[AviationGuy]

I don't know if this has been posted here, but Austin is finally undergoing a real estate price correction. It's not a bubble burst, but inventory is much higher, and homes are staying on the market a lot longer. It's ridiculous that people have been paying astronomical prices for garbage properties around here. And the nice ones, of which there are a great number, have been affordable only to the very wealthy.

The house across the street from me, built in 1963 and never updated at all, was put on the market in late March for $1M even. But that was exactly when things started to slow down. There was a lot of traffic for a few weeks and then it tapered off to nothing because the owners were unwilling to make a substantial price reduction. My own realtor told me that the only thing selling in the city is new properties replacing tear downs (on beautiful lots), new condos (midrise and highrise), and older homes that have been updated. The others can probably sell if asking prices go way, way down.

Many flippers here bought at the top of the curve and got caught.