I am concerned with the number of sellers that I am working with that are simply unwilling to reduce their prices. Their state of mind with regard to the asking price is as if the economic environment was as strong as it has been in past years. They believe that their home is special in some way that differentiates it from the statistics based on recent sales. These people are sabotaging themselves irreparably. In Austin's market, your prime selling opportunity is the first ten days the home is listed. After that, you just become one of the crowd and your chances of selling your home diminish daily. Sellers, in some areas of the Austin area, prepare to be under water if you purchased in 2007!
The Austin economy is one of the strongest in the nation; however, it has succumbed to a slowdown following the national trend.
The interest rates are at historical lows. The problem that I foresee for the upcoming seasonal spike in activity is inactivity on the part of the buyers.
If you are in a financial position to buy, then you should do so, and quickly. This market trend will not last forever and it is a chance to make instant equity and perhaps recover a portion of your 401K that has been lost.
The real estate market is cyclical, I was active during the 80's decline and saw people make fortunes buying low and selling high.
I urge you to make the move today!
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Mary has over twenty years experience in real estate and is both a licensed Realtor® and Escrow Officer in the State of Texas.
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