We have had a fantastic run in the real estate market in the Austin Area for the past couple of years! Prices have increased. Days on market have been very low. Multiple offers have been almost expected. This has led to sellers thinking they can price their homes wherever they want and they will still sell. And for buyers, it was strap on your boots and open your wallet!
Change is in the air...
There are two things that indicate real change in real estate: an increase in price reductions and days-on-market (DOM). Well, both are here. The average DOM for the Steiner area has increased from 40 days in June to 106 for homes currently active on the market! Price reductions are also happening. In Steiner Ranch, for example, 62% of homes currently under contract had price reductions, where 3 months ago, only 38% did. And I’m seeing similar trends in other Four Points communities also.
Cooling weather, or cooling market?
The number of sales per month always slows down in the fall. But longer days on market AND price corrections usually indicate something different. It’s always hard to tell when changes in the market are happening while you are in the midst of them, but based on my experience, it feels to me like the market is cooling a bit. Don’t think “oh no – the sky is falling!” It’s not. It’s just that the crazy seller’s market is turning into a more balanced market. This actually is a healthy change.
This “calming” period often brings certain buyers and sellers to the table who were waiting for things to settle...or who simply wanted to avoid the feeding frenzy. Also, while overall there may be fewer buyers in the fall, fall selling means fewer homes on the market, which means less competition. It can be the perfect time to sell!
So, should you list your home now, or wait for spring? If you list now you may indeed need to be more realistic in pricing your home, or more flexible in timing your move. It all depends on your unique needs: the reasons for your move, where you plan to move to, and what your financial goals are. Real estate is definitely a seasonal business. While spring and early summer are the biggest selling months, homes DO sell all year round, and fall may be the right time for you. Please call me if you want to discuss your specific situation and see what would be best for you! I’m here to help!