How is the COVID-19 Crisis Affecting Austin Real Estate?
The COVID-19 crisis has and is affecting the Austin real estate market in a number of ways. While there’s no “one size fits all” approach to the crisis, we have been dealing with a number of common issues. If you would like to discuss your specific situation, please let us know, and we’re happy to discuss over the phone, video, or safely in person.
The COVID-19 crisis is causing / has caused a national recession. How has Austin Real Estate been affected by past recessions?
Impact of the Coronavirus on the Austin & Central Texas Economy
In late April, Angelos Angelou presented a forecast of how the COVID-19 crisis will affect Austin & central Texas. The entire webinar is available here, as well as a synopsis.
The state of Texas deemed real estate agents essential early on, so we have been been helping buyers & sellers during the crisis for some time. There have been relatively standard operating procedures emerge that we are following in order to ensure everyone’s safety.
Many buyers have re-entered the market after the shelter-in-place orders ended. Most buyers who live in Austin are actively searching for properties. Many buyers who plan to relocate to Austin have planned or are planning visits. Physically viewing properties is slightly more difficult now, so we are now researching properties more prior to viewing them. More Buyer Related Information is Available Here
Sellers have been somewhat slower to re-enter, but those who have, have found a competitive and seller-friendly market. Overall, the Austin market is surprisingly and incredibly tight and a seller’s market. Vacant properties are strategically much easier to market & show than occupied properties. There are so many variables, we do recommend speaking with an agent as soon as you’re comfortable doing so. More Seller Related Information is Available Here
How Will We Know When the Austin Real Estate Market Starts to Recover?
The easiest way to tell if the market is turning is by looking at the # of pending sales and the # of new closings. However, these are lagging indicators. Sales were under contract 30-45 days ago and buyers started shopping 1-6 months before they put a property under contract. Can we determine that the market is turning prior to these lagging indicators?
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Zillow
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