For Austin, we have 8%-9% of the market in new inventory each week but 11% going under contract each week. This definitely means we are still in a Seller’s market in Travis county.
Even though we had more listings in almost every price point from June vs May, we still are in need of inventory. Buyers as a whole are expecting more in repairs as they are being held against a wall in up front negotiations, so don’t be surprised if the repair list feels more emotional and more lengthy than we saw last summer.
For Sellers: Price realistically to drive multiple offers and then play harder on repairs when we secure a backup contract. Pricing over the market could cause you to “miss” the mark and chase one single interested buyer versus several options when we drive multiple offers.
For Buyers: Don’t fall in love until you see the inspection report. Be level headed in getting the home and push harder for repairs if you can get the leverage to do so. The most desirable properties will still be tougher to get leverage as there are still more buyers than sellers in this market. We don’t expect this to change any time soon based on current inventory levels.