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Working with buyers in the nation’s hottest housing market

Austin, Texas might be the hottest housing market in the country. The Lone Star State’s friendly tax policies combined with the city’s huge tech scene and its cool factor have made it a destination for Silicon Valley types for several years.

In addition to the same demographic factors driving growth elsewhere — all those millennials buying homes — the number of companies relocating there is a huge draw. Austin has ranked as the No. 1 city in population growth for the last eight years and it was the hottest job market in 2019 and 2020, according to the Wall Street Journal.

And all of those prospective homeowners flocking to the city are fighting for the same small pool of houses. In fact, Austin has just about 1.2 months of supply, and has seen a 19.7% year-over-year increase in home values.

Rapidly accelerating home prices come with a variety of challenges for lenders and real estate agents, including one of the biggest pain points right now — the appraisal gap.

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