Travis County Surpasses 1 Million Population Mark
I believe Austin will continue to see strong growth over the next 15 years given its position in government, education, and tourism. Having established itself as a city that offers quality of life, affordable living, and plenty of opportunity to grow, many people will continue to consider, and choose, Austin over larger metro areas. I agree with many of the professionals in the industry that are saying 2009 was probably the bottom of the real estate market for Austin. From this point on we’ll continue to see steady population growth, first time home buyers continuing to try to get into the market before interest rates increase and development to pick back up within the next 12 to 24 months.
What this means for you: Since Austin has less housing stock than other cities in Texas, the demand for existing housing can potentially be higher. If a home is priced right, you will see increased interest in a property. When searching for a home in Austin, analyze what is happening in each area (available inventory, average sales price, sales discount, ect) and present the most competitive offer you feel comfortable with submitting. Although interest rates should stay relatively low in 2010, you will benefit more by paying a little higher sales price with a lower interest rate than submitting low offers and potentially getting stuck with a higher interest rate.
The chart below is from the Austin American Statesman
“What this newest data continues to support is the fact that, although the recession very much has come to town, is that Austin continues to be one of the fastest-growing large urban areas in the country,” City of Austin demographer Ryan Robinson said. Read Full Article
