Is affordable housing readily available in Austin?
Many Austin officials want to keep current residents happy and attract newcomers to the city, and are considering new initiatives to improve the area. These campaigns could impact those who check out the homes for sale in Austin, as many financial assistance offerings could become available to property buyers.
The Austin American-Statesman notes that Austin residents will be asked to decide whether to accept an additional $78.3 million bond for low-income housing on November 6, 2012. The measure, Proposition 15, is one of seven in the city's $385 million bond package and could lead to the creation of roughly 3,500 new homes.
If the bond is approved, home providers could receive additional funding for projects throughout the area.
How could Proposition 15 affect Austin residents?
The Austin economy has recently shown significant growth, which is reflected in positive data surrounding its housing market.
According to KVUE-TV, Austin's housing market saw its property sales volume increase for the 15th consecutive month in August 2012. This shows that interest continues to grow, and new housing units in the area could further increase the region's appeal.
Austin's population was already expanding prior to the housing market gains. The U.S. Census Bureau notes that the city's population increased 3.8 percent from April 1, 2010, to July 1, 2011, which was 0.7 points higher than the state's average during the same time frame.
Mortgage options for Austin homebuyers
Homebuyers can take advantage of lower-than-average interest rates on a number of loans to purchase properties in Austin.
Freddie Mac's most recent Primary Mortgage Market Survey showed that the average interest rate on a 30-year fixed-term allowance was 3.37 percent. Additionally, the survey released on October 18, 2012, revealed that the average for a 15-year fixed-term loan was 2.69 percent.
Many residences are available in Austin, but the prices on these homes could soon rise. The housing market continues to improve, which could lead more property buyers to the area. While home sellers may be able to receive offers at or near their initial asking prices, buyers could find it more difficult to find houses that meet their budgets.
Austin offers a favorable climate for businesses and residents, which has helped the city attract more than 800,000 new residents. City officials will continue to explore options to enhance the region, and these initiatives could play a role in the area's long-term economic success.