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More BAD NEWS for Austin Housing Market
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- čas přidán 7. 07. 2024
- There are four times more houses available to buy, but only half the sales in Austin than there were two years ago. Explore the current state of the Austin housing market and find out what all this means for buyers and sellers.
Charles Lewis is a REALTOR® in the Austin area and helps people buy and sell houses all over the Austin metro area. Schedule a no-obligation phone call to find out how he can help you accomplish your real estate goals: bit.ly/ATXPhone
Charles Lewis
Keller Williams Realty
call/text: (512) 592-0938
email: charles.lewis@kw.com
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I think a lot of people are over Austin. It's not what it once was and everyone is starting to realize that. That translates to less people moving here with west coast money which limits your buyer pool to locals. Prices will continue to come down for a while.
Thanks for sharing your thoughts on the current state of Austin.
It's not that it's no longer what it once was. It's that it was never what it was being advertised as to begin with.
Yup I’ve been at the same company for almost 5 years. A bunch of California hires during the pandemic. A lot of them went back already and just work remotely.
From an 'Austinite' from way back in the mid-sixties...Austin hasn't been what it once was for decades! Sadly that's symptomatic of it being a large central seat of state government chock full of Progressive Liberalism and Corruption!
Hoping for a correction in the political atmosphere towards days of old which just might be in the near future as well as a correction in the real estate market for the area because I'd like to return to Central Texas...
You nailed the Austin real estate market at the moment! The market is definitely correcting itself, and it's crucial for sellers to get real about their prices. Adapting to these changes is key to successful transactions. Thanks for highlighting this important shift!
Thank you for your kind words! I'm glad you found the video helpful.
Austin city metro was murdered by speculation. Every dive bar, every vintage shopping area, all that was cool and local has been bought or paved over by investment firms. The spirit is gone.
Thanks for sharing your insights on how Austin has been changed over the years
There’s 0.25-0.50% rate cut coming next month, air from downward movement in interest rates till December. I believe prices will hold steady in Austin-Round Rock area.
Thank you for sharing your insights! It's always great to hear from viewers who are tuned into the market. Let's see how things unfold!
I really appreciate your videos and the other realtors in Austin that report on the reality of the market!
Thank you so much for your support! It means a lot to me.
And this is without any recession or significant job loss.
Some are still hopeful for a soft landing.
I made the grave mistake of buying a house in San Marcos in April. May 1st the Zillow estimate dropped 30k. My realtor (brother) told me the house was going to be worth so much. He was used to selling in Austin.. I overpaid for a house that needed a long list of repairs and the seller didn’t put any money toward repairs. Now after I repaired everything, I am considering selling just after 3 months and taking a loss. I can’t fathom loosing any more. 😢
I'm sorry to hear about your situation. It's tough when things don't work out as expected in real estate.
History says the upcoming 2-3 years could (will) see further declines. The only other choice would be to wait it out for about a decade, at which point inflation should completely restore the price (in cheaper dollars, but stIll).
@@CaptainCaveman1170 what history are you looking at that says that?
@@SFSCharles Every time since WW2 the Fed has hiked rates this aggressively there has been a recession afterwards. Similarly, every time home prices as a percentage of income has gotten so extreme, it has reverted, every time.
@@CaptainCaveman1170 Recession and home values are two different things. During the recessions in 1980, 1981, 2001 and 2020 median home prices went up. Only in 1991 and 2008 did median home prices go down. So “historically speaking,” if there is a recession in 2024, there’s a 66% chance home values will go up.
Odds are also against a 2-year recovery. With the exception of the Great Depression of 1929-33 (43 months) and the 2007-09 Housing Crash (18 months), most are in that 6-10 month range.
I'm not paying a 60-70% premium on monthly payments to buy a house (combination of high prices, high taxes, and relatively higher interest rates) when I can rent the same or equivalent house without the headache for much less.
The ones who own multiple properties need renters with that kind of attitude. Valuing convenience over long term financial security means they can afford that vacation, pay for the kids school or even buy another rental.
To many variables not considered example layoffs look at Orlando Disney laying off people thousands might need to sell. So hard to predict but appreciate the video your spot on how demand works.
Layoffs are the primary driver of forced sales, but it's a long process. When household income drops, foreclosures could follow and at that point, banks will sell the house for what's owed on it. That's actually one of the biggest differences between 2008 and now. Back then, a high number of bank owned sales decreased median sales prices. Right now, most sellers have the luxury of waiting until someone is willing to pay what they're expecting. If more of them had to sell right now (forced sale,) the downward protectory of median prices would accelerate.