Austin Area Housing Market Still Heating Up
February 3, 2017 | FPA Realty Team
Austin Area Housing Market Shows No Signs of Slowing Down
The Austin area housing market is already hit yet its still heating up. Austin’s housing market is on the rise and shows no signs of slowing down soon. The city of Austin and the surrounding areas have been experiencing continual growth without any break. With everyone offering speculation about how and when the real-estate bubble will pop. Unfortunately or fortunately depending on your situation it doesn’t look like that bubble is popping anytime soon.
It looks like the Austin area housing market heating up is great news for those selling their home but bad news for any home buyers.
Real-estate experts had been expecting the housing market to slow down or level off. Now it looks like the chances of that actually happening this year are slim to none. With the staggering amount of new residents to the Austin area everyday its easy to see why its a sellers market.
Home Buyers endless Search
This means if you are looking for a home to purchase in Austin you are in for a struggle. Most homes listed in central Austin have multiple offers within days. Most listings end up closing within the first 30 days of being on the market. Austin is nearing what some would call a housing crisis or a six month housing deficit.
This means that if no one moved here for six months starting today it would take developers and community organizers six months to provide enough adequate housing for Austin’s most recent residents. This demand on Austin real-estate has increased the cost of single family homes near downtown and even created a surge in demand for Austin’s neighboring cities. The median cost of a home in Travis county is $340,000 dollars, a nearly $90,000 dollar increase from last year.
What seems to be good news for home sellers can be bad news for those same parties if they are looking to stay in Austin.
Why its a Sellers Market
With a sellers market you can ask a little more for your home and its likely to not be on the market for too long. Unfortunately this means you are now another home buyer looking for your dream home amongst the hundreds or even thousands of other buyers.
If you are planning on selling your Austin home it would be advisable to start your new home search first. Thus avoiding any issues of having found a buyer for your old home yet not having anywhere for you or your family to move.
If you are in the Austin area and you’re thinking of waiting out the housing bubble, think again. In fact the very term “bubble”, doesn’t even seem to apply here. A bubble would imply that the Austin area housing market is going to eventually pop, and like it or not, Austin is holding strong and still climbing.
It is very unlikely that we will see any down turn in property value in the near future. This means that if you are even remotely on the fence about buying in Austin the best time to put in an offer would of been yesterday. From foreign to local investors and even the family down the street, everyone is looking to buy or sell a home in Austin.
Best Time to put in an Offer
What happens is home buyers are forced to either spend more money on their home purchase or search out of town. Another last resort option is to buy a home before its built and even then it is still a good idea to talk to a real-estate professional before you agree to anything. Home builders represent the seller and would be happy to keep you away from your rightful real-estate representation as a home buyer.
With home values rising all around the city the cost of renting a home is also on the rise. The average cost of rent for a single room has risen to $1050 a month.
If you are interested in browsing the Austin housing market by map you can use this interactive map search featuring all local MLS listings. Whether you are buying and selling or just paying rent Austin is a great place to hang your hat. We at Front Porch Realty are proud to be in such an exciting and fast growing city.
-FPA Realty Team