Austin RE market next 6-12 months?

Question

Austin has been a hot market for a long time. What are your thoughts on COVID affecting its real estate market? The residential inventory is very dry atm. A lot of ppl in Austin have high paying tech jobs that haven't been as affected as many other sectors & markets. A lot of out of State money still keeps pouring in. Thoughts?

Jordan Moorhead · Answer

@John Kutrzeba I don't think so. Also I don't think if they are that they'll be at low prices just because of the high demand. Tesla announced it's moving in today too. For houses to sell at low prices there needs to be an excess of inventory over the demand to buy, I don't see that happening in Austin at all, maybe other parts of the country but who knows? I know I don't. I'm betting on Austin for the long run with the tremendous growth and awesome quality of life. It got #1 on USN list again for best place to live in the US. What I'm saying is I think Austin is a diverse enough economy with lots of demand to live here from tech, university, government, medical and manufacturing industries to name a few. We are not NYC, that's for sure and that's why I get calls from people out of San Fran and NYC wanting to move to Austin every day.

Jordan Moorhead · Answer

@John Kutrzeba me too! But also if I'm completely wrong I'll take advantage! I'm buying now and will buy more if the market shifts.

Jan Kutrzeba · Answer

@Jordan Moorhead

I hope you’re right.

Jan Kutrzeba · Answer

@Jordan Moorhead

The question I’m wrestling with is whether the Austin market will be flooded with foreclosures once the govt cuts the Pandemic assistance money. What’s your take?

This morning market watch news claims that a record number of jumbo loans are in forbearance. Even tech ppl have to sell their products and/or service and if buyers don’t have $$ and the economy is in a downward spiral, tech peeps will soon be out of work too. And let’s not forget, Austin is not comprised of tech only.

My real estate brokerage biz in NYC died pretty much over night back in March when my buyers lost their down payments in the market and/or lost their jobs or were about to lose them. My seller clients wouldn’t list because a) we couldn’t even show the properties and b) buyers had no money or were in fear - it’s a catch22. >>> low inventory.

Jordan Moorhead · Answer

@John Kutrzeba I don't see any reason that things slow down. Zero inventory, super low rates and very high demand? Why are you things going to drop?

Austin RE market next 6-12 months?

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