Amid rumblings of a national recession and general real estate "slump," many experts still believe that investing in Austin TX real estate is a safe, stable investment. According to the Austin American-Statesman, however, this could mean more difficult times for builders as new home buyers expect better deals because of the plummeting market.
With construction and transport costs rising, builders are advised to focus less on spec housing and be more selective about the developments they choose to invest in. Because of the rising costs and selectivity of development, buyers should also be aware that now is the time to lock in a good deal, because builders won't be able to afford to offer them for long!
Mark Sprague, Austin partner of Residential Strategies, Inc., said in his mid-year housing forecast to the Home Builders Association of Greater Austin that although median home prices are down 25 percent nationally, Texas and Austin are still seeing appreciation. "We've had a phenomenal market," he said. "Austin is where everyone wants to be. We see values going up here." He added that Austin is "the safest investment in the world right now." Sprague went on to say that Austin is more poised than other coastal markets to recover from the "slump" because of job and population growth.
If you are ready to invest in or learn more about the current Austin TX real estate market, please call me today at 512-697-9140, or visit CopelandRealtyGroup.com.
This is a nice post on the austin real estate market. I too beleive that Austing is positioned for considerable growth in the coming months.
Posted by: Ryan - Austin Home Lenders | Monday, July 28, 2008 at 07:12 PM
As REALTORs we know this, but the general populace, fixated on the national news does not. Thanks for another LOCAL article supporting the reality of our LOCAL market.
Posted by: Betty Saenz REALTOR® GRI, SRES® | Friday, August 01, 2008 at 10:04 AM