With Christmas week upon us, we prepare for motivated buyers to come into town visiting family or taking advantage of time off with their relocation packages/paid time off. Sellers are on the market in fall, this means they need to move or sell. As a VPP Seller, we can work with showings around your holiday schedule. Just let us know if you have any special needs or restrictions.
We have 8% of homes selling per week or about 32% of the market selling each month. This means that we have a 3 month supply of homes in Austin. Anything under a 6-7 month inventory means we are still in a Seller’s market. If you are seeing a home sit, the condition, price or location may need to be revisited to get the home in a better position to compete for a successful sale.
The Fed announced last week that they will raise interest rates 1/4 of a point. That means that the same home will cost more next year. Although this is a small hike, we need to make sure that Buyers understand that this will effect buying power over time. We’ll continue to watch numbers and interest rates as the Fed gains more confidence in the economy.
Looking forward to a great 2017 and thank you all for your support and referrals to make 2016 a record year. Cheers to prosperity for you and your family in the holiday season.