Ted Jones, Leading Economist, Predicts: Austin is Normal! This is big news, since we all thought Austin is Weird! Today, Ted Jones presented to my office (Ted Jones has presented to Congress - but did they listen - NO). I'm listening, Ted. I'm glad to know that home sales have increased, and if you aren't buying now, you'll be paying more next year.
Why will you pay more? Interest rates will GO UP - maybe as much as 1%, which is the equivalent of paying 20% more for a home. Ouch! Why not buy now at an interest rate of 5%? Even if interest rates don't go up, the average sales price in Austin is on the rise!
Why is Austin faring so well? We have two GREAT economic stabilizers here: THE University and THE State Capital. According to Ted, these 2 intities never cut spending. And, we have a third influencer: Austin is a beautiful place to live! Investors LOVE Austin because home prices go UP. (That's what they are doing right now.)
You still have time to buy. Ted says Austin is experiencing a normal market. We were a bit below normal the past two years but the recent increase in home sales has returned us to a normal market. The jobless rate in Austin is 25% less than the rest of the country, and Austin has grown jobs at double the national rate for the past 10 years. This makes Austin a SAFE place to put your investment dollars.
Find out how much home you can buy by clicking here.
Start your home or investment search by clicking here.
I don't think you could ever call Austin normal :)
In spite of its weirdness - I love Austin. It's a great place to experience good food, outdoor living and Texas.
Let's see if Austin remains normal after the tax credit expires.
Thanks guys! Doug: I think that says it all - Everyone loves Austin. That's why we'll always have homebuyers.
In 1981, my dad said, "Go to UT." I said, "What's UT?" He said, "It's THE university in Austin." I said, "Where's Austin?" (I was from the geography illiterate generation.) My dad said, "Duh... Capital of Texas." Anyway, I did what dad said. Came here sight unseen and never left.
I've met very few people who DIDN'T want to live in Austin. Eventually, even my mom and dad followed me here.