Happy New Year Austin homeowners and home buyers. Here are my top 5 predictions for the Austin real estate market for 2022 but first let’s review the real estate statistics covering 2021 for the Austin, TX MLS area. It was another great year for real estate in the area.

The number of sales was down 5.7% to 3,756 sales but up 2.9% sales for the year with 44,871 sales overall.

The average months of inventory remained at less than 1 month. That means if no additional homes come on the market, it would take less than a month for all the homes currently for sale to be sold. A real estate market with 4-6 months of inventory is considered balanced between buyers and sellers so we are still in a strong seller’s market.

The average…

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One of the most frequently asked questions and something that is commonly misunderstood about selling your home is what taxes you will pay. The tax code can be confusing and isn’t always black and white. Hopefully the takeaway from this article is you likely won’t pay any taxes and if you do, they may be less than you expect. If you are holding off selling due to taxes contact me and I can point you in the right direction of how to find out what you will pay based on your situation. In addition, looking at IRS Publication 523, Selling Your Home is a great resource to understand what taxes you may or may not have to pay.

2 In 5 Exemption

If you have lived in your home for 2 of the previous 5 years than you should qualify for the “2 in…

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Because the real estate market has become so competitive many buyers are waiving the right to terminate the contract based on the lender’s appraisal. The appraisal is typically done after the buyer’s termination period has ended. If you are waiving your appraisal contingency you will not be able to terminate the contract and receive a refund of your earnest money if the home appraises for less than the sales price. If you are waiving this contingency here is an explanation of how that might affect the amount of money you will need for a down payment.

Please let us know if you have any questions before making an offer on any property.

Example

Contract price $400,000

Appraised value $380,000

If the home appraised value was…

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