Price: Austin real estate listings that are selling are priced right. Home sellers choose their price, and it’s the most important decision they will make. Good pricing advice is the most important information home sellers need from their Austin Realtor.
Over 2000 closings in the last 6 months were homes priced under $150,000. Approximately 7000 homes sold out of all the Austin real estate listings. Over 3600 of those homes were priced under $200,000. So, half of the homes selling in Austin are priced under $200,000! If you are able to price your home under $200,000, you have a good chance of selling your home. Half of Austin home buyers are buying homes in this price range. The median home price in Austin is $190,000.
Obviously, some homes are worth more than $200,000, but you need to know that a more expensive home is harder to sell in Austin – period. There just aren’t as many buyers for higher-priced homes.
Even if you price your home at $199,000, it doesn’t guarantee a sale. Buyers are looking at several homes for that price, and they are comparing what they see. It’s important that your house “fits” the price. You can’t sell a $150,000 house for $199,000. Buyers will simply choose another house that provides them $199,000 worth of “value.” Regardless of the price point of your home, it’s important that you price it competitively against the many other homes in that price range. Otherwise, you won’t be one of the lucky 7000 homes that sell during the listing term.
Location: In most cases, you cannot pick up your house and move it to a more desirable location. Any Austin Realtor will tell you, though, that homes in certain locations of Austin sell better than others. In general, homes closer to Downtown Austin sell for more money. South Austin homes are also popular sellers. The hot areas for home sales are either close to downtown, or they are in that under $200,000 price range, and often both. Outlying areas of Austin, no matter the price range, are harder to sell, sell for less money and take longer to sell. Buyers have little tolerance for driving many miles to work. If your home is not located near most major employers, your location is less than ideal.
Property Type: Single family homes are the best sellers among Austin real estate listings. Duplexes, tri-plexes and 4-plexes are also good sellers. Readily available financing for these types of residences may make them stand out as easist to sell. Lots, on the other hand, are difficult to sell. Financing is more difficult for raw land, and construction loans have always been hard to obtain, even for the most qualified buyer. Condos can also be hard to finance due to relatively high monthly association fees and non-owner occupancy rates.
Property Condition: The prettiest homes are the ones that are selling! Buyers can afford to be pickier today than ever before. Austin real estate listings that are selling are in near perfect condition. They are spotlessly clean, with no repairs needed and completely up-to-date. Click here for more details on property condition. Everyone wants new or nearly new when they purchase homes, and that is reflected in the popularity of new and updated homes.
Floor Plan/Design: Homes with good floor plans and popular designs are also attracting the most buyers. As an Austin Realtor, I can tell you that most buyers prefer single story homes with cut-stone exteriors. Buyers also like higher ceilings with the kitchen and dining open to the living area. Master suites with private baths and separate tubs & showers with plenty of closet & vanity space are also the biggest sellers. Traditional designs are not as popular, and red brick exteriors are often the hardest to sell in Austin. The “Tuscan” design is still attracting the most buyers as it remains a popular favorite.
Check out my Austin market news to see Austin real estate listings that are selling.