May Market Expectations Survey

Comments:

• Thank you for doing this. As you know there are numerous variables to factor in but it gives me a baseline.
• I am definitely seeing more price reductions and longer days on market. Partly a result of the market shift and partly because of miss-pricing. There’s an undeniable shift happening.
• Things have changed drastically in april really slow down
• it feels like there has been some over-pricing in the market now., with continued anticipation of higher prices. That doen’t seem as realistic any more in many situations. Price reductions are def more common. A home I put on market in Austin’s Colony received few showingss and only 1 offer (it was over asking, however) in the first weekend. A home just listed in Kyle in a higher price point – few showings and ZERO offers in first weekend and it is priced a good $20K below nearest comp (which closed on 4/28). Slowing…./Leveling
• Seems to be cooling off!
• I have a new listing coming in the Woods section in Barton Creek that will be in the $1.8-1.9M range so this will be a good barometer for me to measure how the increase in interest rates and other factors are affecting the market.
• I have noticed that in the last 2 weeks that things are starting to slow down on showings. It’s too early to be able to tell if this is a temporary low or what. I did not fill in some price points because I have not worked with this price point recently.
• I believe higher premiums depend on property condition, special features, location.
• I think the move in ready homes definitely have a higher demand!
• Maybe cooling in the $500 and up market (not the $500 and under market) just can’t tell, fewer listings than last year. Higher interest rates and no place to go playing a part . . . .still seeing Californians with cash.
• I am seeing more inventory coming online. Combine that with rising interest rates, increased tax values and a lower stock market, I feel the market pulling back from the frenzy of the last year and a half. I think that it’s more important than ever to price listings properly.
• Market seems to be cooling down a bit due to rising interest rates, inflation and overall economic policies. It’s taking a little longer to sell the upper end properties unless in top condition, n a good location & priced correctly.
• I haven’t had anyone in the $1.5+ range. I have a couple buyers in the $1m-$1.5 range that are just getting started looking. Most of my stuff has been under $1m this year, and heavily on the seller side.
• Things have slowed a little in the past 2 weeks. Not as many multiple offer situations. Under $500k is still very busy.
• The last weekend of April was the first weekend this year I experienced the “feel” of a possible cool down. I had two listings hit the market, both ate under contract currently with solid contracts but not quite the level of activity I’ve seen earlier this spring. I suspect macro economical factors are affecting buyer demand, at least in the short term.
• My 2 listings last week (May 1st) only got one offer each after 10-12 showings.
• These questions are difficult about how much over list… It assumes that the listing is priced AT or below current comparables. And we know that isnt the case. I think a more relevant question is for each price range do we see values going up, down or leveling off. Still Eric Good effort on getting a survey out. Its always interesting to watch.
• I’m starting to see a slight shift in the market in various areas. Sellers seeing fewer showings & fewer offers being made within days since Easter weekend. Between rising interest rates & crazy 2022 property tax valuations from the appraisal districts, made buyers have been priced totally out of the market!
• Market is definitely cooling. Market expectations are still very high though, so a home might only get 1-3 offers, but still sell 10-20%+ over list price. Good ones are still extremely competitive, lots of lower priced buyers are falling out from higher interest rates, the middle ($600-800k) remains strong though.
• The combination of the rising interest rates and property taxes alongside the issues with the stock market appear to be contributing to a shift in our market. Only time will tell if this is just jumpstarting our seasonal shift that typically occurs in Q2 and Q3, or if it will be longer lasting or more intense. Properties under $500K continue to be competitive as do “unicorns.” This is consistent with those under the median even prior to the insanity of the past couple of years. Properties that are overpriced or show poorly are seeing longer days on the market along with price reductions.
• Sales are slowing but inventory is extremely tight
• More listings on the market then last year
• This past month I’ve had some great wins for buyers which was not possible last year this time. While certain price points are still highly competitive, I think the higher interest rates have impacted how many buyers are in the pool for $700k and up.
• Got a $525k home under contract for only $10k over asking and had only 3 total offers submitted….that’s something new.
• The lion share of my sales have been under $600k thus far. Anything north of that, I’m basing my answers on conversations I’ve had with other agents or things I’ve read on forums.
• The interest rate hike cooled the market considerably in April. The market is waking back up from that but could go quiet again with more rate increases. As rates go up pressure will continue to be applied to lower priced homes as buyers have to drop their budgets. But inventory remains so low that prices will keep going up due to multiple offers. This will force many into a must rent situation which is going to cause rental rates to skyrocket in the next 6-12 months.
• It feels cooler than last year and buyers seem more apprehensive. Hard to re-align seller expectations.
• Seems we’ve taken a sharp turn in the past few weeks. Curious to see how it plays out this summer.
• Cooling off a little with rates jumping up.
• I have been noticing that the market is slowing down slowly but surely. The number of offers we recieve has gone down. People are not offering that much more over list. Some offers are at or below list (in homes over $500,00). I have been getting calls from agents who have not received any offers in the first weekend. And seeing some price reductions too. Inventory has also gone up. Perhaps good time for buyers and time for sellers to worry?
• Homes seem to be sitting a or 2 before selling. Also buyers are less willing to pay a high premium over like last year.
