Selling in This Season
We could say with confidence that the past four years in real estate have been different and ever changing. If you have been a home buyer or selling in this time frame, you know firsthand the highs and the lows, the opportunities and the challenges. But no matter what, home ownership is still a legacy and wealthy building strategy and people always need a place to live. So, if you are currently selling or thinking of selling your home any time this year, there are some things to take into consideration.
From my time at the Tom Ferry Summit and digging into some research, I am sharing my key points and take aways and what you need to know now to sell your home this year.
Selling a home in the Austin area right now means understanding the current market, which has shifted a bit from the hot streak we saw over the last few years. While demand remains strong thanks to Austin’s appeal, it's not as intense, and home prices are stabilizing. This means property values are still up from pre-pandemic days, but sellers might not see the same massive offers as before.
One of the biggest factors in play is mortgage interest rates. With rates higher, some buyers are finding it harder to afford homes. Many are turning to options like rate buy-down programs or asking for seller concessions, so it’s important to be ready for negotiations. At the same time, there’s talk of future rate cuts from the Fed, which could make mortgages more affordable and bring more buyers into the market. Still, that’s up in the air, so sellers should stay flexible.
Even though spring and summer are prime selling seasons in Austin, homes sell all year. The slower fall and winter months might bring fewer buyers, but they tend to be more serious about closing a deal. So, if you’re selling during the off-season, you could still see success.
One crucial aspect of selling in Austin right now is making sure your home stands out. This means improving curb appeal, fixing any necessary repairs, and even thinking about staging the home. Homes that offer modern features, like energy-efficient upgrades or smart home tech, catch the eyes of today’s buyers. But none of that will help if your home is priced wrong. Pricing is one of the most important factors when selling. In a market that’s balancing out, setting your price too high can cause your home to sit unsold, while pricing it competitively based on local comps can lead to quicker offers and better results. Buyers are more educated now, and they know when a home is overpriced, so make sure your price reflects current market conditions.
Don’t forget Austin’s relatively high property taxes, which can affect both your bottom line and buyers’ decisions. And of course, Texas law requires you to disclose any known issues with the property, so make sure everything is above board to avoid legal issues.
Lastly, working with a local real estate agent who knows the Austin market is key. They’ll guide you through neighborhood trends, what today’s buyers are looking for, and the specifics of selling in this area, helping you get the best results with the least hassle.
A few key points:
Experts predict another rate reduction in September - most likely half a point which could bring rates to about 6% or even lower
A 1% rate decrease increases your buying potential by 10%
Election years do not impact real estate too much - except in the month of November as people wait for results
Historically home prices increase after an election
A few key takeaways:
We are in a market with lower home prices, more inventory, and motivated sellers for buyers
We may see rates reduced even more - a win win for everyone!
Now is a good time to buy with lower home prices, decent rates, a projected rate decrease, and a slower market with less buyer competition
Next year may be an even better time to sell with lower rates for buyers encouraging more buyers into the market (more competition!) and increasing home prices for sellers based on historical data