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Old 10-27-2017, 02:45 PM
 
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Seems that there is a slowdown of housing purchases anecdotally. What do you guys think - is Austin about to become a buyer's market for the first time since the 80s?
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Old 10-27-2017, 02:57 PM
 
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Quote:
Originally Posted by Raskolnikov View Post
Seems that there is a slowdown of housing purchases anecdotally. What do you guys think - is Austin about to become a buyer's market for the first time since the 80s?
No.



I don't know what the market is going to do, but it's been a buyer's market way more recently than the 80s (dot-com bust, great recession).
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Old 10-27-2017, 03:55 PM
 
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I believe it is currently a buyer's market.
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Old 10-27-2017, 04:37 PM
 
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Quote:
Originally Posted by Raskolnikov View Post
Seems that there is a slowdown of housing purchases anecdotally. What do you guys think - is Austin about to become a buyer's market for the first time since the 80s?
not statistically

Quote:
The average home price in September was $362,598, up 4.6% from last year. September 2017 was still considered a strong seller's market with 3.1 months of inventory. However, home sales decreased 9.0% compared to last September and decreased 21% from August. Year over year, September median home sale prices increased by 4.8%, but decreased 6.4% since the peak in June 2017. While it's still a strong seller's market, year over year home sales declined by 9% and inventory increased 10%, so buyers have more options to choose from and sellers will have to be more flexible. We expect Austin to continue moving toward a more balanced market in the coming months.
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Old 10-27-2017, 04:57 PM
 
Location: Central Texas
20,958 posts, read 45,395,703 times
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The market is not a buyer's market, but what it does appear to be doing is to becoming more "normal" (though not normal as yet). When houses are going off the market within a couple of months (in most cases a week or two, some less), we are still in a seller's market. A "balanced" market is a month or two on either side of 6 months of inventory; right now (September 2017 which is the most recent stats we have since October isn't quite over), City of Austin has 2.4 months of inventory (average 42 days on market, no change from September 2016), and Austin area has 3 months of inventory (average 53 days on market, up 5 days from September 2016). Still a long way to go before it's a balanced market, never mind tipping over into a buyer's market. Of course, a lot depends on not only area but price range. My experience with buyers of late is that anything under about $300,000 is going quickly and there are still multiple offer situations.
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Old 10-27-2017, 07:04 PM
 
Location: Austin, TX
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Balanced market atm, it seems, although I am not basing that on anything other than personal observations regarding the local 'hood.
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Old 10-28-2017, 05:44 AM
 
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Quote:
Originally Posted by Raskolnikov View Post
Seems that there is a slowdown of housing purchases anecdotally. What do you guys think - is Austin about to become a buyer's market for the first time since the 80s?
Are you serious? It was a buyer's market after the tech bubble burst, around 2002-2005, as well as the depth of the Great Recession in 2009-2011. The late 1980s was a genuine crash unlikely to happen again this area; there would have to be a bank-induced speculative bubble or a depression for that level of a buyer's market. Underwriting standards remain quite strong.

Supply and demand are just a bit more in balance than they've been in the last few years, mostly because supply is slowly catching up.

We're at 3.0 months supply now for the metro area versus 2.x months in the last few years.

https://www.recenter.tamu.edu/data/h...tin-Round_Rock

Last edited by df175; 10-28-2017 at 06:14 AM..
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Old 10-29-2017, 06:13 PM
 
Location: SW Austin & Wimberley
6,333 posts, read 18,053,649 times
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Quote:
Originally Posted by df175 View Post
Are you serious? It was a buyer's market after the tech bubble burst, around 2002-2005, as well as the depth of the Great Recession in 2009-2011. The late 1980s was a genuine crash unlikely to happen again this area; there would have to be a bank-induced speculative bubble or a depression for that level of a buyer's market. Underwriting standards remain quite strong.

Supply and demand are just a bit more in balance than they've been in the last few years, mostly because supply is slowly catching up.

We're at 3.0 months supply now for the metro area versus 2.x months in the last few years.

https://www.recenter.tamu.edu/data/h...tin-Round_Rock
Correct. relief has come to buyers though. Fewer multiple offers, sellers more negotiable. This hasn't fully showed up in stats yet. Leasing market is very soft at present as well.

Steve
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Old 10-30-2017, 09:45 AM
 
Location: New Braunfels, TX
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It's fall - the RE market historically softens up during the school year. The real gauge will be around April-May through August, when the majority of folks make their moves. So, yeah - if you're in a position to relocate, now is likely the most advantageous time to do so.
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Old 10-30-2017, 09:48 AM
 
Location: Austin, TX
15,269 posts, read 35,630,016 times
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Quote:
Originally Posted by TexasRedneck View Post
It's fall - the RE market historically softens up during the school year. The real gauge will be around April-May through August, when the majority of folks make their moves. So, yeah - if you're in a position to relocate, now is likely the most advantageous time to do so.
But this Fall is much less crazy than last fall. Hopeful sign of a 'normal' market.
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