I just wanted to give you a few points about the current market conditions here in Austin. First, we are not growing as fast as we were a few years ago but we are not a declining market either. In fact Austin was just rated one of the top cities in the nation for investment. Jobs are great and the prices here are still affordable. The slower growth is due in large part to the collapse of the sub-prime market. This is the part of the market that is most risky for banks and often has to do with borrowers that have less than perfect credit. Many banks made loans to buyers that should not have been approved because of their past credit issues or lack of stability. Banks are feeling the problems now and there are more foreclosures than ever.
Does this mean it's a bad time to buy? No, it is actually a great time because things are discounted. Interests rates are low because banks want the good credit borrowers to buy homes. This will help the recovery of the mortgage market. The other plus for buyers that have good credit is this is a buyers market. The sellers have fewer buyers to purchase and many sellers are facing foreclosure if they don't sell. Most smart people would rather sell at a discounted price or even at a loss (in the case of a short sale) to avoid a foreclosure. This means it is a great time to take advantage of low rates and discounted prices. Many banks offer low down payment loans and there are other mortgage opportunities for those that have middle to good credit or better. I help people find the outstanding deals. I have a team of professionals that help me with all aspects from financing to inspection to title work and closing.
What I have heard from clients that wait and save money is that the harder they try to save the farther behind they seem to get. This is because prices tend to go up over time faster than the savings most people can manage. The market has made its down turn and we are seeing lots of signs that this is the rock bottom and that with in a 9-12 months things will be back to normal. I encourage you to look at the facts and consider investing now and riding the wave up. It could potentially be very beneficial in the increased equity you see in your home. It could drastically out weigh the savings that is offset by inflation and increased prices over the next year. If you want more information about this let me know or check out my site http://BuyOrSellAustinHomes.com where you can search homes for coparison. I have been in the business for awhile and consider this a great time for buyers.
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