Luxe Austin Homes - boom

"Why is the real estate boom in Austin slowing down?"

Posted by Grossman & Jones Group on October 31st, 2022

KVUE Austin reports, "more than two years ago now, 2020 saw what many real estate agents and developers called a gold rush in Austin, with homes being sold in a matter of hours. Now, the market appears to be slowing down.

"It's brought a lot of people here and it was just a perfect storm," said Chester Wilson, one of the owners of Greater Austin Builders.

Two years ago, many set their sights on Austin.

"Gold rush is a perfect term for it. I've been doing this for 25 years. It was unlike anything we've ever seen," said Cord Shiflet, the president of the Austin Board of Realtors.

However, Shiflet said Austin's real estate boom isn't going anywhere but that it's just slowing down.

He noted that rather than…

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Something big is happening in bubbly housing markets

Posted by Grossman & Jones Group on August 16th, 2022

Even before the lockdowns were eased, white-collar professionals who saw their jobs go remote were ditching their apartments in places like Seattle and New York City for homes in markets like Austin, Boise, and Las Vegas. That rush of homebuyer activity, of course, saw home prices absolutely skyrocket in those markets. In Las Vegas alone, the Pandemic Housing Boom pushed home prices up 49%.

That boom is over now.

Across the country, housing markets are cooling down. Home sales are falling. Multiple offers are drying up. Homebuilders are scaling back and offering buyer incentives. But every aspect of the cooldown is more intense in markets like Boise and Austin. Simply put: Pandemic boomtowns are getting hit the hardest by the Pandemic Housing…

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