ResalesAustin, Texas Straddles Buyer and Seller"s Market
Austin, Texas, still recovering from the dot-com meltdown, has been in a buyer"s market for several years, but local Realtors say that is changing.
"I am holding my neutral position on the is-it-a-buyers/sellers-market question, and I"ll preface that with the profound and oft-repeated phrase, - it depends," says Realtor Julie Nelson, "The best houses in central Austin under $300K that are in excellent condition, priced right (realistic and not greedy) and show really well on day one are selling quickly. I have been in numerous multiple offer situations in the past few months."
She advises, "It"s still a great time to buy. Don"t miss the opportunity. As the economy improves, interest rates will follow that upward trend. Yes, rates are going up and you missed the 5 percent rates ... but 6.5 percent is historically quite low. Central Austin under $200K is do-able.
"The $300k - $500K sector is still a bit soft, with prices down and inventory high," says Nelson. "Other areas with high inventory (and, thus, houses just sitting on the market ... uneasy sellers) include the outlying areas of Round Rock, Pflugerville, Hays and Buda. The $100K - $250K (ever-popular with first-time buyers) is not as soft ... the cute, hardwood floors, nicely appointed, central Austin, priced-right properties are doing fine.
"My advice to sellers - price it right to move fast. If you"re in a "high inventory" category (right now, everyone is in a high-inventory category ... don"t fool yourself) assess your bottom line, make it look better than every other house in the neighborhood and price it accordingly."
Says Realtor Aralyn Hughes, "Austin area sales are as strong as they have ever been. There is just more inventory for buyers and sellers have to be competitive. Interest rates are good with programs for any buyer or investor."
"For the month of September, 2003, single family sales are up 34 percent from September, 2002," says Realtor Kathleen E. Meece, "According to the Austin MLS service, there were 1,724 sales as compared to the same time last year of only 1,289. However, our active single family listings have increased 8 percent from this time last year. The single-family median price decreased 2 percent from $154,000 down to $151,620. In 2003, the record-high foreclosure number is expected to reach 7,000 for our area."
Suggests Meece, "This is still a wonderful opportunity for buyers wanting to take advantage of competitive interest rates and convert their rental dollars to home ownership."
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