Austin Real Estate Guy Blog

Sorry, sellers - I agree with Sam - we have yet to see sellers capitulate on prices in Austin, but it is coming, especially for high priced properties.  I have been looking for jumbo loans.  The max loaned out will be $750K at 75% ltv, so basically you need $250K plus any amount over $1M.  The prices for these high-end homes will have to come down dramatically.  They aren't selling at any volume today, but sellers basically can't accept the economic realities yet - it just takes time.

The article is from BUILDER Magazine.  Need I say more?

You're right on point to be cynical.  Shiller says we're only HALFWAY to the bottom on housing, and Austin has only begun its downward trek.  The sellers in Austin are in major denial (It's different here - We're Texas). Next year they'll be wishing they'd sold when they could.

BTW, anyone notice that the stock market's now at 1997 levels? Anyone think housing -which was far more overvalued than stocks - won't go to 1997 or earlier?

Regardless of whether the article is good news or not, anything that can bring some much needed money into this city - whether it be builders looking to make some money or buyers looking for safer investments - is a good thing in my book.

Thanks for this post, this article may be very helpful to prospective buyers.  However, if they listen to too much national news, they may still be afraid to buy.  People need to look at very local news as that is what applies to real estate.