Luxe Austin Homes - correction

"Austin’s Luxury Home Sellers Shouldn’t Be Scared off by the Market Slowdown"

Posted by Grossman & Jones Group on November 11th, 2022

Although the dust is settling in Austin, Texas, after a two-year home-price explosion, indicators suggest reasons for sellers to be optimistic about the luxury market—even as median prices come down. 

Among cities where home prices are falling the most, Austin came in at No. 1 in a Realtor.com report. The median home list price in September was $558,275, a 10.3% decline from June, according to Realtor.com data. The percentage of sellers who reduced their list prices was up 252% in September. 

“There has been some initial shock where people had a little FOMO [fear of missing out] that they missed the market. So we saw agents restructuring prices with their sellers to find out where the market was,” said Gary Dolch, a founding agent of Compass and…

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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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