In a report that was just released via MSN's Real Estate portal, Austin ranked #10 on the list of "66 Cities Where Buying Makes Sense". Not surprisingly, Houston, Dallas, San Antonio, and McAllen, Texas also made the top ten!
The study was conducted to determine whether it is a better financial move today to rent a two-bedroom apartment or to purchase a low-priced home. According to the published estimates, if you purchase an affordable home in the Austin-Round Rock area, you will have substantial equity in four years' time.
The article alludes to the fact that home ownership is typically not a short-term proposition, which is something I have taught my clients for 12 years now. Flipping homes was never really very prevalent here in Austin, partially because prices didn't increase at precipitous levels. Consequently, we have weathered much of the worst economic times relatively unscathed.
In the top 24 markets analyzed (including Austin), home values are expected to outpace a 6% mortgage loan very easily. They estimated that a low-priced home in this area would provide just over $70,000 in equity by 2012 with a loan at that rate.
To see the entire article and list of cities, visit: http://realestate.msn.com/Buying/Article2.aspx?cp-documentid=8378117.
If you are considering purchasing a home in Austin (or anywhere in the general central Texas area), please feel free to give me a call. I would love the opportunity to help you find the right home. You can visit my primary Austin Texas real estate website at www.austintexashomes.com. You can also reach me anytime on my cell phone at 512-796-7653 or via email at jason@austintexashomes.com. Thanks for checking out this brief analysis!
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