People are leaving ATX. I’ve lost count of how many people have sold or are selling. Having a low interest rate isn’t stopping families from packing their bags either
The low interest rate keeping people here is more of an argument if they’re staying local. But if they can get way more house in another city/state, they may not be quite as interest rate sensitive.
I was looking to upgrade but I keep seeing more inventory at better prices. I’m waiting until next spring, I have a feeling prices are going to keep dropping.
Ya, it's so hard to tell when the "bottom" will be. The only way to truly know is when prices start coming back up. I think we'll see a window of opportunity coming up as rates drop to make monthly payments easier to stomach for a lot of buyers, but demand may lag due to seasonality and you get can a great deal. We've heard A LOT of people saying they're "waiting until spring of 2025"
No, the numbers DO NOT ADD UP. Prices still need to drop quite a bit. Sellers are still in denial. The time will come. Be patient. And no, I still would not buy right now. This is going to end badly for a bunch of uninformed people and people that were greedy etc. It's a sick situation. Another 40% down to go before a bottom. People are starting to understand, better sell now and rent for a few years and THEN we'll buy back in at a major discount. This market has a long way down to go. People's salaries did not stay even close to the increases in housing. It''s out of whack and extremely distorted. Don't be fooled.
You truly believe home prices will drop another 40% in the Austin area? What could drive that? We're at at a near 15 year high in inventory with demand down, and the needle still hasn't moved that much in the last year. I think a wave of foreclosures or insane spike in unemployment would contribute to a bigger drop, but will either of those happen on a catastrophic level?
All relative I guess. Way more than pre-pandemic, but prices have softened since mid 2022. The game is figuring out when they'll start coming back up...
