It’s hard to know what to expect in a real estate market like that in Austin, Texas. On the one hand, the housing market’s been all over the place of late, so it’s difficult to know what to expect. On the other hand, many markets have performed similarly to the Austin one in the past. Here are a few things to keep in mind when you go about selling or buying a house in Austin. We’ll talk about price fluctuations, and a little bit about what to expect from buyers and sellers, depending on what side of the coin you find yourself on.
The all important number… price. Prices for just about any asset can change instantaneously. With housing, those changes tend to take a reasonable amount of time to appear, so the real estate market doesn’t have the same hectic feel that the stock and derivatives markets do. That said, prices do move, especially in areas like Austin, where sales are picking up. In general, a moving market is more likely to exhibit price fluctuations than a static one. If you’re selling, try to sell fast; if you’re buying, try to identify and purchase a home that’s underpriced relative to the rest.
Thinking of selling your Austin house in this moving market? We mentioned above that trying to sell as quickly as possible is a good idea, and this is true. If you can reasonably set the price you want to sell at, you should try to hold on to your asset for as little time as possible. Because you will almost certainly haggle your price downwards with your buyer, it’s important to wait for a time you can set your price a little bit higher than what you want to make. This way, you can haggle down to the price you’d like to sell at.
On the other hand, if you’re buying, you have to be aware that a seller might have placed his or her price in the wrong place. If you can identify a home that’s underpriced relative to the rest of the homes in its area, you should definitely approach it as a possible buy. Haggling is a big part of sales in real estate, but if it’s already priced low, you might want to surprise the seller by offering his or her desired amount. This way, you get the sale, and you save.