First and foremost, we extend our thoughts to everyone impacted by Hurricane Harvey. There is a long road of recovery ahead for so many of our fellow Texans. If you have friends or family who are in need, please let us know. Over the coming months, our team will be supporting local organizations and we would welcome the opportunity to learn how we might be able to help someone directly connected to our clients.
The impact on the market by an increase in families who may need to relocate to Austin is unknown right now. Before the hurricane, we were seeing shifts in the local market that show signs of a slowdown. This is seen through the lens of rising inventory (more inventory = more options and lower/stable pricing usually). It’s not surprising, as housing demand skyrocketed in years past as many saw their home’s value increase 50% if not double entirely since 2007. The rental market is shifting some as apartments are overbuilt in some areas of town causing rents in those neighborhoods to soften.
In our opinion, the market is stabilizing and that’s good for everyone. We think Buyers will exercise a little more patience as Sellers get more aggressive with their price and marketing plan. New construction is still doing great and nobody is talking about inflation/interest rate increases in the foreseeable future. The geopolitical uncertainty has yet to make a big impact and the local employment figures are still historically low.