Austin Real Estate Update - All Good Signs

Yes, this is a random photo of a caged canary...but get it? Maybe the bird is thinking about moving to a new home...

According to Austin Board of Realtors, pending sales contracts on Austin homes in January 2009 are up by 11%. This is likely just a natural surge resulting from the virtual halt on business in November and December [thanks credit freeze]... still though, that's a compelling statistic that buyers are apparently out there, taking advantage of the "buyer's market".

Other good news, in January 2009, new listings on the Austin MLS are down 4%, keeping the inventory of residential real estate at a healthy level. (about 8500 homes, just shy of 6 months of inventory) Remember, 6 months of inventory is an equilibrium between a seller's/buyer's market.

What's selling? Homes priced at or below market...and selling surprisingly fast.

It's real estate. The market goes up. It goes down. It's a buyers' market. Don't be afraid. If you are selling: acknowledge that it's a buyers market and market accordingly. If you are buying: embrace the scene and enjoy.

1 comment:

Noah Awl... said...

The canary maybe thinking just a “change of paper,” a minor renovation if you well, is in order. You are correct; however, the market is “slanted” toward the buyer but if a change of address is not in your plans, a minor renovation is always an option. The point being, “do something.” Noah Awl…