That Bearded Realtor - Marcus Roper

There seems to be a lot of misinformation floating around in terms of market values, and what “percentage we are down” in Austin. This data refers to the city limits of Austin- not the surrounding areas. The city’s median home price is down 6.25% YoY (technically October 2022 to September 2023). Last year it was up 4.5% from the previous year (2021). So, over a two year period, the median home price is down a total of 1.75%. This is a single data point but is meant to be simple and clear. The market is not down 10/15/20% as many sources allude on a daily basis. Real estate should be judged on a 3-7 year hold basis. Fluctuations in the short term market should not fully influence the decision to secure property over a medium to long-term basis. If anything, now is a good time to get a good price on property. Interest rates are affecting people and businesses, there is no doubt about that. If you can use cash, or a lower loan amount, this is the time to take advantage of the market.