In a market as fast and furious as that of Austin, access to quality Austin MLS Comps is the key to your investing toolbox. The real estate market in and around Austin, Texas is experiencing record level changes. While inventory in Austin remains relatively unaltered year over year, a quick study of Austin MLS comps paints the picture of a rapidly evolving market. With this phenomenal level of growth, comes daily changes to the prices at which homes are selling. Whether you are looking to buy or sell property, clear, up-to-date, and relevant Austin MLS Comps are the most important tool you have at your disposal when making a property investment decision.
The Golden Years
To best understand Austin MLS Comps, it’s best to first look at the environment in which these homes are being bought and sold. Austin homes sales records soared to an all-time high in the year 2015, ending the year in the strongest December showing to date. In just one year, nearly 30,000 homes were sold in Austin, an increase of 13% from the year before. Home prices, during that time, rose 9% bringing the total volume for the year up to $9.7 Billion. In addition to existing home prices, rents also rose considerable in Austin and the surrounding areas, opening another window of opportunity for investors who may wish to lease their properties. The Austin market has continued its remarkable growth into 2016. According to reports from Austinhomesearch.com, home prices midway through 2016 are showing an 8% increase over 2015. All of this date seems to indicate that these are the golden years of Austin realty.
You Can’t Find the Treasure without a Map
Despite the flurry of sales and price increases, Austin is not a free-for-all scene. Buyers in Austin are, on average, young (mid-30s), college-educated professionals very keen on using technology to their advantage. Many of these buyers will be using comparative market analysis and Austin MLS Comps to make their decisions in order to pare down their options list in a market full of potential purchases. Likewise, sellers looking to capitalize on rising prices will also use MLS Comps to ensure that their pricing is as up to date (read: as high) as possible. A great illustration of the push and pull integral to the unique Austin market is the fact that, while sales and prices soared, homes stayed on market for an average of 2 days longer in 2015 compared to 2014 and that trend has continued into 2016.
Texas has always been a state proud of its resiliency and self-reliance. Nowhere is that resiliency more evident than in the statistics which show a housing market that is strong, thriving, and growing with markers of stability and sustainability. The Austin market is able to stand out, in large part, due to the fact that it is peopled by a savvy bunch of buyers and sellers who know how to obtain and make use of the tools available to them. The biggest tool in any Austin investor’s toolbox is a comparative market analysis of Austin’s MLS Comps.
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