Austin, TX (PRWEB) October 31, 2013
It continues to be a strong year for real estate in Central Texas, with home sales once again posting double digit gains from a year earlier, and huge increases from the real estate slump of 2008-2011. The Austin area is in the midst of a seller's market, with very low inventory, and high demand. Buyers include first time homeowners, those looking to upsize or downsize, investors, retirees, and new transplants from out of state.
"It is exciting to work with a wide range of buyers," states Vik Vad, a Broker Associate with Cantera Real Estate. "Austin has really been discovered by so many looking for a high quality of life, with a range of lifestyle options. The only problem has been getting a home under contract in this competitive environment, where multiple offers, and sales over list price are the new norm."
On average, homes are now only on the market 44 days, according to the October 21st press release put out by the Austin Board of Realtors. Furthermore, the dollar volume of all September sales is up 47% from the same month last year. These trends indicate an upward movement in prices, with properly priced properties moving very quickly.
"It is even more crucial now than ever to understand how to get the most for your property when selling a home in Austin," emphasizes Vad. "Underpricing will leave a seller upset that they could have received more, and overpricing causes a property to sit, eventually causing lowball offers and downward price adjustments."
Vad assesses each individual situation, and gives tailored advice to home sellers depending on their situation. He also stresses the importance of looking at the whole offer when it comes in – the suitability of a buyer and the likelihood that the transaction will actually close.
With sales going strong even after the traditional summer selling season is over, it is likely that Austin will continue to be a hot market for real estate transactions.