“Some are getting a little bit more aggressive and dropping $25,000, $50,000, $100,000,” said realtor Ian Grossman.
Driving around Grayrock Ridge in the community of Circle C, you’ll find a rare sight these days – a sign for sale after the sale sign.
“When stock is at its lowest any weekend, you might see maybe five homes on the market around Circle C as spring continues, maybe closer to 10,” said Ian Grossman, realtor with Fenton Grossman Group in Douglas Elliman. Real estate. “As of today, we have about 40 homes on the market,”
For the most part, Grossman said, over the past two years, there has been less than a month of housing inventory on the market. Grossman said he’s now seeing nearly three months.
His viral videos on TikTok once focused on the agonizing market for buyers, but he’s moved on to sellers receiving wake-up calls.
This is partly due to recession fears and higher interest rates slowing buyers.
“That same house they could buy in January, you know, it costs them a lot, a lot more,” Grossman said.
He said homes switched from selling in a couple of days to staying on the market for two weeks or even more than a month, which he said was normal before the pandemic, but makes sellers anxious.
“Some sellers are making more moderate price drops,” Grossman said. “Some get a little bit more aggressive and drop $25,000, $50,000, $100,000 just to get more attention.”
Buyers offering 20%-30% above the asking price are not popular anymore.
“You might have to go for a few thousand to lock down the house,” Grossman said. “We mostly see multiple offers after a big price drop from sellers.”
Before the pandemic, in 2019, the median home price in the Austin metro area was about $325,000. In ABoR’s most recent May report, the average sales price for the entire Austin-Round Rock MSA was $550,000.
Although the inventory and listing periods are close to what we saw in 2019, Grossman said prices will not follow the trend.
“I don’t see prices going back to pre-pandemic levels,” Grossman said. “We could see stabilization, maybe a trend closer to around $500,000 or maybe a little bit lower.”
So while it’s still a sellers market, buyers at least have options.
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