Though not yet a major international player in the business market, Austin was named one of the Top 5 Real Estate Markets to Watch in 2012 in a report by PricewaterhouseCoppers and the Urban Land Institute. One of the main reasons Austin was chosen was because of the diversity of jobs and industries, which protects from large boom and bust conditions. Many of the tech companies that recently only existed in places like the Silicon Valley have moved to the business friendly state of Texas and brought high paying jobs and workers.
Top 5 Real Estate Markets to Watch in 2012
Austin joins an impressive list of cities including:
- Washington DC
- San Francisco
- New York City
What Does this Mean for Austin Home Buyers and Investors?
If you’re looking to get into the Austin housing market, whether it be to buy something for yourself or to buy something for investment, the winter months are the perfect time. Most buyers and investors are busy with the holidays and therefore you’ll have less competition. Less competition means fewer offers and better deals. And, with interest rates at all time lows, conditions are favorable for someone with a stable job to get into the market.
Investors should be especially keen on Austin duplexes and rental property. Rents in Austin are going up as 160 people a day move here and need a place to live. Rents have gone up considerably in the last year and will likely continue to rise as more and more people move to the city.
What Does this Mean for Austin Home Sellers?
If you are planning on selling and buying another house in Austin, take advantage of low interest rates and sell and buy now rather than waiting until the busy Spring market. Waiting for the Spring market may make you more money on the sale of your home, however you’ll also likely pay more to buy your next home and may pay a higher monthly mortgage payment should rates go up. In the long run, you’ll likely come out ahead.
If you don’t need to buy, wait until the Spring when more buyers are in the market. More competition usually corresponds to more money for your home.