More BAD NEWS for Austin Housing Market

[@tacticoolgent1784]

I think a lot of people are over Austin. It's not what it once was and everyone is starting to realize that. That translates to less people moving here with west coast money which limits your buyer pool to locals. Prices will continue to come down for a while.

[@SFSCharles]

Thanks for sharing your thoughts on the current state of Austin.

[@dancox3251]

It's not that it's no longer what it once was. It's that it was never what it was being advertised as to begin with.

[@o-o5866]

Yup I’ve been at the same company for almost 5 years. A bunch of California hires during the pandemic. A lot of them went back already and just work remotely.

[@timk4502]

From an 'Austinite' from way back in the mid-sixties...Austin hasn't been what it once was for decades! Sadly that's symptomatic of it being a large central seat of state government chock full of Progressive Liberalism and Corruption! Hoping for a correction in the political atmosphere towards days of old which just might be in the near future as well as a correction in the real estate market for the area because I'd like to return to Central Texas...

[@alisonelliott.kupersothebys]

You nailed the Austin real estate market at the moment! The market is definitely correcting itself, and it's crucial for sellers to get real about their prices. Adapting to these changes is key to successful transactions. Thanks for highlighting this important shift!

[@SFSCharles]

Thank you for your kind words! I'm glad you found the video helpful.

[@paxundpeace9970]

You still have to consider that Austin Metro area has a population of 2.4 Million now. In 2010 it was just 1.7 Million. In 2000 it was 1.25 Million. The population almost doubled over the last 25 years.

[@SFSCharles]

That's one of the many reasons they call it "Boom Town."

[@paxundpeace9970]

Slashing it to 300,000 is insane. Put it in at 375,000.

[@SFSCharles]

A conservative approach to price reductions seem to be the norm.

[@GameboyZoneRocks]

There’s 0.25-0.50% rate cut coming next month, and downward movement in interest rates till December. I believe prices will hold steady in Austin-Round Rock area, specifically Round Rock area.

[@SFSCharles]

Thank you for sharing your insights! It's always great to hear from viewers who are tuned into the market. Let's see how things unfold!

[@paxundpeace9970]

Pretty obvious that prices will remain steady. Lower rates are likely and will have a larger effect next spring.

[@CaptainCaveman1170]

And this is without any recession or significant job loss.

[@SFSCharles]

Some are still hopeful for a soft landing.

[@joemama-tn7zl]

To many variables not considered example layoffs look at Orlando Disney laying off people thousands might need to sell. So hard to predict but appreciate the video your spot on how demand works.

[@SFSCharles]

Layoffs are the primary driver of forced sales, but it's a long process. When household income drops, foreclosures could follow and at that point, banks will sell the house for what's owed on it. That's actually one of the biggest differences between 2008 and now. Back then, a high number of bank owned sales decreased median sales prices. Right now, most sellers have the luxury of waiting until someone is willing to pay what they're expecting. If more of them had to sell right now (forced sale,) the downward protectory of median prices would accelerate.

[@Isaac-ue8uj]

I'm not paying a 60-70% premium on monthly payments to buy a house (combination of high prices, high taxes, and relatively higher interest rates) when I can rent the same or equivalent house without the headache for much less.

[@SFSCharles]

The ones who own multiple properties need renters with that kind of attitude. Valuing convenience over long term financial security means they can afford that vacation, pay for the kids school or even buy another rental.

[@paxundpeace9970]

For Austin or Nashville perfect choice plenty of newbuild appartments with Gyms, Fitness rooms, multiple pools, bars and more.

[@HelmsRupture]

Austin city metro was murdered by speculation. Every dive bar, every vintage shopping area, all that was cool and local has been bought or paved over by investment firms. The spirit is gone.

[@SFSCharles]

Thanks for sharing your insights on how Austin has been changed over the years