Austin Realty Behind the Scenes with Ryan Rodenbeck Show Notes "Why is Fall the Best Time to Buy a Home?"
Why is Fall the Best Time to Buy a Home?
Interested in finding the best time to make Austin your new home? We’re going to tackle this and more on today’s broadcast.
Today we’re going to cover the latest market report in Austin and give you a run down on why you should buy a home NOW.
Key takeaway: Home prices hit record highs in July
According to the Austin Board of Realtors the median price for a single-family home in the 5 county Austin metro area hit $320,000, the highest monthly median price ever recorded.
The Austin metro also saw a 8.8 percent increase in home sales year-over-year for a total of 3,103 leading to the most sales in July since 2011.
The good news is that permitting for new single-family homes is up 17% year-over-year but that’s not enough to keep up with demand. In July inventory in Austin dropped to 2.1 months supply. A balanced market is 6 months.
Steve Crorey, 2018 president of the Austin Board of Realtors said in a statement, “Home sales are home up across the board in the Austin area, but declines in housing inventory are almost just as steep.”
Within Austin city limits, the median home price jumped 6 percent year over year to $390,000 and the sale of single family homes was up 13.5% year-over-year.
The strongest demand for homes was between $250,000-$500,000 making up 54% of sales, followed by sales under $250,000 making up 27% of sales, and sales above $500,000 accounting for 19% of total sales.
Why Fall is the best time to buy a house:
Average sold price increases from January to early June, then declines from June to November.
Less competition within the market when there are less listings on the market.
Based on trends within the past 13 years, there is a small peak of sales vs selling price at November and December because family becomes involved and people become nervous
Seasonality charts can be found here.
RYAN'S GUIDE TO 3 COSTLY MISTAKES YOU COULD ME MAKING IN THE HOME-BUYING PROCESS: https://bit.ly/2PwjP0H