• We’re finally starting to see some cracks in the market due to rising home prices, rising interest rates, and rising property taxes. This triple headwind is starting to impact buyers and I’m seeing a dramatic drop in the number of offers on properties. I’m also seeing more price reductions and homes that don’t sell the first weekend. This also coincides with a natural rise in inventory as we head into late spring toward the summer.
• The rise in interest rates has had an effect on the market. It has slowed slightly. If it just a pause or a new trend remains to be seen
• I have seen a shift in my own referral based business from being totally buyer heavy to having a few listings in the pipelines and no super hot buyers.
• Even slightly overpriced properties are sitting and not getting traffic. If it’s slightly under the comps things still get nuts.
• Homes below $500k continue to be in great demand, receive multiple offers and sell at about 10% above the asking price.
• It definitely feels like the market has cooled these past few weeks with increased inventory and rising interest rates softening demand
• The number of offers may be “cooler” but our prices are still on the increase.
• Definitely slower than last year at this time. Less buyer and seller leads. Inflation, price increases, and interest rate driven, in my opinion.
• I feel like agents are much slower to respond recently. I am seeing more homemade photos on listings than before and fewer listings have documents attached. Thank you to all who set up complete listings with professional photos!
• It’s not just brackets in price . It has a lot to do with how the listing agent present the property and the attributes of the property . Still there is a lot of interest and offers to properties that feel are priced at a fair price
• It’s been very hot and then a sudden fizzle/shift within the past 2 weeks. I’m not sure data will reflect that yet but that’s my sense from me and my team. Thank you for doing this Eric! Appreciate it!
• All the properties I listed in April received multiple offers. However, the buyers I judt got under contract did not have competing offers.
• I did an open house in east of 35 Austin, expecting to see if it slowed down some since several homes in this area have been on the market for a few days. Not the case. Saturday and Sunday, total of 20 vetted visitors (and 4-5 neighbors) we received 5 strong offers last night. All way over list. Mostly Tx or austin local buyers! Cash/financing with waiving approvals and appraisal! In north Austin, Georgetown we have seen a slight slowdown..? I keep advising clients, we’re not in a bubble in ATX , however, it may stabilize. Not come down .. so time is right now. Good luck to all! Buyers/sellers and Realtors!!
• Had a listing at $329K and we received 4 offers all over asking however terms were longer option periods, seller paying title policy, seller warranty contribution requests, only 1 full waiver.
• I have not been actively in the market lately because i recently bought and sold houses for myself!!
• seems like there are more wholesalers getting deals and less traditional MLS listed properties including ibuyers and new players like sundea
• In general seeing fewer offers on listings over the last month, but still quality. Seeing more cash offers (largely driven by current interest rates I would think). I think we are likely going to see fewer offers / buyers based on geopolitical climate and stock market uncertainty moving ahead. I also think that some investors are likely going to sell off properties and cash out based on the huge jump in property tax values freeing up more inventory in the first time homebuyer/homesteader / lower price homes.
• Seeing fewer offers but still multiples for every good property and still needing very strong terms to win.
• I find the mls area affects my answers. Some areas continue to have very high competition, while others have moderate.
• Outlier offers/ closed sales from Spring are making it very difficult to a certain actual value. For example, in Steiner Ranch, early listings in Feb and March set an unsustainable pace that is now leaving some newer listings on the market longer without any offers for 2-3 weeks. The rhyme or reason that one home at $1m goes $300k over list and a similar home sits for 2 weeks has been hard to explain to clients. Hence, the outlier buyers are really making analysis difficult in this market!
• I haven’t had to submit an offer in the past two weeks but seems homes are sitting a bit longer than they have been. I feel buyers are still fatigued, many of my out-of-state buyers have taken a break but ready to get back to the search
• I’m wondering if we will see an increase in investment properties hitting the market due to extremely high tax appraisals.
• Weird right now, seems more hit or miss with continued multiple offers but combined with worries about property taxes and higher interest rates. Most properties are still flying off the market, but a few we have seen that I felt were appropriately priced are still sitting.
• The survey doesn’t nail it exactly, but if feels like buyers are pulling back. Interest rates have cooled activity. Our buyers are winning more offers, and properties are lasting more than a week. There is definitely a lul from the super hot market. At this point it feels flatter but not dropping yet.
• I’m seeing a much lower volume of buyers for each property.
• I do not see the interest rate having an affect on the buyers moving into this area. As well, I do not feel we are in a slow down of any kind.
• Market is cooling down
• hyper local, NW hills and Mueller are very hot markets
• Definitely the pause button has been pushed in the luxury market. Seeing reductions and price adjustments. People are nervous w/rising interest rates, inflations, stock market crashing, Putin, Ukraine and supply shortages. However, there are still so many people needing a place to live that though some buyers are on the sidelines others are out there just not as many.
• I’m hearing lots of rumblings of the market slowing. I really haven’t seen it in my business except that I’m seeing a few price reduced listings if they don’t sell first weekend. But, still lots of buyers out there and offers still have to be strong to win.
• I think the sub-$500k price range is the most changed from last year. With higher interest rates, buyers below $500k don’t have as much room to go up in their offer price as buyers in the higher price ranges. Also, some zip codes seem unscathed, such as 78704 and 78702. I think the suburbs are the first to feel the hit of the higher interest rates.
• Seeing several properties go BOM and longer days on market.