Georgetown Seniors Flock to Hear the Real Estate Market Update

In 2021, the real estate market experienced unprecedented levels of activity and incredibly high demand, especially here in the Austin/Round Rock/Georgetown Metro. The question on everyone’s mind continues to be “How long will this frenzied activity continue?”

Seeking answers based on facts, senior homeowners from throughout the area attended our Seniors Living Smarter Seminar on February 10 for our presentation exploring the very popular topic: Real Estate Market Update. The audience was looking to gain real clarity and useful insights about the real estate market from our analysis of researched statistics and facts. I hosted the seminar and provided answers to many questions including:

• What does this hyperactive real estate market really mean for me as a seller?

• What are the actual market stats for our area?

• When may we expect a change in the market?

Working with statistics from last year’s real estate sales nationally and regionally, Seniors Living Smarter presented a comprehensive picture of what happened in this volatile time. According to the National Association of Realtors (NAR), in 2021, existing home sales totaled 6.12 million — an increase of 8.5% from the prior year and the highest annual level since 2006. The median sales price nationally rose 15.8%. As dramatic as that may seem, the median sales price in Georgetown rose 34.8% to $394,500!

Looking ahead, Dr. Lawrence Yun, NAR Chief Economist, provided the following forecast:

• Speed of the market, less frenzied.  Normal Days on Market, 60-75 days. Now less than 30 days.

Mortgage rates expected to go up to 3.7% in 2022.

Home prices predicted to grow more moderately, 3% to 5% in 2022, and then similarly in 2023 as more supply reaches the market.

So, what does this mean for you as a potential seller? It is my recommendation that before you do anything, determine your timeline. Then, make sure you understand the market and work with a professional realtor to guide you. And be prepared for multiple offers and how to interpret each one.

Seniors Living Smarter Seminars are hosted on the second Thursday of every month at McKinney Christian Ministry Center, 1205 Ash Street, Georgetown, on the First Methodist Church Campus. You may register online at Seniors Living Smarter Seminars. The goal of the free seminars is to equip, educate, and inspire seniors to make informed choices and empowered decisions concerning their lifestyle goals. Seminars are sponsored by Visiting AngelsWesleyan HomesVera Bank, Northstar Georgetown and Seniors Living Smarter Services.

The next seminar will be presented on Thursday, March 10 — the topic is “Taking the Overwhelm Out of Downsizing.” Registration is accepted online at Seniors Living Smarter Seminars or call 512-862-7339 and leave a message.