Should Austin homebuyers purchase new or previously owned properties?
Buying a house is a major decision, especially in today's economy. There are many factors that property buyers evaluate when making their purchases, and these people are weighing their choices in the Lone Star State. In fact, those who check out some of the homes for sale in Austin will likely notice a wide selection of new and previously owned properties throughout the city. However, deciding which type of house to buy can be difficult.
A new marketing campaign has thrown another wrench into many property buyers' choices. According to the Austin Business Journal, Builder Homesite Inc., a marketing company owned by 32 large homebuilders in Austin, is encouraging people to buy new properties instead of previously owned residences. The initiative is designed to help homebuilders recover from the recession that harmed many businesses and property owners in the late 2000s.
"Builders have been in a horrific downturn. In 2006, 1.4 million homes were sold. In 2011, just 300,000 were sold. That's an 80 percent decline," Builder Homesite's CEO Tim Costello told the news source.
The benefits of buying a home in Austin
Regardless of whether a property is new or used, homebuyers will likely enjoy living in Austin. The city continues to be a major factor in the state's economic growth, which is reflected in recent data.
For example, the Austin American-Statesman reports that the city recently the Austin City Limits Music Festival at Zilker Park in October 2012. The three-day event featured eight stages of music and has been helped bring additional revenue to the city every year since 2006.
Steve Alberts, communications manager for the Austin Convention and Visitors Bureau, said that the festival typically draws 75,000 attendees daily - 59 percent of whom come from outside the city. Many visitors enjoy Austin's hotels and restaurants during their stays, and some experts have estimated that the city could earn roughly $106 million from this year's festival.
The Austin City Limits Music Festival is beneficial to Austin for several reasons. The event provides residents an opportunity to enjoy live music in a fun-filled environment every year and delivers significant funds to the local economy. Additionally, the festival has a year-round impact on Austin's tourism, as Alberts notes that the city saw its tourism dollars increase by $0.4 billion between 2010 and 2011.
There are many reasons to move to Austin - whether you purchase a new home or a previously owned property. Check out the residences available in the area for a chance to be a part of this exciting community.