If you’ve been wondering when would be a good time to sell your home, you may want to embrace the present and contact your trusted real estate consultant. Based on data from RealtyTrac, in March Austin home sellers sold for an average 40 percent more than they purchased. That price gain is the highest average price gain for home sellers in any month since December 2007 at the onset of the Great Recession. Considering the strength of the housing market – especially in Austin – if you want to sell your home you should take advantage of record-setting price gains and list this year.
Record Austin Home Price Gains
Austin is among the handful of markets that have experienced higher-than-average price gains. In fact, home sellers in Austin have enjoyed price gains at more than twice the national average, which reached 17 percent in March. According to data from the Austin Board of REALTORS® (ABoR), median Austin home prices in March increased 7.8 percent year-over-year to $278,000. Austin real estate values continue to climb as a thriving Austin economy and lower-than-average cost of living attracts people from all over the country who are relocating to the Austin area in search of stronger wages and a more robust lifestyle.
However, if the Fed raises interests rates, then buyer demand is expected to take a dip. A dip in demand can translate into lower sales prices. Selling your home this year will take the risk out of waiting.
Growing Demand for Austin Homes for Sale
As residents continue to flood the Austin area, demand for housing grows and outpaces supply despite the best efforts of builders to keep up with demand. Despite a 12.2 percent increase in new single-family home listings, Austin-area monthly housing inventory showed a decrease of 0.2 months from March 2015, reaching just 2.0 months of inventory. This figure is well below the 6.5 month level the Real Estate Center at Texas A&M University estimates as a balanced housing market.
Selling your home this year will not only allow you to sell at the top of the market, but will also contribute to the overall stability of the Austin housing market. Your Austin home listing will provide much-needed inventory for desperate buyers.
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