The current trend for homes in Austin indicates a fruitful time for those wanting to invest in properties in the Texan city. This is the golden opportunity for buyers to purchase large properties at reasonable rates regardless of the recession that has rocked other parts of USA.
Unlike the rest of the country, Austin a major city in Texas, USA has remained relatively unaffected by the country’s economic downturn. This is not to say that the prices of homes in Austin remained unaffected. However, the effect on the housing trends was not as drastic as in the case of the other places in the US. The credit for this goes to the local leadership that has always endeavored to attract industries to the city in an effort to generate employment. This is because it is only when people have jobs that they will think of investing in properties in Austin.
Homes in Austin: Statistical Information
Given that the economy is now crawling back to normalcy, sales of residences in Austin have also received the required push. This means that both demand and supply are balancing each other out, which is a sign of a healthy real estate market. At present, the average per square foot prices for homes in Austin is $91, which is about 7% higher than the rate that existed last year. In terms of selling prices, the rates have increased by nearly 40% in comparison to the rates last year. This is great news for sellers, although the buyers might be a little disappointed. Nevertheless, increase in home sales price is an indication of a strong real estate market; a good reason for buyers to invest in property now.
To list a few more statistics, currently there are more than 9000 homes, both new ones and on resale for sale in Austin. In fact, this number also includes around 1000 homes in Austin that are in distress and foreclosure stages, which indicates that real estate markets have truly opened up in the city. Most of the houses in distress are vast, luxury homes, which the sellers are finding a little difficult to sell. For buyers this is the best opportunity to obtain a Austin luxury real estate at reasonable prices.
To sum it up, the real estate market trends in Austin are certainly looking up off late especially from the viewpoint of buyers. Buyers need not be worried about the recession, as Austin has been ranked third in the list of those cities in US that have effectively warded off its negative impact. Those looking to invest in homes in Austin should not delay further as this is the golden time to buy appreciating properties in the city at reasonable rates.