The Austin property market continues to break records for median sales prices and number of homes sold. Given the strong selling conditions, here’s what you need to know about timing a home sale in Austin, Texas.
A carefully timed listing can have a major impact on the speed and final value of Austin home sales. Unfortunately, successfully timing a property sale remains a tricky process, requiring considerable selling experience and familiarly with seasonal fluctuations in local buyer demand. If you want to avoid a poorly timed sale outcome, your best bet is to partner with an Austin-based real estate agent.
Remember, even if you’re working with a real estate agent, you’ll still need to familiarize yourself with local market conditions. Here’s what you need to know about the best time to sell in Austin.
Best Time to Sell in Austin
Accounting for seasonal variations in buyer interest and housing supply is crucial when timing your property sale. In Austin, buyer demand picks up during the first month of spring, with the sales rate and median sales prices rising steadily until mid-summer. By listing in spring or summer, Austin sellers will also benefit from higher buyer traffic, more intense buyer competition, and more appealing conditions for home inspections.
Over the last two years, Austin’s local economy has expanded at a breakneck pace, recording 7.9% year-to-year growth on the Austin Business-Cycle Index and adding more than 35,000 jobs. With exceptionally low unemployment rates, an expanding job market, and an impressive rate of commercial activity, the Austin economy is poised for further gains through late 2019 and 2020.
Despite the sharp rise in median sales prices, Austin’s burgeoning high-income job market and strong wage growth have kept the gap between housing prices and income relatively stable. However, with intense buyer competition sustaining median sale prices above $375,000, single-family and first-time homebuyers are finding it increasingly difficult to afford a home in the Austin area.
The National Association of Realtors has observed a flattening sales trend across the Austin property market. Following a nationwide shift, the Austin property market recently experienced a minor slow down through late 2018. Affordability concerns, housing inventory shortages, and fears of climbing interest rates are the key culprits behind the housing market pullback. With housing construction scrambling to meet high-income buyer demand, affordability issues will continue to impact the Austin property market through late 2019.
Key Factors That Help Austin Homes Sell Faster
Access to Work
As the meteoric growth in Austin’s job market continues, prospective homeowners — especially cross-state or interstate buyers — are placing a lot of value on homes located close to their workplace. For this reason, properties with easy access to Austin’s central business district and tech center will typically be snapped up shortly after listing.
Increased population growth and a flourishing job market have reinforced the process of gentrification in Austin. An indirect consequence of this process is that Austin buyers are now placing more value on walkability, preferring homes that are a reasonable distance from malls, restaurants, schools, universities, and green areas.
Proximity to Parks
As Austin continues to gentrify, the city’s lush parks and gardens have become a hot hosting location for community events and business initiatives, staging everything from boutique pop-up stores and relaxed café precincts to charming neighborhood markets and local festivals. For this reason, proximity to park and garden areas, such as Austin’s Zilker Metropolitan Park or Edward Rendon Sr. Park, is a major sale modifier for Austin buyers.
Three Tips for Maximizing Your Profits When Selling a Home in Austin
1. Consider Your Specific Market
Sellers can use metropolitan median sales data to create a basic pricing strategy for homes in the Austin property market. However, for a more comprehensive overview of the local market, sellers will need to conduct a comparative market analysis (CMA).
A CMA compiles listing and sales prices for comparable properties in your local neighborhood. Sellers can then use this information to refine their home valuation strategy and set a more competitive listing price.
Learn More: Understanding a Comparative Market Analysis
2. Make Impactful Repairs and Renovations
Well-researched, high-impact repairs and renovations can dramatically increase home value and buyer interest. We’ve listed a handful of value-adding repairs and renovations that are popular amongst Austin sellers:
- Install a polished stone kitchen countertop and replace outdated cabinetry.
- Replace bathroom fixtures and fittings.
- Replace damaged or outdated windows.
- Repaint interior walls with a warm, neutral shade.
- Remodel the living area to create an open-concept room layout.
- Polish hardwood flooring and repair any cosmetic damage to the floorboards.
- Enhance your home’s curb appeal with professional landscaping and a full garden clean up.
Remember, home improvement projects are notorious for going over set budgets. Before you start any value-adding repairs and renovations, make sure the estimated costs are less than the projected value returns.
3. Find a Great Real Estate Agent
A successful sale outcome requires more than just timing the Austin property market. Partnering with an experienced, local real estate agent is critical if you want to maximize your profit margins and fast-track the selling process. To connect with a top-rated, full-service agent in Austin, reach out to a real estate agent in the Clever Partner Network.
Clever Partner Agents will do everything they can to secure the best possible price for your home, from uncovering cost savings opportunities to negotiating more competitive offers. What’s more, Clever Partner Agents have agreed to provide substantial discounts to Clever clients, offering a 1.5% listing commission. If you’re ready to sell through Clever, follow these steps to get the ball rolling:
- Fill out our online form or contact one of our friendly reps by calling 1-833-2-CLEVER.
- We’ll be in touch to address your questions and concerns.
- Once we have your details, we’ll set you up with a free, no-obligation consultation with an Austin-based Clever Partner Agent.