Experts Predict Decline in Housing Prices for Austin
Recently a client who is searching for a deal on a foreclosed property sent me the following article on a predicted decline in housing prices in Austin Texas. The person passing it to thought this would create a great opportunity to ” get a deal” on a foreclosed property.
Experts Predict Decline in Housing Prices for Austin
After reading the article I did some research and found that the foreclosure listings in Austin Texas only represented 7% of the available inventory. While some of the 757 listings may be a great deal where do you want to focus was my question on those or the other 9899 available properties. What finally happened was this buyer buyer was willing to open their search to the entire MLS regardless of it being a foreclosed property or not.
While foreclosures may be on the rise in certain areas in the greater Austin area they are not 30% of the inventory as you may find in California, Florida and Nevada.
I firmly believe that high inventory levels caused by reduced buyer demand are responsible for the drop in home values here in Austin Texas. If the entire MLS is taken in to consideration there is currently a six month supply of homes which would indicate a neutral market. However some segments fair better and others clearly favor the buyer such as the supply of luxury homes valued at over $1,000,000 where there are currently 28 months of supply.
What I suggest is once you have identified a potential property check and see what homes around it are selling for and what others have sold for. It is what I like to refer to as a Market Snap Shot report .
What ever you decide get the facts and if you are facing foreclosure enlist the help of and expert.
Written by Jim MorelliREMAX Capital City | 13018 Research Blvd. | Austin TX 78750
Direct 512.918.1562 | Fax 512.331.7480
http://www.LivingNorthAustin.com
jim@livingnorthaustin.com
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