A look Back and Look Forward
2009 was an interesting year in Austin Real Estate. Austin continued to be a bit of an enigma on the national market, but did not go unscathed in the bigger picture either.
The big news in Austin during the past 6 months has been that first time home buyers and buyers up to around the $185-200,000 median home price saw significant sales volume. Buyers benefited from small to no declines in the market, low interest rates and the federal tax credit, while sellers were happy to be able to sell and move up or move on. Sales movement outside of Texas has also benefited the Austin area, especially as higher priced homes in hard hit areas are starting to sell--buyers are moving to Austin and starting to purchase homes over $400,000 again. This part of the Austin market has been possibly the hardest hit during the past 18 months, but we are seeing a resurrection of homes in Austin's most expensive and most desirable communities now as well. All in all, the Greater Austin area has had fewer foreclosures, and fewer short sales than what one might expect after listening to the evening news--and for that we can be grateful. Austin is still projected to have positive job and population growth. This is a comfort for many, and Austin continues to be a place where people want to come to live, raise families, work and do Austin stuff. That's right--do Austin stuff. For more of the blow by blow details on what happened this year, scan through some of my blog articles linked below.
While I don't have a crystal ball, one doesn't have to be a sorcerer to read and understand what the analysts are saying about what lies ahead for Austin. Many believe that buyers should expect much of this to happen in 2010--some could happen sooner than you think:
The big news in Austin during the past 6 months has been that first time home buyers and buyers up to around the $185-200,000 median home price saw significant sales volume. Buyers benefited from small to no declines in the market, low interest rates and the federal tax credit, while sellers were happy to be able to sell and move up or move on. Sales movement outside of Texas has also benefited the Austin area, especially as higher priced homes in hard hit areas are starting to sell--buyers are moving to Austin and starting to purchase homes over $400,000 again. This part of the Austin market has been possibly the hardest hit during the past 18 months, but we are seeing a resurrection of homes in Austin's most expensive and most desirable communities now as well. All in all, the Greater Austin area has had fewer foreclosures, and fewer short sales than what one might expect after listening to the evening news--and for that we can be grateful. Austin is still projected to have positive job and population growth. This is a comfort for many, and Austin continues to be a place where people want to come to live, raise families, work and do Austin stuff. That's right--do Austin stuff. For more of the blow by blow details on what happened this year, scan through some of my blog articles linked below.
While I don't have a crystal ball, one doesn't have to be a sorcerer to read and understand what the analysts are saying about what lies ahead for Austin. Many believe that buyers should expect much of this to happen in 2010--some could happen sooner than you think:
- Increasing home prices as the quarters tick forward (we are already seeing this in some areas)
- Increased interest rates (this one is always tricky to predict, but everyone knows that interest rates are going to go back up)
- Today's low inventory is translating into multiple bidders--which is driving prices back up
- Investors will continue to find their way back into the Austin market--increasing competition and prices
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