Austin powers onto lists of best cities to live and work
Finding a house in Austin can immediately benefit property buyers. Recent data indicates that interest is growing in this area, and those who pursue some of the homes for sale in Austin might find that property values are on the rise.
Austin ranked number two in a list of the top-performing real estate markets released by housing experts in October 2012. Additionally, The Fiscal Times ranked Austin second on its list of the top 10 cities people are moving to in 2012.
"Austin's economy is healthy and still strengthening," a local real estate expert told the news source. "A multitude of industries in the city are flourishing, and as a result, are hiring, including the industries of manufacturing, technology, hospitality, education, health, finance and business."
The increase in professional jobs in Austin
One of the reasons Austin is an attractive spot for property buyers is its abundance of job opportunities. Employers appear ready and willing to hire local residents to fill vacancies, and these workers are contributing to the city's economy.
The Washington Post reports that General Motors (GM) will bring about 500 new jobs to the area when it opens a new technology center. This site will be located at the University of Texas at Austin and is part of GM's plans to increase its internal information technology abilities.
"We're currently seeking the next generation of game-changers to help us usher in a new age of automotive innovation at GM," company Chief Executive Randy Mott told the Chicago Tribune.
Unemployment rate falling in Austin
The Texas Workforce Commission notes that the Austin area had an unemployment rate of 5.9 percent in August 2012. This figure fell 0.5 points between July 2012 and August 2012 and was 2.3 points lower than the nation's jobless rate in the same month.
Employment opportunities can affect a city or town's ability to attract new residents. However, Austin should have no trouble in this area, and property owners could reap the rewards in the near future.
Freddie Mac states that the national average for the interest rate on a 30-year fixed-term mortgage was 3.36 percent as of October 4, 2012. This percentage is 0.58 points lower than it was on October 6, 2011, and represents a lower-than-average rate that could increase home affordability.
Check out the houses for sale in Austin for a chance to move to this popular area.