Just fine, thank you.
In town for the Democratic convention and curious about Austin real estate? Here’s a summary: we’re just fine, thank you.
Austin is one of the top real estate markets in the country and (gosh, does this go hand in hand?) one of the healthiest economies. Our population is predicted to double in the next 20 years. We have had a 5% appreciation so far this year which put us on various top 10 lists.
Per housingpredictor.com, there are 5 states with housing appreciation this year: TX, ND, OK, WA and UT. Austin is #5 on their hottest 10 cities list.
Don’t get me wrong. We’re concerned about post election interest rates and $4 at the pump and our micro-markets that are slow. These things impact our confidence.
So what is slow in Austin? Mostly the higher price ranges (over $500k) and outlying areas (Dripping Springs and various suburbs) and we’re overbuilt on downtown condos (although there is a waiting list at the 360).
Particularly healthy in Austin are the lower to moderate price ranges, say under $250k, and close in. I have been in 5 multiple offer situations the past 2 months … one a $125k starter home in Wells Branch, one a $200k newly rehabbed home off lower Congress. These were attractive properties in attractive locations priced right.
Call us if you want a personal honest discussion on the market.
Enjoy your stay.
© Julie Nelson and The Nelson Project at Keller Williams Reatly, 2008-2010. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Julie Nelson and The Nelson Project at Keller Williams Realty with appropriate and specific direction to the original content.