Ben in Austin

I'm a:	Just Looking
Location:	78702 78751

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Is now a bad time to buy in Austin?

Asked Thu Jul 17 2008, 13:52 by Paul Martinez - Austin - Home Buying - 41 answers

Ben in Austin answered:

According to the Statesman, there was a 20% drop in sales year over year for August. That prices have not yet dropped off is likely because the inventory growth is constrained by builders holding off on new housing starts and continued in migration to Austin.

What happens to supply when the dozen new down town properties are complete? Or if Austin job growth freezes due to the national financial crisis chocking off in migration to Austin. Combined such a scenario with suddenly missing financing options and suddenly this feels like an inflection point and that we are about to have the Austin real estate bubble pop like so many others have. - Thu Sep 18 2008, 12:26

Such pressure from the real estate folks, buy now, really right now. All is rosey and things are never problematic in Austin. We are totally different than every other place in America.

Come on, lets be realistic, there is risk to both sides. If you don't buy, you risk prices appreciating faster than the return on savings and growth in income. If you do buy, you risk prices either depreciating or having slower growth. These folks who are answering are all sales people. Their responses remind me of stepping on a used car lot. Pressure, pressure, pressure. Must do it now!

Do what you feel is right. The below responses seem to be examples of why most people think realtors don't really earn their 6%. - Thu Aug 7 2008, 11:09

For relative safety of neighborhoods, there are some crime stats on the APD website:
http://malford.ci.austin.tx.us/police/zipcode/zipcode/ZIP_2007.pdf
You can also see sex offender informaiton by zip:
https://records.txdps.state.tx.us/DPS_WEB/Sor/index.aspx

Good luck, I would recommend trying to save to 6 months reserves before moving forward. If you save agressively now, it may be that you are in better position by the time you are ready to close. Just remember, once you close you will likely have a dozen unforseen expenses. - Tue Jul 22 2008, 08:57

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