Wednesday, February 6, 2019 / by Holly Northup
As we thought about the state of the Austin area real estate market, we realized that these top national reasons hold true for our beloved city as well!
Some of the reasoning behind the whys and wherefores are different from other cities around our nation, but they all explain that if you are looking to purchase real estate, waiting may not be the best option because ‘now’ is looking pretty good.
Top 5 Reasons to Purchase a House Today:
- Interest Rates – Mortgage rates are still low and the variance between small percentages can make a big difference. The example Realtor.com used was this. If you purchase a $300,000 house at 4.16% with 20% down, you would have a monthly payment of $1,168. With a 5% interest rate, that payment increases to $1,288. That’s $120 every month for 30 years…which turns out to be $43,200 over the life of the loan!!!
- More Inventory – Specifically in the Austin area, compared to this week last year, the number of new listings are up 11.62%. This allows for more competition between the homes on the market, which leads to better savings for the buyers.
- Home Prices Are Rising – In the Austin area, the average sales price is currently $308,134 which is up 10.2% from 2013. Austin has continued to have a steady increase throughout the years and expectations are no different for the future.
- Rents Are Sky High – According to Rentjungle.com, as of August 2014, average apartment rent within 10 miles of Austin, TX is $1147. Nationally, Realtor.com says that rents are rising at a 4% annual speed.
- Employment Is UP – Austin’s economy is one of the strongest in the nation and has been fortunate to have a low unemployment rate for a while now. According to Forbes, Austin is No. 1 in job growth and No. 19 for best places for business and careers. Austin continues to grow and thrive as approximately 150 people move to our area daily.
The Bucher Group would be honored to help you find a home in our amazing city of Austin or the surrounding areas! Please do not hesitate to contact Kathleen Bucher at 512.794.6644 or KathleenBucher@mac.com.