It can be tough to tell if it’s a buyers market or not. Sometimes, all the signs seem to point to one, but then something happens and the market flips back to being sellers market. If you’re trying to decide whether now is the time to buy a home in Austin, Texas, here are five hints that it may be a buyers market!
1. Homes are staying on the market longer than usual. If homes are taking longer to sell, this could be a sign that there is more supply than demand for housing in your area. This means that buyers have more choice, and may be able to negotiate better prices or terms from sellers.
2. There is an abundance of listings online and in real estate publications. Another indicator that you may be in a buyers market is if there are plenty of available listings online and in local newspapers and real estate magazines. In a buyers market, sellers will often need to compete with each other by offering lower prices or other incentives, so you’ll likely see many homes listed at similar (or even lower) prices than yours.
3. There are more homes selling for below asking price. If you’re seeing a lot of homes selling at prices that are significantly lower than their listing prices, this could be another sign that the market has shifted to favor buyers. This is especially true if these lower-priced home sales are happening despite having multiple offers or competing against other buyers.
4. There are fewer bidding wars and more price reductions. In a sellers market, buyers often face fierce competition to win the bid on a home, which can lead to lots of bidding wars and offers that are higher than asking prices. However, if you’re seeing fewer bidding wars and more homes with reduced listing prices, this could be an indication that the market has shifted in favor of buyers.
5. You’re seeing more interest from investors and flippers. If you’re noticing that there are more investors and house flippers appearing on the scene, this could be another sign that it’s a buyers market in your area. These buyers typically have more bargaining power than traditional buyers, since they often purchase homes at a lower price and then sell them for a profit. If you’re interested in working with an investor or house flipper, now may be a good time to look into your options!
If you are in Austin Texas or the surrounding areas and would like to talk to a real estate professional about the current market give us at Houses 4 Texas LLC a call at 210-610-0912. You can also fill out the form below or check out our website to start your communication with us. We enjoy helping people sell their homes.