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We’re right in the middle of summer here in Austin, which means resale homes are at their highest inventory levels of the year. Peak inventory is always in July and August. What has happened so far this year, though?
We expected an appreciation rate of around 2% to 5%, but that didn’t happen. Appreciation was more like 4% to 9% this year. The higher appreciation means your taxes are going up, but it also means home values are going to keep climbing.
The rest of the market has been the same. The big story is that there is a huge shortfall in inventory of about 10% to 20%. The good news is that home builders have made up for that shortfall by building 10% to 20% more homes.
The only other minor difference is that sellers are willing to put their homes on the market in more of an “as-is” condition. As a result, homes are selling for a fraction of a percent less.
“There’s not a lot of inventory right now.”
Home sellers shouldn’t be worried, however. We can still help you win in this market.
The exciting thing about the end of the summer is that this is the time to buy. I always buy homes in September because the bargains are irresistible. If you’re looking to buy or invest in real estate, we would love to help.
If you have any questions for us or if you’re looking to buy or sell real estate some time this year, give me a call or send me an email. I would love to hear from you.