Earlier this month, we reached the one-year mark since the beginning of the COVID-19 pandemic. The impacts have been massive across all facets of life: physical health, mental health, social lives, the arts, the economy, and of course, real estate.
According to The New York Times, however, Austin is thriving despite such hardship around the globe. As the news outlet says, it’s the “hottest market in the country” right now.
Music to a real estate agent’s ears!
Commercial real estate deals have gone through the roof as major companies move their offices to the Sun Belt, especially Austin, thanks to our affordable cost of living (compared to other areas), beautiful weather, economy, and culture. Office space, too, has become more available during the pandemic as businesses downsized or closed.
The residential market is also showing signs of success, though it can be frustrating for some. Austin’s local NBC news outlet, KXAN, recently reported that “houses in Austin [are] selling for more over asking price than any major U.S. city.”
In fact, homes are reportedly selling for 7% above asking. To put that in perspective, if you list your home for $500,000 and you get 7% above, you will be getting $535,000.
That’s quite the difference!
This is because there is such limited inventory. There are drastically more buyers looking for a house than there are sellers putting their place on the market; so, it’s definitely a seller’s market, with numbers like that.
But what about the buyers?
That’s where that trickiness comes in. While it is an excellent time to sell your home, it will be challenging to secure your dream house with such competition. Almost every deal has multiple offers (sometimes dozens), and there can only be one winner.
That’s why it’s great to hire a REALTOR®! They can help you, as a buyer, navigate this landscape, answering questions about your budget, mortgage rates, loan questions, bidding strategies, and market projections, as well as help write a competitive offer and negotiate contracts.
REALTORS® also have your back when it comes to sellers. They can help you find good buyers, read through and navigate contracts, get the best offer on your home, and negotiate contracts with buyers.
That a time to live in Austin!