I hope all of you had a fantastic Valentine’s Day and got your share of love. Central Austin sellers certainly did!
The market is heating up, and buyers are courting sellers with money, sureness of deals, and whatever else a seller might want. To illustrate, in the under 500k range we saw 1 home with 30+ offers and another home with over 10. In the 600-800k range we’ve witnessed the same. Across the board, my friends/colleagues also report that they are seeing multiple offers and prices getting bid up. If this continues it may be an even hotter market than we saw last year.
So here’s my read:
- If you are a buyer, buy now. I don’t see any signs of this market slowing.
- If you are a seller, and you are thinking of selling in the next 5 years or so, this might be a good time to consider selling. As a general principle, however, I’m a believer in holding onto your home as a long-term investment.
- If you are an investor, buy and hold. Your risk, in my opinion, is pretty minimal.
For those of you who like charts, at the very end of this post you can see the trend for the last 3 months of the number of homes available for sale in Austin and how fast prices are increasing.
Until we start seeing the number of homes available increase prices will rise.