Is This A Good Time to Buy or Sell in Austin?
Everywhere I go, people want to talk about this 'hot' real estate market we're having here in Austin. Does that mean now is the time for you to buy or sell if you've been on the fence? Well, maybe....let me explain.
Real estate usually represents your largest financial asset and you should not be unduly swayed by market conditions. In other words, market conditions are only one consideration to take into account. Austin home sellers are clearly benefitting from a lower than normal inventory level of homes in the marketplace which is translating to higher prices and higher buyer activity. Statistically, we have less than 3 months of homes on the market; a 'balanced' market in our area is 6 months. Lower numbers = competition among buyers = higher prices. Basic supply and demand, right? Good news for Sellers.
How about Buyers? The good news here is interest rates are still low. We've been hearing for months that interest rates will likely 'rise soon' so what's really happening? In April of 2013, FHA loans are going to increase in cost. This is the first change that could negatively impact buyers that we've seen in a couple of years and likely points towards a slowly changing trend in the mortgage markets. But interest rates are still at record lows, benefitting Buyers.
If you're considering buying or selling, call me to discuss your specific situation. I'll help you determine the best scenario for you in any market. Have a great week!
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