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.
