Austin Market Slowing? (Cedar Park, Atlanta, Bailey: real estate market, 2015, loans)

[llkltk]

Originally Posted by FromCalitoSteinerRanch

Austin-Steve, or other agents, can you verify?

Oh, also most likely this is on inventory homes that are stocked full of upgrades so the builder doesn't lose much money in the end.

[CLQ]

Taylor Woodrow is currently offering $20,000 off all new homes that can apply to upgrades or reducing the purchase price.

[LinusK]

Homes sales in Austin fell in June, July, and August, the last month for which figures are available.

And that's year-over-year, not month-over-month. So it takes into account seasonal changes.

You can see the figures here: Real Estate Center.

The months' inventory has also increased, from 3.1 in January, to 4.5 as of August, almost a fifty percent increase.

And MacFanatic is right about median price: it's the lower end homes that have been hurt the most, meaning that prices are going down, even though the median's going up. If you follow the listings, you see houses dropping in price over and over again, but still not selling.

I don't expect Austin to get as bad as California or Florida, but I do expect sold home prices to fall, and for inventory to continue to grow.

[looking2tex]

Just wait till all the foreclosures start to hit!!! I predict it will be even worse than anyone realizes in the next 12-14 months...Check out the MLS, many of the pics in the listings show vacant homes with little of no furniture in them, far beyond being "staged" for a quick sale...How many people can afford to pay 2 mortgages, my bet, not many. There is a GLUT of homes on the market and a Glut of real estate agents out there. Almost 2 homes per agent in Austin , according to the article in the Statesman on the weekend of Oct 7th. Seems like a buyers market is here and will continue for some time to come...IMHO

[loves2read]

resales can be desperate as well--people are doing things like paying closing costs or offering discounts for things like new carpet which they did not do to start with...
some are even doing things like helping pay moving costs...depends on the market and how desparate the sellers are...
my daughter is in condo south of sarasota fl--MANY condos on market--theirs is 1/1--real strike against it--they have painted in some brighter colors--when they asked the realtor if they needed to paint in neutrals she told them if it was make/break on deal SHE would offer to have the condo painted out of her commission--

[llkltk]

Originally Posted by looking2tex

Just wait till all the foreclosures start to hit!!! I predict it will be even worse than anyone realizes in the next 12-14 months...Check out the MLS, many of the pics in the listings show vacant homes with little of no furniture in them, far beyond being "staged" for a quick sale...How many people can afford to pay 2 mortgages, my bet, not many. There is a GLUT of homes on the market and a Glut of real estate agents out there. Almost 2 homes per agent in Austin , according to the article in the Statesman on the weekend of Oct 7th. Seems like a buyers market is here and will continue for some time to come...IMHO

This is one person's opinion. Still not a buyer's market. It's somewhere in between but again don't look for deals, not going to happen in homes over 250K, prices will still rise. Our economy is great in Austin, tons of jobs, etc. The Statesman predicted home prices to rise.

[carlym]

Two houses on a certain street in south austin sold within a month...145000-149000. Guess it depends on the price you're looking for. This is an older area, but they sold for what they asked & fast. I drive this street every day & watched them in the MLS.

[Torontonian]

Originally Posted by StillLookingToo

I recently looked at new construction from Dripping Springs to Round Rock and the builders I saw, were offering $20,000 to nearly $100,000 of their "list price" and many with big realtor incentives.

Not Standard Pacific in Cedar Park. No incentives or discounts yet

[Taterhead]

I live in Phoenix and ask a realtor in Austin about a home listed on MLS in cedar park 269.000 home. He called me with the answer and we got to talking, he said the Austin market has taken a dive (his words). I had said we were hit hard here in Phoenix and that's when he said it has followed them there too. Whey would he say this to me and some of you are saying it isn't so, aren't you all in the same business? don't you all get the same info.

Debbie

[Torontonian]

Originally Posted by Taterhead

he said the Austin market has taken a dive (his words).

That is true. Prices went down in Cedar Park. Inventory is record high. But I was reffering to one particular builder who is not willing to give any incentives or discounts at all at this moment. At the same time there're couple resale houses in that area from that builder right now. Owners bought those houses at the end of 2006 and getting a hit of 10-15K compare to what they paid. There're also couple foreclosures in Twin Creeks neighborhood which would've been unheard of in 2006-beginning of 07