Austin Real Estate Market

Despite the crisis in the mortgage market and the tightening of credit standards for home loans, the Austin Real Estate Market remains steady and strong. It is true that home prices in the Austin area overall are down from 2007, but the following factors show a positive trend:

  • The average sold price has rebounded by 7.9% to $252, 417 compared to January of 2006.
  • New listings for January of this year are up 82% to 10,088 active listings compared to 7793 listings the same time last year.
  • Neighborhoods such as Cedar Park and Round Rock have experienced strong positive trends in sale prices.
  • Homes in Northwest and Southwest Austin are going to contract within days of being listed and many are receiving multiple offers.
  • Austin’s unemployment rate is currently 3.3 %, below the statewide rate of 3.9 % and the national rate of 4.4%. Statewide, Texas has a positive job growth rate of 2%. This factor is a great help to the housing market.
  • According to USA Today, Austin’s homes are about 5% undervalued, causing a large amount of investor interest.

In simple terms, the outlook for the Austin Real Estate Market for 2008 is steady. This means there will not be large jumps in home appreciation, but at the same time, there will be steady positive price growth in popular neighborhoods-unlike many other large real estate markets nationwide. The growing amount of inventory will swing the market from seller’s to buyer’s favor in 2008, and there will be many excellent values to be had. During the house value boom, from 2002 to 2006, home values in Austin overall did not have the radical upward swings that markets in L.A. or Miami had. Because of this, there is not a corresponding huge downward swing in home value in the Austin Real Estate Market.

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A Great Real Estate Investment in Any Economy

Many people discover Austin condos because after falling in love with Texas’ capital city. Austin, Texas condos for sale move fast on the real estate market. The location of Austin lures many people. CNN ranks Austin as the third fastest growing area in the United States.

Many people seek to buy property in Austin because of the natural beauty that surrounds the area. Many Austin, Texas condos for sale, located near Lake Travis, lure celebrities such as Matthew McConaughey, Sandra Bullock and Lance Armstrong. You may see Armstrong cycling near Lake Travis from select areas.

Fishermen seek to buy Austin condos near Lake Travis because of the waters attract some of the greatest catches. Four types of bass, sunfish and catfish swim in the waters of Lake Travis. Others purchase these condos because of their proximity to the lake and their need to play on the water. Parasails and water skiers line Lake Travis almost every weekend.

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Development In Austin Real Estate

Modern housing is on the rise in Austin, making it easier for the modernist to move into a brand new home, instead of waiting for a mid century A.D. Stenger to come on the market. Six miles east on Martin Luther King Blvd, the Agave residential development is finishing up its first round of homes. Touted as “Austin’s premier contemporary residential development,” all of Agave’s 160 homes will be built with a modern flair.

Agave is actually the third phase of Sendero Hills, with the first two set up for low to middle income homeowners, with Agave geared towards the middle class. In so doing, Agave has qualified for the city’s S.M.A.R.T. (Safe, Mixed-income, Accessible, Reasonably-priced, Transit-oriented) housing policy, which includes meeting the city’s Green Building standards, and energy efficiency for their customers, with amenities such as low E windows and tankless hot water heaters.

Possibly the biggest draw for homeowners to the Agave Development is the chance to own a home designed and built by some of the city’s top Architects, without having to pay top dollar for the exact same house in the heart of the city. The list of architects includes Emily Little who has recently won the Austin Chronicle’s Readers’ Poll for “Best Architect”, and has been designing and preserving some of Austin’s best structures for the last twenty years. Also, KRDB has a set of homes going up after quickly becoming one of the hottest design/build firms in the city, with their Cedar Avenue houses gracing the cover of Dwell Magazine. The Casa Bella Architects have been in business since 1989, and also have their hat in the ring, after many environmentally friendly, and beautifully modern buildings, such as the award-winning Ullrich WaterTreatment Plant, and Austin’s soon-to-come recycling center.

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