Looking for a change? – Georgetown Texas market update

There is over 6 months of inventory in Georgetown, TX. Yeah, I’d say it’s a buyer’s market. So, if you’re looking to change your surroundings and buy a home now is a good time.

Advice to sellers: Don’t sell if you don’t have to. If you have to sell, price AHEAD of the market or else your home will just sit there. Or if you want to upgrade, then sell. You might not make as much as you wanted, but hey, if you’re staying in the area you’ll be able to take advantage of the market as a buyer

Advice to buyers: It’s time to buy! Prices are expected to continue to decline, but many analysts are expecting that to taper off by the end of the year. Buy an investment home. Or buy the home you’ve been wanting to get, but have been holding off….or do both!

This market is solid and for long-term owners, you have nothing to fear. I’m following my own advice and have been trying to buy as many investment homes as I possibly could over the past 2-3 years. I’ll continue to do that because I’m a big believer that the Georgetown Texas real estate market has a strong foundation. In fact, I think I will do both! More on that in a future post:)

Here’s a Credit Suisse June housing report on the Austin market you might find interesting.

Austin, TX – Modest Price Declines Likely to Continue
(12,137 single-family permits in 2007, 13th largest market in the country)


Buyers continue to wait for better deals. Our buyer traffic index fell to 25.0 in May from
30.0 in April, indicating deteriorating traffic, below agents’ expectations (readings below
50). Agents said an expectation of further price declines seems to be the main impediment
holding many potential buyers back (although recent fears about the economy and
employment outlook are also key drivers of weak traffic levels). In addition, several agents
noted increased competition from homebuilders who are undercutting re-sale pricing.
Austin has remained relatively healthy compared to many markets given limited price
declines, but we see increasing risks based on rising inventories and a longer time to sell.
We expect that buyers will likely continue to wait on the sidelines for the near future.

Prices fall modestly; rising inventory points to further declines. Our price index
improved to 41.7 in May from 26.7 in April, still indicating modestly lower prices as
compared with last month (readings below 50 point to lower prices over the past 30 days).
Agents noted an increase in REO listings adding to existing inventories and continuing to
weigh on home prices. Our home listings index measured 29.2 in May (from 13.3 in April)
below a neutral reading of 50. Buyers are also increasingly aware of the growing inventory,
as nearly all agents noted a longer time needed to sell a home in May relative to April. We
generally view a longer time needed to sell as a negative indicator for future pricing trends,
as sellers typically reduce their asking price the longer their home sits on the market.
Comments from real estate agents:


■ “Families are cutting back on expenses to make ends meet, and are rethinking
whether they want to move-up to a larger home or stay where they are.”
■ “New home builders are capturing buyers who typically would have purchased an
existing home.”

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Comments

  1. Great looking blog!!
    Good info too….

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