With prices skyrocketing and demand outpacing supply, it might seem like there's never a great time to buy a home in Austin.
But there may be a sweet spot. According to Realtor.com, prime home-buying season is fast approaching nationwide, and the best time to buy in the Austin-Round Rock metro is a one-week span from Sept. 19-25.
Austin will join I-35 neighbors San Antonio and other national markets including Washington, D.C. and Chicago in reaching their peak that week. The five-county metro could see up to 13% more listings and 22% fewer page views per listing when compared to its peak. Austin should also see significant price drops: the week should see median listing prices drop nearly 5% below the peak and have 1.6% more price reductions when compared to the average.
With listings lasting 34% longer than on peak weeks, it could be a prime opportunity for homebuyers to slide into that increasingly high barrier of entry.
Danielle Hale, Realtor.com's chief economist, says the coming weeks will be especially beneficial for first-time homebuyers.
"Home prices peaked in the summer, and new listings continue to come on the market helping slow the pace of sales—which is good news for homebuyers," Hale said. "As families across the country focus on getting back into school routines, there are fewer buyers in the market, creating a great opportunity especially for first-time homebuyers to make a purchase with somewhat less competition."
The study comes after the latest Austin Board of Realtors report shows Austin home sales dropped for the first time since May 2020 in July. Residential home sales in the metro dropped by 9.9% and the median home price in the city of Austin dipped slightly from $575,000 in June.
ABoR MetroStudy Regional Director Vaike O'Grady said that the market could begin to cool from the heat of early summer. But with record year-over-year median housing prices in July, O'Grady said the housing market will not slow down in the long-term anytime soon.
"Seasonality has a hand in the increasing home sales growth across our region and nationally," O'Grady said. "If you're looking to buy or rent a home, don't miss this opportunity to take advantage of the market's slower pace. If you're looking to sell, don't mistake this dip as a cooldown—it's still an excellent time to sell a home."
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Five Austin companies joined Google's second Startups Black Founders Fund on Wednesday, earning $100,000 each as part of the $10 million initiative geared toward giving Black entrepreneurs access to funding for their startups.
The fund gave $100,000 to 50 founders nationwide, including Austin companies CustomerX.i, Journey Foods, Sandbox Commerce, The Mentor Method and Tadeblock.
The founders will receive the funding without giving up any ownership of their startups and will gain access to Google technical support including up to $120,000 in donated search Ads from Google.org and up to $100,000 in Google Cloud credits. The Austin companies will also join a select few—the fund is only two years old and last year rewarded 76 Black-led startups with up to $100,000 as well.
Google's Startup funds can be used to boost Black founders' companies into success—last year, founders raised up to $50 million in capital after recieving the funds, and 80% of the companies used their funds to create jobs.
Founders from last year's batch then paid it forward by nominating new companies and announcing the winners via Zoom.
Here's a look at those 5 founders in Austin:
Hakeem James- Customer X.I
Customer X.I founder Hakeem James wants to help small restaurants thrive.
Customer X.I founder Hakeem James wants to keep mom-and-pop shops alive. That's why he started his company to bridge "the gap between online and offline" and give restaurants and small businesses a centralized location to analyze their data against competitors.
"The question we ask internally: is it simple enough for my grandmother to use? For the record, my grandmother sometimes picks up the phone upside down," James told Microsoft.
The company's data can help businesses small and large better understand their customers—from their names to their drink choices—to build better relationships and customer loyalty.
But it hasn't been easy, especially as labor shortages and COVID safety policies affect restaurants during the pandemic. James said he heard about Google for Startups at Austin's entrepreneur hub, Capital Factory. He and the team will use the funding to create "freemium" plans as they seek to keep restaurants open.
"It has also allowed us to offer our products to restaurants that need it most on a freemium basis to keep their doors open and accelerate their growth when it has never been harder to do so," James said. "Being recognized and backed by Google is monumental for us; it is a signal to our partners of our growing success in the market and the expanded capacity we now have to serve our clients."
Riana Lynn- Journey Foods
Lynn said the startup fund will help level the playing field for Black entrepreneurs that may not get the funding they need.
"The Google for Startups Black Founders Fund is a strong step in increasing the significant discrepancies in funding to many groups of founders, especially founders of color," Lynn said. "The funds will be used to add more science and engineering talent to our team and improve our impact in supply chains."
