Home Prices Extreme Price Spike in Austin, When Will It Stop?

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Home Prices Extreme Price Spike in Austin, When Will It Stop? Anonymous Tue Jan 12 20:36:23 2021 No.25900474 [Reply] [Original]

Seems like the last month has seen competition increase to levels I've never seen before in Austin (or even the Bay Area for that matter). Redfin/Zillow estimates don't seem to be able to keep up with the market. Houses <500k are routinely getting 20-30 offers and those above 500k 5-15 if not more, and becoming even more competitive there. I don't think realtors can even keep up with the market, I don't think they are purposing listing low to drive up the price, it is that no one knows that market is really like anymore. You might have to pay more than 10% more than what you would have LAST MONTH. The line of price increases have gone vertical (like COVID). Offers $50k-$200k, 10-20%+ over list is now becoming pretty normal.

I get it to some extent, if you come from the Bay Area for $700k-$1M you can get a "mansion" where there it's not even enough to usually buy ANY HOUSE in a reasonable commutable distance from work. The tech jobs coming from California pay $$$ compared to $ in Austin and companies don't seem to be interested in adjusting compensation by any meaningful amount that would deter people. Let's be clear, we never had the crazy compensation tech jobs in Austin because the big tech companies didn't really hire. Senior engineers with 10+ years of experience sometimes get paid less than someone from fresh from school in the Bay. Those people are coming here now and it's going to throw the job market completely out of whack and drive up home prices (even with the building...will it ever catch up?)

This is just starting...I don't even think the vast majority of people who are planning to move here have done so yet.

Are these all investors? Actual people moving from California/New York? When will price growth begin to stabilize? When interest rates increase? How will locals even compete in this market?

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