Navigating Austin’s Tough Real Estate Market

As anyone who’s been looking for a starter home in Austin knows, it’s a tough market, and in fact, a recent report from Trulia described just how bad the shortage has become. The report examined housing inventory and trends in the 100 largest metropolitan areas in the U.S. over the past four years and found that particularly with starter homes – considered to be the first house an individual or family can afford to purchase – Austin has experienced the third largest decrease in availability in the nation. The decrease is a staggering one: a whopping 82.9% drop in availability between January 2012 and March 2016, from 1,927 to a mere 329 homes. The only cities that experienced greater decreases were Salt Lake City, Utah, and San Antonio, Texas.

Several factors continue to account for the shortage, including the 157 people who move to Austin each day as well as the increase in investor-owned property in Austin. According to Trulia, that increase drives up the price of trade-up and premium homes as well as starter homes, creating an unequal balance in supply and demand for all three types of homes.

So what’s a prospective homebuyer to do? A recent article on Zillow has some great advice for buyers and sellers alike. For buyers, it’s important to be prepared and be ready to move quickly when a home you’re interested in becomes available. Check out the article, and engage a good real estate agent to help you get ahead of the game.

At Blairfield Realty, we often hear about listings before they even hit the market. We want to help you navigate Austin’s real estate market. Give us a call today at 512.912.1910 to see what we can do for you!

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