Just as others have mentioned, its a very strong sellers market. Thus, a tough buyers market. However, that doesn't apply to all buyers. A million dollar home doesn't sell in a day for over asking, but homes in the $200-$400K range may. It all depends on what your clients are looking for.
Overall, Austin is a fantastic place to own real estate. Our economy is strong and supports small, midsize and national companies. This provides a good wage base and a healthy real estate market. As well, our population is growing and close in neighborhoods continue to appreciate. Rental vacancy rates are under 5% making Austin a great place to invest in rental property too.
I love working with relocation clients. Please let me know if you want more details.
As with real estate in any city, it is hyper local. Each neighborhood and home vary, especially based on price range. I've seen agents tell buyers they have to offer over asking price. However, I have not found this to be true. Only certain homes are getting multiples. A lot more price reductions lately as buyers are not liking the higher prices.
B. Ranee Bray
Yes, the market here is VERY hot and is a seller's market. Great time to invest, that is for sure. There are over 100 people moving to Austin every day, so that might tell you something about how in demand housing is here. Even to get leases, you have to have all your ducks in a row and be an excellent tenant.
Also, the area your client wants or is looking to move to is important. Of course, anything close to downtown is going to be harder to purchase and more expensive, but there are good deals around too.
They should absolutely be pre-approved (if they are buying) before looking at any listings, as you need to get an offer in and fast once you find what you are looking for.
I hope that helps!
The Austin market is hot right now. It is a total sellers market. Many neighborhoods are getting multiple offers very quickly. It is not uncommon to lose 2 or 3 before getting an offer accepted.
Below are the numbers published for May from our local board.
2,943–Single-family homes sold, three percent more than May 2013.
$249,000– Median price for single-family homes, eight percent more than May 2013.
$325,926–Average price for single-family homes, eight percent more than May 2013.
40–Average number of days single-family homes spent on the market, four days fewer than May 2013.
4,002–New single-family home listings on the market, seven percent more than May 2013.
5,949–Active single-family home listings on the market, four percent more than May 2013.
2,928 –Pending sales for single-family homes, two percent more than May 2013.
2.6 –Months of inventory of single-family homes, 0.1 months less than May 2013.