Episode 60, Segment 2: The Unique Perspective of Special Guest Host, Mark Minchew
We were honored to have special guest real estate agent Mark Minchew, of Remax Austin Skyline, join us for the show this week to discuss what he's learned about the Austin real estate market since he began his career here in 1983.
Affordability & Pricing Changes
"Last year 32,700 homes closed in the Austin MLS system, and that doesn't include some new homes from builders that weren't even added to the system," says Mark Minchew. "From the end of 2007 through 2011, the average price of a home in Austin was $250,000. Today, the average price has skyrocketed to around $375,00 while the median price has gone up to $278,000."
"We've definitely reached a point where our prices are no longer affordable," John says.
"It's getting harder and harder to live close to Austin. That's why our suburbs are booming, like in Leander and Kyle," Mark exclaims. "I just had a home that flooded out in Kyle, and they spent almost $30,000 fixing it and they were still able to sell it above market price with multiple offers for $207,000."
As for Mark's guesses for the future of Austin affordability, he believes that we'll see a relief in pricing soon. "I think we'll see a plateau in prices, but I think we're going to continue to see an increase in homes sold overall," Mark says.
I've sold over 1,700 homes over my career and I've never had someone say, 'I'm looking up to $299k," Mark laughs. "So if I'm looking for a home from $300-350k, how many actually start looking at $299? No one does."
Mark's advice? If you're selling your home and are starting to price it, you should always price it right at that band.
"For instance, I had a client who was looking to price their home around $445k. I told them to price it at $450k instead, because by pricing it there, they'll reach the market of buyers who are looking for homes in the $450-500k range!" This simple tip can help you reach a much wider range of buyers and hopefully get your home sold even faster.
Mark had more to say in our next segments about Westlake property taxes and jumbo loans, so check out our next podcasts on the blog to hear more wisdom from the seasoned realtor! And if you have other questions for Mark or need help in your own home search, give him a call at (512) 328-8333 or visit www.markminchew.com.