How to decide if you should buy or sell in the current real estate market
When you’re thinking about buying or selling a house, there’s a lot to consider. Sometimes it’s urgent to sell your home if you need to move. Or maybe you simply need more space and decide to upsize. But is Austin a buyers or sellers market right now?
This is a key question you should answer before you list or make an offer on a home.
In the last few years, real estate markets across the country have been on fire. Everything was selling, inventory was low, and buyers were everywhere. As of 2022, that’s starting to change. Currently, markets are softening.
A recent report from the National Association of Realtors showed that pending home sales around the country dropped in the last few months. But what does that mean for you?
What’s a buyers market versus a sellers market?
To help you understand your real real estate options, here’s the difference between a buyers and sellers market.
A buyers market is when conditions move in favor of buyers. This can mean a lot of things, but a huge indicator is supply. When the supply for homes is greater than demand, it’s a buyers market.
On the other hand, a sellers market shows conditions that favor sellers. This often means low supply and high demand. When sellers have many offers, they’re in the advantage for negotiations.
Before you make any real estate transactions, you want to know if you’ll be at an advantage. So, is Austin a buyers or sellers market?
Is Austin a buyers or sellers market?
Like much of the country, supply in Austin will be impacted by the national trend. Inversely Texas, and the Austin area have benefited from exponential growth. Another factor determining demand predicates on the fact that the whole economy is currently quite volatile. Accordingly, market conditions have changed quickly in just the last few months.
Part of the national shift from a sellers market to a buyers market is the specter of rising interest rates. Rate hikes from the Fed have pushed mortgage rates as high as 7%. These changes in the larger economy are making it more difficult for buyers to afford a home. Even in a market as hot as Austin, national trends will have an impact.
So, even though supply is up, there are also fewer buyers in the market. For this reason, you may get different answers about if Austin is a buyers market or sellers market in 2022. Realtor.com shows the market heavily favors buyers. Rocket Mortgage shows the market as neutral but leaning towards sellers. So with such varying opinions, what do you do?
A good strategy would be to favor the overall trend. Most experts agree that Austin will most likely continue to move in favor of buyers in the near future. Accordingly this pattern is more indicative of what is happening nationally due to interest rate increases, inflation,and an unpredictable economy.
Buying a house in Austin
If you want to buy a house in Austin, this is a pretty good time to start house hunting. Supply will most likely continue increasing and you’re more likely to find a home that you love.
Plus, if you’re looking for exclusive, off-market deals you won’t find on the MLS, you have options. Make sure to check out Your Home Sold Guaranteed Realty TX-The Salas Team deals that are coming soon. You’ll see some of the best properties coming on the market. You can even search based on your own criteria.