Keeping Up with ATX local and Real Estate Broker George Vance McGee....

So GVM, how are you feeling these days? What is the married, family man, new dad lifestyle? 

Thanks for asking. Believe it or not, despite my youthful glow and aura, I'm now "over the hill" at 42 years of age. Physically I still feel pretty darn good. I try to cycle often on the hike and bike trail of lady bird lake. I've even bought a bicycle rack for my 2010 Nissan Rogue SUV.  As a Real Estate Industry person, I apologize if my lack of a Range Rover or Mercedes Benz car ownership doesn't suffice.

In regards to health, being a newborn dad will really sober you up. Coffee has long since replaced booze in my blood system. When you routinely wake up circa 7:00 am to hug your baby daughter, change her diaper, feed her, have playtime and then drive her to daycare/preschool you need to feel healthy, rested and alert.

1 thing I do miss as a responsible married family man, is the carefree, outgoing, live music and bar hopping nightlife of Austin, Texas. Let's be honest, Austin, Texas is known as a Live Music, Entertainment, Sports, Comedy, Nightlife destination. Justly so. Yet as a dad, unless my wife and I get a babysitter, recently my social life,  human networking and outgoing nature has been drastically curtailed. 

I work a bunch instead. 

What's going on with the current 2024 ATX Real Estate Marketplace? What do you think about it, Mr. Local Unicorn resident & active practicing broker? 

The Covid Pandemic Era really messed up the Austin, Texas sales values and overall marketplace! Despite The Covid-era ending at least 2 years ago, Austin, Texas is still feeling the pain of it. Austin, TX and Boise Idaho were hit the hardest in all the reports I read. The major problems of the previous Covid Real Estate ATX era were:

• Buyers waiving APPRASIAL reports on their purchase 
• Buyers NOT getting a licensed inspector to examine their property
• Overbidding on asking prices and buyer's paying more for a property that what it was actually worth (& the buyer's agents who let them do it)
• Lots of American citizen transplants moved from their lockdown states to Austin and Texas. Some transplants have fit-in, and made it home, while perhaps others have rejected the Texas lifestyle, heat, and moved somewhere else, again.
• Buyer's got too cozy with the lower mortgage interest rates  of 2.5,3.00,4.00%. and now posses the "golden interest mortgage rate handcuffs"

So currently, as of June 2024 I continue to see a large number of Active ABOR MLS Listing Price Drops & Reductions every day. There are more Active Unsold, Available  listings than ever, with 4.5 months of supply. It is officially a Buyer's Marketplace in my opinion. Current Real Estate Buyers can be choosier.

Also Central Austin Metro Rental Prices are dipping. I recently leased a few places in prime core Central Austin areas, Travis Heights, Zilker, Barton Springs Road, Chestnut, East Central, etc and each of these rentals had some price drops and landlord concessions. 

How does the future of Austin, Texas look? Is now the time to Buy or Sell and leave entirely? 

I can not predict the future of Austin and Central Texas. I do know the City of Austin City Council recently passed 2 new Real Estate ordinances, HOME Phase I and Home Phase 2. Home Phase 1 will allow up to 3 dwelling on  1 Residential LOT. Home Phase 2, reduced the minimum Lot size from 5450 sq. ft of lot land down to a meager 1850 sq. ft +/- of lot land or so.

Austin, Texas is now a major metropolitan city.  With this, comes large city problems such as housing affordability, homeless problems, and traffic congestion. Yes, the ATX has all of these aforementioned problems. 

Would I blame you, if you sold and moved out to the Texas Hill Country OR to a moderately priced city or town in a cooler weather state, No.  In fact I'd probably ask to briefly visit you there. 

On a personal future note, I have already purchased my tickets for the fall 3 day Austin City Limits Music Festival and for  Season 3 of Texas Men's Longhorns College Basketball Home games @ the Moody Center. I also have a future ticket to see one of my favorite bands, the emo/rock/punk group, "the Get Up Kids" on August 24th @ the Mohawk Venue, Downtown Red River District.

GVM, if I have a specific, sensitive or unique Real Estate question, inquiry, want or dilemma, how do I get in contact with you? 

Phone or email is best for me. I live and work in the St. Elmo, SoCo, close in 78745 Zip Code and area. I still Love being in and near Central Austin. I'm 512.657.9281 georgevance@gmail.com Broker Associate Austin Silent Market George Vance McGee