I recently attended the Austin Home Builders Association 2017 forecast, and I wanted to bring you an update on our market based on what I learned. 2017 looks to be another great year for our market.
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Today we have a quick update on the real estate market here in Austin.
In 2016, we had another great year in real estate. The median price for a home rose 7.2% to $284,000, and on average, homes sold in just 50 days. Inventory stayed tight at about two months worth of supply. On average, sellers got 98% of their list price.
So what does 2017 look like? I wish I had a crystal ball, but I don't. I did, however, recently attend the Austin Home Builders Association 2017 forecast where local economists predicted another great year in 2017 in Austin. Job growth, population growth, and the low inventory will all contribute. Builders are working hard and fast to meet that demand, but the supply just isn't there yet. They weren't concerned about rising interest rates hindering the market because they're still historically low.
"Supply is low and demand is high, making conditions very favorable for sellers."
So what does this mean for you? If you want to sell your house this year, it's a great time to do so. Low inventory means you won't face a lot of competition. We also know a lot of people move here on a daily basis.
If you're looking to sell your home, we'd love the chance to work with you. Our clients get 102% of their asking price on average and sell in an average of just 17 days. Just give me a call or send me an email and let's get the discussion started.
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