What does a “healthy” real estate market look like?
ABOR
President Says Austin is Heading in the Right Direction, March 2023.
A healthy real estate market is
characterized by a balanced and stable environment, which benefits both buyers
and sellers. Several factors contribute to a healthy real estate market:
Reasonable inventory, steady demand, a strong local economy, accessible
interest rates, realistic price expectations & balanced market conditions.
Austin is experiencing all of these indicators that point
towards this being the “healthiest” market our city has had in several years.
With a mix of new construction and existing homes for sale, there are ample
opportunities for those looking to purchase and invest in our city. Ashley Jackson, the President of the Austin
Board of Realtors agrees. Following the February housing market report she said
this.
“Austin’s housing market
is trending in the right direction. Buyers have more options and negotiating
power with each passing month, and sellers have more time to make their next
move. Remember, a healthy housing market isn’t defined by breaking records
every month, but by market activity that’s steady-paced and sustainable.” –
Ashley Jackson, ABOR President
While we know mortgage rates have been
higher than consumer’s would like, our best piece of advice is this: you can
always refinance your interest rate, but you can never re-negotiate your
purchase price. When interest rates lower & the uptick of buyer competition
takes over the market, you end up paying premium housing prices that may negate
the savings of a lowered rate.
As for sellers, they are still
making out great as shown with the month-over-month sales data that has been
increasing since January. Q1 2023 is providing an optimistic outlook for
homebuilders and sellers as things are looking up for Austin this spring.