According to numbers released by the Austin Board of Realtors on February 16, 2017, home prices in the Austin-Round Rock metro area increased 9.8% year over year in January with the median home price checking in at just under $280,000. In comparison, the median price of a home nationally was $228,000, an increase of 7.1% for the same time period, as reported by the National Association of Realtors. This delta certainly lends credence to the recent Forbes report that Austin is now considered to be an "unaffordable city." Many point to the fact that new home building permits are issued at a critically slow pace. Simple supply and demand - fewer homes means higher prices - and the area only has a 2 month supply of homes, 1.4 months in Austin proper.
What does this mean to the typical home buyer? Likely, paying more for less - higher sale price for an older, smaller home - just to buy in the area. And, likely entering into a multi-offer situation for the home they prefer, often times driving the sale price over the offer price and even the market value. Many home buyers are actually coming out of pocket to make up the difference between the appraised value and the contract price simply to get the house.
Now more than ever, working with an experienced REALTOR that has the knowledge and experience maneuvering the complex Austin real estate market is key to ensuring buyers understand the value of the home they are buying and having a partner on their side to negotiate the complex landscape from offer to closing.
Author:Kathryn McCurley Phone: 512-547-7784 Dated: February 22nd 2017 Views: 1,024 About Kathryn: Early in my career, I was fortunate to attend a Zig Ziglar seminar. He opened with, “I wasn't born...
View our latest blog posts in your RSS reader. Click here to access.
JP And Associates REALTORS (JPAR) is one of the top 100 independently owned brokerages in the US. A full service real estate brokerage firm specializing in real estate sales and marketing services with multiple offices across the US and expanding quickly. JPAR is also one of Real Trends top 500 Brokerages in the US for volume and sales and in the top 1% in the US for sales.
Our mission is to provide extraordinary services and exceed our clients’ expectations by always committing to the highest levels of professionalism, ethics and standards in the real estate industry.
JP and Associates REALTORS is a real estate company with a solid structure and foundation built around service and productivity. We believe in providing a fun and rewarding environment for all our REALTORS® and therefore always ready to support our REALTORs® Associates in any market and in any condition. All our REALTORs® will always strive to close more transactions in a given year than the average REALTOR®. Our goal is to recruit and retain the most professional, better trained REALTORs Associates in the local market.
If you are interested in a new career in real estate or already have a real estate license but wish to learn more about our company please contact us directly to set up an interview. We offer our agents a 100% commission plan, company leads, training and mentoring and coaching from TOP Producers with no office, desk fees or monthly marketing fees ever. We are a full service brokerage at a transaction fee cost.
At JP And Associates REALTORS we strive to exceed our Clients AND our Associates expectations.
"Over the past ten years in Austin, I have utilized the services of a handful of realtors. My experiences (3 now) with Lori were by far the smoothest and most personal of those. Due to certain circumstances, I needed to find an apartment in a relatively short time-frame and had a very specific set of criteria in mind. Lori was very receptive of my needs and was genuinely concerned with finding a unit that best fit what I wanted. I was constantly supplied with potential candidates and Lori made sure to quickly tailor those based on my feedback. She is dedicated, professional, and earnest. I would recommend Lori in a heartbeat to anyone in need of a realtor."