I know, I have said this before, the single greatest problem we face in today's market is the shortage of homes. We continue to be in a Seller's market, with many homes selling within the first two weeks of being listed, and often for more than the listing price, and subject to vicious bidding wars. A good friend of mine had 21 bids for one of his listings that he had for sale. Crazy. Where do you even start with that? The problems that this can cause are plethora. First, home prices go up. Not bad news for sellers, but bad news for buyers. Great news for the overall economy in the short term. BUT, what happens when the frustrated buyers just simply give up? Or, as has happened in other markets, the prices get so high that no one can afford to buy. In Austin, that is actually not far from where we are now. I have seen home owners who cannot afford to sell their house, because they can't afford the new prices of homes. In an ordinary market, it all should be a wash. The house you sell should be sold at a value that is higher, you get more money, so buying a more expensive house should be easy. The problem is that incomes have not always increased for the people who own homes. In fact, many homeowners who would love to sell and move somewhere else are retirees, looking to downsize their home and get an "empty nest" home. But the problem with retirement income is that it is limited, and they may not have enough to meet the price demands of the current markets. That is why so many homes are being bought by people coming in from out of town. At last check, we are still on a NET of 156 people coming in (after taking out those who have moved out) to Austin EVERY DAY. Every day. Think about that. That is over 4,000 people per month coming to Austin. There are towns that have 4,000 people living in them!!!!!! This heightens the demand, and because many are coming from higher cost states, they are willing to pay more for a house here than local residents are, because compared to where they lived before, we are cheap. But for local Austin residents, we are getting to the point where we can't afford our own housing! This is a situation that is ripe for a bubble. The price will go up so much that eventually, no one can buy, and then POP. The market will decline. I am not saying it will be soon. As long as we are bringing in so many outsiders to our wonderful town, the houses will sell. But in a very real way, to me, this is a sad state of affairs. i much prefer to work with buyers who are the local Austin residents who just want to start building their wealth through real estate. So, the bottom line. If you want to sell, NOW is definitely a GREAT time to get your house on the market. I have attached an article that talks about the shortage of homes nationwide. We are not alone.
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This article was originally published by Landmark Home Warranty at&nbs
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