Is Second Quarter of 2013 the Time to buy in Austin?
Everyone is talking and speculating about home prices in Austin due to the increasing rise in interest rates. I attended an informative seminar sponsored by Independence Title on Friday June 21, 2013 entitled: “If not now, When? “ Mark Sprague, State Director of Information Capital for Independence Title was one of the speakers. I always make time to hear Mark…he is one of our top economic analysis’s and tends to err on the conservative side. He gathers facts and investigates the past history before making predictions of the market place in Austin, TX.
He presented us with some good Facts:
Austin resale home inventory is at 2.7 months.
Austin has 5,488 single family listings (25% less than a year ago).
New and resale home inventory levels are extremely light.
Values are appreciating in most Austin sub markets.
Austin home values remained positive during the recession and continue to gain value.
Record affordability - Mortgage rates are at the second lowest in the last 60+ years.
Only 1 out of 1,903 properties in Travis County are in Foreclosure.
Residential, rental and office entitlements are at the lowest levels in 6+ years.
Lending requirements are still tight, causing fewer opportunities.
Rentals are at 95% occupancy. There are less than 7,200 units left in a 5 county area
60,000+ people are annually moving to Austin.
So what do all these facts mean? Mark states:
“Lower supply + higher demand = Value improvement”
In looking at past history and gathering the facts Mark illustrates Austin hit the bottom of the market 2 years ago. Currently Austin leads the country in creating jobs. Austin is experiencing growth like they did in the early 1980’s. His prediction is homes prices will continue to rise due to low inventory and strong demand for shelter as Austin continues to expand. Interest rates will continue to move upward therefore now is an excellent time to be buying in Austin Texas!
If you are reading this post and have a home to sell in NW Austin I would be happy to help you. The NW Austin real estate market is experiencing a paradigm shift and it is considered an excellent time to sell your home. Let me put my expertise to work for you. Call me at 512-346-1799.
“WE ARE ALWAYS HERE TO ASSIST YOU!”