It's a great time to buy, she says, even with higher interest rates. Naturally, with listings prices still increasing but rates edging past five percent, many folks were priced out of the market and stopped looking.īut she chafes at the idea that the Austin housing market is "ice cold" or "overheated" or whatever weather descriptor the media decides to use to describe it. Jackson says everything changed when federal interest rates began to skyrocket in late April 2022. "We don't have to do that right now," she says. "Some buyers have even enjoyed getting homes under the list price."ĭuring the pandemic, Jackson says, she had buyers who were offering as much as $100,000 over asking prices for homes. "Suddenly, they had a more stable marketplace in which to find a home it meant they had some options," Jackson says. Heavy bidding wars, like the ones written about in the New York Times Magazine in November 2021 and in this publication last spring, have slowed as buyers haven't had to compete with each other as much. The last 18 months have been characterized by stories of low inventory, cash offers regularly trumping those needing financing, and offers regularly soaring above asking. She says the Austin market has returned to a more normal pre-pandemic form, one that was already attractive to buyers. Media SpinĪshley Jackson, a longtime Austin real estate agent and the president of the Austin Board of Realtors, calls the current Austin housing market a "stabilization," rebuking the notion that six months of a downward trend means the housing market is over. MySA spoke with some Austin realtors about what it's really like on the ground as the real estate market inevitably shifts from where it was one year ago. Mixed metaphors don't travel between publications, but it's clear the new reality for Austin real estate is an extreme shift from a year ago.
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