The 5,331-square-foot, five-bedroom house was placed on the market Tuesday. But football fans don't need to worry about Coach Sark leaving his post. His listing agent, Drew Tate, said he and his family have already moved into a newly constructed home that better suits them.
Sarkisian was hired to take over the Texas Football program in January 2021. He was previously the offensive coordinator for the University of Alabama. He coached his final game for Alabama that January, leading the team to a 2021 College Football Playoff National Championship victory. The next day, he arrived in Austin.
Tate said the Sarkisian family did not have a lot of time to find a new home when they arrived in town. They had to grab one that was available – and move quickly to get it.
But now, Tate said the market has changed.
"We had a period of time a year ago where things were just nuts," Tate said. "If something came on the market I'd think, 'Gosh that's 50% or two times what it would be priced at two years ago.' That's calmed down."
Tate said there is not currently as much of a "feeding frenzy" as there was. He's seen fewer of the clients coming from out of state with unlimited budgets that contributed to an increase in housing prices in the Austin-Round Rock area.
He also said he is seeing buyers wait to purchase a new home because of higher interest rates.
"The good thing about Austin real estate is it doesn't go up-down like some other markets. It just tends to level off. I think we're in a period of leveling off," Tate said.
According to the August 2022 report from the Austin Board of Realtors, houses in the city of Austin were on the market an average of 25 days last month. The median sales price of a home in the city is currently $555,000.
Tate believes the local housing market is moving toward a buyers' market, which will mean fewer bidding wars over a given home.
"It is very frustrating to take a client to a house and the agent says they have three other offers," Tate said. "It's nice to be back to a more normal buyer-seller equilibrium."
But that equilibrium may mean patience for the Sarkisians. Tate said their previous home was listed privately before it was listed publicly this week. As of Thursday, he has received one offer.
But no matter the seller, Tate said Austin is a great real estate market.
"People are moving to town, and they have to live somewhere," he said.
PEOPLE ARE ALSO READING: