Research shows Austin boasts a diverse economy
Putting all of your eggs in one basket is often considered a risky move, especially in financial matters. Austin's economy has been successful in recent years due to its diversity, which is reflected in recent data. People who are checking out some of the homes for sale in Austin may review various research to get a better idea about how the city's businesses are recovering from the economic recession that hit many Americans during the late 2000s.
In a December 2012 analysis, financial services company Comerica noted that the Austin labor market continued to grow through the third quarter of 2012, thanks in part to its robust technology sector. The city's unemployment rate averaged 5.9 percent from July 1, 2012, to September 30, 2012, which was 2.2 percent below the national rate during this time frame.
Additionally, Austin was also named one of the top five international Silicon Valley enclaves by the Upstart Business Journal. The city has been tremendously successful in drawing in new technology firms, including Apple, which purchased a two-building headquarters in the city earlier this year.
Samsung Electronics and General Motors are among other businesses seeking to expand their technology operations by setting up factories in Austin. With a $4 billion expansion of its Austin facility, Samsung is heavily investing in the city. Meanwhile, General Motors plans to open a 500-person technology innovation center early next year, and this facility could help Austin improve its reputation in the automobile manufacturing industry.
Income growth in Austin
Statistics show that Austin is outpacing the national income growth average by 2.8 percent, as of the second quarter of 2012. If the city's job market continues to grow, this metro could see a total full-year income growth near 7 percent, which is more than 3 percent higher than many experts predicted for the national average.
New multi-family and single-family construction projects in Austin
Austin contractors are on track to complete more multi-family construction work in 2012 than they did last year. These homebuilders are on pace for more than a 150 percent increase in multi-family activity from 2011 to 2012. Single-family construction also increased 54 percent in a year-over-year comparison between the third quarters of 2011 and 2012.
The new construction projects have likely impacted the real estate market, which is reflected in the rising residential property prices in Austin. The city's home prices increased 2.5 percent from June 2011 to June 2012.
More reasons to come to Austin
New home construction and a rise in home prices shows that interest is increasing in Austin residences. A market that once favored buyers is quickly turning in the favor of sellers, and people may need to act fast to find their ideal houses.
Thankfully, plenty of residences remain available in Austin, and lower-than-average mortgage rates are available for many qualified homebuyers. Freddie Mac notes that the average interest rate on a 30-year fixed-term mortgage was 3.34 percent as of December 4, 2012. This figure was 3.55 percent as of September 6, 2012, and 3.67 percent as of June 7, 2012.
Many homebuyers face plenty of questions when they consider purchasing properties, but qualified financial professionals can help these people review their mortgage options. Mortgage experts offer immediate support to ensure that property buyers can find a dream home in Austin, and will provide a variety of options that meet their needs.
Begin exploring the Austin housing market to take advantage of the historically low mortgage rates available. The city has a booming economy that is incredibly diverse, and homebuyers can become Austin residents by purchasing quality houses available throughout the area.