Real Estate Broker · Austin, TX · Member since 2015 · 715 posts · 527 votes
Last week, purchase mortgage applications increased 6% nationally, up for the third week in a row. Versus a year ago, purchase applications are down 19%, but climbing back, demand now within 15% of pre-shutdown levels.
Property Manager · Austin, TX · Member since 2019 · 60 posts · 53 votes
6y
Excellent read, thanks for sending it.
Everyone I've spoken to has expressed fear of selling in this market. I've actually had a couple new clients from people trying to put tenants in place for a couple years instead of putting their home on the MLS. Works well for me, but these stats show the buyers are still out there.
My thoughts: if you want to sell right now, I wouldn't hold back. Buyers are rebounding faster than sellers and I suspect we'll have a low supply/high demand for a few months. Yes, in the long run this crisis will hit people's wallets and we may see more inventory from people who are downsizing, but I don't think that will happen until stimulus checks and unemployment run out.
Of course, that's for the flippers and individuals of the world. For investors I still say Buy and Hold is the best way to make money in Austin.