The company takes a step further back in the food industry process by merging research and development for food companies. Through comprehensive food data, Journey Foods helps provide insights on ingredients, pricing, manufacturing, and supply chain information to companies across the food industry.
From suppliers to packaging companies, Journey Foods hopes to reduce waste and costs by streamlining the food creation process.
Sterling Smith- Sandbox Commerce
Sandbox Commerce CEO Sterling Smith wasn't given a heads-up when he earned a spot in the Black Startups Fund- instead, he thought he was in his final interview.
Smith, who founded the app company in 2018, expressed his gratitude for the funding.
"Everyone involved, I really appreciate you guys betting on Sandbox," Smith said. "I can tell my mom now, right?"
Sandbox Commerce looks to create simple apps for companies without any technical or coding skills needed. The company looks to especially help the underdogs, including small businesses or underrepresented companies, in bridging the gap between computer skills and entrepreneurs.
Janice Omadeke- The Mentor Method
The Mentor Method is a consulting firm that helps companies recruit and retain employees through mentorship. (The Mentor Method/Facebook)
The Mentor Method, founded by Janice Omadeke, has been featured by Forbes and the Bill and Melinda Gates Foundation for its multi-step method of promoting employee retention and fulfillment. Omadeke has also won Capital Factory's $100k Female Founder competition award.
The company focuses on inclusivity, closing opportunity gaps and building talent through its mentorship method, which involves a matching algorithm that brings employees and mentors quickly together. The Mentor Method has been used by high-profile programs including the Department of Education and Glassdoor.
Omadeke said the startup will use its fund to create jobs, including a Product Coordinator, and boost an employee benefits package.
"The Google for Startups Black Founders Fund will help us scale faster and address the core needs of companies seeking to retain their employees," Omadeke said.
Mbiyimoh Ghogomu- Tradeblock
Now a company used by tens of thousands, Tradeblock had humble beginnings—it was once just an Instagram page for sneakerheads.
Founder Mbiyimoh Ghogomu teamed up with childhood friends Tony Malveaux and Darren Smith to transform the page throughout the pandemic and create a network for sneaker lovers to enjoy. With their motto "Kicks as Currency," sneakerheads can trade sneakers without ever touching their piggy bank.
For Ghogomu, the company and Black Starters fund are both about one thing-fostering community.
"Getting recognized by Google as part of the Black Founders Fund is a game-changer for us," Ghogomu said. "My co-founders and team have been working really hard to disrupt the sneaker x tech space and inspire community building. The funds, relationships and overall support that Tradeblock is gaining will take us to the next level."
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A member of the Independent Citizens Redistricting Commission (ICRC) contacted council members asking for their home addresses despite a charter provision prohibiting the ICRC from considering such information in its mapping process, according to emails obtained by the Bulldog through a public information request.
Four council members or their staffers replied providing home addresses: Alison Alter, Paige Ellis, Mackenzie Kelly, and Leslie Pool, according to the emails dated August 9th to Aug. 17.
Austinites will once again be able to take a nonstop flight to London as Austin-Bergstrom International Airport resumes transatlantic travel this fall.
Starting Oct. 13, British Airways will offer its direct flight from ABIA to London-Heathrow Airport three times a week on Wednesday, Friday and Sunday. The airline, which has been operating in Austin since 2013, had halted service at the start of the pandemic over a year ago.
"We can't wait to welcome our customers back on board our Austin flights and we are honored to be playing our part in reuniting families and friends with their loved ones after such a long time apart," said Marie Hilditch, British Airways' head of North America sales.
Safety protocols the airline is taking include:
- social distancing measures
- wearing of facemasks
- providing hand sanitizer stations
- cleaning all surfaces after every flight
- fully recycling the air once every two to three minutes through HEPA filters, which remove microscopic bacteria and virus clusters with over 99.9% efficiency
The announcement comes as COVID-19 testing requirements to enter the UK are scheduled to stop on Oct. 4. for vaccinated Americans.
Additionally, a Monday White House announcement allows fully vaccinated international travelers to enter the U.S. starting in early November with proof of a negative COVID-19 test. The ban, which was implemented in 2020, restricted travelers from a number of European countries, Iran and China throughout the pandemic.