Austin real estate during COVID-19, while it is still hopping, has gone through some changes lately. After all, the coronavirus outbreak has affected all aspects of life. Whether you are buying or selling a home, this guide will help you navigate all the challenges of the COVID-19 Austin real estate market.
What are Austin Real Estate Prices Doing?
Of course the main thing on everyone’s mind is “will the pandemic negatively affect house values?” So far, we are not seeing a decline in property values. In fact, according to the Austin Board of REALTORS, compared to 2019, the median sales price in the five county Metropolitan Statistical Area (MSA) has increased to $329,893. Homes were on the market 3 days less. Inventory has declined though.
How Else is Real Estate Changing?
The number of listings dropped quite a bit when COVID-19 first took off. In April, the amount of new listings dropped by 28.9 percent due to unsure sellers. Mark Sprague, state director of information at Independence Title, said, “If you compare Austin’s home sales to the majority of large cities in the U.S., you’ll find Austin’s market has remained strong. But, because sales numbers have a one-to-three-month lag time, it was no surprise May sales declined, and we’ll likely see the same in June and July. The solution is increased housing stock. Until more homes are put on the market, we won’t see home sales recover anytime soon.”
How to Stay Safe During Real Estate Transactions
More and more agents are turning to the internet to market properties. You can watch live showings and check out virtual tours of homes to find listings you like. As long as sellers are careful to disinfect door handles, switches, counters, and other commonly touched surfaces, buyers can visit homes in person as well. Agents and lenders are also changing the way they handle paperwork. Texas allows remote notarization and electronic signatures, so you can review and sign important documents from your own home.
Tips for Buyers During the Pandemic
With mortgage rates at historic lows, now is an excellent time for buyers to check out homes. Get your pre-qualification letter to ensure your finances are in order. You can save even more by learning how to look past lackluster online listings. Those willing to ignore poor lighting or ugly wall colors can find properties with true potential in the Austin real estate market during COVID-19. Check our online 3D tours and floor plans first. Then move onto in-person tours, wearing masks and gloves.
Advice for Austin Real Estate Sellers During COVID-19
The Austin real estate market is still moving and with inventory being low, its actually a good time to sell. The buyer pool is still large. A lot of buyers are first viewing 3D tours and then if serious, looking in person. With buyers looking online more than ever, properly staging a home and having perfect photos is more important now than ever before. Baker Realty is top notch in getting homes ready for the market. They’re happy to do a walk-through of your home to provide pointers and advice.
As you can see, there’s no reason to put off buying or selling a home during the pandemic. The Austin real estate market has not been affected like other areas of the country during COVID-19, so the market remains relatively stable. Are you ready to invest or sell your home right now? We are working hard and still meeting our customers’ needs during the virus. Contact us today to schedule a consultation!