes while you are on the waiting list along with smaller lot sizes and increased lot premiums.
GOOD NEWS! You’re house is worth way more this year than you ever imagined
BAD NEWS! Where to go? Finding your next home is like the old cliche searching for a needle in a haystack!
The focus of this podcast is to explain the fundamentals of housing Data keep you up to date on market trends so you can become financially self reliant by Making sound investment decisions with your greatest asset - and the American Dream - A Home~
My name is Lisa Marie - I’m the Austin Texas Real Estate Guru.
What’s going on in the Austin market?
Today we will explore the market in the Austin-Round Rock MSA -Austin + 5 counties
What does MSA stand for? Metropolitan Statistical area = a city with surrounding communities or geographic areas grouped together for population censuses and statistical data.
STATS FOR THE AUSTIN RR MSA
Housing inventory is at a record-low 0.4 months of inventory and days on market fell to an average of 33 days - THAT’S 33 DAYS fewer than this time last year) ACCORDING TO THE AUSTIN BOARD OF REALTORS STATS FOR JANUARY 2021
Let me break this down -
Stats on Just THE CITY of Austin
In just Austin inventory is .5 months supply compared to last year in January.
Residential home sales increased to 23.8%
The median sales price in the city of Austin is now is now $455,000,
Up 19.7%
Stats on THE 3 largest counties of Austin’s MSA in order of size
Travis - Williamson and Hays
Travis County -
Sales increased 23.5% 1292 units
Median Price $422,750 up over 22% since the same Jan last year
Monthly housing supply in Jan
.5 months of inventory
Williamson County -
Sales increased 11.2% to 763 units
Median Price $322,750 up 16.4%
Housing to .2 months of inventory
Hays County -
Sales increased 50% to 324 units
Median Price increased 18.1% to $301250
Housing inventory decreased to .4 months of inventory
SUPPLY AND DEMAND
Developers are building as quickly as they can throughout the region - more than 6,000 homesites are projected to come online within the next 6 months, the overall number of lots in development is only just able to keep up with current demand.
This means that homes will continue to sell as soon as they hit the market, and prices will continue to rise steadily in the months to come. Builder timelines are under pressure - in past months they have not slowed or stopped building to better their ability to meet their timelines
What does THIS this mean?
THERE ARE WAITING LISTS IN EVERY NEW HOME COMMUNITY
You need to have a clear plan in place as to you’re going
Decide if you are Buying - Building - Renting;
A flexible timeline for your next move
IN OTHER WORDS DON’T SELL TILL YOU KNOW WHERE TO GO
What are my options?
HIRE THE BEST REALTOR WHO KNOWS THE MARKET TO HELP YOU IDENTIFY OPTIONS - SELL FOR THE HIGHEST PRICE AND plan your moves accordingly
Example:
Rent, Buy, or Build
Maybe you should cash out now and EXPLORE THE OPTION OF RENTING FOR THE NEAR TERM - MAYBE THIS MARKET IS NOT FOR YOU