As you may recall, in my previous blog post titled, When’s The Best Time to List My Property, I mentioned how most families prefer to move during the summer. This has resulted in sellers getting the highest price for their home in May/June. In fact, over the past five years, we have consistently seen the highest median sales price for homes in the City of Austin occur in either May or June. Given that the average days on market for Austin properties over the past five years that sold in May or June ranges from 32-45 days, and the fact that a home usually takes on average 30 days to close after going under contract, these properties were likely listed for sale in March or April. Thus, if a home that was listed for sale in the early spring is still available, it may be a great opportunity to get a home for a steal.
You may have hesitations about looking at a home that has been on the market for over 100 days, and wonder why this home hasn’t sold. You might think something must be wrong with this home. However, it may have simply not been marketed properly, been priced too high initially, or this could be a result of one of these other reasons.
Regardless, if a home was listed in the early spring and is still on the market, the sellers may be getting anxious to sell. This is especially true if the home is vacant. A vacant property means the sellers are simply incurring costs (utilities, property taxes, insurance, mortgage etc.) without any benefit. After a few months of this, many sellers become more inclined to accept a lower offer.
If you’ve been looking for a home in Austin throughout the spring and early summer, you know how competitive the market has been. Multiple offers on homes occurred frequently, and you may have become burned out by the process. Now, there is less competition. In fact, data from the Austin Board of REALTOR’s MLS shows price decreases are occurring on many Austin homes.
Everyone knows that moving in Austin this time of year can be hot. However, a little sweat may be worth it if you can get a great deal. If you’re looking for a great buy in Austin, contact me today. I can easily locate the best options for you based on your specific needs. If you feel like looking at Austin homes for sale on your own first, click this link.