Austin housing market expected to survive coronavirus pandemic

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Austin housing market expected to survive coronavirus pandemic

Neil Narayan
Real Estate Broker · Austin, TX · Member since 2015 · 715 posts · 527 votes

Even though the coronovirus pandemic has had a profound impact on public health and the nation's economy, the Austin housing market is projected to weather the storm, according to a new report released Tuesday.

According to a study by ATTOM Data Solutions, Travis County ranks 457 out of the 483 housing markets surveyed in vulnerability, meaning it is one of the 30 markets expected to be least vulnerable to effects from the coronavirus pandemic. Five Texas markets are projected to be less vulnerable, which include: Harris County, Dallas County, Potter County, Midland County, and Ector County.

https://cbsaustin.com/news/local/austin-housing-market-expected-to-survive-coronavirus-pandemic?fbclid=IwAR3TZ3BVifDArQijrkHJIUYrIF2RskEY7G4_x6aB6owglY8r-LIz8-d_zAk

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Beau Fannon
Real Estate Agent · Austin, TX · Member since 2017 · 229 posts · 259 votes
6y

I've been seeing a lot of short-term rentals hit the market for sale or as traditional rentals. Hard to quantify the total number but furnished lease offerings have increased 60% over last year. 

Will we survive? Yes. Will things immediately return to the way they were for the past decade? No. 

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  • Stephen Stokes
    Rental Property Investor · Austin, TX · Member since 2016 · 317 posts · 257 votes
    6y

    Hard to place bet against the Austin market specifically without high transaction costs but I'd be willing to bet we see a severe buyers market come within next 3-18 months and potentially longer time frame. Lenders only offering forbearance not yet offering deferment of payments to end of loan. Just wait until we see courts open back up and wave of foreclosure and evictions wreak havoc. 
    https://www.bizjournals.com/austin/news/2020/04/07/more-than-260-000-austin-area-jobs-at-risk-in.html?ana=e_ae_set1&j=90503216&t=Afternoon&mkt_tok=eyJpIjoiTURZMU0yTXlaV1k0TjJWaCIsInQiOiJFVXJWc2dmaTdIRzc5WXRWS2dvdWdcL2NZR2VyU2xXSFA0aGphNmtlSjkyTE1tUE9VcHdZeXNrZW9FWkpwdHU4enR2U2NCaUV3RmpUTW5vWXF2dW05dGhYMlJGRXVFbHhTdzB5QjhCVWZSTVJYTkNub3Z3MzdrTU1oanZrWGgrTTYifQ%3D%3D

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  • Jordan MoorheadBusiness Member
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    6y

    Truly it is too early to tell what's going to happen. If there is a wave of foreclosures and evictions I'd be willing to bet Austin fares better than most. My renters paid rent.

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  • Beau Fannon
    Real Estate Agent · Austin, TX · Member since 2017 · 229 posts · 259 votes
    6y

    I've been seeing a lot of short-term rentals hit the market for sale or as traditional rentals. Hard to quantify the total number but furnished lease offerings have increased 60% over last year. 

    Will we survive? Yes. Will things immediately return to the way they were for the past decade? No. 

    3Reply
  • Aaron Gordy
    Real Estate Broker · Austin, TX · Member since 2012 · 1k+ posts · 1k+ votes
    6y

    Over a 7 day period of time for the city of Austin the mls shows that, as of now, there were 198 total house listings and 186 sold. There were 211 pending. The pending sales may or may not make it to closing. But that should be indicative of the city at this time. The unemployment numbers will certainly have an effect. It seems catastrophic! Lets see about how fast the fed PPP makes a difference. The Fed Reserve is stepping up their game even more today. 

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  • Danny Webber
    Real Estate Broker · Austin, TX · Member since 2016 · 834 posts · 449 votes
    6y

    There will def be some fallout of airbnb style investments as well as SFR sales. It is unavoidable. No telling how much though. It's not like Texas has been immune to unemployment claims at this point.

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  • Danny Webber
    Real Estate Broker · Austin, TX · Member since 2016 · 834 posts · 449 votes
    6y

    keep in mind that underwriting guidelines for loans are changing daily and not getting any looser.... another drag on sales/purchases

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