Austin could be moving from a sellers market to a buyers market

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In a recent study conducted by the Consumer Affairs website, 33% of participants said Austin would be the first to experience a housing crash among the 50 most populated cities in the country.

A new real estate forecast predicts a large shift for the market by next summerAustin’s once red-hot housing market might be cooling off. New real estate projections point to a large shift in the market by next summer.

Increasing supply and decreasing demand, due to high prices and rising interest rates, have been swinging the pendulum from a sellers’ market toward more of a buyers’ market, according to Rodenbeck. A buyers’ market - if you can afford it. But within a buyers’ market, those seeking to purchase a home have more negotiation power, and homes may sell lower than the listing price. Over the last couple of years, homebuyers in the Austin area have typically been up against multiple bidders who could be offering more than the listing price.

 

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