If you bought or sold an Austin Texas home last year you know that it was a big year for Real Estate in Austin but we didn’t really know how big it was until recently when the Austin Board of Realtors (ABoR) published a new report with statistics which showed that the local Real Estate market hit all time high numbers for home sales during 2015, especially in the month of December.
5 percent increase for single family home sales in 2015
According to the report, there was a 5 percent increase in 2015 for the amount of single-family homes sold in the Austin area. The median price was $263,900, a 9 percent increase from 2014, while the average price for single-family homes was $333,558, 8 percent more than 2014. One of the only declines seen in 2015 was a 3 percent decrease in condo sales, however, the median price rose to $227,700, up 6 percent from 2014.
Source – Culturemap.com
Where does the local Real Estate market go from here?
There’s no denying that the fast growing Austin Real Estate market is a good thing for homeowners since they are seeing excellent home price appreciation but the reality is that Austin is definitely seeing some challenges in the Real Estate market right now including low housing inventory and rising home prices which are making it difficult for buyers to find homes for sale in Austin.
The solution to the problem is that we obviously need more homes come to market and new home construction to increase housing inventory but until that happens home buyers will have some challenges ahead of them when it comes to finding the home that they really want and having their offers accepted since it’s a sellers-market right now.
Tips for Austin Home Buyers
Some of the best things you can do to insure that your offer on an Austin Texas Home include the following:
- Get pre-approved for a mortgage loan.
- Consider waiving your home inspection contingency.
- Offer to rent the home back to the seller until they are able to buy another home.
- Don’t ask the seller to include a lot of concessions in the sale of their home.
To learn more about some of the things you should do to make your offer stand out when buying an Austin home, or to view homes for sale in Austin, contact the Kent Redding Group today by calling us at (512) 306-1001 or click here to connect with us online.