Real estate market of Austin
Real estate market of Austin Texas is quite wide with ample of opportunities. After a rather neutral start in 2008, the real estate market for residential homes in Austin has enlarged its inventory of homes for sale, according to statistics from the Austin MLS. This is happening despite a continuation of one of the highest metropolitan growth rates in the country and a solid and growing local economy.
As per the reviews given by different Austin Texas real estate agents, bad economic news from other parts of the country are causing prospective buyers to hold off as they wait and see what the economy might do. Some of them may be hoping that prices will fall even more before they buy, even though buying prospects are strong right now. Current mortgage rates are the lowest they have been in 35 years. The last time rates were this low during a buyer's market was in 1973.
This wait-and-see approach has caused a slight drop in prices in some areas, but most area properties are holding steady in value. The market is slow right now, but is not depressed like it is in some other areas of the country.
The Texas Real Estate Market Report shows that Austin/Round Rock led the state in population growth between 1997 and 2007. The area consistently ranks in national top 10 lists for growth. For example, from July 1, 2006 to July 1, 2007, Austin was the 5th fastest growing metropolitan area in the US, according to Census Bureau population estimates. See this link..
Experts also expect an increase in jobs and a low unemployment rate to continue during the next ten years. Austin and the Texas Hill Country will continue to be one of the fastest growing areas of the nation and is expected to enjoy one of the healthiest economies as well.
Some experts have pointed out that the rise in real estate values in Austin has continued steady over the years. The area has not seen increases in property value of 200% to 2000% as has been seen in some areas of California and Florida, for example. This, coupled with an equally consistent growth in jobs and a high rate of population increase, has worked to protect real estate from attaining overly inflated values which make it vulnerable to bubble bursting in times of economic difficulty.
All these new people moving into the city and its outlying areasneed a place to live. Many will buy homes. It is this kind of growth that is helping to keep Austin real estate values from falling as much as they are in other parts of the country.
However, ironically, it may be that Austin's tech slump in the early 2000's that is helping to bolster the market today. According to a report published by the demographics department of the city of Austin, "We never had a housing bubble here because of the lingering effects of the tech recession, and ironically it was the depth of our local recession that then gave us protection from the ruinous fallout from a bursting bubble in residential real estate that has dramatically altered the economic landscapes of Florida, California, Arizona, New England and the Midwest."
One thing seems certain; the Austin real estate market remains one of the surest and safest in any of the metropolitan areas in the country. That coupled with the nationally recognized quality of life that the city offers makes Austin one of the "sexiest" urban areas in the country.
Escapeso Real Estate helps homes buyers and investors interested in Austin real estate. Their site has market statistics on their Austin real estate blog along with a search of the Austin MLS.