Monday, November 20, 2017 / by Meagan Henry
Summer in Central Texas gets hot. If you’ve lived here any time at all, you’re undoubtedly familiar with the summer temperature trends here in Georgetown and know a dozen different tricks to keep yourself cool. If the high temperatures regularly wear you down, well, you’re not alone in that. Keep that in mind as we tell you this next bit: fall is probably the best time of year to buy and sell here in Williamson County. In some parts of the country, cooler temperatures and inclement weather make the autumn a poor time to make real estate changes; in Central Texas, however, it’s the opposite. Fall is a fantastic time to both buy and sell. At The Russ Phillips Team, we take the time to carefully follow market trends and changes so we can offer you the most well-rounded knowledge possible for your property search. Here’s what we’ve found about both buying and selling this fall:
Real Estate Market Basics
First, we feel we should clarify something important. When we talk about real estate market trends, we can—to an extent—give a broad overview. However, in order to be more accurate, it’s better to focus on hyper local conditions to really get a sense of what is happening in a given area. The housing conditions in Round Rock may be similar to what is happening in Georgetown, but they won’t be exactly the same. This means that any realtor who really intends to have your best interest at heart should be familiar with the trends for the specific area in which you are conducting your property search. In addition, it’s always good to keep in mind that, when we talk about market conditions for real estate, we are largely talking about supply and demand. In this case, market trends are also affected by how many (or few) houses are available in a given price range. After all, someone looking for a $200k home won’t actually benefit if the market is rich in $800k+ homes but has few options at that lower price point.
Tracking Market Trends
That being said, fall in Central Texas is a historically good time to both buy and sell—and it appears that trends this year are no different. In fact, this fall could be the perfect time for you and your family to move up! Right now, there is a high demand for homes in the $200k range here in Georgetown. In more specific terms, there is roughly a two-month supply of homes in that price range currently, which is a pretty low number of homes for sale. On the other hand, there have been a great deal of homes in the $400s come onto the market in Georgetown recently. Projected numbers quantify this at about a seven month supply of $400k homes. If you’re confused, you can see how we get to these numbers in our previous blog post that goes into more detail about this process.
Move Up This Fall
What this means for you is, if you’ve been contemplating starting your property search soon and moving up to a larger home, this fall could be the perfect time. The demand for homes in the $200s means you can expect a solid offer on your home (or multiple offers). And, on the flip side, the abundance of homes in the $400k range means you will have plenty of options from which to choose—and odds are in your favor to get a great deal.
At The Russ Phillips Team, we make sure to keep on top of market trends both broad and hyper local so we can better help you. If you’re ready to begin your property search or put your home on the market, call the team you can trust!