No matter how good your real estate market is there are always the naysayers! They tend to dwell on one or two negative points which might be valid but they just don’t get the big picture: In Austin housing is cheap, people prefer to own and Austin housing is transforming from a cost driven pricing to market driven pricing 2013/14 (in other words get ready for a surge in home prices)!
Quite simply there is not enough housing for the amount of people moving here, do the math! This isn’t Rocket Science. Limited inventory makes the Austin Market prime for many types of buyers:
1. Investors: They will grow in numbers as they realize housing is the best risk-adjusted return on their money.
2. Boomerang buyers: We are already seeing foreclosed homeowners who are currently renting homes that will soon be back in droves. In 60 years there has not been a more affordable time to buy!
3. Entry-level buyers: First time homeowners have been sitting on the fence for 6+years and have been waiting for a sign of the bottom and are now looking at price increases in their desired neighborhood and are rushing to become homeowners.
4. Move-down buyers: Empty nesters and retirees, who have plenty of equity in their existing home, are buying a home that is more suitable to their current lifestyle, which may or may not include adult children as well as their aging parents.
5. Move-up buyers: The price appreciation that occurred in the last year has already lifted 1 million underwater homeowners above water nationally, and future price appreciation will lift even more. Keep in mind in Austin the prices did not decline like the rest of the country. Therefore there were fewer underwater homeowners. Those wishing to move up to a larger home now feel more comfortable as they can sell taking their rising equity to place in their next home.
Check out my recent post for further information on why you need to be buying now in Austin: If you are going to buy in Austin..You’d better be buying!
As always, Austin real estate information is brought to you as a courtesy by Dorie Dillard of Coldwell Banker United; your NW Austin Real Estate Consultant.
Sellers, if you want to gain an advantage in selling your NW Austin home employ the services of Dorie Dillard. I am a known and trusted source for all your community needs. I would appreciate the opportunity to earn your business and exceed your expectations.
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