I agree with this author except for one thing. I don't think buyers will wait for rates to rise and the tax credit to expire to start offering less for real estate in Austin. That information will immediately be reflected in prices offered. In other words, prices have already cratered, that's why sales are scarce over 400k.
- Mr. Bubble
Austin Real Estate Blog: Austin Real Estate Sales Hits the Skids
So to get out of the way the one positive factor this month, compared to last year at this time sales are up, Inventory is down, median and average prices are up. Sounds great right. But there is a huge huge caveat to that. January 2009 was the worst sales month in 10 years. And January 2010 is the second worst month in 10 years. Personally our sales were down in January and I thought we had just had a bad month. I was oddly relieved to see that the whole market was down.
Read the rest of this blog post via the link above...
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