A new report has shown that nearly 75% of people view owning real estate as a more significant measure of achievement than successful careers or raising a family, and Austin’s current real estate market agrees. Homeownership is growing exponentially, especially as remote and hybrid workers migrate to more affordable locations to buy prime real estate. With homes leaving the market at a much faster rate than years prior, it is essential to move quickly. News of “housing bubbles” and cooldowns can scare investors and make them feel forced to jump on an opportunity. However, homebuyers need to understand the current housing market and act accordingly. With an expected spike in prices during the coming months, here are some critical considerations as you look to invest.
Bidding Wars
Bidding wars have always been common with fast-moving real estate, however, the current market has seen even more of an increase. Buyers should be wary of jumping in headfirst and spending their entire budgets when they might have additional fees to consider in the long run.
Migration Trends
Some areas have started to experience housing slowdowns, and many sellers are forced to revisit their prices. However, migration to affordable locations is still high, and buyers are eager to invest. Just recently, more than 17 locations in Texas have been ranked as some of the top cities to work remotely in 2022. And Austin continues to stand out as one of the hottest job markets, making it an even more attractive location for migration.
House Hunting
It all comes down to finding the right location and home. Houses are still being snatched off the market fairly quickly. Avoid panic buying by knowing your finances and budget realistically. Understand the market and trust your realtor. We can help you find that dream home while avoiding the hassle and stress that comes along with today’s market.
Whether you are in the market for a new investment or preparing to sell your home, consider these tips. Curious what your home should sell for in today’s market? Find out here. There will always be ups and downs in the housing market. Remember – real estate is local. Understand YOUR real estate market and take advantage of the resources available to you. Feel free to contact us with any questions!
