Hot Austin real estate market's rising prices, low inventoryHot Austin real estate market's rising prices, low inventoryhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=139992016-07-29T05:00:00Z2016-07-29T20:45:00Z

​​AUSTIN - Area real estate agents say Austin’s housing market is showing no signs of slowing down as home prices continue climbing and the housing supply remains low. ​​

Realtor and Northwest Austin resident Jonathan Stilley, who is a member of the Austin Board of Realtors (ABoR) board of directors, recalled a recent instance of listing a client’s home on a Friday and having 74 potential buyers attend the weekend open house. 

The home received multiple offers by Sunday, sold for well over asking price and closed in 12 days to a cash buyer, he said.

Northwest Austin homes that are priced well in the $200,000–​$450,000 range and already updated—meaning the buyer can move in without making significant upgrades—are selling the fastest and often in days, he said.

“On a median home price of $330,000, give or take, on those homes from my experience, 90 percent of what I’m seeing are multiple offers if it’s prepared and priced properly,” he said.

Realtor and ABoR President-Elect Brandy Guthrie said the city needs to find long- and short-term solutions to its housing shortage. 

This could mean getting creative with new housing stock, such as using the city’s new rules on accessory dwelling units, or ADUs, and working to include new options in the city’s development code rewrite.​

Community Impact Newspaper
Austin-Round Rock

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