Summer 2017 Austin Housing Forecast: Hot, Hot, Hot!
It sounds a lot like the weather forecast on TV on any summer morning in Texas: It's already hot, and it's going to get hotter! This can be used as the description for the Austin housing market this summer. The summer selling season is always an exciting time in any real estate market, as many owners are looking to sell, buy and move prior to school starting in the fall. However, this year is gearing up to be particularly exciting in Austin. If you think that the last several months on the market have been hot, wait until you see what June, July and August have in store!
What's Driving the Austin Real Estate Market?
A relaxed and mild spring had some experts wondering if it would be a laid back summer for the Austin real estate market, but data that was recently released regarding April home sales indicates otherwise. According to an article published on CultureMap Austin, home sales as well as inventory levels increased in the last month, leaving real estate experts feeling confident about the popular buying season ahead.
Within the last year, the median sales price of a home in Austin increased by about 6 percent. In April, the median sales price was reported to be $305,000. In addition, housing inventory levels have increased by about 17 percent since last year. Austin, in particular, is experiencing more favorable market conditions than many metropolitan areas across the country. Nationwide, many markets are noting that buyer demand is high while inventory levels continue to deplete to record lows.
Where Should You Look for Your Next Austin Home?
Homes in the heart of the city are in high demand, and buyers will need to know up-front that they will face steep competition to get one of these prized properties. Popular neighborhoods include Tarrytown, with its lakefront views, and Clarksville, with its convenient proximity to the business district.
However, those who are looking for more affordable and more attainable housing in Austin are finding that the outlying suburbs and neighborhoods are great choices. There's plenty of new construction developments available in these areas, and buyers are finding comfortable neighborhoods with welcoming residents. Some of these up-and-coming areas to consider include Hutto, Cedar Park, and Del Valle.
Tips for Buyers in a Hot Market
Buyers who are excited by the possibilities available in Austin but nervous about the rising heat in the market should partner with a qualified real estate team that can help them navigate through the entire process. In addition, these tips can help buyers prepare for the thrilling search that lies ahead of them:
- Work with an agent who understands the importance of timeliness, and who will get you instant alerts about new properties that are on the market. In a competitive market, homes sometimes sell within hours, so you need to get regular updates about available inventory in Austin.
- Understand the important role that technology can play in the buying process. Your agent should use the latest resources and devices available to get your offer in front of the sellers as quickly as possible. Remember that you will need to act quickly if you see a home that you love, and your agent should be willing to do the same.
- Know that it can help to send your best offer first. Consider adhering to any concessions the seller may be asking for. Add in extras that might make your offer more attractive than another. In short, find ways to stand out as a great buyer.
If you're looking for more information on the Austin housing market, now is the right time to contact real estate experts who can provide you with the accurate and reliable data you crave.