there are many months of inventory to be absorbed. Yes single family housing is doing much better, but still prices are down 3% from this time last year when you look at price per SF.
I agree that tight credit continues to have an adverse effect on the Austin market.
While the number of sales has dropped prices have not dropped appreciably. In fact on average Austin home prices went up one percent last year. According to the Austin Chamber of Commerce there are still 1000 people a week moving here ,and I promise there are not a 1000 homes a week being built. So the law of supply and demand will rule home prices.
If you like I can send you a list of whats available right now if your interested just send me an email or call me.
Betina Foreman, Realtor
Keller Williams Realty
1801 S. MOPAC, Suite 100
Austin, TX 78746
Hello. Speculation is always going to surround real estate. I heard many people say ten years ago, "if I only knew back then, that it was a good time to buy." Well, considering that Austin is one of the hottest markets in the country, and has had very little decline in property prices from $160k-350k, I would say that the market is on an upswing. I am sure you can find listings that were way over priced to begin with, but if the property is in line with the fair market value, it will sell. Especially now that summer is upon us and this being home buying season. If you are in the market to find a good deal, they are out there, but determine your exit strategy always, when investing! Learn more about investing by reading our blog; http://www.buyershouserealty.com.z57preview.com/custom1.shtml
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I am sure you will find this information valueable, we look forward to hearing from you. Also, keep in mind that we are in the real estate education business and like teaching our buyers and sellers about Texas real estate, and we even pay you for your education!
Texas Managing Broker
"Showing You the Real Estate Rebate"
The key to remember is that prices are down and this may be the best time to buy a home or condo in our lifetime. The mindset is can you swallow the possibility that prices may go down after you close before moving upward. If you are buying for a year and trying to flip it, buying would be too risky. If you are buying and planning on staying for a few years, odds are in your favor as long as you think that our economy will improve in the future.
If you do not think our economy will improve in the future, the stress of buying may be too much. Either the glass is half full or half empty. We are all different, so the answer to that line is up to you........
It is my experience that there are not too many people that can really predict the bottom of the market. Market trends change very rapidly. If interest rates go up, then you lose buying power. If you believe that what you see are good deals and they meet your price and taste, my advice would be to jump in and buy. When I bought my home many years ago it was a Seller's market and I paid $ 10,000 over the appraised value. At that time, that bothered me a lot. Now, I don't even remember what I paid for my house. In San Diego, I see a lot of activity in the First Buyers Market. Some foreclosures in South Bay are being overbided by $ 100,000 and that was not happening two months ago. Talk to a Real Estate Professional in Austin and ask for his or her opinion. Good luck.