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A recent post understandably prompted a reader to ask whether they should shop for homes well above the price range in which they hope to buy. I replied to that question directly, but the issue of “shopping high” comes up frequently (almost as often as sellers want to “start high” on list price), so I’ll discuss it again here. Continue reading
Homes that are priced right on day one sell faster and for higher prices than those that “start high.” There are bound to be exceptions, but I haven’t found one yet. Continue reading
Virtually all economic indicators call for optimism for Austin’s economy and housing sector. However, uncertainty in the U.S. economy generally, and in the real estate business in many key metros, call for caution. Personally, I remain bullish but I am eager to see actual results in May and June 2011 before saying confidently that we have entered a sustainable new growth cycle. Continue reading
From articles earlier this week saying that home prices nationwide are falling faster than at any time in three years, to a new article today saying the home prices are rising in most cities, it looks like you really can “pick your facts” about real estate. Continue reading
When I see reports like those this week about how weak home prices are I feel the need to remind Austin/Central Texas consumers that we really are different. Renewed strength in other major metropolitan areas will obviously help us too, but so far the sky isn’t falling here. Continue reading
There are many ways to approach market analysis. Many real estate practicioners still do what their clients usually expect and base a pricing recommendation on recent “comps” in the neighborhood. That will certainly provide one indication of market value, but without a more thorough understanding of the market environment, I suggest that that approach can easily mislead, and result in a listing that is overpriced, or underpriced or, maybe, priced just right. Continue reading
Obviously, this post offers no advice to any individual homeowner, but even without discussing specific prices of specific homes, I hope this snapshot of one month’s sales will provide a point of reference in thinking about positioning the home you wish to sell. Continue reading
There was a good post from Lawrence Yun, Chief Economist for the National Association of REALTORS® today that prompts me to comment: Rising Days on Market The last sentence in Mr. Yun’s article was the most accurate and the most important: “DOM for an individual property is very important and re-pricing will be necessary at … Continue reading
In my last post (see Updated Austin Market Dashboard, 04/29/11) I focused largely on volatility in unit sales, but emphasized that the Austin/Central Texas real estate market has largely maintained a healthy balance between supply (i.e., listing inventory) and demand (i.e., home sales), which allowed our home values to remain much stronger than many areas … Continue reading
The key “unknown” at this point is whether we have more volatility ahead. Locally and regionally, conditions remain good, but without a broader recovery in the national economy and housing sector, continued strong in-migration and the ability of those new Austinites to buy homes is more limited than it should be. Continue reading
Bill Morris on Austin Real Estate 