Austin, TX – Local appraisal firm Austin Home Appraisal Team is seeing a record year for appraisal assignments in 2016, indicating that the real estate market in Central Texas is currently going through a huge growth phase. Prices are rising, demand is soaring, and the company is so busy in the Central Texas region, that it is having to book appraisals two to three weeks in advance. The housing slump, at least in Austin, is well and truly over with low interest rates and new job opportunities continuing to drive housing demand in the area.
With Austin’s booming tech sector showing no signs of slowing, sales of properties are up nearly 10 percent year over year, and some properties are selling the same day as they are listed on the market. This is excellent news for property owners in the vicinity, but for those people looking to move to the area, they need to move quickly as every day the prices continue to rise.
“We have never seen growth or demand like this,” said Dale Allert the manager of Realestatesapperaisalsaustin.com. Our staff is working 12 hour days, and we still cannot keep up with the demand. We’re telling our clients that if they even think they will need an appraisal, they need to submit a request in advance to avoid any possible delays. Even companies outside of Austin such as Round Rock Home Appraisal are just as busy, and property prices are showing no sign of slowing anywhere in the region.”
While Summer is usually the busy season for the real estate industry, this year has seen record numbers of transactions each month. The obvious driving factors are low interest rates which make refinancing or purchasing very attractive. As well, Austin’s growing economy is still attracting people to the region.
There are negative affects to this boom though, and consumers and lenders are feeling it. For one, appraisals are taking much longer than usual to be completed. This slows down the mortgage process considerably as closing cannot take place until the lender has received and reviewed the appraisal.
For consumers looking to acquire an appraisal for private use, they could be hard pressed to find an appraiser that can deliver a report timely. This is especially a concern if they have a deadline or procrastinated in seeking out an appraiser.
If this trend continues, it is likely to drive up the cost of appraisals in the area simply due to supply and demand. With appraisers exhausted and over-worked, they will soon realize they can charge a premium for simply turning an appraisal assignment around in “normal” time of 3-5 days.
Company Name: Austin Home Appraisal Team
Contact Person: Dale Allert
Address:6705 W Hwy 290 Ste 502
Country: United States