Austin's Real Estate Market
Dec 10, 2007
I typed this to an investor client today, and thought it would be good to go ahead & post it here as a "quick & dirty market update."
The market here has somewhat stagnated. Properties are still moving, but they're taking longer than previously. Prices aren't going down, but we're not seeing the rapid appreciation we saw last year. This spring will be telling to see what kind of appreciation we'll see until 2009. The California market has affected us because not as many Californians can sell their homes, so we've seen a slight decrease in migration. The mortgage market has had the biggest effect on our market - it took ~25% of the buyers out of the market. Everything I've read indicates that the mortgage market will have worked itself out by the first of 2009, so I expect our market to be gunning full bore ahead at that time.
I honestly believe that this is the best time to buy real estate in Austin for the foreseeable future. We're able to come in ~5-10% below asking and be taken seriously. I'm seeing my clients successfully negotiate the prices to ~95% of asking price.
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