Urgent housing is key and needs to be addressed. There is awareness of the explosion of growth in a house market in a red-hot city and state. In fact, Elon Musk took to Twitter and said basically there is very pressing need to build more housing.
Urgent Housing: Time is of the Essence to Build More Dwellings
Moreover, this something broker and Realtor Socar Chatmon-Thomas happens to knows firsthand.
“He is right (Elon Musk). We really need to have more housing in the greater Austin, Texas area. I think It would be very awesome if we could snap our finger, or wave a wand, and then all of the housing is there. The creation of more housing takes time,” Chatmon-Thomas said.
Chatmon-Thomas is the owner of Elegant Estates by Auction. The challenge, she said, is houses in the Austin area can’t be built quick enough.
In areas near the Tesla Gigafactory, she said homes are being building. It’s like Del Valle. This a community that is about six miles from the $1.1 billion manufacturing facility on State Highway 130 and Harold Green Road.
Unfortunately, the COVID-19 pandemic has caused a supply chain disruption, in fact, this has delayed the construction process.
“The permits are backlogging. Moreover, there a lot of builders are limiting the number of houses. This is because of what their on-site sales agents can sell. Until February, their houses won’t be finishing, the people are being told if they go under contract today,” she said.
In fact, that goes for new houses. Chatmon-Thomas said it’s less than a month’s worth of current housing inventory.
Multiple offers are a commonplace that is if you are trying to buy a house. It has gone as high as 96 offers, Chatmon-Thomas says.
$504,000-$134,000 is above the asking price for $504,000 property. Chatom-Thomas said the house sold in the Brushy Creek area in Round Rock.
In February of this year, according to the Austin Board of Realtors, the media sales price in Travis County, which includes Del Valle, was $470,000. Up from last year that is up from 25%.