BUYER
Residential
Market Conditions Begin to Favor Buyers
Whether you are a current or prospective homeowner or renter, and regardless if you are considering buying or selling, it is important to know how the current state of the market impacts your daily decisions while living in Austin.
We understand the importance of providing you with a transparent outlook on the health of the local market so that you can make informed real estate-related decisions.
On Average, Sale Price as a Percent of Original List Price is Below 100%
The pandemic set off an abnormally strong seller’s market where the list price was the floor of the negotiation, and multiple offers drove sale prices up to 104% of the original listing price on average in August of 2021. As the market adjusts, list prices transition back to being the ceiling of the negotiations where on average, sold prices are 97% of the original list price, closer to the 92% we saw in a pre-pandemic August of 2019.
Contingencies Return
The National Association of REALTORS® shows the percentage of buyers waiving their home inspection and appraisal is declining and REALTOR.com confirms with their August study that more sellers are accepting offers that include these contingencies:
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95% of sellers reported buyers requested a home inspection
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67% of sellers negotiated with buyers on repairs as a result of the inspection findings
Sellers Are Accepting Buyer-Friendly Terms
After an extremely competitive housing market for the past two years, survey data suggests that negotiation is back on the table – for both price and contract terms. In a recent article by REALTOR.com, 92% of all recent sellers accepted some buyer-friendly terms:
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32% dropped the price because the home didn't meet the appraisal
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32% paid for some or all of the buyer's closing costs
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30% had to be flexible on the ideal timeline for closing
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29% paid for repairs to the home after the appraisal
Increasing Days on the Market
Homes being on the market a little longer gives buyers more time to negotiate. With inventory building up and days on market increasing, sellers have more competition, and buyers have more options.
Popular Austin Neighborhoods
Austin is consistently ranked as one of the best places in the world to live and work — for good reason. The city's world-renowned live music scene, highly respected restaurant culture, gorgeous natural landscapes, diverse lifestyle activities, and offbeat vibe all draw a steady stream of new residents each year. There’s something to be said for every neighborhood in town, but if you’re considering relocating to the state capital, these are 10 of the most popular. This roundup is based on the most-searched-for neighborhoods in Realty Austin’s listing database.
