There have been many myths and assumptions about how Covid-19 has impacted the real estate market. However, the latest data from the Austin Board of Realtors® (ABoR) shows that Austin continues to exhibit resiliency in the face of Covid-19. July saw the second consecutive month of strong home sales numbers with a 21.5% increase in sales year over year.
Some of the assumptions I’ve heard people say…
It’s a Terrible Time to Sell Your Home
Wrong. Many potential home sellers made the decision to hold off on putting their houses on the market. New home listings in July (the latest data available at the time of this writing) dropped 14% compared to one year ago. The total inventory was 32% lower for the month. What does this mean? This means that it’s a great time to sell! The buyers are outnumbering the homes available. The luxury market is especially hot. Many big buyers are coming from California and New York as Austin is seeing a dramatic increase of new businesses popping up. As long as demand remains strong, favor is tipped towards sellers.
Home Prices Are Dropping
On the contrary! With record-low mortgage rates, this boosts buyer power. According to ABOR, median sale prices are up 10%. The days on market are 1.4 months in Leander. This makes it a seller’s market. Anything under 3 months is strong for sellers.
Homes Can’t Be Viewed in Person
At the start of the stay-at-home and social distancing mandates, many home showings and open houses were put on hold temporarily. At that time, people were opting for virtual home tours. By now, restrictions have been lifted. Real estate agents are taking extra care to provide a basket of hand sanitizer, masks, and gloves upon entry to protect both the buyer and the seller.
The pandemic has been unprecedented and scary for many of us. However, if you desire to sell your home during this time you can rest assured that the market trend is in your favor!
