Ausin has experienced a 22% population growth in the last decade. There are no signs of it slowing anytime soon. Industries creating fertile ground for the residential boom include the technology / e-commerce, manufacturing, and medical sectors. Additionally, the fast-approaching arrivals of Oracle, Tesla, and Google have created a city ripe for relocation. Not only that, but Austin is one of the hottest housing markets in the U.S. They don’t call the hill country Silicon Hills for no reason! The housing demand has increased in the city to the degree that supply is waning from an inability to keep up.
According to the Austin Monitor, the average price of homes in the area has risen by $100,000 over the past six months. This also means that surrounding areas outside the city limits like Dripping Springs, Kyle, San Marcos, Lockhart, San Antonio, and more are starting to feel the influx as well. Homes in nearby suburbs are attractive for many young professionals due to the lower cost of living and the new standard of work-from-home for many tech companies in ATX.
But how do you maximize your return on an investment property or a family home, and how do you do so quickly? If you’re a real estate agent, how do you highlight the features in your homes for sale that will attract potential home buyers? Below are some strategies to minimize your time in the Austin real estate market.
Austin Housing Market Trends
Boasting a quirky culture, a vibrant arts and music scene, as well as an entrepreneurial spirit, Austin has been attracting young professionals for years. More recently, though, the addition of a few tech giants has elicited strong demand from residents of pricier areas like California and New York.
Trends Worth Noting
- In 2020, an all-time record of 12,745 residential homes were sold in the Austin-Round Rock Metropolitan Statistical Area.
- Housing prices are rising significantly.
- Redfin reports that median home prices in the Austin Housing Market are about $560,000 as of August 2021. This represents a 26% increase in sales prices compared to 2020.
- Austin’s Housing & Planning Department reported that the city grew by more than 21,000 residents in 2020.
- Buyer demand is rising while the supply of homes is declining; the city’s housing market is unable to meet the growing demand.
Impact of Pandemic on Austin Real Estate
The housing market stalled in ATX during the initial months of quarantine. Real estate agents were confined, along with the rest of the population, without the ability to show homes in person. In late 2020, however, the housing market exploded and has continued to grow despite the ongoing COVID-19 calamity. Nearly 2,700 homes have sold for 100 thousand dollars or more above the initial listing price as reported by The Wall Street Journal — 57 times higher than last year.
According to the Texas Workforce Commission, job growth has increased 7.6% in 2021, noting that Austin has made up virtually all of the jobs lost in March and April 2020. The economic growth of Austin paired with the population growth and employment growth has resulted in skyrocketing median home prices compared to the national average.
Features of Fast-Selling Austin Homes
Appeal to potential buyers and stand out among other active listings by incorporating the following:
Good Photography and Videography
- First impressions are vital, and selling a home is no exception. Enlisting the services of a professional real estate photographer is perhaps the most essential aspect of your listing, especially during the age of COVID-19. Don’t forget to clean well, fix minor repairs, and stage the shoot.
- A 3D virtual tour, with software from Virtuance will also set your home apart from others on the market. For those buyers who are coming from out-of-state, this could mean the world of difference. The technology helps homebuyers and real estate investors visualize their futures more holistically.
Distinctive Home Listing
- Far too often the written content of a listing is overlooked, but your Austin home description plays an important role in communication alongside the visuals.
- Whether the home is in East Austin, North Austin, Central Ausin, or South Austin, what are some features of the particular neighborhood that set it apart? Focus on descriptive adjectives when writing about the residency, such as, “spacious”, “newly renovated”, “charming”, “chic”, and so on. Cultivate a warm, inviting tone. Don’t forget to highlight the property’s unique traits like its green features, specific materials, custom detailing, upgrades, square feet, etc. Single-family homes make up a bulk of active listings in Austin, however housing inventory varies depending on the types of housing that buyers are looking for.
Accurate Pricing
- Establish an estimated market value based on a competitive price given sales of other homes in the area, knowledge about the Austin market, and information gathered from the home’s appraisal. Given Austin’s booming housing market, the property’s value has most likely risen significantly. Be sure to price accordingly. Pay attention to the median listing price for homes similar to your property. If you are listing a multi-family building meant to serve as a rental property, make sure to price the property at an attractive price point for real estate investors.
- Make a note of the difference between some of the more expensive neighborhoods in Austin compared to a more affordable neighborhood. If your property is in a highly desirable neighborhood and thus has a higher listing price, you’ll want to highlight the amenities of the property to justify the listing price.
Storage Space
Many potential home buyers in Austin look to maximize their storage space when purchasing a new property. Austin homebuyers tend to pay more attention to how the space feels rather than the square footage, which makes staging and decluttering particularly important when listing an Austin property.
Proximity to Major Employers
Many people are still working from home due to the COVID-19 pandemic. However, many companies and workers are opting to return to the office. If the property is near transportation or close to the business districts, it will likely sell faster. I-35 can be a nightmare to drive on and many Austin homebuyers site traffic as one of their main concerns. If you have a property that makes commuting to work easy, you’ll have an easier time selling the listing for more money.
Low Maintenance Interiors and Exteriors
Many of the people moving to Austin for work are incredibly busy. Low maintenance yards and interiors make properties much more attractive to the growing workforce in Austin. Two noteworthy trends are quartz countertops and wood tiles. Make sure to highlight low-maintenance features in your listings!
Whether you’re a realtor or a homeowner ready to sell an Austin home, make the most out of your listing. That way, you can sell the property as quickly and efficiently as possible. Austin-area homes are part of a highly competitive market, considered one of the “hot markets” in the country. The demand for homes far exceeds the housing inventory. If you’re looking to sell a property in one of Texas’s major cities, Virtuance is here to help with any photography or 3D virtual technology that is needed.
