Market trends in Central Austin[/caption]Area real estate agents say Austin’s housing market is showing no signs of slowing down as home prices continue climbing and the housing supply remains low.
Realtor Jonathan Stilley, who is a member of the Austin Board of Realtors board of directors, recalled a recent instance of listing a client’s home on a Friday and having 74 potential buyers attend the weekend open house. The home received multiple offers by that Sunday, sold for well over asking price and closed in 12 days to a cash buyer, he said.
“[The housing market] has really taken off in the past couple of years,” he said. “… It’s this perfect storm of what’s perceived as still affordable, nice amenities and short supply. We’ll see this maintained for a while unless something happens.”
Homes that are priced well and already updated—meaning they do not require significant upgrades—are selling the fastest and often in days, he said. In Central Austin, he said the most number of homes sold are in the range of $500,000s-$700,000s east of MoPac and over $1 million west of MoPac.
In multiple-offer situations, Realtor and ABoR President-Elect Brandy Guthrie it is important to have a Realtor to guide clients through the process.
“We have a conversation with the client and provide them with statistics on what the home should appraise for and nearby [home] values and educate them in ways to submit their best offer,” she said. “That way if [the offer] doesn’t get accepted you know you put your best foot forward.”
Even for sellers, Guthrie said having a Realtor can be vital when deciding which offer to choose in a multiple-offer situation.
“If the buyers have financing the house still has to be appraised,” she said. “If the appraisal does come in short, it does have to come to a discussion if the buyer is willing bring that [difference above the home value] to the table, and a lot of times the buyers are having to bring the difference to the table.”
In Central Austin, Stilley said the growth of the North Burnet Road corridor is drawing many buyers from other parts of the city.
“Burnet’s becoming a legitimate corridor,” he said. “I’m seeing a lot of my buyers who a few years ago would look downtown now say, ‘I can be on Anderson Lane right now.’”
The area has become more attractive to buyers who want walkability, he said. Demand for condos, townhomes and housing in mixed-use developments has increased in the past year along growing corridors such as Burnet and Lamar Boulevard as well as in downtown and near The University of Texas.
He said many more people want these types of housing for their “lock-and-leave” lifestyle.
“It’s a product that a lot of people like,” Stilley said. “We’re getting a lot of people from Boston, Chicago and New York. They are used to that [type of housing]. A lot of people want that lifestyle because there’s so much to go and do.”
