We’re sharing Austin’s 2020 first-quarter update. Here’s what you need to know about the market.
What we’ve seen in the first quarter of 2020 in our Austin market is that interest rates are especially low; they’ve dropped to the high twos to low threes. We also currently have very low inventory, about 1.8 months, meaning we’ll sell out of homes in just under two months if no new properties are listed. When you mix those two elements, they combine to create one of the most competitive markets we’ve ever seen.
We’re used to seeing multiple offers here in Austin, but now the market is more aggressive than ever because as soon as something new comes onto the market, multiple parties are interested immediately. To prepare yourself for the market, we recommend starting the pre-approval process right away. Have a conversation with a lender, or reach out to us, we’ll put you in contact with an excellent one.
Pre-approvals can last up to 120 days, so even if you’re not ready to make an offer this week, you’ll know your purchasing power and what your payments will look like when you are ready. This will help whether you’re searching for houses online or going out to walk-through homes. In Austin, the season of when you buy or sell has become less important. Have your finances prepared for when the ideal house comes on the market.
We aren’t trying to stress you out about the real estate market, but this does illustrate how crucial it is to have a professional on your side to help navigate you through this process. We’re excited to jump into your next real estate adventure with you!
Don’t forget: If you’re in the market for a home, please click “Buying” on our website to start your house search. If you’re considering selling your property, please click “Selling” and then “What’s My Home Worth?” and we will give you the current market value of your home.
If you have questions about the market or real estate in general, please reach out by phone or email. We’d be glad to set you on the path to success.