As the rest of the US continues to be battered by economic turbulence, Texas, and Austin specifically, remains a virtual oasis of economic calm for most of its residents.
Forbes has again rated Austin as the Best Bang for Your Buck city in nation, followed closely by San Antonio. Houston and Dallas make the top ten at 4 and 7 respectively. The energy and technology sectors continue to buoy the state’s economy. Good paying jobs, affordable housing, and predictions of continued and sustained job growth make Austin the best place in the country to ride out this economic storm. Forbes predicts Austin’s housing prices will bottom out next year with a 2.7% decrease from today’s values. For those of you buying today in order to take advantage of these amazing interest rates don’t be too concerned about finding the absolute bottom of the market. The reason being is that for every 1% change in your financing interest rate the home price you can afford changes by 7 to 10%. With interest rates hovering below 5% many buyers are acting now to take advantage of today’s very low cost of money.
The Austin MLS listing inventory has stabilized at 8,520, almost exactly where it was a year ago. This number may be somewhat misleading, however, due to the many sellers who have withdrawn their listings because they could not get their desired price. Suburban North and Suburban South Austin are currently the hottest selling areas in Austin.
Finally, please join us for our next social event. We will be providing free tickets to the Austin Comedy Club on Friday, February 27th. Click here for more details and to reserve your spot.