Austinites - Let's talk real estate

7 Replies

Certainly no expert, but definitely still looking. I know a lot of people in Austin are taking a hit right now. Cancelling SXSW in and of itself was a major blow. Everything else on top of that has got to be a tsunami for earniers in Austin and I hope we will help to get everyone through it.

Still, it will be temporary. It feels like we pressed the pause button on the entire economy. when the dust settles, I think Austin will bounce back quickly. Who disagrees?

Do you guys foresee a drop in Real Estate prices? Right before the quarantine, a house in my neighborhood got multiple offers at what I felt was a high price. Since the quarantine, another has listed quite a bit lower, but still an Austin kind of price. They are offering video tours for potential buyers. 

As an owner, of course I don't want a pause in appreciation, but as  a buyer, a pause in price escalation might be a good thing. 

Does anyone think that out of town investors might pull back a little? That wouldn't hurt my feelings at all. 

Hope everyone is healthy and safe. 

I'm slightly North of Austin, but always looking. A deal is a deal and no matter how this all plays out, people will still need a place to call home. Potentially some great opportunities to be had in the coming months. Buy and hold for me.

So far, the market is holding steady on pricing, but showings are dropping off strong during the quarantine. We entered the coronavirus period in a historic seller's market and extremely little inventory (less than one month). If anything, a bit more inventory will hit the market, yet still be a seller's market. A lot will depend on job losses, psychological impact, and any meltdown in the mortgage market. 

The actual volume of house sales has decreased by 3/4 as of today as compared to last year for 4/5/2019. I will be in a holding period for a bit until this plays out. I am one of the folks that is very much affected by the travel/hospitality catering with my airbnb's. But in this business, one needs to be flexible. Long term leasing will be the path for me on those properties. It will turn around as it always has historically. That said, I see enormous opportunity all across the U.S., if we survive. Its an fascinating and deadly time that we are in presently. I am super glad that our political leaders are stepping up with Keynesian type policies. John Maynard Keynes is a great read right now btw. 

 @Aaron Gordy : one short term rental interviewee on one of the BP podcasts mentioned that he went to travel nursing websites and secured longer term leases on his strs within hours. Sounds like a brilliant pivot.