How much should I offer on a home in Austin?

It’s smart to offer below the listing price right now in Austin. The typical home is listed at $473,500, but many homes are selling for less than their original price. Around 28% of homes have already dropped their prices. This means sellers are often willing to negotiate.The median selling price per square foot is $237. This is 8.2% lower than it was a year ago. It suggests that home values are generally trending downwards in the area, giving you more negotiation power.Homes are also staying on the market longer. The typical home now takes 63 days to sell, which is about 9% longer than last year. This extra time means sellers might be more eager to close a deal.The number of homes for sale is 12,456. Even though new listings are about the same as last year, the overall supply of homes compared to pending sales is healthy. With a pending ratio of 0.34, there are plenty of options, so you don't have to rush into an offer.When making an offer, consider starting below the asking price. You have time to look at different homes and can likely find a seller who is ready to negotiate.

It’s smart to offer below the asking price in Austin right now. The typical home is listed at $473,500, but many homes are selling for less than their original price. One in four sellers has recently dropped their price.This means you have some wiggle room to make an offer below what’s advertised. The average listing price is even higher at $726,864, which has dropped quite a bit since last year.Homes are also staying on the market longer, now typically 63 days, which is up from last year. This gives you more time to consider your options and negotiate.There are a lot of homes for sale across the area, with 12,456 active listings. This large number of available homes, combined with the other trends, suggests that sellers may be more open to negotiating on price.Given these trends, you might consider offering a bit less than the stated listing price. This strategy could work in your favor since prices have been decreasing and homes are taking longer to sell.