Although not entirely immune to a economic/real estate downturn, Austin, Texas, is at least not languishing in an economic slump like most of the rest of the nation. Austin's foreclosure percentage is relatively low, home sales are down but stable, MLS listings are still selling but at a slower rate, and buyers are fewer than a year ago, but the economy is still vibrant and sustained growth is gaining momentum!
Austin continues to benefit from recent changes in the real estate market creating more attainable housing than ever before. Here are 7 reasons why "the time is right" to own Austin real estate:
1) Austin is expected to lead the nation in real estate appreciation in 2009 with an estimated 4.8% rate.
2) Fewer families are selling their homes and Builder inventory is decreasing, so rises in new home prices are anticipated.
3) Interest rates are at historic lows, with the average rate for a 30-year fixed loan at about 5.5%.
4) The Austin MLS consistently has one of the lowest months supply of homes for sale, making this one of the healthiest markets in the country.
5) Compared to several major metro areas, Austin's cost of living index is lower, making home ownership not only attractive but attainable at all levels of the housing spectrum.
6) Texas has led the nation in growth, with Austin having the highest rate of growth at 3.2%, and the lowest unemployment rate in Texas at the end of last year.
7) Consistently ranked as "One Of The Best Cities To Live In" - diverse and vigorous economy, highly trained and dedicated workforce, healthy mix of sustainable industries such as technology, business services, education and government jobs, and some of the largest employers in the nation - Dell, AMD, IBM, Samsung, Whole Foods, and Freescale - are but a few of the reasons why.
Combine all this with the beautiful lakes, the Texas Hill Country, and some of the nation's top New home and Custom home builders and you'll see why "THE TIME IS RIGHT!"
Phil Hutson is President of Showcase of Homes, one of Austin's top real estate firms.
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