I recently read an article that reminded me that not all home buyers look for the same thing. Sure, I knew that home buyer’s, “wants and needs” vary from buyer to buyer; however, what realized is that most home buyers looking in Austin, Cedar Park, Leander, Pflugerville, Round Rock TX and outlining areas are looking for only resale homes.
Over the past 3 years, the Austin TX real estate market has switched from a buyers market to a sellers market for a variety of reasons. Some of these reasons include job opportunities, affordable housing, low interest rates, good schools, things to do around Central Texas, etc. This has brought in a large amount of prospective buyers from out of State, but not having much inventory to pick from has caused home prices to jump up by over 20% in most areas. This happens when there are more home buyers than home sellers – the law of supply and demand kicks in, and the Seller has the power in negotiations.
At the present time there is such a high demand for homes in Austin, Cedar Park, Leander, Pflugerville, Round Rock TX and outlining areas that many home buyers are finding themselves trying to outbid each other every time a new listing goes on the market. In fact, most new listings (regardless of price) are getting as many as 10 showings within one day of going on the market followed by receiving 3 to 5 offers!
All of this means that if a home buyer is looking for a resale home, they need to be ready to see new listings that fit their criteria on very short notice – and their agent better be searching throughout the day looking for new listings for them; otherwise, their client may find another agent who will.
So, what about new homes? Are home buyers aware of the new home communities and inventory around Austin, Cedar Park, Leander, Pflugerville, Round Rock TX and outlining areas? Have home buyers thought about buying a new home? A national survey of active home shoppers across 25 major metropolitan areas conducted by BHI Inc., a consortium of 32 of America’s largest home builders, found:
- 19 percent of home buyers are determined to buy a brand new home and will not consider resales.
- 35 percent of home buyers want to explore both new and used homes in their search.
- 46 percent of home buyers are focused on searching the inventory of resale homes only.
What does this mean? it means home buyers should consider all options in today’s Austin Real Estate Market, to include new homes. They should consider a new home, along with resales, or they could be missing out on a home that could satisfy their criteria. Moreover, buying a new home would allow the new home buyer to pick out paint colors, cabinets, flooring, counter tops, grass, etc. in order to better personalize their home prior to moving in!
Some builders are currently offering new home buyer incentives like a FREE Stainless Steel appliance package, $10,000 in FREE upgrades, $5,000 towards closing costs, and more!
In summary, all homes have their pros and cons; however, in today’s real estate market a home buyer should consider all of their options before making a decision, but act now before another home passes you by. If you would like more information on the current real estate market in Austin, Cedar Park, Leander, Pflugerville, Round Rock TX and outlining areas, call a Premiere Team Real Estate Agent today and ask about our Satisfaction Home Buyer Guarantee and New Home Buyer Rebate Programs. They are worthy of your consideration.