When you are buying or selling a home in Austin, there are many factors to consider. Here’s the first: is Austin a buyer’s or seller’s market. Because the conditions of the Austin housing market fluctuate, it’s important to have updated information in 2023 so you can make an informed decision.
Everyone who buys or sells a home wants a great deal with advantageous terms. However, buying or selling a home in an unfavorable market could cost you thousands of dollars and waste your valuable time. It could also mean that you carry the brunt of responsibility in its sale or purchase, such as paying for repairs.
Knowing whether the Austin housing market favors homebuyers or home sellers is critical when making a decision to buy or sell real estate.
What’s a Buyer’s Market versus a Seller’s Market in the Austin Housing Market?
In a buyer’s market, the conditions favor the homebuyer. This means that the supply of homes for sale is greater than the demand. Because demand is low, prices for homes tend to be more competitive. Also, the homebuyer has the upper hand when negotiating which leads to more competitive pricing and terms.
A seller’s market, in contrast, has conditions that favor the home seller. When this happens, the supply of homes for sale is scarce while the demand for homes is high. This gives the home seller the advantage when negotiating pricing. As such, prices tend to be higher and the terms of the deal will favor that of the home seller.
Is Austin a Buyer’s or Seller’s Market?
At the end of 2022, the Austin housing market was a seller’s market. However, the Austin housing market is beginning to trend towards a neutral market into the beginning of 2023.
A neutral market means that the market favors both homebuyers and home sellers equally. Neither party has the upper hand in negotiations and the supply of homes for sale is adequate for the demand from homebuyers. This means that both parties have the opportunity to get a great deal regardless of whether they are purchasing or selling real estate.
Buying or Selling a House in Austin
Whether you are buying or selling a home in Austin, now is a great time to do so. The future of the market is usually cloudy in the long-term so it’s important for homebuyers and home sellers to take advantage of neutral or favorable market conditions when they develop.
One way you can guarantee a great deal when buying or selling a home is by working with an expert realtor. At Your Home Sold Guaranteed Realty - The Salas Team, we know the Austin housing market and how to use it to our clients’ advantage. We work hard in negotiations to get you the best price and the best terms.
To get started buying or selling a home with us, call us at 855-331-7653 or fill out the form below for more information.