What is happening in the fall market?
Right now, Austin is in a seller’s market with only four months of inventory. In other words, if no new homes came on the market, the current housing inventory would sell out in four months. A balanced market typically has around six months of inventory.
Prices are still going up. Compared to last year, prices in the Austin area are up 5% to 10%, depending on which specific area you are looking at.
Meanwhile, interest rates are near all-time lows. You can get a 30-year fixed rate for 3.25%.
All of this means that we are in an interesting market right now. It is a good time to sell your home because prices have increased, so you can cash out on your equity. However, it is also a good time to buy because mortgage interest rates are so low and it’s so cheap to borrow money right now.
If you have any questions about buying or selling a home, or if you’d like to know more about our current market, give me a call or send me an email. I would be happy to help you!