Austin City Blog

Austin Real Estate Market

May 12, 2010 // 29 Comments »

Austin real estate, along with the rest of the Lone Star State, continues to face mixed signals during the first few months of 2010. According to a March 19, 2010 article in the Austin Business Journal, “Austin area foreclosure postings increased 23 percent this month compared with March last year, exceeding 1,400 for the fourth time, Foreclosure Listing Service Inc. reported today. A total 1,451 notices were sent out this month, which was the fourth time in the past 10 months its exceeded 1,400. The record high was set in October last year when 1,481 foreclosure notices were filed.” The piece continued to say that “The Austin total has increase[d] 118 percent since March 2008 and 11 percent from February this year. Hays County was the only Central Texas region where foreclosure notices dropped from February to March, falling 19 percent.”

Austin home sales rallied in February, according to a March 18, 2010 article in the Austin American-Statesmen. The article noted that “Austin-area existing home sales rose 3.5 percent in February from a year earlier, the sixth year-over-year monthly increase in a row. The Austin Board of Realtors said Thursday that 1,145 single-family homes were sold last month. The median price was $189,500, unchanged from a year earlier.” The piece continued to state that “There were 1,738 sales in the pipeline to close in March, 24 percent more than a year earlier. In Central Texas and across the country, home sales have received a boost from a federal tax credit that include[s] $8,000 for first-time homebuyers and $6,500 for others, with certain income limits.”

This same positive trend was noted by a March 18, 2010 article in the Austin Business Journal, which stated that “Home sales increased and properties spent less time on the market last month, according to multiple listing service data from the Austin Board of Realtors. A total 1,145 Austin area homes sold in February, up 4 percent from the same month in 2009.” The Chairman of the Austin Board of Realtors, John Horton, said that “It appears we’re beginning to see an impact from this steady improvement, particularly in increases in pending sales and new listings…”

Posted in Real Estate

Austin, Texas Real Estate

October 19, 2009 // No Comments »

The capital city of Texas, Austin truly is a beautiful place to live. Overall, it is the fourth largest city in Texas and the 16th largest in all of America – and it continues to enjoy stable growth. The weather in Austin is quite mild, and the city houses many famous historical sites as well as culturally rich events. The city is often called the “live music capital” of the United States, thanks to its many music festivals, which attract musical artists from all over the globe who are eager to participate.
The real estate market in Austin is on the rise thanks to the good number of developmental projects in the area. There are several freeways and highways being built to help cope with the number of vehicles on the road, which is the result of a number of up and coming industry opportunities in the city. Many people are currently looking at Austin as somewhere to live and experience a higher quality of life paired with better employment conditions. Many of those who relocate here choose to purchase their own home, while those who are in rented accommodation in Austin often seek to buy as well when they can. Demand for homes in Austin is steadily growing and as such prices are rising, largely due to the number of people seeking to relocate to the culturally rich area – if you are now considering buying a home in Austin, don’t put it off, as prices will only continue to rise as the world recovers from the recent recession.
The demand for real estate is also being forced up due to the number of new immigrants in Austin. Local builders are erecting many different residential apartment buildings, which take into consideration the needs of potential home buyers in the city. Currently, many developers have affordable housing choices available to their customers. A home in suburban Austin has a price tag which is about half the cost of most similar homes to be found in the central city of other locations.
Potential buyers are encouraged to choose a reliable real estate agency before buying a home, and should thoroughly check their credentials and history first. It is important to only use a certified real estate agent in Austin, as you will need to protect yourself from possible fraud attempts; they are rare, but they do happen.

Posted in Real Estate