Some November 2021 Real Estate Stats (Austin, Lubbock: sale, renters, condo)

[austin-steve]

I'm a data nerd so I like looking at the market numbers and thought I'd share.

The November statistics show a very robust market. The sold unit count is still down year over year, though by roughly half of October’s YOY decline. The decline is to be expected, as the pandemic demand in 2021 drove offseason demand. The reduced decline indicates this spring will be very strong, which is good or bad, depending on which side of the sale you’ll be on (buyer or seller.)

Sellesr remain in the driver seat, though quite a few get greedy, overplay the market and end up with a slower sale at a lower price than would have been achieved with proper preperation and pricing.

[anjalisarinna]

I've noticed a bit of a decline as well, and the greedy sellers are seeing their homes sit. It's going to be cyclical for sure.

Definitely don't expect prices to return to 2020 levels anytime soon.

[cheeva]

Originally Posted by anjalisarinna

Definitely don't expect prices to return to 2020 levels anytime soon.

I hope not, that would be a 25% decline from 2021. I don't think that's what you meant though.

[ScoPro]

My granddaughter just moved back from Lubbock and is looking for a condo to purchase, so an actual drop would benefit her.
Nobody else in the family is planning to sell their Austin area homes at this time.

[ashbeeigh]

Originally Posted by ScoPro

My granddaughter just moved back from Lubbock and is looking for a condo to purchase, so an actual drop would benefit her.
Nobody else in the family is planning to sell their Austin area homes at this time.

A drop would help a lot of people.

[cheeva]

Originally Posted by ashbeeigh

A drop would help a lot of people.

A drop would hurt more people than it helps. A drop would mean there was an economic downturn that is hurting everyone, renters and homeowners alike.

A drop in price of a $600K+ house wouldn't help anyone. You probably meant to say "more housing supply would help first time homebuyers" and that would be a true statement. More housing supply in low cost areas like the SH130 corridor would be the ideal scenario given our lousy infrastructure. 1400sf houses for $250K can be done. They won't be "forever" homes, but that's not what's needed right now.

[ashbeeigh]

Originally Posted by cheeva

A drop would hurt more people than it helps. A drop would mean there was an economic downturn that is hurting everyone, renters and homeowners alike.

A drop in price of a $600K+ house wouldn't help anyone. You probably meant to say "more housing supply would help first time homebuyers" and that would be a true statement. More housing supply in low cost areas like the SH130 corridor would be the ideal scenario given our lousy infrastructure. 1400sf houses for $250K can be done. They won't be "forever" homes, but that's not what's needed right now.

I said what I said. Interpret it as you wish.

[cheeva]

Originally Posted by ashbeeigh

I said what I said. Interpret it as you wish.

You want other people's property values to drop. That's nice of you.

Why didn't you buy 5 years ago when property values were half what they are now?
That's about how long you've been complaining about it, but you haven't done anything about it.

[TexasHorseLady]

Originally Posted by cheeva

You want other people's property values to drop. That's nice of you.

Why didn't you buy 5 years ago when price were half what they are now?
That's about how long you've been complaining about it, but you haven't done anything about it.

I bought 33 years ago when prices were WAY lower than they are now. Still own that property, and it's worth about 10 times what we paid for it, per the tax appraiser, and we're taxed accordingly since it's not our homestead. We could easily sell it to someone who would tear it down and build something atrocious and destroy the neighborhood (Barton Hills), but we aren't interested in doing that, because we care more about Austin (and life) than about money. Same thing with the ranch (our homestead) - it's paid off, and it's increased dramatically in value since we purchased it 25 years ago, but we're not interested in selling, but are likely going to be forced to because the county wants to put a road right through our property because people are going to want to buy new builds in subdivisions in another part of the county.

So we did what you recommend above and there's still a problem. Greed is a big part of it.

[cheeva]

Originally Posted by TexasHorseLady

We could easily sell it to someone who would tear it down and build something atrocious and destroy the neighborhood (Barton Hills), but we aren't interested in doing that, because we care more about Austin (and life) than about money.

THL. I would suggest that you sell it to Ashbeigh for what you paid originally (adjusted in 2021 dollars) under the condition that she not tear it down.

You could also agree to rent it to ashbeigh, and only charge enough to cover your yearly taxes, which would be around $1,300/month.