Last time we talked, we went over what happened in 2013 and now I want to go over what will happen in 2014. There is a pent up demand again for buyers with lowering interest rates. What does this mean? We’re going to have a great year in 2014! The other driving factor of the market is that rental rates are very high due to a shortage of rentals because apartments couldn’t be built. Fortunately this year, apartment building has resumed all around Austin so rental rates should stabilize and possibly drop. Going forward, buyers will either be rushed into apartments or new home sales.

Now is a very good time for sellers to put their houses on the market; even over Christmas and through January. We also have a lot of “secret inventory” out there that is ready to be picked. We have a lot of listings that haven’t hit the market yet and we can even find a buyer before they even hit the market; about 10% are selling before they even hit the market!

Another thing that has changed in the market is the internet. Our MLS is not sending data to Trulia or Zillow causing those two sources of buyer information have changed. It is far better to get onto a multiple listing service system to search for homes in this area. The normal internet services are not working like they used to for various reasons.