Austin, Texas suburb Cedar Park is showing a slow down in sales. But low interest rates are creating a new buying opportunity, say local Realtors.
"Cedar Park is a fast growing suburb northwest of Austin," says Realtor Patsy Snyder. "It has fabulous neighborhoods with schools, pools, sport courts, etc. There are also many golf course communities. It is minutes from Lakeline Mall and minutes from Lake Travis."
Snyder explains, "Our market began to decline around the middle of July and made a distinctive burst upward beginning Labor Day week-end. These fantastically low interest rates are bringing buyers out to purchase a home and it should. We have not seen these rates for 30-40 years. It makes me want to buy a new home! Buyers should not be afraid to make an offer on a home of their choice and sellers must price their homes very aggressively and stage them to show well. These are the homes that are selling. Overpriced houses are just sitting there and will eventually sell for less than they would today if priced correctly."
Say Realtors Rob and Carolyn Abbott, "In Cedar Park our characterization of Austin's market as a "buyers market" continues for the month. Homes stay on the market longer, yet keep in mind that closed volume is up from the previous four years. Buyers find themselves in the lucky position of having many good homes to choose from, the lowest rates in years, and sellers eager to sell due to longer time on the market."
"New home builders continue to offer various aggressive incentives such as paying points, free upgrades, REALTOR bonuses, etc., which can make it difficult for the resale market to compete," they continue. "Despite all this, certain homes (which show well and are priced right) can and often do sell quickly, as demonstrated by a recent listing we took--the highest priced in the area--and sold in only seven days. And remember, homes are selling in greater volume than in previous years, there are just more of them.
"This market necessitates using a Realtor with technological expertise, comprehensive Internet exposure, successful sales experience and, most of all, the desire to market your home aggressively by all means possible to a targeted population of prospective buyers," advise the Abbotts. "There are many opportunities in our current market, which include an opportune chance to pursue a move-up plan for some sellers, as the market continues to soften in the upper price ranges and interest rates remain very attractive. Those of you considering purchasing in the near future are presented with incredible choice, negotiation leverage, and low rates. Austin is a wonderful place to live, and the time has never been better to begin ownership or take advantage of your move-up opportunities."
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Published: September 27, 2002
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