Why is the Austin housing market's success sustainable?
Texas real estate was a popular choice for many homebuyers during the third quarter of 2012, which is reflected in recent housing sales figures. Those who are exploring the homes for sale in Austin may find a wide array of properties available, but this inventory could soon shrink due to the number of buyers interested in the city's residences.
A November 2012 report from a team of local real estate experts showed that the sales volume and prices for single-family homes in Texas increased between the second and third quarters of 2012. The demand for real estate is high, and this trend could continue in the near future in Austin, Texas' capital city.
"Previously, it was unclear whether the positive momentum of the first half of the year was a temporary surge or a sustainable improvement. These third quarter results clarify that picture, indicating that the housing market has recovered in Texas," Jim Gaines, an economist with the Real Estate Center at Texas A&M University, told the news source. "Assuming the national economy doesn't falter in a significant way, I think we'll see this positive momentum continue in Texas."
The data suggest that the local economy's success is sustainable, as the increase in buyers is driving up the prices of many homes in the area.
The benefits of buying a home in Austin
Confidence is growing in the Austin real estate market, which is a positive sign for buyers and sellers.
Gaines noted that the number of residential property listings in Texas has been steadily declining since the third quarter of 2011. This reflects the interest in homes in the area, and could help more sellers get offers at or near their initial asking prices.
Meanwhile, buyers have plenty of opportunities to get mortgages at lower-than-average interest rates. Freddie Mac reports that the average interest rate for a 30-year fixed-term allowance was 3.39 percent as of November 1, 2012. This figure was 4.08 percent as of March 22, 2012, but has remained below 4 percent since that time.
Buying a home can be challenging, especially for people who are exploring the market for the first time. However, those who examine the properties available in Austin will find that there is a vast range of residences that come in a variety of styles and sizes, so they're likely to find a house that matches their preferences.